Rapport annuel révisé au 30 septembre 2010 - MMA Solution

www.pictetfunds.com 

Pictet (anciennement Pictet Funds (LUX)) 

Société d'Investissement à Capital Variable 

de droit luxembourgeois, Luxembourg 

Rapport annuel révisé au 30 septembre 2010 

au 30 septembre 2009 

R.C.S. Luxembourg B 38034

Pictet (anciennement 

Pictet Funds (LUX)) 

Société d’Investissement à Capital Variable de droit luxembourgeois, 

Luxembourg 


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Aucune souscription ne peut être reçue sur base du présent rapport. Les souscriptions ne peuvent être acceptées que sur la base du dernier prospectus accompagné du dernier rapport 

annuel et du dernier rapport semi-annuel, si celui-ci est plus récent que le rapport annuel.


TABLE DES MATIERES 

ORGANISATION DE LA SICAV 9 

INFORMATIONS GENERALES 12 

COMMERCIALISATION A L’ETRANGER 13 

RAPPORT DE GESTION 17 

RAPPORT DU REVISEUR D’ENTREPRISES AGREE 20 

ETATS FINANCIERS 

ETAT DES ACTIFS NETS 22 

ETAT DES OPERATIONS ET DES VARIATIONS DES ACTIFS NETS 38 

NOMBRE D’ACTIONS EN CIRCULATION ET ACTIF NET PAR ACTION 54 

Compartiment: Pictet - EUR Bonds 

- Etat du portefeuille-titres et autres actifs nets 72 

- Répartition géographique et économique du portefeuille-titres 91 

Compartiment: Pictet - USD Government Bonds 



Compartiment: Pictet - CHF Liquidity 



Compartiment: Pictet - USD Liquidity 



Compartiment: Pictet - EUR Liquidity 



Compartiment: Pictet - EUR Corporate Bonds 



Compartiment: Pictet - Global Emerging Debt 



Compartiment: Pictet - World Government Bonds 

- Etat du portefeuille-titres et autres actifs nets 130 


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TABLE DES MATIERES (suite) 

Compartiment: Pictet - EUR High Yield 



Compartiment: Pictet - EUR Short Mid-Term Bonds 



Compartiment: Pictet - USD Short Mid-Term Bonds 



Compartiment: Pictet - CHF Bonds 



Compartiment: Pictet - EUR Government Bonds 



Compartiment: Pictet - EUR Inflation Linked Bonds 



Compartiment: Pictet - Emerging Local Currency Debt 



Compartiment: Pictet - Asian Local Currency Debt 



Compartiment: Pictet - Global Emerging Currencies 



Compartiment: Pictet - JPY Liquidity (note 1) 



Compartiment: Pictet - Latin American Local Currency Debt 



Compartiment: Pictet - USD Sovereign Liquidity (note 1) 



Compartiment: Pictet - EUR Sovereign Liquidity (note 1) 


- Répartition géographique et économique du portefeuille-titres 203



Compartiment: Pictet - US High Yield (note 1) 



Compartiment: Pictet - EUR Corporate Bonds Ex Financial (note 1) 



Compartiment: Pictet - European Equity Selection 



Compartiment: Pictet - Small Cap Europe 



Compartiment: Pictet - Emerging Markets 



Compartiment: Pictet - Eastern Europe 



Compartiment: Pictet - Europe Index 



Compartiment: Pictet - USA Index 



Compartiment: Pictet - European Sustainable Equities 



Compartiment: Pictet - Japan Index 



Compartiment: Pictet - Pacific Ex Japan Index (note 1) 



Compartiment: Pictet - Digital Communication 



Compartiment: Pictet - Biotech 



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Compartiment: Pictet - Premium Brands 



Compartiment: Pictet - Water 



Compartiment: Pictet - Indian Equities 



Compartiment: Pictet - Japanese Equities 130/30 



Compartiment: Pictet - Asian Equities Ex Japan (note 1) 


- Répartition géographique et économique du portefeuille-titres 303 

Compartiment: Pictet - Greater China 

- Etat du portefeuille-titres et autres actifs nets 304 

- Répartition géographique et économique du portefeuille-titres 307 

Compartiment: Pictet - Japanese Equity Selection 

- Etat du portefeuille-titres et autres actifs nets 308 


Compartiment: Pictet - Generics 



Compartiment: Pictet - Emerging Markets Index 



Compartiment: Pictet - Japanese Mid-Small Cap 



Compartiment: Pictet - Euroland Index 



Compartiment: Pictet - US Equity Growth Selection 



Compartiment: Pictet - Security 


- Répartition géographique et économique du portefeuille-titres 348



Compartiment: Pictet - Clean Energy 



Compartiment: Pictet - Russian Equities 



Compartiment: Pictet - Timber 



Compartiment: Pictet - Agriculture 



Compartiment: Pictet - Global Megatrend Selection 



Compartiment: Pictet - US Equity Value Selection (note 1) 



Compartiment: Pictet - Middle East And North Africa 



Compartiment: Pictet - Environmental Megatrend Selection (note 1) 



Compartiment: Pictet - High Dividend Selection (note 1) 



Compartiment: Pictet - Piclife 



Compartiment: Pictet - Absolute Return Global Diversified 



Compartiment: Pictet - Absolute Return Global Conservative 



Compartiment: Pictet - Convertible Bonds (note 1) 



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NOTES AUX ETATS FINANCIERS 501 

TER (TOTAL EXPENSE RATIO) 609 

PTR (PORTFOLIO TURNOVER RATIO) 628 

PERFORMANCE 629


ORGANISATION DE LA SICAV 

Siège Social 3, boulevard Royal, L-2449 Luxembourg 

Conseil 

d’Administration 

Président M. Pierre ETIENNE, Administrateur Délégué (anciennement Directeur Adjoint), 

Pictet & Cie (Europe) S.A., Luxembourg (jusqu'au 30 juin 2010) 

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

1er juillet 2010) 

Membres M. Rolf BANZ, Directeur, Pictet & Cie, Genève (jusqu’au 1er mars 2010) 

M. Frédéric FASEL, Directeur Adjoint, Pictet & Cie (Europe) S.A., Luxembourg (jusqu’au 

1er mars 2010) 

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

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

M. Christian SOGUEL, Directeur Adjoint, Pictet Funds S.A., Genève (depuis le 

1er mars 2010) 

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

le 1er juillet 2010) 

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

Conseil 

d’Administration de la 

Société de Gestion 

Président M. Marc PICTET, Administrateur Délégué, Pictet & Cie (Europe) S.A. et membre du 

Comité Exécutif de Pictet Funds (Europe) S.A. (jusqu’au 1er juillet 2010) 

M. Rémy BEST, Associé, Pictet & Cie, Genève (depuis le 1er juillet 2010) 

Membres M. Frédéric FASEL, Directeur Adjoint, Pictet & Cie (Europe) S.A., Luxembourg (jusqu’au 


M. Pierre ETIENNE, Administrateur Délégué (anciennement Directeur Adjoint jusqu’au 

30 juin 2010), Pictet & Cie (Europe) S.A., Luxembourg 

M. Yves MARTIGNER, Directeur Adjoint, Pictet & Cie, Genève (jusqu’au 

1er décembre 2009) 

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

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Dirigeants de la 

Société de Gestion 

Banque Dépositaire, 

Agent de Transfert, 

Agent Administratif et 

Agent Payeur 

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ORGANISATION DE LA SICAV (suite) 

M. Christoph SCHWEIZER, Directeur Adjoint, Pictet Funds S.A., Genève (jusqu’au 


M. Rolf BANZ, Directeur, Pictet & Cie, Genève (jusqu’au 1er juillet 2010) 

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

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

15 juin 2010) 

M. Rolf BANZ, Directeur, Pictet & Cie, Genève (depuis le 15 juin 2010) 

M. Christian SOGUEL, Directeur Adjoint, Pictet Funds S.A., Genève (depuis le 


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

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


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

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

Pictet Asset Management Limited, Moor House, Level 11, 120 London Wall, Londres 

EC2Y 5ET, Royaume-Uni 

Bank Pictet & Cie (Asia) Ltd, Singapour, 8, Marina Boulevard #05-02, Marina Bay, 

Financial Centre Tower, 1, Singapour 018981 

Pictet Asset Management (Japan) Ltd, Kishimoto Building 7F, 2-2-1 Marunouchi, 

Chiyoda-ku, Tokyo 100-0005, Japon 

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

Canada 

Waddell & Reed Investment Management Company, 6300 Lamar, Shawnee Mission, 

Kansas 66202, Etats-Unis 

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

Etats-Unis 

Metropolitan West Asset Management LLC, 865 South Figueroa Street, Los Angeles, 

CA 90017 Etats-Unis (depuis le 9 novembre 2009) 

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

9 décembre 2009)


Réviseur d’entreprises 

agréé de la SICAV et 

de la Société de 

Gestion 

ORGANISATION DE LA SICAV (suite) 

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

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

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INFORMATIONS GENERALES 

Les rapports annuels révisés et les rapports semi-annuels non révisés sont mis 

gratuitement à la disposition des actionnaires au siège social de la SICAV ainsi qu’auprès 

de la Banque Dépositaire et de tout Agent Payeur ou représentant des pays où la SICAV 

est commercialisée i.e. : Allemagne, Autriche, Belgique (uniquement pour les classes 

d’actions autorisées par la Commission Bancaire, Financière et des Assurances), Chili, 

Danemark (uniquement pour les compartiments autorisés par la FSA au Danemark), 

Espagne (uniquement pour les classes d’actions autorisées à la vente par la "Comisión 

Nacional del Mercado de Valores"), Finlande, France, Grèce (uniquement pour les 

compartiments autorisés par la HCMC), Hong-Kong (uniquement pour les 

compartiments autorisés par la SFC), Italie (uniquement pour les classes d’actions 

autorisées par la CONSOB et la "Banca d’Italia"), Liechtenstein, Macao (uniquement pour 

les compartiments autorisés par la MMA), Pays-Bas, Pérou, Portugal, Royaume-Uni, 

Singapour, Suède, Suisse et Taïwan (uniquement pour les compartiments enregistrés à 

Taïwan). 

Toute autre information financière devant être publiée, telle que la valeur nette par 

action de la SICAV et toute suspension de cette valeur, est tenue à disposition du public 

au siège social de la SICAV et auprès de la Banque Dépositaire. 

Le détail des changements intervenus au courant de l’exercice clôturé au 

30 septembre 2010 dans la composition des portefeuille-titres pour l’ensemble des 

compartiments est disponible sur simple demande et sans frais au Siège Social de la 

SICAV ou auprès du représentant de chaque pays où la SICAV est commercialisée.


Commercialisation/ 

Distribution en Suisse 

COMMERCIALISATION A L’ETRANGER 

Représentant 

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

Service de paiement 

Le service de paiement en Suisse est Pictet & Cie, ayant son siège social au 60, route des 

Acacias, 1211 Genève 73. 

Lieu de distribution des documents déterminants 

Le prospectus et le prospectus simplifié, les statuts ainsi que les rapports annuel et 

semi-annuel peuvent être obtenus gratuitement auprès du représentant. 

Publications 

Les publications concernant les placements collectifs étrangers ont lieu en Suisse dans la 

Feuille officielle suisse du commerce (FOSC) et sur Swiss Fund Data AG. 

(www.swissfunddata.ch) 

Les prix d’émission et de rachat de toutes les classes d’actions, respectivement la valeur 

d’inventaire avec la mention "commissions non comprises" sont publiés lors de chaque 

émission et chaque rachat d’actions. Les prix sont publiés chaque jour ouvrable sur 

Swiss Fund Data AG. (www.swissfunddata.ch) 

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

Dans le cadre de sa commercialisation en Suisse, la SICAV peut verser des rétrocessions 

aux investisseurs qualifiés énumérés ci-après, détenant selon une appréciation 

économique des parts de placements collectifs pour des tiers: 

• compagnies d’assurances-vie, 

• caisses de pensions et autres institutions de prévoyance, 

• fondations de placement, 

• directions suisses de la SICAV, 

• directions et sociétés étrangères de la SICAV, 

• sociétés d’investissement. 

Dans le cadre de sa commercialisation en Suisse, la SICAV peut verser des indemnités 

liées aux activités de distribution aux distributeurs et partenaires de distribution ciaprès: 

• distributeurs soumis à autorisation; 

• distributeurs libérés de l’obligation d’obtenir une autorisation; 

• partenaires de distribution qui placent les parts de placements collectifs 

exclusivement auprès d’investisseurs institutionnels dont la trésorerie est gérée à titre 

professionnel; 

• partenaires de distribution qui placent les parts de placements collectifs 

exclusivement sur la base d’un mandat écrit de gestion de fortune. 

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Informations 

supplémentaires pour 

les investisseurs en 

Allemagne 

Représentant aux 

Pays-Bas 

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COMMERCIALISATION A L’ETRANGER (suite) 

Lieu d’exécution et for 

Le lieu d’exécution et le for se trouvent au siège du représentant pour les actions de la 

SICAV distribuées en Suisse ou à partir de celle-ci. 

Agent Payeur et d’information: 

Deutsche Bank AG 

Junghofstr. 5-9 

D-60311 Frankfurt am Main 

Les demandes de rachat et de conversion d’actions peuvent être adressées à l’Agent 

Payeur et d’information en Allemagne. 

Les actionnaires peuvent, s’ils le souhaitent, demander à ce que les produits de rachats, 

les dividendes éventuels et autres paiements pour leur compte transitent par l’Agent 

Payeur et d’information en Allemagne. 

Des exemplaires du prospectus complet, des prospectus simplifiés, des statuts de la 

SICAV et des rapports annuel et semi-annuel les plus récents peuvent être obtenus 

gratuitement auprès de l’Agent Payeur et d’information en Allemagne. Les prix 

d’émission, de rachat et de conversion des actions ainsi que tous les autres avis aux 

actionnaires peuvent également être obtenus gratuitement auprès de l’Agent Payeur et 

d’information en Allemagne. 

En outre, les documents suivants sont disponibles gratuitement pour consultation auprès 

de l’Agent Payeur et d’information en Allemagne : 

• le contrat de gestion conclu entre la SICAV et la Société de Gestion; 

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

Par ailleurs, les prix d’émission et de rachat ainsi que les éventuels avis aux actionnaires 

sont publiés chaque jour boursier dans le "Börsen-Zeitung". 

KAS BANK N.V., P.O. Box 24001, NL-1000 DB Amsterdam, a été désigné Agent 

d’information de la SICAV aux Pays-Bas. 

La dernière version du prospectus complet, le prospectus simplifié, les rapports annuels 

et semi-annuels sont disponibles, sans frais, auprès de l’Agent d’information à 

Amsterdam, où les autres documents disponibles peuvent également être consultés. 

La valeur nette d’inventaire par action de chaque compartiment est publiée, chaque jour 

de calcul de la valeur nette d’inventaire, sur le site Internet de Pictet Funds S.A.: 

www.pictetfunds.com.


Agent Payeur au 

Liechtenstein 


Pictet & Cie (Europe) S.A., assume les fonctions d’Agent Payeur pour la SICAV. 

Les demandes de souscription et de remboursement d’actions peuvent être effectuées 

auprès de Pictet & Cie (Europe) S.A., 1, boulevard Royal, BP 687, L-2016 Luxembourg, 

Tel (+352) 46.71.71.7666, Fax (+352) 46.69.95. 

Pour de plus amples informations sur les modalités de souscription et remboursement, 

se reporter aux chapitres "Emissions", "Remboursements" et "Conversions" des actions 

du prospectus en vigueur. 

LGT Bank in Liechtenstein Aktiengesellschaft 

Herrengasse 12 

FL-9490 Vaduz 

Le prospectus en vigueur, les prospectus simplifiés, les statuts ainsi que les rapports 

annuels et semi-annuels en langue allemande sont disponibles sans frais auprès de 

l’Agent Payeur au Liechtenstein. 

Tout avis ainsi que toute modification apportée au prospectus en vigueur et aux statuts 

doivent être publiés dans un journal au Liechtenstein, le "Liechtensteiner Vaterland". 

Les prix d’achat et de remboursement des actions de la SICAV seront publiés au 

minimum deux fois par mois dans un journal au Liechtenstein, le "Liechtensteiner 

Vaterland". 

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

Vaduz. 

Belgique L’Agent Financier en Belgique est : 

Informations pour les 

investisseurs de la 

République 

d’Autriche 

Fastnet Belgium S.A. 

Société de bourse de droit belge 

Boulevard d’Anvers, 25-27 

B-1000 Bruxelles 

Tél. : (+32) 2/209.26.00 

Fax : (+32) 2/209.26.01 

N° d’entreprise : 0460.019.728. 

Agent Payeur pour les actions de la SICAV vendues au public : 

Raiffeisen Zentralbank Österreich Aktiengesellschaft (depuis le 10 octobre 2010: 

Raiffeisen Bank International AG) 

Am Stadtpark 9 

A-1030 Wien 

Les demandes de rachat d’actions de la SICAV peuvent être introduites auprès de 

l’Agent Payeur en Autriche. Celui-ci se chargera également, en collaboration avec la 

Banque Dépositaire, de l’exécution du rachat et du paiement du prix de rachat. 

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La dernière version du prospectus de vente et de la feuille complémentaire destinée 

spécifiquement aux investisseurs autrichiens, les prospectus simplifiés, les rapports 

annuels et semi-annuels ainsi que les prix d’émission et de rachat des actions de la 

SICAV susmentionnée sont disponibles auprès de l’Agent Payeur en Autriche; il est 

également possible d’y consulter d’autres documents disponibles. 

Les valeurs nettes d’inventaire des compartiments et des classes d’actions publiées au 

Luxembourg le seront également en Autriche dans le quotidien "Die Presse". 

Exception: 

Comme le compartiment "Pictet - CHF Bonds" n’est pas enregistré auprès des autorités 

autrichiennes, sa distribution auprès du public n’est pas autorisée en Autriche. 

Le représentant fiscal de la SICAV en Autriche est : 

Deloitte Exinger GmbH 

Renngasse 1/Freyung 

P.O. Box 18 

A-1013 Vienne 

Fiscalité 

Les actionnaires sont invités à consulter leur conseiller fiscal afin d’obtenir des 

informations sur le régime fiscal applicable à leur participation dans leur pays ou dans 

tout autre pays concerné.


RAPPORT DE GESTION AU 30 SEPTEMBRE 2010 

Analyse Au terme d'une année mouvementée sur les marchés actions, l'indice MSCI World (en 

USD) s'est de nouveau inscrit en hausse au quatrième trimestre 2009, gagnant 3.7% 

(+27% sur l'année) à la faveur d'un nouveau regain d'appétit pour le risque des 

investisseurs. Les marchés émergents ont continué de surperformer à l'aune de l'indice 

MSCI EM, qui a progressé de 8.3% au quatrième trimestre 2009 (+86.9% sur l'année), 

signe de la confiance quant à la solidité de la reprise de l'économie mondiale. Tandis que 

la perspective d'un rebond durable, quoique d'ampleur limitée, se confirmait, l'attention 

s'est progressivement focalisée sur la nature et le calendrier probables de la stratégie de 

sortie des mesures de soutien aux marchés prises en 2009. En décembre, les rendements 

obligataires ont fortement augmenté, notamment dans les pays développés fortement 

endettés, lorsque les investisseurs ont pris la mesure des conséquences budgétaires de la 

crise, remettant par ailleurs en question la volonté et la capacité de certains 

gouvernements de faire face au problème. 

Après avoir sensiblement progressé en 2009, les marchés actions mondiaux ont 

globalement marqué le pas début 2010, cédant du terrain en janvier face à l'inquiétude 

croissante quant à la solidité de la reprise. Les craintes de plus en plus vives à l'égard du 

risque souverain dans certaines parties de l'Europe sont en outre venues jeter de l'huile 

sur le feu. La volatilité s'est accrue lorsque les problèmes budgétaires de la Grèce ont 

placé la question des déficits publics au cœur des préoccupations, incitant les 

investisseurs à considérer plus attentivement le calendrier d'interruption des mesures de 

relance d'urgence prises en 2009. Vers la fin du premier trimestre, cependant, les 

marchés ont vivement rebondi lorsqu'il est apparu de plus en plus clairement que la 

conjoncture continuait de s'améliorer, notamment aux Etats-Unis, tandis que les pays 

européens parvenaient à un accord en vue de permettre à la Grèce de continuer à 

financer sa dette. Dans l'ensemble, l'indice MSCI World a gagné 2.7% lors des trois 

premiers mois de l'année 2010. 

Pendant la majeure partie du deuxième trimestre 2010, l'attention des investisseurs s'est 

focalisée sur le risque lié à la dette souveraine des pays périphériques de la zone euro. La 

crainte croissante que des effets de contagion n'empêchent les autorités d'endiguer la 

crise a laissé entendre que l'existence même de l'euro pouvait être remise en cause. 

Parallèlement aux troubles grandissants dans le secteur financier, la reprise dans les 

pays développés a montré des signes de ralentissement, juste au moment où les mesures 

de restriction budgétaire commençaient à porter leurs fruits, ce qui a eu pour effet 

d'accroître le risque qu'une erreur politique ne vienne compromettre le rebond 

économique. Dès lors, les investisseurs se sont montrés beaucoup moins tolérants au 

risque et ont adopté des stratégies plus défensives, ce qui s'est traduit par une baisse des 

rendements sur les marchés considérés comme sûrs. Au deuxième trimestre 2010, 

l'indice MSCI World a perdu 13.3% pour retomber à son niveau d'août 2009. 

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

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RAPPORT DE GESTION AU 30 SEPTEMBRE 2010 (suite) 

Les solides rendements affichés par les marchés actions mondiaux au troisième trimestre 

ont masqué l'attitude versatile des investisseurs à l'égard du risque durant la période. 

Dans un premier temps, les résultats des tests de résistance des banques européennes et 

le succès des ventes aux enchères d'obligations dans les pays de la zone euro en proie à 

des problèmes budgétaires ont contribué à restaurer la confiance des investisseurs, ce 

qui a permis aux marchés de reprendre de la hauteur après la baisse enregistrée au 

deuxième trimestre. Toutefois, à l'issue de la reprise observée en juillet, les marchés ont 

subi un flux incessant de mauvaises nouvelles, qui ont sapé la confiance dans la reprise 

économique, les difficultés persistantes dans le secteur de l'immobilier et le chômage 

élevé aux Etats-Unis se mêlant aux craintes liées aux conséquences économiques des 

mesures prises par la Chine face à sa bulle immobilière. Par la suite, les marchés ont 

connu un vif rebond en septembre lorsqu'il est apparu aux investisseurs que les autorités 

américaines s'apprêtaient à redonner de l'allant à l'économie en adoptant un nouveau 

programme d'assouplissement quantitatif, mais aussi que la croissance restait soutenue 

dans les pays émergents. Les indices MSCI World Equities et MSCI Emerging Markets 

ont gagné respectivement 13.2% et 17.2% au troisième trimestre. Sur l'ensemble de la 

période du 30 septembre 2009 au 30 septembre 2010, l'indice MSCI World Equities a 

progressé de 5%, contre une hausse de 18% pour l'indice MSCI Emerging Markets. 

Perspectives Au cours de l'exercice sous revue, l'activité des marchés a fluctué en fonction de l'appétit 

pour le risque des investisseurs et des principaux facteurs qui ont successivement 

gouverné leur sentiment. Citons parmi ces facteurs : la crainte d'une récession à double 

creux aux Etats-Unis ; un environnement dans lequel des taux d'intérêt proches de zéro 

ont contrebalancé des politiques budgétaires de plus en plus rigoureuses ; une nette 

amélioration des bénéfices des entreprises à l'échelle mondiale, du fait de taux d'intérêt 

bas et de mesures de contrôle des coûts strictes ; un changement structurel des forces 

régissant l'expansion mondiale, qui n'est plus alimentée désormais par la consommation 

américaine mais par la croissance des marchés émergents ; et le constat que le modèle de 

la zone euro, faute de pouvoir assurer la convergence économique et financière, 

comporte des failles structurelles et expose les pays périphériques à des difficultés 

économiques prolongées. 

Dans ce contexte mitigé, lié aux facteurs précités, les marchés ont été volatils et le 

sentiment des investisseurs, fragile. L'évolution erratique des échanges n'a eu que peu 

d'incidence en termes nets, l'indice MSCI World s'établissant à la fin du troisième 

trimestre presque exactement à mi-chemin entre le plus haut atteint par les marchés 

développés en octobre 2007 et le plus bas enregistré durant la crise financière en mars 

2009. 

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


RAPPORT DE GESTION AU 30 SEPTEMBRE 2010 (suite) 

Le récent regain d'appétit pour le risque résulte en grande partie de la conviction que le 

gouvernement américain annoncera une nouvelle série de mesures d'assouplissement 

quantitatif si l'économie continue à donner des signes de faiblesse. Les premières 

mesures en ce sens avaient directement pour but de doper le crédit lors de la crise 

économique. Un nouveau plan serait sensiblement différent dans la mesure où il viserait 

à stimuler la demande et, sans doute, à faire baisser les rendements des bons du Trésor 

américain de telle sorte que les investisseurs soient contraints de chercher une 

alternative dans d'autres classes d'actifs plus risqués, tels que l'immobilier ou les actions. 

Il s'agirait, ce faisant, de consolider les finances des ménages et de réduire la pression au 

désendettement afin de renforcer la confiance des consommateurs. Un autre objectif 

serait de dissiper les craintes déflationnistes, notamment dans le secteur de l'immobilier, 

et ainsi de stimuler l'activité. Le succès d'une telle politique est pour le moins incertain et 

ne va pas sans risques. Un accroissement de la masse monétaire aurait 

vraisemblablement pour effet d'affaiblir le dollar, ce qui aurait un impact positif sur la 

balance commerciale américaine du fait d'une hausse de la compétitivité des 

exportations. Reste à savoir toutefois comment les détenteurs étrangers d'obligations 

américaines réagiraient à de telles dépréciations. Le recours croissant aux dévaluations 

compétitives pour promouvoir la croissance par les exportations a récemment été 

qualifié par le ministre des Finances brésilien de "guerre des changes", le Japon, la 

Corée, la Suisse et Taïwan faisant intervenir leurs banques centrales pour réduire la 

pression à la hausse sur leurs monnaies respectives. L'adoption d'une forme plus 

tangible de protectionnisme ne manquerait pas de déclencher une nouvelle récession 

mondiale. 

Selon nous, l'économie américaine continue de croître, quoiqu'à un rythme moins 

soutenu, et une récession à double creux sera évitée. D'autre part, il n'est nullement 

certain que les autorités américaines adopteront de nouvelles mesures d'assouplissement 

quantitatif. Elles pourraient toutefois se réserver cette possibilité, sans s'engager sur des 

montants spécifiques. Les problèmes de croissance que connaissent les pays développés 

occidentaux, Japon inclus, contrastent fortement avec l'expansion des pays émergents. 

Ces derniers, qui représentent près de 30% du PIB mondial, conservent une solide 

croissance grâce à une offre soutenue et à un coût du capital faible, qui reflète la 

souplesse monétaire de mise en Occident. Si les taux d'intérêt très faibles dans les pays 

occidentaux ont éveillé la crainte d'une hausse de l'inflation dans les pays émergents, les 

pressions déflationnistes que connaissent les premiers ont jusqu'ici limité le risque 

qu'elle se concrétise. De nombreux pays émergents traversent actuellement une période 

faste, marquée par une forte expansion et une inflation généralement modérée. Face à la 

pénurie de croissance dans les autres régions, le principal risque menaçant les pays 

émergents est probablement celui de la formation d'une bulle par suite d'un afflux de 

liquidités, ce qui aurait inévitablement des conséquences déstabilisantes. 

Malgré les risques manifestes, nous restons globalement optimistes à l'égard des actifs à 

risque. Les valorisations basses des marchés développés donnent à penser qu'une baisse 

de la croissance bénéficiaire est d'ores et déjà largement prise en compte. L'expansion 

des pays émergents joue un rôle moteur à l'échelle mondiale et, selon nous, la croissance 

américaine est appelée à redémarrer progressivement, grâce notamment à un nouveau 

cycle de dépenses d'investissement. Les entreprises ne conserveront pas leurs liquidités 

indéfiniment et l'évolution observée dans le domaine des fusions-acquisitions, ainsi que 

sur le front des rachats d'actions et en matière de croissance des dividendes contribuera 

à renforcer l'attrait des actions, d'autant plus que les rendements obligataires restent 

faibles. 

Le 9 novembre 2010 Le Conseil d’Administration de la SICAV 

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

19

20 

RAPPORT DU REVISEUR D’ENTREPRISES AGREE 

Aux actionnaires de 


(Société d’Investissement à Capital Variable) 

3, boulevard Royal, L-2449 Luxembourg 

Conformément au mandat donné par l’Assemblée Générale des Actionnaires du 

20 novembre 2009, nous avons effectué l’audit des états financiers ci-joints de Pictet 

(anciennement Pictet Funds (LUX)) (Société d’Investissement à Capital Variable), 

comprenant l’état globalisé des actifs nets, l’état des actifs nets et l’état du portefeuilletitres 

et autres actifs nets de chacun de ses compartiments au 30 septembre 2010 ainsi 

que l’état globalisé des opérations et des variations des actifs nets, et l’état des opérations 

et des variations des actifs nets de chacun de ses compartiments pour l’exercice clos à 

cette date, et un résumé des principales méthodes comptables et d’autres notes 

explicatives aux états financiers. 

Responsabilité du Conseil d’Administration de la SICAV dans l’établissement et la 

présentation des états financiers 

Le Conseil d’Administration de la SICAV est responsable de l’établissement et de la 

présentation sincère de ces états financiers, conformément aux prescriptions légales et 

réglementaires relatives à l’établissement et la présentation des états financiers en 

vigueur au Luxembourg. Cette responsabilité comprend : la conception, la mise en place 

et le suivi d’un contrôle interne relatif à l’établissement et la présentation sincère d’états 

financiers ne comportant pas d’anomalies significatives, que celles-ci résultent de 

fraudes ou d’erreurs ; le choix et l’application de méthodes comptables appropriées, ainsi 

que la détermination d’estimations comptables raisonnables au regard des 

circonstances. 

Responsabilité du réviseur d’entreprises agréé 

Notre responsabilité est d’exprimer une opinion sur ces états financiers sur la base de 

notre audit. Nous avons effectué notre audit selon les Normes Internationales d’Audit 

telles qu’adoptées pour le Luxembourg par la Commission de Surveillance du Secteur 

Financier. Ces normes requièrent de notre part de nous conformer aux règles d’éthique 

et de planifier et de réaliser l’audit pour obtenir une assurance raisonnable que les états 

financiers ne comportent pas d’anomalies significatives. 

Un audit implique la mise en oeuvre de procédures en vue de recueillir des éléments 

probants concernant les montants et les informations fournies dans les états financiers. 

Le choix des procédures relève du jugement du réviseur d’entreprises agréé, de même 

que l’évaluation du risque que les états financiers contiennent des anomalies 

significatives, que celles-ci résultent de fraudes ou d’erreurs. En procédant à ces 

évaluations du risque, le réviseur d’entreprises agréé prend en compte le contrôle 

interne en vigueur dans l’entité relatif à l’établissement et la présentation sincère des 

états financiers afin de définir des procédures d’audit appropriées en la circonstance, et 

non dans le but d’exprimer une opinion sur l’efficacité de celui-ci. 

Un audit comporte également l’appréciation du caractère approprié des méthodes 

comptables retenues et le caractère raisonnable des estimations comptables faites par le 

Conseil d’Administration de la SICAV, de même que l’appréciation de la présentation 

d’ensemble des états financiers. Nous estimons que les éléments probants recueillis sont 

suffisants et appropriés pour fonder notre opinion.


ACTIF 

22 

ETAT DES ACTIFS NETS AU 30 SEPTEMBRE 2010 

Globalisé EUR Bonds USD Government 

Bonds 

EUR EUR USD 

Portefeuille-titres au coût d’acquisition 31,351,248,730.07 237,784,372.76 219,484,757.68 

Plus/Moins value nette non réalisée sur investissements 2,241,964,400.40 9,958,929.81 8,939,231.11 

Portefeuille-titres à la valeur d’évaluation (note 2) 33,593,213,130.47 247,743,302.57 228,423,988.79 

Avoirs en banque 1,420,284,621.11 6,022,454.16 629,648.37 

Intérêts à recevoir, nets 255,616,307.53 4,851,359.64 2,084,183.13 

Intérêts à recevoir sur swaps 137,148.95 0.00 0.00 

Intérêts à recevoir sur CDS 93,009.42 3,305.89 0.00 

Plus-value nette non réalisée sur contrats de change à terme (note 11) 24,476,163.35 124,141.85 0.00 

Plus-value nette non réalisée sur contrats à terme (note 10) 8,121,910.04 22,484.91 86,562.05 

Plus-value nette non réalisée sur CDS (note 13) 4,525,194.57 0.00 0.00 

Plus-value nette non réalisée sur swaps (note 12) 203,986,158.27 393,259.28 0.00 

Autres actifs 1,698,129.56 0.00 0.00 

35,512,151,773.27 259,160,308.30 231,224,382.34 

PASSIF EXIGIBLE 

Découvert bancaire 61,696,934.38 0.00 0.00 

Commission de conseil en investissement et de gestion à payer (note 4) 61,100,636.04 303,281.64 187,380.43 

Commission de performance à payer (note 8) 568,545.80 0.00 0.00 

Intérêts à payer sur swaps 776,068.29 26.67 0.00 

Intérêts à payer sur CDS 3,303.77 0.00 0.00 

Moins-value nette non réalisée sur contrats de change à terme (note 11) 43,236,343.57 0.00 0.00 

Moins-value nette non réalisée sur contrats à terme (note 10) 6,964,034.77 0.00 0.00 

Moins-value nette non réalisée sur CDS (note 13) 5,791,849.41 212,986.81 0.00 

Moins-value nette non réalisée sur swaps (note 12) 2,692,582.60 0.00 0.00 

Taxe d’abonnement à payer (note 3) 4,314,342.13 24,376.46 18,553.63 

Intérêts à payer sur Repo 0.02 0.00 0.00 

Repo 2,666,242.72 110,222.78 0.00 

Frais à payer 23,267,543.20 108,395.03 86,614.04 

Autres passifs 191,451.40 0.00 0.00 

213,269,878.10 759,289.39 292,548.10 

TOTAL DES ACTIFS NETS AU 30 SEPTEMBRE 2010 35,298,881,895.17 258,401,018.91 230,931,834.24 

TOTAL DES ACTIFS NETS AU 30 SEPTEMBRE 2009 25,763,662,625.34 251,464,032.17 261,581,646.76 

TOTAL DES ACTIFS NETS AU 31 OCTOBRE 2008 22,037,041,477.25 523,357,691.33 169,293,076.70



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

CHF USD EUR EUR USD 

1,330,048,683.95 796,680,360.10 1,447,325,067.20 1,952,374,410.56 2,153,591,165.42 

-5,619,704.69 12,763,968.16 -1,064,370.31 53,734,795.26 232,832,926.05 

1,324,428,979.26 809,444,328.26 1,446,260,696.89 2,006,109,205.82 2,386,424,091.47 

25,293,555.88 53,972,961.69 121,105,555.62 465,702.83 100,434,628.79 

4,759,285.18 1,357,672.16 7,298,051.72 47,526,152.64 36,248,037.79 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 79,735.91 2,729.86 

4,371,997.48 0.00 0.00 0.00 257,985.48 

0.00 0.00 0.00 0.00 198,717.86 

0.00 0.00 0.00 0.00 5,266,804.17 

0.00 0.00 80,451.07 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

1,358,853,817.80 864,774,962.11 1,574,744,755.30 2,054,180,797.20 2,528,832,995.42 

0.00 0.00 0.00 0.00 0.00 

113,586.68 209,811.40 623,250.74 2,441,611.53 5,154,485.45 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 171,300.84 0.00 591,232.93 

0.00 0.00 0.00 0.00 0.00 

0.00 12,650,225.16 1,594,388.91 1,166,802.33 0.00 

20,500.00 0.00 4,375.00 338,395.78 0.00 

0.00 0.00 0.00 4,983,812.30 0.00 

382.00 0.00 0.00 0.00 1,257,216.20 

86,988.45 55,665.58 120,827.95 129,441.54 197,179.16 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

223,976.49 159,294.72 364,233.77 1,082,998.93 1,890,987.59 

0.00 0.00 0.00 0.00 0.00 

445,433.62 13,074,996.86 2,878,377.21 10,143,062.41 9,091,101.33 

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

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

3,041,846,025.58 1,258,845,531.05 2,209,344,325.65 75,202,613.21 91,173,348.98 

23


ACTIF 

24 


World Government 

Bonds 

EUR High Yield EUR Short Mid-Term 

Bonds 

EUR EUR EUR 

Portefeuille-titres au coût d’acquisition 161,333,076.58 297,235,330.81 668,620,785.84 

Plus/Moins value nette non réalisée sur investissements 3,982,367.91 24,497,051.12 -468,395.06 

Portefeuille-titres à la valeur d’évaluation (note 2) 165,315,444.49 321,732,381.93 668,152,390.78 

Avoirs en banque 1,891,358.77 19,678,394.54 8,059,862.20 

Intérêts à recevoir, nets 1,544,962.22 7,743,290.21 11,629,447.91 

Intérêts à recevoir sur swaps 0.00 0.00 86,555.67 

Intérêts à recevoir sur CDS 0.00 5,320.62 0.00 

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

Plus-value nette non réalisée sur contrats à terme (note 10) 46,109.46 0.00 0.00 

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

Plus-value nette non réalisée sur swaps (note 12) 0.00 0.00 148,110.00 

Autres actifs 0.00 0.00 0.00 

168,797,874.94 349,159,387.30 688,076,366.56 


Découvert bancaire 0.00 0.00 0.00 

Commission de conseil en investissement et de gestion à payer (note 4) 118,629.84 587,384.10 424,748.91 

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

Intérêts à payer sur swaps 0.00 0.00 0.00 

Intérêts à payer sur CDS 0.00 0.00 0.00 

Moins-value nette non réalisée sur contrats de change à terme (note 11) 8,147.54 60,863.99 163,006.18 

Moins-value nette non réalisée sur contrats à terme (note 10) 0.00 14,748.74 4,250.00 

Moins-value nette non réalisée sur CDS (note 13) 0.00 481,103.61 0.00 

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

Taxe d’abonnement à payer (note 3) 8,951.04 26,888.56 54,819.81 


Repo 0.00 2,553,494.79 0.00 

Frais à payer 61,131.27 164,616.97 215,337.92 

Autres passifs 0.00 0.00 0.00 

196,859.69 3,889,100.78 862,162.82 

TOTAL DES ACTIFS NETS AU 30 SEPTEMBRE 2010 168,601,015.25 345,270,286.52 687,214,203.74 

TOTAL DES ACTIFS NETS AU 30 SEPTEMBRE 2009 78,137,935.08 227,281,036.71 765,382,777.42 

TOTAL DES ACTIFS NETS AU 31 OCTOBRE 2008 112,259,361.06 72,829,938.23 199,869,584.99



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

Currency Debt 

USD CHF EUR EUR USD 

278,749,639.25 431,198,348.25 647,430,873.94 212,673,602.11 7,570,217,460.05 

4,233,768.27 19,148,904.17 21,409,165.90 6,354,669.90 633,893,161.96 

282,983,407.52 450,347,252.42 668,840,039.84 219,028,272.01 8,204,110,622.01 

1,671,285.82 0.00 1,321,682.19 3,038,452.14 206,179,986.80 

1,115,849.54 5,857,086.72 11,281,401.21 690,968.25 125,242,508.13 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 7,140.69 0.00 

0.00 0.00 0.00 47,761.93 0.00 

0.00 0.00 0.00 0.00 39,349.96 

0.00 0.00 0.00 0.00 274,410,559.59 

0.00 0.00 0.00 0.00 0.00 

285,770,542.88 456,204,339.14 681,443,123.24 222,812,595.02 8,809,983,026.49 

0.00 2,431,036.05 0.00 0.00 0.00 

193,708.14 310,480.71 422,366.78 195,804.42 14,201,289.13 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 18,613.14 

0.00 0.00 0.00 0.00 0.00 

0.00 3,888.16 160,337.05 0.00 13,877,598.34 

148,575.92 14,842.03 17,565.00 0.00 290,806.32 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

26,391.11 25,074.96 44,894.84 20,069.09 2,479,457.48 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

91,629.93 159,055.28 231,606.54 83,267.29 6,149,404.74 

0.00 0.00 0.00 0.00 0.00 

460,305.10 2,944,377.19 876,770.21 299,140.80 37,017,169.15 

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

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

47,964,320.19 357,431,379.18 416,349,483.31 17,827,781.88 200,099,184.41 

25


ACTIF 

26 


Asian Local Currency 

Debt 

Global Emerging 

Currencies 

JPY Liquidity 

(note 1) 

USD USD JPY 

Portefeuille-titres au coût d’acquisition 1,107,820,706.60 428,503,671.19 5,225,453,934.00 

Plus/Moins value nette non réalisée sur investissements 72,132,919.06 18,107,550.80 -944,617.00 

Portefeuille-titres à la valeur d’évaluation (note 2) 1,179,953,625.66 446,611,221.99 5,224,509,317.00 

Avoirs en banque 242,971,016.32 230,906,013.69 333,381,119.45 

Intérêts à recevoir, nets 9,199,997.63 3,379,542.41 10,060,638.00 

Intérêts à recevoir sur swaps 0.00 0.00 0.00 

Intérêts à recevoir sur CDS 0.00 0.00 0.00 

Plus-value nette non réalisée sur contrats de change à terme (note 11) 172,285.90 6,485,850.67 6,708,659.56 

Plus-value nette non réalisée sur contrats à terme (note 10) 352,326.53 0.00 0.00 

Plus-value nette non réalisée sur CDS (note 13) 737,553.06 0.00 0.00 

Plus-value nette non réalisée sur swaps (note 12) 2,455,350.04 0.00 0.00 


1,435,842,155.14 687,382,628.76 5,574,659,734.01 



Commission de conseil en investissement et de gestion à payer (note 4) 3,193,223.87 1,377,511.91 1,123,597.00 


Intérêts à payer sur swaps 205,213.36 0.00 0.00 

Intérêts à payer sur CDS 4,510.30 0.00 0.00 

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

Moins-value nette non réalisée sur contrats à terme (note 10) 0.00 0.00 0.00 

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




Repo 0.00 0.00 0.00 

Frais à payer 1,125,446.21 397,050.25 1,758,556.00 


4,981,938.73 1,837,008.41 3,355,306.00 

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

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

TOTAL DES ACTIFS NETS AU 31 OCTOBRE 2008 81,679,248.33 27,755,966.73 29,763,887,042.30


Latin American Local 

Currency Debt 


USD Sovereign Liquidity 

(note 1) 

EUR Sovereign Liquidity 

(note 1) 

US High Yield 

(note 1) 

EUR Corporate Bonds 

Ex Financial (note 1) 

USD USD EUR USD EUR 

228,971,599.54 477,345,744.76 1,166,275,765.66 566,947,267.12 201,657,237.33 

15,829,938.02 25,625,789.02 1,581,194.70 30,037,463.61 1,051,425.21 

244,801,537.56 502,971,533.78 1,167,856,960.36 596,984,730.73 202,708,662.54 

22,472,077.70 0.00 0.00 33,186,907.41 7,970,214.45 

1,817,239.07 1,581.94 1,038,396.53 11,574,520.67 5,201,189.46 

2,794.34 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 1,861.10 

0.00 0.00 0.00 1,485,755.00 0.00 

0.00 0.00 0.00 0.00 0.00 

134,075.00 0.00 0.00 0.00 0.00 

134,287.12 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

269,362,010.79 502,973,115.72 1,168,895,356.89 643,231,913.81 215,881,927.55 

0.00 40,333,763.47 30,329,919.39 0.00 0.00 

508,527.30 61,096.79 280,845.24 377,881.80 185,241.80 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

227,111.64 20,468,811.41 1,445,143.47 0.00 643,198.72 

0.00 0.00 0.00 0.00 294,275.00 

0.00 0.00 0.00 0.00 78,262.90 

0.00 0.00 0.00 0.00 0.00 

18,880.14 32,637.65 58,061.77 24,434.22 10,401.38 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

187,200.91 103,391.93 291,540.95 222,752.22 103,893.36 

0.00 0.00 0.00 0.00 0.00 

941,719.99 60,999,701.25 32,405,510.82 625,068.24 1,315,273.16 

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

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

13,559,159.62 518,538,888.49 1,852,634,446.56 - - 

27


ACTIF 

28 


European Equity Selection Small Cap Europe Emerging Markets 

EUR EUR USD 

Portefeuille-titres au coût d’acquisition 238,961,202.99 160,428,442.56 1,266,842,474.87 

Plus/Moins value nette non réalisée sur investissements 12,666,538.59 32,450,646.97 215,759,804.66 

Portefeuille-titres à la valeur d’évaluation (note 2) 251,627,741.58 192,879,089.53 1,482,602,279.53 

Avoirs en banque 1,199,272.27 4,704,127.62 9,030,906.25 

Intérêts à recevoir, nets 4.81 348.30 0.00 



Plus-value nette non réalisée sur contrats de change à terme (note 11) 0.00 0.00 660,010.01 

Plus-value nette non réalisée sur contrats à terme (note 10) 0.00 0.00 0.00 


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


252,827,018.66 197,583,565.45 1,492,293,195.79 



Commission de conseil en investissement et de gestion à payer (note 4) 218,909.91 514,918.85 1,280,150.19 










Repo 0.00 0.00 0.00 

Frais à payer 220,851.19 171,041.68 1,413,184.65 


461,519.85 700,842.34 2,784,898.32 

TOTAL DES ACTIFS NETS AU 30 SEPTEMBRE 2010 252,365,498.81 196,882,723.11 1,489,508,297.47 





Eastern Europe Europe Index USA Index European Sustainable 

Equities 

Japan Index 

EUR EUR USD EUR JPY 

371,685,337.14 603,386,349.58 1,133,244,761.26 84,376,771.10 49,750,085,417.00 

56,976,779.80 123,309,218.31 47,475,845.55 7,087,981.25 -4,125,475,854.00 

428,662,116.94 726,695,567.89 1,180,720,606.81 91,464,752.35 45,624,609,563.00 

8,101,544.75 159,230.92 3,118,334.06 1,115,011.03 539,114,528.90 

255.43 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 4,800.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

0.00 439,996.26 0.00 0.00 33,234,654.00 

436,763,917.12 727,294,795.07 1,183,843,740.87 92,579,763.38 46,196,958,745.90 

0.00 0.00 0.00 0.00 0.00 

620,336.01 355,774.22 695,792.16 151,192.58 18,265,467.00 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 7,250,000.00 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

48,347.34 42,747.50 88,647.60 8,333.65 1,705,907.00 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

818,797.31 226,281.62 400,807.32 87,114.91 14,451,919.00 

0.00 0.00 241,267.34 0.00 0.00 

1,487,480.66 624,803.34 1,426,514.42 246,641.14 41,673,293.00 

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

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

267,877,694.99 308,623,363.25 731,165,211.60 60,453,966.39 63,887,788,464.99 

29


ACTIF 

30 


Pacific Ex Japan Index 

(note 1) 

Digital Communication Biotech 

USD USD USD 

Portefeuille-titres au coût d’acquisition 226,975,258.27 81,853,304.93 1,506,852,793.32 

Plus/Moins value nette non réalisée sur investissements 58,967,745.94 14,088,527.54 -80,870,154.75 

Portefeuille-titres à la valeur d’évaluation (note 2) 285,943,004.21 95,941,832.47 1,425,982,638.57 

Avoirs en banque 2,681,518.94 4,865,529.87 14,068,430.08 

Intérêts à recevoir, nets 0.00 14.26 169.55 



Plus-value nette non réalisée sur contrats de change à terme (note 11) 0.00 235.85 3,061,340.48 




Autres actifs 237,225.02 0.00 0.00 

288,861,748.17 100,807,612.45 1,443,112,578.68 













Repo 0.00 0.00 0.00 

Frais à payer 73,665.05 72,663.75 1,352,218.21 


241,794.11 396,932.75 6,676,918.76 

TOTAL DES ACTIFS NETS AU 30 SEPTEMBRE 2010 288,619,954.06 100,410,679.70 1,436,435,659.92 


TOTAL DES ACTIFS NETS AU 31 OCTOBRE 2008 156,835,210.86 58,145,049.06 1,934,516,277.49



Premium Brands Water Indian Equities Japanese Equities 130/30 Asian Equities Ex Japan 

(note 1) 

EUR EUR USD JPY USD 

145,986,425.07 2,124,115,357.99 325,085,164.74 4,731,460,534.53 564,218,231.66 

30,270,069.96 147,185,514.07 185,371,140.13 -240,119,540.20 123,718,676.74 

176,256,495.03 2,271,300,872.06 510,456,304.87 4,491,340,994.33 687,936,908.40 

5,402,511.18 46,431,634.11 9,174,218.07 319,933,596.34 8,535,358.06 

0.00 0.00 0.00 1,233.00 0.00 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 408,635.62 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 22,674,819.66 0.00 

0.00 0.00 0.00 0.00 0.00 

181,659,006.21 2,317,732,506.17 519,630,522.94 4,833,950,643.33 696,880,902.08 

0.00 0.00 0.00 0.00 0.00 

625,854.23 9,224,975.01 2,093,692.13 14,890,731.00 2,149,733.24 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

0.00 54,659.98 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

18,853.00 253,989.08 57,786.70 559,101.00 57,547.77 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

143,582.50 2,240,876.95 678,643.63 4,424,313.00 672,086.62 

0.00 0.00 0.00 0.00 0.00 

788,289.73 11,774,501.02 2,830,122.46 19,874,145.00 2,879,367.63 

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

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

101,933,135.85 2,373,854,995.92 222,390,926.40 11,999,811,648.73 698,953,256.35 

31


ACTIF 

32 


Greater China Japanese Equity 

Selection 

Generics 

USD JPY USD 

Portefeuille-titres au coût d’acquisition 325,862,827.76 14,229,262,332.09 354,588,620.21 

Plus/Moins value nette non réalisée sur investissements 62,882,561.54 -1,138,103,019.21 60,571,613.00 

Portefeuille-titres à la valeur d’évaluation (note 2) 388,745,389.30 13,091,159,312.88 415,160,233.21 





Plus-value nette non réalisée sur contrats de change à terme (note 11) 0.00 20,505,567.92 1,482,106.52 





399,808,016.84 13,291,267,665.27 423,864,781.32 



Commission de conseil en investissement et de gestion à payer (note 4) 1,484,754.72 30,134,612.34 1,669,393.23 










Repo 0.00 0.00 0.00 

Frais à payer 340,927.29 12,985,752.61 417,914.70 


1,869,846.80 43,904,819.14 2,129,142.63 

TOTAL DES ACTIFS NETS AU 30 SEPTEMBRE 2010 397,938,170.04 13,247,362,846.13 421,735,638.69 

TOTAL DES ACTIFS NETS AU 30 SEPTEMBRE 2009 366,867,889.12 22,888,070,469.32 239,271,793.36 

TOTAL DES ACTIFS NETS AU 31 OCTOBRE 2008 188,101,628.78 39,560,355,193.33 126,176,133.07



Emerging Markets Index Japanese Mid-Small Cap Euroland Index US Equity Growth Selection Security 

USD JPY EUR USD USD 

868,296,479.50 711,902,865.00 87,636,518.42 1,163,069,476.20 133,075,905.11 

264,226,059.87 -34,462,613.00 8,731,667.68 208,633,080.72 27,178,807.07 

1,132,522,539.37 677,440,252.00 96,368,186.10 1,371,702,556.92 160,254,712.18 

8,107,907.05 12,911,394.79 504,624.02 33,962,953.77 3,314,512.03 

0.00 0.00 0.00 663.22 111.51 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 7,021,124.56 0.00 

204,637.40 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

1,082,554.44 0.00 0.00 0.00 0.00 

1,141,917,638.26 690,351,646.79 96,872,810.12 1,412,687,298.47 163,569,335.72 

0.00 0.00 0.00 0.00 0.00 

639,369.51 3,629,177.00 44,906.43 4,059,690.28 594,938.94 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

51,282.05 79,168.00 5,229.45 130,509.57 14,961.25 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

677,085.97 910,807.00 25,986.10 1,422,059.63 142,249.07 

0.00 0.00 14,724.28 0.00 0.00 

1,367,737.53 4,619,152.00 90,846.26 5,612,259.48 752,149.26 

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

994,108,926.90 1,419,702,044.12 111,040,679.33 1,711,084,606.71 142,156,097.67 

172,676,138.14 2,237,939,683.58 76,004,555.52 1,442,747,895.89 102,102,283.47 

33


ACTIF 

34 


Clean Energy Russian Equities Timber 

USD USD USD 

Portefeuille-titres au coût d’acquisition 646,771,282.82 288,663,801.62 97,317,752.04 

Plus/Moins value nette non réalisée sur investissements -28,476,702.70 31,047,166.40 13,232,151.23 






Plus-value nette non réalisée sur contrats de change à terme (note 11) 0.00 0.00 106,732.59 





646,565,561.84 321,627,923.74 114,998,121.54 



Commission de conseil en investissement et de gestion à payer (note 4) 2,546,093.37 1,160,751.32 309,217.40 








Taxe d’abonnement à payer (note 3) 67,055.58 23,330.37 7,263.12 


Repo 0.00 0.00 0.00 

Frais à payer 590,341.39 350,446.50 98,489.02 


3,203,490.34 1,534,528.19 414,969.54 


TOTAL DES ACTIFS NETS AU 30 SEPTEMBRE 2009 671,237,424.48 154,170,433.37 39,354,751.20 




Agriculture Global Megatrend Selection US Equity Value Selection 

(note 1) 

Middle East And North Africa Environmental Megatrend 

Selection (note 1) 

EUR USD USD USD EUR 

120,984,021.15 429,868,877.92 157,772,664.19 25,322,977.81 2,844,402.45 

13,981,206.69 43,479,033.38 327,474.67 1,518,991.55 130,522.80 

134,965,227.84 473,347,911.30 158,100,138.86 26,841,969.36 2,974,925.25 

4,750,730.22 14,438,507.50 2,016,763.07 170,703.91 105,282.64 

23.18 139.83 15.66 0.00 1.01 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

0.00 11,060.08 12,260.84 54,203.43 0.00 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

139,715,981.24 487,797,618.71 160,129,178.43 27,066,876.70 3,080,208.90 

0.00 0.00 0.00 0.00 0.00 

425,602.05 1,970,797.55 475,862.37 89,098.55 1,573.27 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 396.05 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

12,878.80 49,215.23 17,940.51 2,621.33 75.69 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

110,112.19 407,828.55 137,003.28 29,658.44 371.05 

0.00 0.00 0.00 0.00 0.00 

548,593.04 2,427,841.33 630,806.16 121,378.32 2,416.06 

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

41,205,995.47 53,885,106.91 21,964,307.53 14,234,042.70 - 

- - - - - 

35


ACTIF 

36 


High Dividend Selection 

(note 1) 

Piclife Absolute Return Global 

Diversified 

EUR CHF EUR 

Portefeuille-titres au coût d’acquisition 83,761,387.93 76,194,554.60 357,372,786.41 

Plus/Moins value nette non réalisée sur investissements -1,390,121.47 3,291,270.84 22,062,866.76 



Intérêts à recevoir, nets 63.61 836,847.09 3,124,762.11 



Plus-value nette non réalisée sur contrats de change à terme (note 11) 0.00 5,328.51 4,678,158.01 

Plus-value nette non réalisée sur contrats à terme (note 10) 0.00 249,986.58 6,771,930.59 


Plus-value nette non réalisée sur swaps (note 12) 0.00 13,918.64 0.00 


84,626,840.39 98,183,587.08 633,116,010.74 





Intérêts à payer sur swaps 0.00 159.86 7,155.16 




Moins-value nette non réalisée sur CDS (note 13) 0.00 18,469.35 12,379.52 

Moins-value nette non réalisée sur swaps (note 12) 0.00 0.00 1,626,974.89 



Repo 0.00 3,367.87 0.00 

Frais à payer 34,408.98 52,437.82 420,893.59 


154,111.42 277,773.81 3,451,443.43 


TOTAL DES ACTIFS NETS AU 30 SEPTEMBRE 2009 - 120,771,881.65 1,223,817,185.98 

TOTAL DES ACTIFS NETS AU 31 OCTOBRE 2008 - 59,197,487.97 1,610,292,388.32


Absolute Return Global 

Conservative 


Convertible Bonds (note 1) 

EUR EUR 

36,674,775.97 750,178,639.92 

1,216,205.27 14,880,608.90 

37,890,981.24 765,059,248.82 

35,801,622.85 81,287,601.69 

507,701.61 3,846,379.75 

0.00 48,546.44 

80.86 0.00 

602,848.70 0.00 

425,733.58 0.00 

0.00 0.00 

0.00 253,830.11 

0.00 0.00 

75,228,968.84 850,495,606.81 

0.00 0.00 

76,926.17 2,424,968.01 

0.00 568,545.80 

438.80 0.00 

0.00 0.00 

0.00 3,345,325.87 

0.00 5,878,513.31 

9,456.38 0.00 

144,416.71 0.00 

3,814.85 58,737.07 

0.00 0.00 

0.00 0.00 

41,988.39 965,346.32 

0.00 0.00 

277,041.30 13,241,436.38 

74,951,927.54 837,254,170.43 

106,913,293.60 - 

128,270,179.22 - 

37


38 

ETAT DES OPERATIONS ET DES VARIATIONS DES ACTIFS NETS POUR 

L’EXERCICE/LA PERIODE CLOTURE(E) AU 30 SEPTEMBRE 2010 

Globalisé EUR Bonds USD Government Bonds 

EUR EUR USD 

ACTIFS NETS EN DEBUT DE L’EXERCICE/LA PERIODE 

REVENUS 

25,763,662,625.34 251,464,032.17 261,581,646.76 

Intérêts sur prêts de titres 3,701,000.16 0.00 0.00 

Intérêts sur swaps 28,091,230.09 0.00 0.00 

Intérêts sur CDS 51,440.83 0.00 0.00 

Intérêts sur obligations, nets 600,597,684.65 10,370,699.12 8,591,440.90 

Intérêts bancaires 3,310,292.94 18,322.65 5,753.10 

Dividendes 238,836,342.65 1,714.09 0.00 

DEPENSES 

874,587,991.32 10,390,735.86 8,597,194.00 

Commission de conseil en investissement et de gestion (note 4) 228,389,984.15 1,193,460.53 691,693.98 

Commission de banque dépositaire, intérêts et frais bancaires 22,226,460.35 81,169.72 72,530.72 

Commission de service (note 5) 54,248,846.39 241,697.66 143,974.43 

Commission de performance (note 8) 568,545.81 0.00 0.00 

Frais de révision et autres frais 18,542,832.98 141,752.21 144,486.59 

Taxe d’abonnement (note 3) 9,745,500.11 83,830.52 79,136.22 

Intérêts payés sur Repo 8,272.82 4,583.78 0.00 

Intérêts payés sur swaps 23,116,827.88 226,841.03 0.00 

Primes sur CDS 496,102.35 62,958.16 0.00 

357,343,372.84 2,036,293.61 1,131,821.94 

REVENUS NETS DES INVESTISSEMENTS 517,244,618.48 8,354,442.25 7,465,372.06 

Bénéfice/perte net(te) réalisé(e) sur ventes de titres 531,952,647.16 7,854,244.02 2,493,525.88 

Bénéfice/perte net(te) réalisé(e) sur ventes de titres - effet pooling (note 1) -49,119,230.79 -2,821,651.65 0.00 

Bénéfice/perte net(te) réalisé(e) sur contrats de change à terme -162,644,233.05 976,866.98 0.00 

Bénéfice/perte de change, net(te) 9,661,398.40 967,002.82 -1,140.14 

Bénéfice/perte net(te) réalisé(e) sur contrats à terme -30,027,941.20 -976.83 313,350.54 

Bénéfice/perte net(te) réalisé(e) sur swaps/CDS -288,578,859.77 -1,043,155.68 0.00 

BENEFICE NET REALISE 

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

528,488,399.23 14,286,771.91 10,271,108.34 

- sur portefeuille-titres 1,614,285,044.04 1,427,299.18 6,310,338.29 

- sur contrats de change à terme -14,897,651.57 125,904.60 0.00 

- sur contrats à terme -2,656,783.92 21,854.91 52,593.12 

- sur CDS -906,409.44 -212,986.81 0.00 

- sur swaps 209,418,123.91 393,259.28 0.00 

BENEFICE/PERTE PROVENANT DES OPERATIONS 2,333,730,722.25 16,042,103.07 16,634,039.75 

Souscriptions d’actions 30,484,890,082.96 117,976,531.01 178,332,849.22 

Rachats d’actions -24,350,545,522.24 -127,175,280.85 -225,138,937.43 

Dividendes payés (note 15) -9,563,730.25 -266,286.03 -477,764.06 

Ecart de conversion* -38,423,760.60 359,919.54 0.00 

Ecart de conversion sur les actifs nets au début de la période** 1,115,131,477.71 

ACTIFS NETS EN FIN DE L’EXERCICE/LA PERIODE 35,298,881,895.17 258,401,018.91 230,931,834.24 

*L’écart mentionné ci-dessus résulte des fluctuations des taux de conversion en devise des compartiments concernés des différents postes afférents aux classes 

d’actions libellées dans une autre devise que la devise du compartiment entre le 1er octobre 2009 et le 30 septembre 2010. 

**L’écart mentionné ci-dessus résulte des fluctuations des taux de conversion en devise des compartiments concernés des différents postes afférents aux 

compartiments libellés dans une autre devise que l’Euro entre le 1er octobre 2009 et le 30 septembre 2010.




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

CHF USD EUR EUR USD 

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

0.00 0.00 0.00 0.00 0.00 

16,002.22 0.00 0.00 1,339,539.85 6,557,675.74 

0.00 0.00 0.00 0.00 0.00 

10,244,590.78 5,867,119.23 18,120,841.03 78,433,106.61 103,792,488.75 

68,524.07 91,883.25 277,240.44 120,782.57 427,412.82 

0.00 0.00 0.00 0.00 0.00 

10,329,117.07 5,959,002.48 18,398,081.47 79,893,429.03 110,777,577.31 

672,388.49 1,127,234.63 2,736,529.95 7,810,991.45 15,630,614.55 

266,016.82 166,162.99 357,735.70 645,206.96 749,708.44 

314,592.77 220,772.88 483,636.40 2,336,805.85 4,267,172.41 

0.00 0.00 0.00 0.00 0.00 

895,607.78 526,329.99 1,147,530.74 908,533.70 1,077,953.25 

372,076.72 229,845.64 520,691.51 431,840.08 648,515.43 

0.00 0.00 0.00 0.00 0.00 

62,277.78 0.00 171,300.84 98,116.00 6,269,767.19 

0.00 0.00 0.00 365,184.64 68,469.01 

2,582,960.36 2,270,346.13 5,417,425.14 12,596,678.68 28,712,200.28 

7,746,156.71 3,688,656.35 12,980,656.33 67,296,750.35 82,065,377.03 

-50,799,453.35 -21,689,838.70 15,900,164.19 58,941,159.66 133,431,288.79 

0.00 0.00 0.00 -14,247,819.64 -27,057,263.84 

41,970,849.65 16,405,548.56 -15,065,775.00 28,528,520.60 -58,924,831.15 

2,033,234.31 1,170,090.24 -385,453.86 -1,686,670.07 -6,196,567.93 

-411,200.00 -77,400.00 -236,918.92 -11,981,554.57 -2,076,192.45 

0.00 0.00 0.00 -5,077,996.94 -61,402,558.97 

539,587.32 -502,943.55 13,192,672.74 121,772,389.39 59,839,251.48 

-4,601,235.92 4,172,010.95 -2,742,878.85 4,432,386.34 156,626,349.72 

4,640,681.47 -1,633,694.16 -3,662,834.24 -1,251,373.94 8,688,843.73 

-24,450.00 15,000.00 756.02 32,525.74 394,862.73 

0.00 0.00 0.00 -5,218,306.57 5,266,804.17 

-382.00 0.00 80,451.07 0.00 -1,574,977.07 

554,200.87 2,050,373.24 6,868,166.74 119,767,620.96 229,241,134.76 

681,579,238.74 1,827,151,131.79 2,248,206,994.91 1,764,335,185.80 2,692,520,439.26 

-1,482,097,592.23 -1,936,227,294.73 -2,846,230,962.11 -821,695,063.95 -1,423,055,526.01 

-5,719,997.87 -40,112.37 -249,763.66 -889,305.84 -1,116,437.90 

0.00 0.00 0.00 10,159,988.28 -35,632,194.18 

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

39


40 



World Government 

Bonds 

EUR High Yield EUR Short Mid-Term 

Bonds 

EUR EUR EUR 


REVENUS 

78,137,935.08 227,281,036.71 765,382,777.42 

Intérêts sur prêts de titres 0.00 0.00 0.00 

Intérêts sur swaps 0.00 67,094.73 86,538.69 

Intérêts sur CDS 0.00 0.00 0.00 


Intérêts bancaires 1,544.36 32,675.80 25,732.18 

Dividendes 0.00 0.00 0.00 

DEPENSES 

4,177,454.04 19,937,423.28 33,089,804.27 

Commission de conseil en investissement et de gestion (note 4) 342,541.96 2,103,919.06 1,930,094.73 

Commission de banque dépositaire, intérêts et frais bancaires 57,988.06 91,419.32 333,928.79 

Commission de service (note 5) 86,349.14 401,249.05 412,330.09 

Commission de performance (note 8) 0.00 0.00 0.00 

Frais de révision et autres frais 79,638.06 158,753.22 519,157.01 

Taxe d’abonnement (note 3) 30,749.05 84,289.34 257,113.38 

Intérêts payés sur Repo 0.00 0.02 0.00 

Intérêts payés sur swaps 0.00 0.00 0.00 

Primes sur CDS 0.00 9,719.20 0.00 

597,266.27 2,849,349.21 3,452,624.00 


Bénéfice/perte net(te) réalisé(e) sur ventes de titres 5,913,466.46 18,064,850.74 -16,424,669.02 

Bénéfice/perte net(te) réalisé(e) sur ventes de titres - effet pooling (note 1) 775,607.79 715,208.03 -3,997,182.73 

Bénéfice/perte net(te) réalisé(e) sur contrats de change à terme 72,255.46 2,577,488.61 10,361,636.21 

Bénéfice/perte de change, net(te) -312,329.66 -409,922.84 -325,120.87 

Bénéfice/perte net(te) réalisé(e) sur contrats à terme 183,440.29 -544,066.70 -8,883,815.43 

Bénéfice/perte net(te) réalisé(e) sur swaps/CDS 0.00 93,054.10 1,449.58 



10,212,628.11 37,584,686.01 10,369,478.01 

- sur portefeuille-titres 5,191,014.15 9,618,780.80 -7,202,910.21 

- sur contrats de change à terme -8,147.54 -80,951.12 -112,108.15 

- sur contrats à terme 42,853.86 -70,388.68 192,240.00 

- sur CDS 0.00 -481,103.61 0.00 

- sur swaps 0.00 0.00 148,110.00 

BENEFICE/PERTE PROVENANT DES OPERATIONS 15,438,348.58 46,571,023.40 3,394,809.65 

Souscriptions d’actions 305,068,912.94 344,326,444.07 670,654,190.28 

Rachats d’actions -230,828,056.20 -274,018,241.52 -762,296,321.47 

Dividendes payés (note 15) -19,138.17 -460,284.40 -330,601.80 

Ecart de conversion* 803,013.02 1,570,308.26 10,409,349.66 

ACTIFS NETS EN FIN DE L’EXERCICE/LA PERIODE 168,601,015.25 345,270,286.52 687,214,203.74 


d’actions libellées dans une autre devise que la devise du compartiment entre le 1er octobre 2009 et le 30 septembre 2010.




USD Short Mid-Term Bonds CHF Bonds EUR Government Bonds EUR Inflation Linked Bonds Emerging Local Currency 

Debt 

USD CHF EUR EUR USD 

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

0.00 0.00 0.00 0.00 0.00 

0.00 94,431.75 0.00 0.00 21,449,041.20 

0.00 54,252.91 0.00 0.00 0.00 

4,399,293.85 11,979,109.84 34,591,732.13 4,059,192.02 281,405,943.26 

9,844.38 3,913.02 16,554.41 575.01 602,686.98 

0.00 0.00 0.00 0.00 648.98 

4,409,138.23 12,131,707.52 34,608,286.54 4,059,767.03 303,458,320.42 

681,703.20 1,241,454.67 1,808,771.39 697,144.35 31,184,043.53 

93,713.86 116,095.25 254,146.07 75,438.92 1,835,449.22 

123,073.61 348,333.12 447,512.81 159,655.84 10,507,477.42 

0.00 0.00 0.00 0.00 0.00 

158,926.92 238,540.98 477,342.36 113,420.75 2,346,158.56 

99,243.90 105,126.96 195,913.81 73,296.20 1,268,467.39 

0.00 0.00 0.00 3,646.08 0.00 

22,650.07 30,718.09 0.00 0.00 17,666,558.92 

0.00 30.53 0.00 0.00 293.33 

1,179,311.56 2,080,299.60 3,183,686.44 1,122,602.14 64,808,448.37 

3,229,826.67 10,051,407.92 31,424,600.10 2,937,164.89 238,649,872.05 

1,190,954.81 6,755,601.36 3,778,360.68 2,494,282.79 30,303,302.18 

0.00 356,595.62 -1,494,354.16 -107,825.63 -38,944,673.33 

0.00 9,636.35 5,126,535.74 -4,284.86 -25,994,840.71 

-1,259.49 13,545.88 -226,958.34 -65,711.97 -22,132,077.16 

-1,173,473.47 -336,028.23 -531,047.96 -6,478.57 -8,393,569.99 

-92,452.89 -1,322,526.37 0.00 0.00 -276,606,003.28 

3,153,595.63 15,528,232.53 38,077,136.06 5,247,146.65 -103,117,990.24 

2,691,759.38 2,815,769.55 -6,050,016.32 1,958,920.85 604,328,410.26 

0.00 -3,888.16 -121,367.94 7,140.69 -12,117,903.17 

-64,714.60 891.78 -13,561.72 47,761.93 -182,601.51 

0.00 459,370.63 0.00 0.00 39,349.96 

-61,217.50 -538,518.47 0.00 0.00 274,713,632.33 

5,719,422.91 18,261,857.86 31,892,190.08 7,260,970.12 763,662,897.63 

256,399,456.20 179,006,588.51 556,520,139.77 255,153,476.45 8,788,454,124.36 

-146,225,832.80 -200,950,714.39 -867,808,191.15 -178,525,914.87 -1,284,598,838.74 

-22,986.01 -90,675.70 -194,967.19 -32,195.96 -575,097.33 

0.00 0.00 7,959,349.17 0.00 -2,342,902.78 

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

41


42 



Asian Local Currency 

Debt 

Global Emerging 

Currencies 

JPY Liquidity 

(note 1) 

USD USD JPY 


REVENUS 

136,098,150.07 21,679,821.97 25,484,406,861.72 

Intérêts sur prêts de titres 0.00 0.00 0.00 

Intérêts sur swaps 7,518,786.48 0.00 0.00 




Dividendes 0.00 0.00 0.00 

DEPENSES 

30,113,349.10 7,873,545.10 111,410,698.00 

Commission de conseil en investissement et de gestion (note 4) 7,479,998.95 2,678,872.43 6,365,618.00 

Commission de banque dépositaire, intérêts et frais bancaires 501,951.54 115,336.90 2,814,291.80 

Commission de service (note 5) 2,007,156.01 531,310.06 3,931,400.00 


Frais de révision et autres frais 458,019.58 186,087.12 8,975,339.00 

Taxe d’abonnement (note 3) 316,547.60 143,821.25 2,846,308.00 


Intérêts payés sur swaps 6,381,795.41 0.00 0.00 

Primes sur CDS 1,011.74 0.00 0.00 

17,146,480.83 3,655,427.76 24,932,956.80 


Bénéfice/perte net(te) réalisé(e) sur ventes de titres -6,406,607.27 -5,102,026.46 -596,612,537.00 

Bénéfice/perte net(te) réalisé(e) sur ventes de titres - effet pooling (note 1) -265,771.63 -18,923,443.93 0.00 

Bénéfice/perte net(te) réalisé(e) sur contrats de change à terme -6,888,771.00 -3,652,081.08 530,867,078.00 

Bénéfice/perte de change, net(te) 6,708,887.73 973,078.59 -11,717,470.00 

Bénéfice/perte net(te) réalisé(e) sur contrats à terme 1,723,781.14 0.00 0.00 

Bénéfice/perte net(te) réalisé(e) sur swaps/CDS -998,451.95 0.00 0.00 



6,839,935.29 -22,486,355.54 9,014,812.20 

- sur portefeuille-titres 70,088,465.15 18,012,467.25 310,819,338.00 

- sur contrats de change à terme 139,354.08 6,620,398.01 -302,991,670.91 

- sur contrats à terme 359,492.86 0.00 0.00 

- sur CDS 1,048,353.96 0.00 0.00 

- sur swaps 4,057,845.09 0.00 0.00 

BENEFICE/PERTE PROVENANT DES OPERATIONS 82,533,446.43 2,146,509.72 16,842,479.29 

Souscriptions d’actions 1,679,406,030.73 787,185,338.18 10,745,209,852.00 

Rachats d’actions -467,177,410.82 -125,225,059.25 -30,675,143,705.00 

Dividendes payés (note 15) 0.00 -7,009.00 -11,060.00 

Ecart de conversion* 0.00 -233,981.27 0.00 

ACTIFS NETS EN FIN DE L’EXERCICE/LA PERIODE 1,430,860,216.41 685,545,620.35 5,571,304,428.01 




Latin American Local 

Currency Debt 



USD Sovereign Liquidity 

(note 1) 

EUR Sovereign Liquidity 

(note 1) 

US High Yield (note 1) EUR Corporate Bonds 

Ex Financial (note 1) 

USD USD EUR USD EUR 

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

0.00 0.00 0.00 0.00 0.00 

99,751.62 0.00 0.00 92,418.16 16,953.84 

0.00 0.00 0.00 0.00 0.00 

10,224,594.82 1,538,274.83 4,376,160.20 29,693,282.39 2,058,002.08 

29,502.47 49,037.79 192,421.42 68,553.81 7,234.71 

0.00 0.00 0.00 0.00 0.00 

10,353,848.91 1,587,312.62 4,568,581.62 29,854,254.36 2,082,190.63 

1,257,113.49 433,358.45 1,133,391.86 797,993.51 186,811.10 

57,459.22 106,062.33 271,110.73 133,755.91 30,865.66 

378,790.25 141,441.47 367,118.88 329,168.97 71,913.39 

0.00 0.00 0.00 0.00 0.00 

87,911.49 324,598.80 849,116.91 150,636.52 19,678.46 

44,424.57 137,441.75 248,985.03 70,671.57 14,266.80 

0.00 0.00 0.00 0.00 0.00 

58,649.00 0.00 0.00 0.00 2,514.75 

0.00 0.00 0.00 0.00 6,859.43 

1,884,348.02 1,142,902.80 2,869,723.41 1,482,226.48 332,909.59 

8,469,500.89 444,409.82 1,698,858.21 28,372,027.88 1,749,281.04 

2,169,673.74 -6,549,893.14 37,938,832.22 4,966,521.40 326,177.30 

-3,080,766.18 0.00 762,046.92 -2,044,261.43 665,307.83 

-974,299.80 6,313,565.44 -36,510,929.63 -2,239,739.38 -219,170.18 

-2,989,019.17 3,098,017.58 -399,506.07 -755,343.31 104,443.70 

-816,117.75 0.00 0.00 0.00 -272,225.99 

2,768.53 0.00 0.00 0.00 142,986.03 

2,781,740.26 3,306,099.70 3,489,301.65 28,299,205.16 2,496,799.73 

13,574,943.05 11,783,552.83 1,262,261.06 30,037,463.61 1,051,425.21 

-210,204.11 -14,385,555.01 -2,557,232.82 1,485,755.00 -643,198.72 

1,121.86 0.00 0.00 0.00 -294,275.00 

134,075.00 0.00 0.00 0.00 -78,262.90 

97,631.50 0.00 0.00 0.00 0.00 

16,379,307.56 704,097.52 2,194,329.89 59,822,423.77 2,532,488.32 

325,546,987.22 922,531,254.99 1,383,096,235.61 754,563,972.79 216,171,724.28 

-101,035,359.85 -1,163,573,769.13 -2,162,873,309.70 -171,779,051.10 -4,137,558.21 

-85,524.12 -220,714.15 -249,597.47 -499.89 0.00 

-232,238.23 0.00 0.00 0.00 0.00 

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

43


44 



European Equity 

Selection 

Small Cap Europe Emerging Markets 

EUR EUR USD 


REVENUS 

272,066,810.48 190,023,680.33 1,505,624,465.59 

Intérêts sur prêts de titres 241,760.72 125,335.36 274,501.73 

Intérêts sur swaps 0.00 0.00 0.00 


Intérêts sur obligations, nets 0.00 0.00 0.00 


Dividendes 7,729,887.64 4,174,597.97 28,787,788.43 

DEPENSES 

7,973,104.25 4,319,141.20 29,070,100.72 


Commission de banque dépositaire, intérêts et frais bancaires 143,452.40 389,955.55 4,001,538.08 

Commission de service (note 5) 736,228.05 578,641.90 2,921,535.57 



Taxe d’abonnement (note 3) 107,793.73 63,843.60 371,149.87 



Primes sur CDS 0.00 0.00 0.00 

4,347,250.64 3,382,367.36 24,494,333.32 

REVENUS NETS DES INVESTISSEMENTS 3,625,853.61 936,773.84 4,575,767.40 

Bénéfice/perte net(te) réalisé(e) sur ventes de titres -8,050,734.44 16,463,091.18 303,822,305.64 

Bénéfice/perte net(te) réalisé(e) sur ventes de titres - effet pooling (note 1) -1,161,574.11 0.00 -505,598.24 

Bénéfice/perte net(te) réalisé(e) sur contrats de change à terme -3,515.64 0.00 -3,210,603.90 

Bénéfice/perte de change, net(te) -363,640.80 -158,636.66 -4,911,856.24 

Bénéfice/perte net(te) réalisé(e) sur contrats à terme 24.02 0.00 0.00 

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



-5,953,587.36 17,241,228.36 299,770,014.66 


- sur contrats de change à terme 0.00 0.00 588,694.82 

- sur contrats à terme 0.00 0.00 0.00 

- sur CDS 0.00 0.00 0.00 

- sur swaps 0.00 0.00 0.00 

BENEFICE/PERTE PROVENANT DES OPERATIONS 20,073,293.38 33,803,307.93 218,154,593.12 

Souscriptions d’actions 113,143,061.72 98,169,206.97 391,765,356.34 

Rachats d’actions -152,913,473.25 -125,113,171.96 -624,227,144.91 

Dividendes payés (note 15) -4,193.52 -300.16 -849.12 

Ecart de conversion* 0.00 0.00 -1,808,123.55 

ACTIFS NETS EN FIN DE L’EXERCICE/LA PERIODE 252,365,498.81 196,882,723.11 1,489,508,297.47 






Eastern Europe Europe Index USA Index European Sustainable 

Equities 

Japan Index 

EUR EUR USD EUR JPY 

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

95,575.00 971,796.47 11,550.46 65,751.41 6,316,949.00 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

15,115.59 0.00 3,878.30 0.00 0.00 

7,245,843.60 26,207,024.78 15,540,386.15 2,666,468.66 954,560,852.00 

7,356,534.19 27,178,821.25 15,555,814.91 2,732,220.07 960,877,801.00 

7,059,127.82 1,932,401.62 2,717,843.83 554,918.30 90,145,962.00 

935,527.15 693,001.46 482,129.76 172,260.00 64,132,844.33 

2,231,894.67 503,321.78 795,353.54 261,000.30 32,306,467.00 

0.00 0.00 0.00 0.00 0.00 

306,866.41 521,558.53 669,234.45 56,331.87 31,495,254.00 

195,149.54 237,794.62 341,375.86 31,184.30 8,644,761.00 

0.00 0.00 0.00 0.00 0.00 

3,222.54 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

10,731,788.13 3,888,078.01 5,005,937.44 1,075,694.77 226,725,288.33 

-3,375,253.94 23,290,743.24 10,549,877.47 1,656,525.30 734,152,512.67 

9,228,557.22 -36,753,577.26 -16,494,161.17 2,178,017.98 -14,974,986,700.85 

-3,410,649.89 0.00 0.00 0.00 0.00 

-0.01 -17,688.85 0.00 0.02 519,499.00 

1,350,137.15 -62,836.31 -11,754.32 -62,745.31 -2,743,965.66 

0.00 0.00 -332,684.74 0.00 -142,500,039.00 

0.00 0.00 0.00 0.00 0.00 

3,792,790.53 -13,543,359.18 -6,288,722.76 3,771,797.99 -14,385,558,693.84 

95,307,504.45 89,658,429.28 91,302,594.36 5,129,151.59 9,428,738,886.00 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 2,562.50 0.00 28,195,025.00 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

99,100,294.98 76,115,070.10 85,016,434.10 8,900,949.58 -4,928,624,782.84 

293,598,844.96 406,473,284.58 564,667,591.25 55,691,405.94 46,635,672,775.00 

-282,815,789.80 -710,613,162.46 -476,805,861.17 -51,865,482.34 -59,611,690,034.00 

-974.49 -20,612.92 -15,255.26 -233,318.93 -288,844.81 

0.00 0.00 0.00 0.00 0.00 

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

45


46 



Pacific Ex Japan Index 

(note 1) 

Digital Communication Biotech 

USD USD USD 


REVENUS 

255,864,741.07 46,463,020.88 2,060,924,159.74 





Intérêts bancaires 0.00 5,336.61 64,090.96 

Dividendes 9,427,401.89 1,185,810.39 862,013.96 

DEPENSES 

9,462,146.17 1,209,509.20 955,399.56 

Commission de conseil en investissement et de gestion (note 4) 616,971.84 1,024,850.32 25,030,512.13 

Commission de banque dépositaire, intérêts et frais bancaires 334,662.39 120,813.55 366,306.93 

Commission de service (note 5) 43,703.68 183,677.88 5,317,244.36 



Taxe d’abonnement (note 3) 66,146.84 30,122.14 688,830.50 




1,206,071.23 1,401,260.85 32,499,387.87 

REVENUS NETS DES INVESTISSEMENTS 8,256,074.94 -191,751.65 -31,543,988.31 

Bénéfice/perte net(te) réalisé(e) sur ventes de titres 6,071,732.45 4,066,208.29 -13,087,507.71 

Bénéfice/perte net(te) réalisé(e) sur ventes de titres - effet pooling (note 1) 0.00 988,528.80 8,001,102.66 

Bénéfice/perte net(te) réalisé(e) sur contrats de change à terme 1,805.95 -7,370.10 -30,440,998.43 

Bénéfice/perte de change, net(te) 350,048.41 20,167.76 1,992,117.03 

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




14,679,661.75 4,875,783.10 -65,079,274.76 


- sur contrats de change à terme 0.00 202.88 5,189,355.08 


- sur CDS 0.00 0.00 0.00 

- sur swaps 0.00 0.00 0.00 

BENEFICE/PERTE PROVENANT DES OPERATIONS 28,474,171.01 14,264,544.49 -152,887,722.91 


Rachats d’actions -140,565,608.49 -44,681,347.13 -1,130,973,616.52 

Dividendes payés (note 15) -6,450.37 -635.55 0.00 

Ecart de conversion* 0.00 -797.28 -26,005,471.28 







Premium Brands Water Indian Equities Japanese Equities 130/30 US Equities 

(note 1) 

EUR EUR USD JPY USD 

77,182,882.78 2,264,942,411.48 459,480,822.98 7,584,741,945.60 108,653,697.20 

60,932.93 992,473.04 0.00 346,122.00 125.09 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

0.88 54,730.86 2.44 294,454.00 3,233.40 

1,356,180.71 55,470,557.67 4,334,942.19 111,525,918.00 728,966.64 

1,417,114.52 56,517,761.57 4,334,944.63 112,166,494.00 732,325.13 

1,978,385.87 36,644,858.95 7,949,234.95 72,313,691.00 453,162.60 

114,747.77 650,372.34 640,989.84 20,283,452.93 64,263.74 

349,485.17 7,217,593.26 1,995,448.24 16,884,308.00 142,982.65 

0.00 0.00 0.00 0.00 0.00 

74,049.03 1,510,952.76 290,118.21 3,955,753.00 51,634.28 

56,317.84 1,030,187.27 209,623.85 2,775,992.00 10,917.54 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 2,125,155.00 0.00 

0.00 0.00 0.00 0.00 0.00 

2,572,985.68 47,053,964.58 11,085,415.09 118,338,351.93 722,960.81 

-1,155,871.16 9,463,796.99 -6,750,470.46 -6,171,857.93 9,364.32 

7,177,726.17 -94,485,309.63 64,419,226.52 -469,581,728.56 29,009,369.65 

2,208,699.43 1,186,887.36 0.00 -83.76 0.00 

-20,255.77 48,069.44 0.00 -2.00 3,977.65 

-242,057.72 2,070,312.37 -460,499.78 -5,307,237.78 -15,340.17 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 165,294,238.83 0.00 

7,968,240.95 -81,716,243.47 57,208,256.28 -315,766,671.20 29,007,371.45 

28,758,785.17 425,475,557.97 45,281,901.09 -93,667,944.24 -17,500,978.35 

0.00 -52,704.97 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 4,147,063.17 0.00 

36,727,026.12 343,706,609.53 102,490,157.37 -405,287,552.27 11,506,393.10 

135,092,551.44 476,697,561.39 209,479,966.35 2,965,285,514.00 24,377,122.34 

-68,131,739.24 -779,265,716.80 -254,650,546.22 -5,330,662,109.00 -144,537,212.64 

-4.62 -176,465.62 0.00 -1,300.00 0.00 

0.00 53,605.17 0.00 0.00 0.00 

180,870,716.48 2,305,958,005.15 516,800,400.48 4,814,076,498.33 - 

47


48 



Asian Equities Ex Japan 

(note 1) 

Greater China Japanese Equity 

Selection 

USD USD JPY 


REVENUS 

857,629,529.81 366,867,889.12 22,888,070,469.32 






Dividendes 13,512,557.33 8,464,237.36 289,722,375.30 

DEPENSES 

13,719,857.00 8,574,333.05 290,065,040.34 

Commission de conseil en investissement et de gestion (note 4) 9,383,590.30 6,265,848.90 158,908,188.19 

Commission de banque dépositaire, intérêts et frais bancaires 1,785,258.77 310,328.16 15,047,158.84 

Commission de service (note 5) 1,857,973.35 1,181,975.46 51,251,644.51 



Taxe d’abonnement (note 3) 237,513.05 170,975.98 4,279,594.34 




13,749,325.95 8,171,247.12 241,196,235.80 

REVENUS NETS DES INVESTISSEMENTS -29,468.95 403,085.93 48,868,804.54 

Bénéfice/perte net(te) réalisé(e) sur ventes de titres 116,901,841.02 42,746,789.99 -3,678,803,505.57 

Bénéfice/perte net(te) réalisé(e) sur ventes de titres - effet pooling (note 1) 546,652.02 -8,711,352.54 27,921,628.08 

Bénéfice/perte net(te) réalisé(e) sur contrats de change à terme -2,434,859.69 -383.75 -425,525,845.13 

Bénéfice/perte de change, net(te) -3,894,824.69 126,413.88 32,600,866.01 

Bénéfice/perte net(te) réalisé(e) sur contrats à terme 3,608.25 0.00 0.00 




111,092,947.96 34,564,553.51 -3,994,938,052.07 

- sur portefeuille-titres -22,515,482.19 9,907,267.49 2,565,866,607.32 

- sur contrats de change à terme 350,883.33 0.00 10,046,351.91 


- sur CDS 0.00 0.00 0.00 

- sur swaps 0.00 0.00 0.00 

BENEFICE/PERTE PROVENANT DES OPERATIONS 88,928,349.10 44,471,821.00 -1,419,025,092.84 

Souscriptions d’actions 159,889,403.44 226,718,565.10 9,107,265,116.43 

Rachats d’actions -410,885,525.89 -240,102,973.78 -16,976,003,697.50 

Dividendes payés (note 15) -1,542.97 -17,131.40 -56,662.96 

Ecart de conversion* -1,558,679.04 0.00 -352,887,286.32 







Generics Emerging Markets Index Japanese Mid-Small Cap Euroland Index US Equity Growth Selection 

USD USD JPY EUR USD 

239,271,793.36 994,108,926.90 1,419,702,044.12 111,040,679.33 1,711,084,606.71 

8,469.82 57,949.20 21,536.00 186,454.05 0.00 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

21,339.00 0.00 236.00 0.00 80,030.76 

2,759,510.86 22,333,246.48 11,841,443.26 3,451,312.05 16,245,644.46 

2,789,319.68 22,391,195.68 11,863,215.26 3,637,766.10 16,325,675.22 

5,381,044.72 2,788,092.52 16,533,852.00 237,305.74 17,493,217.96 

96,080.88 2,741,116.22 217,085.48 77,081.70 548,681.56 

1,111,638.86 579,691.66 3,425,378.00 50,376.57 4,859,856.88 

0.00 0.00 0.00 0.00 0.00 

221,281.92 531,208.05 678,869.00 58,802.75 1,111,585.93 

147,878.00 222,089.71 429,687.00 27,875.70 624,935.82 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

6,957,924.38 6,862,198.16 21,284,871.48 451,442.46 24,638,278.15 

-4,168,604.70 15,528,997.52 -9,421,656.22 3,186,323.64 -8,312,602.93 

50,300,361.68 98,059,167.73 -15,983,994.77 -6,042,679.38 33,456,229.57 

3,462,907.59 0.00 -151.00 0.00 6,550,868.05 

-8,917,734.97 -359.38 2.00 7.87 -57,080,231.18 

1,418,228.36 -2,191,736.11 -388,400.34 -11,530.48 7,192,659.58 

0.00 64,217.56 0.00 27.61 0.00 

0.00 0.00 0.00 0.00 0.00 

42,095,157.96 111,460,287.32 -25,794,200.33 -2,867,850.74 -18,193,076.91 

23,826,006.30 62,393,308.28 -164,645,722.00 3,291,786.96 88,561,774.53 

1,339,050.33 0.00 0.00 0.00 9,359,251.33 

0.00 204,637.40 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

67,260,214.59 174,058,233.00 -190,439,922.33 423,936.22 79,727,948.95 

592,922,029.63 666,930,065.36 682,297,282.00 108,949,942.53 1,161,585,899.16 

-474,033,457.74 -694,491,822.19 -1,225,826,909.00 -123,623,454.10 -1,516,796,537.07 

0.00 -55,502.34 0.00 -9,140.12 0.00 

-3,684,941.15 0.00 0.00 0.00 -28,526,878.76 

421,735,638.69 1,140,549,900.73 685,732,494.79 96,781,963.86 1,407,075,038.99 

49


50 



Security Clean Energy Russian Equities 

USD USD USD 


REVENUS 

142,156,097.67 671,237,424.48 154,170,433.37 






Dividendes 1,084,894.84 8,125,487.55 4,176,538.40 

DEPENSES 

1,108,053.70 8,414,101.79 4,198,576.04 


Commission de banque dépositaire, intérêts et frais bancaires 175,219.17 236,372.09 290,210.49 

Commission de service (note 5) 460,166.75 2,075,091.09 890,326.45 



Taxe d’abonnement (note 3) 60,665.55 299,434.49 93,666.39 




3,243,783.00 14,271,119.14 5,447,553.99 

REVENUS NETS DES INVESTISSEMENTS -2,135,729.30 -5,857,017.35 -1,248,977.95 

Bénéfice/perte net(te) réalisé(e) sur ventes de titres 19,553,280.27 -26,152,624.40 2,530,130.64 

Bénéfice/perte net(te) réalisé(e) sur ventes de titres - effet pooling (note 1) 4,364,481.77 -3,467,863.16 289,017.44 

Bénéfice/perte net(te) réalisé(e) sur contrats de change à terme 61,380.80 -4,753.60 6,085.31 

Bénéfice/perte de change, net(te) 303,882.68 -580,957.93 -914,579.69 

Bénéfice/perte net(te) réalisé(e) sur contrats à terme 0.00 -247.10 -62.41 




22,147,296.22 -36,063,463.54 661,613.34 

- sur portefeuille-titres 9,623,662.32 -12,516,767.21 25,887,261.42 

- sur contrats de change à terme 0.00 0.00 0.00 


- sur CDS 0.00 0.00 0.00 

- sur swaps 0.00 0.00 0.00 

BENEFICE/PERTE PROVENANT DES OPERATIONS 31,770,958.54 -48,580,230.75 26,548,874.76 

Souscriptions d’actions 200,735,239.26 282,889,897.35 430,690,405.43 

Rachats d’actions -211,845,109.01 -262,185,019.58 -291,314,313.24 

Dividendes payés (note 15) 0.00 0.00 -2,004.77 

Ecart de conversion* 0.00 0.00 0.00 







Timber Agriculture Global Megatrend Selection US Equity Value Selection 

(note 1) 

Middle East And North Africa 

USD EUR USD USD USD 

39,354,751.20 41,205,995.47 53,885,106.91 21,964,307.53 14,234,042.70 

29,053.65 2,274.99 66,898.30 263.29 0.00 

120.58 0.00 55.31 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 511.80 

5,090.98 6,118.87 10,597.79 2,730.49 854.10 

5,566,351.92 1,169,929.55 5,273,769.45 1,228,707.01 655,092.52 

5,600,617.13 1,178,323.41 5,351,320.85 1,231,700.79 656,458.42 

946,959.87 1,301,724.54 4,639,696.71 941,590.70 246,567.49 

223,306.50 110,975.72 219,860.71 56,048.58 158,605.94 

185,424.33 273,275.71 776,239.23 218,879.84 17,778.07 

0.00 0.00 0.00 0.00 0.00 

51,076.01 56,011.04 154,796.32 48,947.33 14,943.95 

22,940.65 38,284.41 129,836.27 40,389.44 7,619.51 

0.00 0.00 0.00 0.00 0.00 

241.86 0.00 110.45 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

1,429,949.22 1,780,271.42 5,920,539.69 1,305,855.89 445,514.96 

4,170,667.91 -601,948.01 -569,218.84 -74,155.10 210,943.46 

2,249,488.31 7,773,948.06 10,449,087.27 -3,955,292.26 -129,246.06 

2,434,359.43 1,121,882.01 -5,801,545.87 134,973.61 -69,481.73 

-248,230.09 -9,303.66 -422,805.25 -36,174.25 -98,361.84 

-101,644.52 -241,433.38 -241,217.40 75,446.06 -66,011.68 

0.00 0.00 0.00 0.00 0.00 

-3,857,356.28 0.00 -1,801,848.84 0.00 0.00 

4,647,284.76 8,043,145.02 1,612,451.07 -3,855,201.94 -152,157.85 

4,399,222.38 12,157,550.22 40,374,276.11 -1,436,991.87 392,197.21 

101,567.80 0.00 11,060.08 12,673.65 54,891.68 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

0.00 0.00 0.00 0.00 0.00 

9,148,074.94 20,200,695.24 41,997,787.26 -5,279,520.16 294,931.04 

113,344,861.64 138,779,074.58 498,084,864.32 227,503,297.75 24,531,365.96 

-47,130,089.50 -61,018,377.09 -108,597,981.11 -84,647,256.60 -12,041,962.39 

-2,262.58 0.00 0.00 0.00 0.00 

-132,183.70 0.00 0.00 -42,456.25 -72,878.93 

114,583,152.00 139,167,388.20 485,369,777.38 159,498,372.27 26,945,498.38 

51


52 



Environmental Megatrend 

Selection (note 1) 

High Dividend Selection 

(note 1) 

Piclife 

EUR EUR CHF 


REVENUS 

- - 120,771,881.65 

Intérêts sur prêts de titres 55.61 4,824.81 2,756.44 

Intérêts sur swaps 0.00 0.00 26,628.28 

Intérêts sur CDS 0.00 0.00 5,068.82 

Intérêts sur obligations, nets 0.00 0.00 1,940,344.65 

Intérêts bancaires 3.06 980.93 682.07 

Dividendes 1,545.43 371,403.34 549,860.32 

DEPENSES 

1,604.10 377,209.08 2,525,340.58 

Commission de conseil en investissement et de gestion (note 4) 1,573.27 124,635.44 859,417.01 

Commission de banque dépositaire, intérêts et frais bancaires 19.51 51,547.42 48,946.34 

Commission de service (note 5) 302.71 31,205.50 137,687.50 


Frais de révision et autres frais 48.83 6,170.82 75,088.36 

Taxe d’abonnement (note 3) 75.69 8,672.19 56,286.79 


Intérêts payés sur swaps 0.00 0.00 12,018.65 

Primes sur CDS 0.00 0.00 226.97 

2,020.01 222,231.37 1,189,728.20 

REVENUS NETS DES INVESTISSEMENTS -415.91 154,977.71 1,335,612.38 

Bénéfice/perte net(te) réalisé(e) sur ventes de titres 4,135.28 34,905.09 756,049.95 

Bénéfice/perte net(te) réalisé(e) sur ventes de titres - effet pooling (note 1) -183,000.39 0.00 -804,542.48 

Bénéfice/perte net(te) réalisé(e) sur contrats de change à terme -18,002.72 -5.90 41,249.96 

Bénéfice/perte de change, net(te) 2,923.89 -120,430.05 -922,916.79 

Bénéfice/perte net(te) réalisé(e) sur contrats à terme 0.00 0.00 1,285,210.60 

Bénéfice/perte net(te) réalisé(e) sur swaps/CDS 0.00 0.00 -207,775.65 



-194,359.85 69,446.85 1,482,887.97 

- sur portefeuille-titres 130,522.80 -1,390,121.47 300,990.19 

- sur contrats de change à terme -396.05 0.00 5,328.51 

- sur contrats à terme 0.00 0.00 -2,808.13 

- sur CDS 0.00 0.00 11,745.02 

- sur swaps 0.00 0.00 -22,573.42 

BENEFICE/PERTE PROVENANT DES OPERATIONS -64,233.10 -1,320,674.62 1,775,570.14 


Rachats d’actions 0.00 -3,206,138.64 -35,294,206.70 

Dividendes payés (note 15) 0.00 -127,229.13 0.00 

Ecart de conversion* 0.00 0.00 0.00 






Diversified 




Conservative 

Convertible Bonds 

(note 1) 

EUR EUR EUR 

1,223,817,185.98 106,913,293.60 - 

60,648.82 4,865.80 0.00 

200,077.96 15,109.38 100,003.65 

6,431.19 531.57 0.00 

12,660,837.34 1,216,590.48 10,333,027.00 

881,653.24 85,085.65 889.00 

4,758,994.30 331,959.44 1,405,489.25 

18,568,642.85 1,654,142.32 11,839,408.90 

8,176,378.25 405,236.00 6,301,214.70 

1,667,792.19 144,448.59 1,433,504.97 

1,747,193.95 137,675.96 1,152,787.35 

0.00 0.00 568,545.81 

534,569.13 46,959.77 339,074.91 

258,236.94 18,718.76 172,619.30 

0.52 0.00 0.00 

167,825.36 12,131.62 69,823.26 

73.11 5.58 0.00 

12,552,069.45 765,176.28 10,037,570.30 

6,016,573.40 888,966.04 1,801,838.60 

33,659,211.28 4,237,164.03 38,305,226.58 

35,832,067.98 2,044,333.81 -6,778,965.67 

-46,647,291.71 -4,664,415.20 -8,630,926.07 

24,400,774.35 2,036,013.43 -1,005,139.19 

22,183,231.30 1,371,742.82 -22,578,093.58 

-23,313,246.97 -1,337,935.46 -5,813,953.39 

52,131,319.63 4,575,869.47 -4,700,012.72 

-28,798,741.31 -2,063,572.30 14,880,608.90 

-7,785,136.93 -419,965.28 -3,345,325.87 

2,151,908.30 309,098.78 -5,878,513.31 

-12,379.52 -9,456.38 0.00 

5,662,041.82 193,326.79 253,830.11 

23,349,011.99 2,585,301.08 1,210,587.11 

216,358,305.82 16,026,209.56 962,767,387.59 

-840,664,761.73 -50,572,858.68 -126,723,804.27 

0.00 -18.02 0.00 

6,804,825.25 0.00 0.00 

629,664,567.31 74,951,927.54 837,254,170.43 

53


Les notes annexées font partie intégrante de ces états financiers. 

54 

NOMBRE D’ACTIONS EN CIRCULATION ET ACTIF NET PAR ACTION 

Compartiment Type d’actions Devise Nombre d’actions en 

circulation 

Actif net par 

action 

Actif net par 

action 

Actif net par 

action 

30.09.2010 30.09.2010 30.09.2009 31.10.2008 

Pictet - EUR Bonds I EUR 76,170.50 423.60 395.39 378.41 

P EUR 306,593.83 410.07 384.22 369.00 

P dy EUR 22,595.20 300.71 292.39 289.78 

R EUR 39,706.85 398.45 374.52 360.74 

Z EUR 141,578.63 428.72 398.30 379.67 

HI CHF CHF 36,650.00 580.72 545.10 528.50 

HP CHF CHF 2,491.34 562.15 529.67 515.32 

Pictet - USD Government Bonds I USD 119,318.22 568.64 529.78 498.09 

P USD 174,922.26 551.41 514.96 485.84 

P dy USD 55,287.84 394.27 377.87 367.06 

R USD 14,324.01 536.20 501.76 474.76 

Z USD 64,817.09 573.15 532.39 498.54 

Pictet - CHF Liquidity I CHF 2,025,913.07 125.03 125.05 124.47 

P CHF 3,192,630.14 124.13 124.23 123.76 

P dy CHF 468,788.72 93.34 93.77 95.53 

R CHF 286,126.46 123.46 123.60 123.18 

Z CHF 831,008.07 125.30 125.16 124.46 

Z dy CHF 5,537,869.78 94.91 95.36 95.59 

Pictet - USD Liquidity I USD 2,964,340.74 132.99 132.58 131.20 

P USD 1,805,788.95 131.19 131.00 129.85 

P dy USD 41,467.89 84.95 85.54 87.53 

R USD 506,342.77 128.65 128.73 127.86 

Z USD 1,141,096.62 133.13 132.53 131.02 

Pictet - EUR Liquidity I EUR 3,685,326.08 138.10 137.51 135.31 

P EUR 4,255,575.27 136.22 135.88 133.93 

P dy EUR 175,440.73 96.85 97.93 100.04 

R EUR 1,091,378.72 133.57 133.53 131.87 

Z EUR 2,317,785.75 138.26 137.47 135.13




circulation 

Pictet - EUR Corporate Bonds I EUR 4,248,690.50 162.62 150.16 126.13 


Actif net par 

action 

Actif net par 

action 

Actif net par 

action 


P EUR 2,348,228.73 156.70 145.34 122.58 

P dy EUR 849,766.14 106.23 102.18 89.36 

R EUR 1,294,586.10 153.56 142.92 120.92 

Z EUR 2,701,647.84 164.28 150.87 126.11 

Z dy EUR 100.00 118.32 113.58 99.30 

HI CHF CHF 717,248.50 222.99 207.06 176.06 

HP CHF CHF 534,703.92 214.95 200.48 171.17 

HZ CHF CHF 87,450.00 223.02 - - 

HI USD USD 15,986.74 187.03 172.87 145.89 

HP USD USD 212,579.82 180.25 167.34 141.81 

Pictet - Global Emerging Debt I USD USD 782,991.58 281.44 248.20 169.84 

P USD USD 1,050,345.87 269.57 239.16 164.55 

P dy USD USD 1,135,643.56 175.07 162.70 117.32 

P dm USD USD 1,261.91 171.46 - - 

R USD USD 311,859.07 260.91 232.64 160.79 

Z USD USD 589,104.29 288.75 252.81 171.89 

HI CHF CHF 175,129.53 329.80 292.76 202.98 

HP CHF CHF 300,753.00 315.81 282.00 196.59 

HI EUR EUR 1,896,595.86 199.72 176.61 121.39 

HP EUR EUR 1,664,943.48 192.56 171.28 118.39 

HR EUR EUR 879,947.16 198.24 177.22 123.06 

HZ EUR EUR 531,111.01 200.74 - - 

HI JPY JPY 574,790.33 11,043.00 - - 

Pictet - World Government Bonds I EUR EUR 562,731.22 134.45 118.24 118.28 

P EUR EUR 171,669.99 130.92 115.43 115.73 

P dy EUR EUR 2,385.00 104.57 97.05 99.30 

R EUR EUR 108,103.97 128.03 113.11 113.60 

Z EUR EUR 226,582.31 135.74 119.05 118.82 

I USD USD 117,624.64 181.85 171.93 152.13 

P USD USD 45,534.49 177.12 167.86 148.88 

P dy USD USD 668.00 143.63 138.94 125.99 

R USD USD 30,554.09 173.28 164.55 146.21 

55



56 



circulation 

Actif net par 

action 

Actif net par 

action 

Actif net par 

action 


Pictet - EUR High Yield I EUR 543,793.23 175.57 145.14 97.31 

P EUR 649,968.14 168.28 139.94 94.33 

P dy EUR 126,561.10 92.24 81.13 61.01 

R EUR 252,220.83 162.28 135.63 91.84 

Z EUR 431,858.48 134.88 110.71 73.77 

HI CHF CHF 57,757.56 242.08 201.13 136.64 

HP CHF CHF 108,840.09 232.04 193.92 132.46 

Pictet - EUR Short Mid-Term Bonds I EUR 1,038,005.51 123.39 122.72 115.02 

P EUR 1,504,413.69 121.64 121.22 113.82 

P dy EUR 170,547.13 92.91 95.66 93.00 

R EUR 1,259,903.46 120.07 119.83 112.67 

Z EUR 1,296,369.68 124.33 123.36 115.40 

HI CHF CHF 321,319.41 109.65 109.58 103.92 

HP CHF CHF 261,677.02 107.95 108.09 102.68 

Pictet - USD Short Mid-Term Bonds I USD 698,119.83 125.34 122.28 116.24 

P USD 1,109,624.93 123.67 120.88 115.11 

P dy USD 26,941.25 100.53 100.05 98.17 

R USD 413,773.12 122.16 119.59 114.05 

Z USD 58,871.69 124.50 121.17 - 

Pictet - CHF Bonds I CHF 305,254.09 442.99 425.15 381.48 

P CHF 253,337.05 432.26 416.17 374.52 

P dy CHF 20,023.08 399.09 391.03 358.61 

R CHF 41,792.38 422.81 408.10 368.09 

Z CHF 1,705,577.26 107.22 102.45 91.58 

Pictet - EUR Government Bonds I EUR 1,484,557.91 122.21 117.34 108.38 

P EUR 1,751,797.92 120.92 116.39 107.75 

P dy EUR 64,544.33 105.75 105.03 100.23 

R EUR 404,504.93 119.87 115.61 107.22 

Z EUR 1,627,004.69 123.59 118.32 109.02 

HI CHF CHF 269,320.11 114.08 110.13 102.97 

HP CHF CHF 91,015.75 112.88 109.23 102.35




circulation 

Pictet - EUR Inflation Linked Bonds I EUR 257,936.71 115.38 110.83 99.09 


Actif net par 

action 

Actif net par 

action 

Actif net par 

action 


P EUR 426,969.77 114.18 109.93 98.53 

P dy EUR 34,223.17 107.41 104.62 96.17 

R EUR 799,771.37 113.24 109.25 98.10 

Z EUR 426,372.02 116.70 111.75 99.67 

Pictet - Emerging Local Currency Debt I USD USD 11,644,841.17 185.59 157.31 115.65 

P USD USD 5,236,129.08 180.44 153.94 113.84 

P dy USD USD 1,263,741.28 152.27 136.60 105.52 

P dm USD USD 16,591.80 149.07 - - 

R USD USD 935,966.04 176.17 151.13 112.32 

Z USD USD 7,565,649.02 191.56 161.11 117.63 

I dy GBP GBP 1,281,498.58 117.48 - - 

P dy GBP GBP 393,727.48 99.11 88.13 64.89 

I EUR EUR 5,592,404.22 136.47 108.17 90.00 

P EUR EUR 4,855,349.13 132.65 105.82 88.57 

R EUR EUR 3,508,209.20 129.55 103.92 87.41 

Z dy EUR EUR 2,171,234.01 140.86 - - 

J dy EUR EUR 344,153.83 140.83 - - 

HI EUR EUR 878,458.15 124.09 105.99 79.06 

HP EUR EUR 1,244,068.80 120.67 103.74 77.83 

HR EUR EUR 171,665.54 117.82 101.84 76.78 

HZ EUR EUR 109,027.00 149.12 - - 

HZ dy EUR EUR 703,975.96 149.12 - - 

Pictet - Asian Local Currency Debt I USD USD 2,401,623.67 141.75 125.58 107.92 

I dy USD USD 165,100.00 141.75 - - 

P USD USD 2,605,215.08 137.79 122.87 106.22 

P dy USD USD 1,279,795.51 127.68 113.86 100.41 

R USD USD 242,952.20 134.56 120.66 104.83 

Z USD USD 252,790.64 146.26 128.57 109.73 

I GBP GBP 100.00 89.19 - - 

P dy GBP GBP 266,441.50 81.49 71.78 61.99 

I EUR EUR 1,143,969.52 103.72 85.62 84.62 

P EUR EUR 1,344,261.11 100.83 83.77 83.27 

R EUR EUR 691,546.77 98.46 82.27 82.19 

57



58 



circulation 

Actif net par 

action 

Actif net par 

action 

Actif net par 

action 


Pictet - Global Emerging Currencies I USD USD 771,207.66 106.00 101.09 90.85 

P USD USD 369,858.28 104.78 100.45 90.68 

P dy USD USD 34,609.00 100.98 98.38 90.70 

R USD USD 235,461.23 103.81 99.97 90.62 

Z USD USD 46,964.90 107.40 101.83 91.03 

I EUR EUR 1,027,582.59 77.54 69.28 70.53 

P EUR EUR 1,831,496.36 76.66 68.85 70.39 

R EUR EUR 1,565,680.91 75.87 68.45 70.27 

HI EUR EUR 345,001.11 67.45 64.84 58.77 

HP EUR EUR 202,550.58 66.69 64.44 58.66 

HR EUR EUR 17,904.69 66.00 64.06 58.56 

P CHF CHF 187,649.25 102.08 - - 

Pictet - JPY Liquidity (note 1) I JPY 24,697.50 101,311.37 101,160.16 100,757.11 

P JPY 286,154.00 10,112.07 10,103.05 10,067.63 

P dy JPY 102.00 9,852.63 9,923.05 10,023.39 

R JPY 16,184.55 10,095.83 10,091.88 10,061.06 

Z JPY 100.00 10,162.98 10,136.36 10,087.92 

J JPY 100.00 101,382.21 101,209.94 100,788.20 

Pictet - Latin American Local Currency Debt I USD USD 844,105.25 136.76 116.30 87.09 

I dy USD USD 80,100.00 136.77 - - 

P USD USD 335,413.95 134.29 114.94 86.58 

P dy USD USD 19,567.91 115.78 106.21 86.41 

P dm USD USD 94,599.34 113.54 - - 

R USD USD 59,724.03 132.19 113.77 86.13 

Z USD USD 37,168.54 139.77 117.93 87.71 

P dy GBP GBP 69,387.76 75.72 69.18 53.14 

I EUR EUR 120,858.68 101.45 80.72 68.67 

P EUR EUR 129,837.17 99.63 79.78 68.27 

R EUR EUR 212,384.59 98.05 78.96 67.92




circulation 

Pictet - USD Sovereign Liquidity (note 1) I USD 823,487.11 101.91 101.75 100.95 


Actif net par 

action 

Actif net par 

action 

Actif net par 

action 


P USD 1,648,376.49 101.63 101.57 100.88 

P dy USD 66,899.00 100.12 100.86 100.88 

R USD 350,684.22 101.32 101.39 100.83 

Z USD 1,451,715.14 102.16 101.87 100.99 

Pictet - EUR Sovereign Liquidity (note 1) I EUR 6,967,961.71 102.72 102.55 101.39 

P EUR 1,868,514.35 102.44 102.38 101.33 

P dy EUR 111,637.20 99.96 101.02 101.33 

R EUR 873,485.29 102.11 102.19 101.27 

Z EUR 1,229,219.61 102.99 102.68 101.43 

J EUR 23,360.00 102.70 102.51 101.33 

Pictet - US High Yield (note 1) I USD USD 676,082.24 113.42 - - 

P USD USD 296,356.86 112.79 - - 

P dy USD USD 32,486.64 112.79 - - 

P dm USD USD 1,975.78 109.56 - - 

R USD USD 67,472.84 112.29 - - 

Z USD USD 3,651,061.53 114.12 - - 

HI EUR EUR 573,874.56 76.09 - - 

HP EUR EUR 210,800.61 75.69 - - 

HR EUR EUR 37,215.21 77.03 - - 

HI CHF CHF 64,898.12 114.57 - - 

HP CHF CHF 98,224.00 113.96 - - 

Pictet - EUR Corporate Bonds Ex Financial (note 1) I EUR 442,725.46 117.56 - - 

P EUR 336,802.16 116.80 - - 

P dy EUR 56,105.90 114.11 - - 

R EUR 31,152.50 116.17 - - 

Z EUR 318,427.01 118.60 - - 

HI CHF CHF 566,629.57 177.46 - - 

59



60 



circulation 

Actif net par 

action 

Actif net par 

action 

Actif net par 

action 


Pictet - European Equity Selection I EUR EUR 189,444.15 440.10 403.06 331.07 

P EUR EUR 213,980.88 424.28 391.06 323.09 

P dy EUR EUR 852.00 402.41 377.65 319.87 

R EUR EUR 149,818.21 404.96 375.14 311.35 

Z EUR EUR 38,276.78 449.11 408.11 332.93 

Pictet - Small Cap Europe I EUR EUR 92,384.32 544.99 456.98 357.83 

P EUR EUR 157,787.42 519.53 439.30 346.64 

P dy EUR EUR 1,663.00 513.41 434.79 346.63 

R EUR EUR 31,700.43 492.37 419.26 332.95 

Z EUR EUR 84,972.51 566.03 470.00 364.84 

Pictet - Emerging Markets I USD USD 449,931.40 594.43 512.84 325.12 

P USD USD 583,195.09 565.84 490.82 312.70 

P dy USD USD 710.00 560.02 486.95 312.70 

R USD USD 141,559.32 540.55 471.23 301.59 

Z USD USD 973,577.25 641.02 543.57 339.30 

I EUR EUR 88,550.94 434.97 349.66 254.92 

P EUR EUR 127,716.53 414.05 334.64 245.18 

R EUR EUR 52,566.07 395.55 321.29 236.47 

HI EUR EUR 8,872.12 411.35 358.26 - 

HP EUR EUR 24,396.06 391.57 342.90 - 

HR EUR EUR 38,525.13 374.08 329.22 - 

Pictet - Eastern Europe I EUR EUR 155,429.02 375.06 285.04 184.84 

P EUR EUR 841,681.41 364.01 277.73 180.74 

P dy EUR EUR 3,411.31 363.57 277.74 180.75 

R EUR EUR 200,891.86 344.58 264.75 173.40 

Z EUR EUR 106.00 400.64 299.29 191.11 

P dy GBP GBP 261.92 312.84 253.47 142.83




circulation 

Pictet - Europe Index I EUR EUR 2,244,453.18 106.81 97.11 84.37 


Actif net par 

action 

Actif net par 

action 

Actif net par 

action 


IS EUR EUR 473,022.00 107.45 97.48 85.11 

P EUR EUR 1,909,892.65 105.87 96.37 83.84 

P dy EUR EUR 12,153.00 95.37 89.60 81.71 

R EUR EUR 354,742.87 103.72 94.25 82.48 

Z EUR EUR 1,813,573.57 107.84 97.74 84.69 

R dy GBP GBP 3,881.92 87.15 85.36 65.18 

Pictet - USA Index I USD USD 4,775,224.71 94.33 86.39 76.77 

IS USD USD 442,890.85 94.29 86.86 77.19 

P USD USD 5,605,552.96 93.44 85.70 76.27 

P dy USD USD 30,426.33 90.23 83.61 75.48 

R USD USD 589,967.67 90.76 83.92 74.86 

Z USD USD 1,149,894.89 95.20 86.94 77.04 

R dy GBP GBP 7,352.66 57.02 52.28 46.03 

Pictet - European Sustainable Equities I EUR EUR 202,524.12 145.54 131.13 113.69 

P EUR EUR 279,180.73 140.60 127.18 110.65 

P dy EUR EUR 109,613.10 130.26 119.94 108.96 

R EUR EUR 40,526.11 137.62 124.98 109.14 

Z EUR EUR 25,555.63 146.71 131.29 113.15 

Pictet - Japan Index I JPY JPY 1,188,383.72 8,260.26 8,856.70 8,326.85 

IS JPY JPY 1,023,984.56 8,326.57 8,885.21 8,400.10 

P JPY JPY 440,705.47 8,185.97 8,789.06 8,272.90 

P dy JPY JPY 7,861.00 7,845.18 8,524.94 8,205.64 

R JPY JPY 170,683.94 8,049.70 8,614.64 8,164.43 

Z JPY JPY 2,325,541.30 8,434.84 9,014.38 8,454.20 

IS EUR EUR 377,302.30 73.38 - - 

R dy GBP GBP 389.76 60.08 59.54 51.75 

61



62 



circulation 

Actif net par 

action 

Actif net par 

action 

Actif net par 

action 


Pictet - Pacific Ex Japan Index (note 1) I USD USD 184,094.23 296.74 262.04 160.44 

IS USD USD 103,799.91 297.93 263.29 161.41 

P USD USD 197,793.29 293.97 259.98 159.40 

P dy USD USD 775.48 257.49 234.17 151.61 

R USD USD 214,284.80 288.95 256.29 157.74 

Z USD USD 271,094.47 299.89 263.99 161.23 

R dy GBP GBP 5,344.84 177.15 159.27 97.39 

Pictet - Digital Communication I USD USD 114,461.84 145.13 116.77 80.12 

P USD USD 313,915.85 134.49 109.12 75.45 

P dy USD USD 669.00 129.71 106.53 74.61 

R USD USD 94,036.97 125.95 102.91 71.62 

Z USD USD 38,247.77 144.95 115.51 78.57 

I EUR EUR 56,811.70 106.20 79.61 62.82 

P EUR EUR 65,004.07 98.41 74.40 59.17 

R EUR EUR 52,697.07 92.16 70.16 56.15 

I dy GBP GBP 100.00 91.32 72.56 - 

P dy GBP GBP 3,435.94 82.59 66.99 46.59 

HI EUR EUR 100.00 97.06 78.55 54.87 

Pictet - Biotech I USD USD 735,216.16 298.57 317.54 299.69 

P USD USD 2,782,821.67 277.74 297.87 283.30 

P dy USD USD 20,038.50 277.63 297.75 283.19 

R USD USD 329,023.28 261.83 282.78 270.68 

Z USD USD 15,315.74 297.74 314.05 294.24 

I EUR EUR 145,401.67 219.55 218.34 233.21 

P EUR EUR 230,478.45 204.24 204.81 220.46 

R EUR EUR 13,383.11 192.54 194.44 210.64 

I dy GBP GBP 797.00 188.99 199.26 - 

P dy GBP GBP 9,091.37 175.73 186.84 174.14 

HI EUR EUR 159,636.28 201.75 216.63 206.62 

HP EUR EUR 522,385.25 210.16 227.55 218.72 

HR EUR EUR 152,059.01 198.12 216.03 208.98




circulation 

Pictet - Premium Brands I EUR EUR 262,650.68 88.58 63.25 53.26 


Actif net par 

action 

Actif net par 

action 

Actif net par 

action 


P EUR EUR 865,502.74 82.12 59.14 50.18 

P dy EUR EUR 5,835.00 82.08 59.09 50.18 

R EUR EUR 709,501.68 77.21 56.00 47.81 

Z EUR EUR 47,464.29 87.51 61.86 51.62 

I USD USD 120,912.48 121.05 92.77 67.93 

P USD USD 171,100.99 112.22 86.74 64.00 

R USD USD 5,165.60 105.51 82.14 60.98 

I dy GBP GBP 16,045.00 76.13 57.65 - 

P dy GBP GBP 6,495.65 70.58 53.86 39.51 

Pictet - Water I EUR EUR 2,161,585.09 144.93 123.88 119.84 

P EUR EUR 10,732,178.99 134.52 115.96 113.04 

P dy EUR EUR 405,576.30 133.39 115.44 112.83 

R EUR EUR 2,424,447.44 126.53 109.83 107.75 

Z EUR EUR 26,132.03 146.17 123.68 118.59 

I dy GBP GBP 409.55 124.62 112.91 - 

P dy GBP GBP 65,877.33 115.17 105.65 89.01 

I USD USD 354,946.37 198.06 181.69 152.84 

P USD USD 869,674.27 183.83 170.08 144.17 

R USD USD 31,383.26 172.92 161.09 137.42 

HP USD USD 22,775.82 177.58 154.44 152.00 

HR USD USD 100.00 167.03 146.28 144.89 

Pictet - Indian Equities I USD USD 104,664.13 453.03 358.76 199.55 

P USD USD 426,188.54 430.96 344.17 192.91 

P dy USD USD 4,273.00 430.96 344.17 192.93 

R USD USD 404,425.71 413.72 332.72 187.69 

Z USD USD 20,962.00 471.83 369.47 203.46 

I EUR EUR 18,788.65 331.50 244.60 156.45 

P EUR EUR 41,003.41 315.35 234.66 151.25 

R EUR EUR 193,689.65 302.74 226.85 147.16 

P dy GBP GBP 809.82 271.16 213.88 119.11 

63



64 



circulation 

Actif net par 

action 

Actif net par 

action 

Actif net par 

action 


Pictet - Japanese Equities 130/30 I JPY JPY 78,488.71 4,332.12 4,580.36 4,075.39 

P JPY JPY 873,083.79 4,176.59 4,444.23 3,977.37 

P dy JPY JPY 100.00 4,142.40 4,421.23 3,976.33 

R JPY JPY 124,414.87 4,017.04 4,295.88 3,862.19 

I EUR EUR 51,283.31 38.07 34.90 32.81 

P EUR EUR 10,958.89 36.70 33.86 32.02 

R EUR EUR 14,788.88 35.30 32.73 31.09 

Pictet - Asian Equities Ex Japan (note 1) I USD USD 1,447,720.56 187.34 164.16 108.82 

P USD USD 1,812,023.70 177.18 156.57 104.60 

P dy USD USD 3,202.15 173.84 154.13 104.67 

R USD USD 176,667.83 164.65 146.52 98.50 

Z USD USD 26,500.00 192.87 167.45 110.08 

I EUR EUR 86,483.37 137.09 111.92 85.32 

P EUR EUR 148,366.35 129.65 106.75 82.01 

R EUR EUR 7,895.50 120.48 99.90 77.23 

HI EUR EUR 1,677.99 125.14 110.93 74.90 

HP EUR EUR 48,796.09 136.40 121.92 82.95 

HR EUR EUR 79,710.91 126.66 114.01 78.07 

Pictet - Greater China I USD USD 135,032.28 390.33 336.27 215.26 

P USD USD 385,534.86 370.81 322.16 207.83 

P dy USD USD 1,898.04 362.30 316.50 207.18 

R USD USD 270,068.03 355.24 310.79 201.77 

Z USD USD 243.00 398.80 340.44 216.14 

I EUR EUR 11,610.22 285.62 229.27 168.78 

P EUR EUR 154,475.02 271.34 219.65 162.95 

R EUR EUR 121,813.66 259.95 211.90 158.20 

P dy GBP GBP 1,282.00 227.03 197.46 128.31




circulation 

Pictet - Japanese Equity Selection I JPY JPY 770,060.32 7,245.77 7,796.65 7,538.26 


Actif net par 

action 

Actif net par 

action 

Actif net par 

action 


P JPY JPY 391,957.45 6,994.37 7,574.20 7,365.94 

P dy JPY JPY 2,130.00 6,935.94 7,536.62 7,367.04 

R JPY JPY 138,646.30 6,747.24 7,343.20 7,174.04 

Z JPY JPY 1,000.00 7,451.52 7,959.77 7,645.65 

P dy GBP GBP 100.00 52.61 52.54 46.70 

I EUR EUR 152,880.16 63.67 59.40 60.68 

P EUR EUR 32,336.34 61.46 57.71 59.29 

R EUR EUR 364.82 59.29 55.95 57.75 

HI EUR EUR 468,118.59 41.60 45.38 44.76 

HP EUR EUR 21,732.65 48.85 53.62 53.20 

HR EUR EUR 54,904.28 47.12 51.98 51.82 

Pictet - Generics I USD USD 402,022.06 150.79 119.42 84.84 

P USD USD 864,904.35 143.72 114.78 82.18 

P dy USD USD 2,674.23 143.68 114.75 82.16 

R USD USD 526,168.94 138.28 111.22 80.14 

Z USD USD 33,229.81 158.94 124.84 88.05 

I EUR EUR 194,753.50 110.34 81.42 66.52 

P EUR EUR 249,602.52 105.17 78.26 64.43 

R EUR EUR 58,375.49 101.19 75.83 62.84 

I dy GBP GBP 100.00 94.88 74.21 - 

P dy GBP GBP 10,946.16 90.40 71.31 50.73 

HI EUR EUR 141,037.86 102.75 81.73 58.66 

HP EUR EUR 217,134.48 113.69 91.18 65.95 

HR EUR EUR 200,279.69 109.41 88.37 64.32 

Pictet - Emerging Markets Index I USD USD 851,813.39 253.53 212.99 130.47 

IS USD USD 472,339.46 256.00 214.91 131.43 

P USD USD 786,214.81 249.01 209.70 128.76 

P dy USD USD 23,660.80 236.20 200.76 127.24 

R USD USD 97,765.52 244.53 206.25 126.91 

Z USD USD 2,221,174.52 259.80 217.14 132.47 

R dy GBP GBP 5,501.18 154.26 128.15 78.35 

65



66 



circulation 

Actif net par 

action 

Actif net par 

action 

Actif net par 

action 


Pictet - Japanese Mid-Small Cap I JPY JPY 11,200.00 7,414.38 8,529.67 7,294.42 

P JPY JPY 55,023.06 7,133.69 8,275.81 7,131.65 

P dy JPY JPY 5,252.70 7,133.69 8,275.84 7,131.68 

R JPY JPY 19,596.82 6,872.56 8,028.84 6,963.15 

Z JPY JPY 100.00 7,673.58 8,745.69 7,418.03 

I EUR EUR 100.00 65.16 64.99 58.72 

P EUR EUR 1,434.00 62.69 63.06 57.41 

R EUR EUR 3,824.65 60.39 61.17 56.05 

Pictet - Euroland Index I EUR EUR 243,984.38 87.76 86.78 72.78 

P EUR EUR 143,502.71 87.38 86.46 72.63 

P dy EUR EUR 2,020.27 79.57 80.85 71.00 

R EUR EUR 169,468.82 86.28 85.65 72.15 

Z EUR EUR 539,304.54 88.61 87.29 73.04 

R dy GBP GBP 3,120.34 72.96 78.28 57.01 

Pictet - US Equity Growth Selection I USD USD 2,731,445.58 103.80 97.56 86.55 

P USD USD 4,788,746.82 101.04 95.57 85.30 

P dy USD USD 92,941.25 101.04 95.57 85.30 

R USD USD 932,643.80 98.92 94.03 84.31 

Z USD USD 100.00 106.48 99.45 87.75 

R EUR EUR 13,606.31 72.74 64.65 65.61 

HI EUR EUR 1,728,918.56 78.21 74.21 66.82 

HP EUR EUR 3,232,078.74 76.11 72.69 65.83 

HR EUR EUR 180,477.95 74.50 71.51 65.06 

Pictet - Security I USD USD 259,080.60 119.49 94.92 72.57 

P USD USD 300,322.68 115.62 92.62 71.35 

P dy USD USD 3,446.79 115.62 92.62 71.36 

R USD USD 407,967.88 112.48 90.74 70.36 

Z USD USD 46,910.63 121.81 95.81 72.60 

I EUR EUR 152,701.58 87.44 64.72 56.90 

P EUR EUR 137,807.31 84.60 63.15 55.95 

R EUR EUR 96,125.32 82.31 61.87 55.17 

I dy GBP GBP 100.00 75.18 58.99 - 

P dy GBP GBP 1,133.35 72.75 57.56 44.05




circulation 

Pictet - Clean Energy I USD USD 704,780.52 79.21 83.29 55.62 


Actif net par 

action 

Actif net par 

action 

Actif net par 

action 


P USD USD 2,117,609.76 76.99 81.64 54.94 

P dy USD USD 50,701.54 76.99 81.64 54.94 

R USD USD 1,459,907.96 75.18 80.28 54.37 

Z USD USD 428,230.46 81.15 84.47 55.91 

I EUR EUR 555,784.73 57.96 56.79 43.61 

P EUR EUR 2,015,965.40 56.34 55.66 43.08 

R EUR EUR 956,713.44 55.01 54.74 42.63 

I dy GBP GBP 100.00 49.83 51.76 - 

P dy GBP GBP 63,986.59 48.44 50.73 33.92 

Pictet - Russian Equities I USD USD 1,806,338.95 71.70 56.29 31.65 

P USD USD 459,254.81 70.06 55.48 31.44 

P dy USD USD 7,526.72 70.02 55.48 31.44 

R USD USD 266,037.61 68.77 54.82 31.26 

Z USD USD 100.00 73.50 57.18 31.87 

I EUR EUR 498,647.92 52.52 38.51 24.63 

P EUR EUR 484,417.42 51.32 37.96 24.47 

R EUR EUR 987,341.30 50.38 37.50 24.33 

P dy GBP GBP 28,245.40 44.43 34.69 19.33 

Pictet - Timber I USD USD 297,736.94 112.89 96.04 75.21 

P USD USD 101,033.19 111.00 95.23 75.15 

P dy USD USD 727.38 110.75 95.23 75.15 

R USD USD 23,673.67 109.46 94.57 75.11 

Z USD USD 43,900.04 113.61 - - 

I EUR EUR 264,681.31 82.61 65.48 58.96 

P EUR EUR 84,819.14 81.22 64.93 58.92 

R EUR EUR 91,512.08 80.10 64.48 58.89 

I dy GBP GBP 22,250.13 71.04 59.68 - 

P dy GBP GBP 37,812.50 69.70 59.18 46.39 

HP EUR EUR 44,603.24 74.03 63.92 51.69 

HR EUR EUR 14,788.98 77.69 67.56 - 

67



68 



circulation 

Actif net par 

action 

Actif net par 

action 

Actif net par 

action 


Pictet - Agriculture I EUR EUR 283,873.09 139.19 103.99 - 

P EUR EUR 287,418.53 137.62 103.69 - 

P dy EUR EUR 11,950.04 137.62 103.69 - 

R EUR EUR 198,944.82 136.34 103.44 - 

Z EUR EUR 27,397.00 140.06 - - 

I USD USD 23,679.13 190.22 152.52 - 

P USD USD 158,977.71 188.07 152.08 - 

P dy USD USD 1,226.00 188.07 152.08 - 

R USD USD 3,194.74 186.32 151.72 - 

I dy GBP GBP 4,371.00 119.69 94.78 - 

P dy GBP GBP 8,065.55 118.34 94.51 - 

Pictet - Global Megatrend Selection I USD USD 327,206.04 146.03 126.42 - 

P USD USD 177,523.78 143.68 125.44 - 

P dy USD USD 768.05 143.68 125.44 - 

R USD USD 43,144.62 141.22 124.41 - 

Z USD USD 100.00 148.27 127.31 - 

I EUR EUR 484,190.48 106.86 86.19 - 

P EUR EUR 705,189.68 105.14 85.53 - 

P dy EUR EUR 16,500.03 105.14 85.53 - 

R EUR EUR 1,542,706.41 103.34 84.82 - 

P CHF CHF 48,029.50 139.96 129.05 - 

I dy GBP GBP 100.00 91.89 78.56 - 

P dy GBP GBP 46,510.83 90.40 77.95 - 

Pictet - US Equity Value Selection (note 1) I USD USD 185,191.78 118.90 111.04 - 

P USD USD 892,930.46 117.92 110.85 - 

P dy USD USD 950.00 117.92 - - 

R USD USD 257,514.41 117.18 110.71 - 

R EUR EUR 9,303.14 85.83 - - 

HP EUR EUR 5,962.91 82.83 78.58 - 

HR EUR EUR 1,142.22 82.32 78.48 -




circulation 

Pictet - Middle East And North Africa I USD USD 104,315.22 52.07 51.21 - 


Actif net par 

action 

Actif net par 

action 

Actif net par 

action 


P USD USD 99,913.91 51.05 50.64 - 

P dy USD USD 294.00 51.02 50.64 - 

R USD USD 8,267.43 50.22 50.16 - 

Z USD USD 43,063.00 53.09 51.77 - 

P EUR EUR 45,101.58 37.39 34.64 - 

R EUR EUR 160,498.62 36.79 34.32 - 

HP EUR EUR 26,621.20 31.85 31.74 - 

HR EUR EUR 50,908.06 31.33 31.44 - 

Pictet - Environmental Megatrend Selection (note 1) I EUR EUR 100.00 96.80 - - 

P EUR EUR 9,808.23 96.76 - - 

P dy EUR EUR 100.00 96.76 - - 

R EUR EUR 1,044.74 96.73 - - 

I USD USD 100.00 132.29 - - 

P USD USD 3,183.12 132.23 - - 

P dy USD USD 6,600.00 132.23 - - 

R USD USD 100.00 132.19 - - 

P CHF CHF 10,618.85 128.81 - - 

P dy GBP GBP 153.96 83.20 - - 

Pictet - High Dividend Selection (note 1) I EUR EUR 238,285.20 99.65 - - 

P EUR EUR 119,885.82 99.37 - - 

P dy EUR EUR 42,634.16 99.38 - - 

R EUR EUR 114,225.28 99.19 - - 

R dm EUR EUR 191,437.11 97.87 - - 

I USD USD 41,963.94 135.51 - - 

P USD USD 6,453.97 135.15 - - 

P dm USD USD 66,413.49 133.35 - - 

R USD USD 4,741.95 134.89 - - 

R dm USD USD 100.00 133.09 - - 

I dm GBP GBP 11,892.45 84.65 - - 

P dm GBP GBP 4,048.44 84.41 - - 

P dy CHF CHF 2,100.00 131.87 - - 

P CHF CHF 9,267.95 131.87 - - 

69



70 



circulation 

Actif net par 

action 

Actif net par 

action 

Actif net par 

action 


Pictet - Piclife P CHF CHF 88,717.16 788.72 776.35 694.96 

R CHF CHF 19,473.85 783.05 773.86 - 

S CHF CHF 15,546.64 815.88 800.28 714.10 

Pictet - Absolute Return Global Diversified I EUR EUR 979,100.82 114.32 109.96 109.33 

P EUR EUR 780,903.33 111.23 107.67 107.67 

P dy EUR EUR 22,174.79 108.73 105.25 106.08 

R EUR EUR 1,959,766.10 108.75 105.79 106.29 

Z EUR EUR 546,750.21 117.52 112.27 110.96 

HI CHF CHF 122,710.27 168.04 162.35 - 

HP CHF CHF 9,434.55 163.49 158.97 - 

HZ CHF CHF 100.00 172.76 165.77 - 

HI USD USD 7,100.00 145.41 139.84 - 

HP USD USD 48,672.81 141.46 136.92 - 

HI GBP GBP 100.00 96.45 92.71 - 

HP dy GBP GBP 100.00 91.74 88.72 - 

HZ GBP GBP 1,115,032.20 99.16 94.64 - 

HI JPY JPY 100.00 12,824.00 12,368.00 - 

HZ JPY JPY 100.00 13,181.00 12,628.00 - 

Pictet - Absolute Return Global Conservative I EUR EUR 222,663.65 100.99 97.84 96.60 

P EUR EUR 12,470.45 99.68 97.00 96.16 

P dy EUR EUR 870.00 98.15 95.53 95.87 

R EUR EUR 179,663.96 98.67 96.35 95.82 

Z EUR EUR 325,487.12 102.65 98.87 97.13




circulation 

Pictet - Convertible Bonds (note 1) I EUR EUR 3,393,549.83 100.44 - - 


Actif net par 

action 

Actif net par 

action 

Actif net par 

action 


P EUR EUR 2,010,632.93 99.88 - - 

P dy EUR EUR 88,605.95 100.00 - - 

MG EUR EUR 262,826.40 99.88 - - 

R EUR EUR 117,283.14 99.48 - - 

I USD USD 71,941.14 136.59 - - 

P USD USD 160,742.42 135.83 - - 

MG USD USD 1,790.17 135.83 - - 

HI CHF CHF 687,307.53 147.65 - - 

HP CHF CHF 477,911.24 146.92 - - 

HR CHF CHF 300.00 146.27 - - 

HI USD USD 404,332.17 139.88 - - 

HP USD USD 460,746.23 139.22 - - 

HMG USD USD 69,950.00 139.22 - - 

71

Pictet - EUR Bonds 


72 

ETAT DU PORTEFEUILLE-TITRES ET AUTRES ACTIFS NETS 

AU 30 SEPTEMBRE 2010 (EXPRIME EN EUR) 

Description Devise Quantité/Nominal Valeur d’évaluation 

(note 2) 

I. VALEURS MOBILIERES ADMISES A LA COTE OFFICIELLE D’UNE BOURSE DE VALEURS OU D’UN AUTRE MARCHE REGLEMENTE 

OBLIGATIONS 

AFRIQUE DU SUD 

% des actifs nets 

2.6% AFRIQUE DU SUD (INFLATION) 07/28 ZAR 104,349.25 13,749.86 0.01 


7% AFRIQUE DU SUD 10/31 ZAR 211,047.10 20,376.01 0.01 

7.25% AFRIQUE DU SUD 05/20 ZAR 4,064,114.46 413,275.10 0.15 

7.625% CONSOL GLASS 07/14 EUR 49,608.00 49,608.00 0.02 



8.75% AFRIQUE DU SUD 02/14 ZAR 404,560.00 45,181.65 0.02 

8.875% FOODCORP 05/12 EUR 140,556.00 142,664.34 0.06 

10.5% AFRIQUE DU SUD 97/26 ZAR 1,730,058.05 226,789.62 0.09 

13.5% AFRIQUE DU SUD S157 91/15 ZAR 2,900,773.00 385,386.17 0.15 

13.5% TRANSNET 98/28 ZAR 203,447.00 26,691.30 0.01 

FRN EDCON HOLDINGS (SUB) 07/15 EUR 124,020.00 100,456.20 0.04 

1,720,024.42 0.67 

ALLEMAGNE 

3% ALLEMAGNE 10/20 EUR 537,658.94 573,520.79 0.22 

3.25% DG DT HYPOBANK 05/15 EUR 3,103,758.45 3,288,556.22 1.27 

3.5% ALLEMAGNE 05/16 EUR 283,492.90 311,143.38 0.12 

3.5% K.F.W. 06/21 EUR 3,103,758.45 3,335,919.58 1.29 

3.625% DEUTSCHE BANK 05/17 EUR 518,672.00 510,528.85 0.20 

3.75% ALLEMAGNE 06/17 EUR 586,537.03 655,393.54 0.25 

3.75% ALLEMAGNE 08/19 EUR 522,995.52 588,668.06 0.23 

4% ALLEMAGNE 05/37 EUR 586,537.03 705,316.64 0.27 

4% ALLEMAGNE 06/16 EUR 879,805.54 992,508.63 0.38 

4% ALLEMAGNE 07/18 EUR 293,268.51 333,906.73 0.13 

4.25% ALLEMAGNE 07/17 EUR 640,302.92 737,789.04 0.29 

4.25% ALLEMAGNE 07/39 EUR 733,171.29 931,281.50 0.36 

4.25% EUROHYPO 07/12 EUR 3,103,758.45 3,282,224.56 1.27 

4.5% I.K.B. 03/13 EUR 200,499.00 175,436.63 0.07 

4.5% MERCK FINANC. SERV. 10/20 EUR 222,288.00 242,596.23 0.09 

4.75% ALLEMAGNE 03/34 EUR 1,808,489.17 2,376,698.39 0.92 

4.75% ALLEMAGNE 08/40 EUR 865,142.12 1,188,298.65 0.46 

4.75% ALLEMAGNE 98/28 EUR 171,073.30 216,952.60 0.08 

4.75% COMMERZBANK 09/15 EUR 314,908.00 339,355.88 0.13 

5% BAYER AG 05/05 EUR 74,096.00 72,683.73 0.03 


5.125% ROBERT BOSCH 09/17 EUR 111,144.00 128,048.45 0.05 

5.25% EWE 09/21 EUR 92,620.00 106,291.18 0.04 

5.375% HENKEL 05/04 EUR 111,144.00 111,841.43 0.04 

5.625% ALLEMAGNE 98/28 EUR 953,122.67 1,316,991.55 0.51 

5.625% K.F.W. 10/17 PEN 85,346.60 22,965.33 0.01 

5.767% MUENCHENER RUECK. 07/49 EUR 74,096.00 70,272.65 0.03 

6% ALLEMAGNE 86/16 EUR 210,175.77 259,350.59 0.10 

6.125% COMMERZBANK SUB. 01/11 EUR 151,896.80 155,142.83 0.06 

6.25% ALLEMAGNE 00/30 EUR 645,190.73 970,495.90 0.38 

6.25% ALLEMAGNE 94/24 EUR 625,639.50 887,263.17 0.34 

6.352% HT1 FUNDING GMBH 06/PE EUR 113,685.00 79,105.43 0.03






(note 2) 


6.5% ALLEMAGNE 97/27 EUR 733,171.29 1,098,679.17 0.43 

6.75% HEIDELBERGCEMENT 10/15 EUR 41,340.00 42,580.20 0.02 

7.25% MAN 09/16 EUR 129,668.00 157,844.86 0.06 


7.625% METRO 09/15 EUR 226,326.23 270,844.60 0.10 

7.875% BERTELSMANN 09/14 EUR 185,240.00 215,419.30 0.08 

8% HEIDELBERG CEMENT 09/17 EUR 60,976.50 64,635.09 0.03 

8.125% UPC GERMANY 09/17 EUR 382,395.00 400,558.76 0.16 

8.5% HEIDELBERG CEMENT 09/19 EUR 81,646.50 87,158.46 0.03 

8.625% TUI 05/PE EUR 72,345.00 71,417.54 0.03 

9.625% IESY 09/19 EUR 204,633.00 220,492.06 0.09 

9.75% NORDENIA 10/17 EUR 128,154.00 135,524.14 0.05 

FRN COGNIS 07/13 EUR 33,072.00 32,906.64 0.01 

28,461,009.38 11.01 

ANTILLES NEERLANDAISES 

8.5% HERTZ HOLDINGS 10/15 EUR 72,345.00 75,962.25 0.03 

75,962.25 0.03 

AUSTRALIE 

3.5% OPTUS FINANCE 10/20 EUR 333,432.00 338,206.75 0.13 

3.75% ANZ BANKING GROUP 10/17 EUR 148,192.00 154,715.41 0.06 

3.875% TELSTRA 05/15 EUR 185,240.00 196,683.20 0.08 

3.875% WESTPAC BANKING 10/17 EUR 403,823.20 419,447.12 0.16 

4% NAT. AUSTRALIA BANK 10/20 EUR 337,136.80 349,632.78 0.14 

4.25% TELSTRA 10/20 EUR 111,144.00 119,503.70 0.05 

4.625% NAT. AUSTRALIA BANK 10/20 EUR 203,764.00 214,133.55 0.08 


5.5% COMMONWEAL. BANK AUST. 09/19 EUR 222,288.00 249,735.01 0.10 

6.375% BHP BILLITON FIN. 09/16 EUR 25,933.60 30,679.06 0.01 

9.75% FMG FINANCE PTY 06/13 EUR 202,359.30 218,548.04 0.08 

2,653,626.84 1.03 

AUTRICHE 

3.4% AUTRICHE 09/14 EUR 687,225.89 734,644.47 0.28 

3.50% AUTRICHE 04/15 EUR 791,824.99 852,502.54 0.33 

3.9% AUTRICHE 04/20 EUR 293,268.51 321,296.19 0.12 

4.15% AUTRICHE 06/37 EUR 244,390.43 279,370.03 0.11 

4.30% AUTRICHE 03/14 EUR 779,116.69 857,565.95 0.34 

5% AUTRICHE 02/12 EUR 1,466,342.57 1,570,108.30 0.62 

6.25% AUTRICHE 97/27 EUR 782,049.37 1,094,775.27 0.42 

6.375% TELEKOM FINANZ. 09/16 EUR 166,716.00 190,820.63 0.07 

11.75% SAPPI PAPIER HLDGS 09/14 EUR 186,030.00 214,864.65 0.08 

BELGIQUE 

6,115,948.03 2.37 

3.5% BELGIQUE OLO 09/15 EUR 684,293.20 725,159.19 0.28 

3.75% BELGIQUE 10/20 EUR 391,024.69 411,713.80 0.16 

4% BELGIQUE OLO 54 08/14 EUR 2,150,635.77 2,315,697.07 0.90 

4.25% BELGIQUE OLO 43 04/14 EUR 195,512.34 212,907.08 0.08 

4.625% FORTIS BANQUE 04/PE EUR 111,144.00 100,585.32 0.04 


5% BELGIQUE OLO 44 04/35 EUR 454,566.20 554,888.96 0.21 

73



74 




(note 2) 


5.50% BELGIQUE OLO 31 98/28 EUR 1,075,317.89 1,358,406.07 0.53 

6.57% ANHEUSER-BUSH INBEV 09/14 EUR 148,192.00 167,630.34 0.06 

8% KBC BANK CV 08/PE EUR 206,700.00 202,566.00 0.08 

7,951,980.72 3.08 

BERMUDES 

7.75% BACARDI 09/14 EUR 259,336.00 300,850.51 0.12 

11.625% CENTRAL EURO MEDIA 09/16 EUR 33,072.00 32,741.28 0.01 

FRN CENTRAL EURO MEDIA 07/14 EUR 35,139.00 27,057.03 0.01 

BRESIL 

360,648.82 0.14 

4.375% VALE 10/18 EUR 44,457.60 46,124.98 0.02 

6% BRESIL (INFLATION) 03/15 BRL 174.86 147,882.86 0.06 


6% BRESIL (INFLATION) 09/20 BRL 163.30 136,085.58 0.05 

10% BRESIL (NOTAS DE T.) 05/12 BRL 547.83 237,537.52 0.09 


10% BRESIL (NOTAS DE T.) 07/17 BRL 807.70 330,336.07 0.12 

10% BRESIL 10/21 BRL 843.75 334,607.17 0.13 

CANADA 

1,478,625.80 0.57 

4.875% TORONTO DOMINION BANK 08/13 EUR 222,288.00 238,646.17 0.09 

6.25% XSTRATA CANADA 08/15 EUR 111,144.00 124,078.94 0.05 

7.25% BOMBARDIER 06/16 EUR 41,340.00 44,027.10 0.02 

CHILI 

406,752.21 0.16 

5.5% CHILI 10/20 CLP 12,091.09 19,503.81 0.01 

6.5% BCO SANTANDER CL. 10/20 CLP 65,308.24 98,739.57 0.04 

118,243.38 0.05 

COLOMBIE 

7.75% COLOMBIE (DUAL CUR.) 10/21 COP 319,001.40 153,113.73 0.06 

9.75% BOGOTA D.C. 07/28 COP 35,010.00 19,741.13 0.01 

9.85% COLOMBIE 07/27 COP 379,012.43 221,676.48 0.08 

12% COLOMBIE 05/15 COP 101,237.25 54,391.37 0.02 

448,922.71 0.17 

COREE DU SUD 

4.25% COREE 04/14 KRW 23,826.25 15,667.71 0.01 

4.5% COREE 10/15 KRW 35,690.75 23,787.00 0.01 

4.5% KOREA EXPRESSWAY 09/15 USD 972.50 755.18 0.00 

4.875% KOREA NATIONAL 09/14 USD 2,139.50 1,669.53 0.00 

5% COREE 10/20 KRW 107,072.25 74,744.40 0.03 

5% NATIONAL AGR. COOP. 09/14 USD 778.00 612.92 0.00 

5.75% COREE 08/18 KRW 40,845.00 29,243.18 0.01 

7% WOORI BANK 09/15 USD 778.00 652.69 0.00 

147,132.61 0.06 

COTE D’IVOIRE 

2.5% COTE D’IVOIRE 09/32 USD 32,388.14 13,843.40 0.01 

CROATIE 

13,843.40 0.01 

10% AGROKOR DD 09/16 EUR 51,675.00 54,775.50 0.02 

54,775.50 0.02


DANEMARK 





(note 2) 


3.125% DANEMARK 09/14 EUR 1,075,317.89 1,137,116.41 0.44 

8.875% FS FUNDING 06/16 EUR 93,015.00 97,665.75 0.04 

FRN DANSKE BANK 05/18 EUR 333,432.00 328,430.52 0.12 

EGYPTE 

1,563,212.68 0.60 

0% EGYPTE 10/11 EGP 155,600.00 18,432.88 0.01 

0% EGYPTE 10/11 EGP 215,360.13 27,481.98 0.01 

0% EGYPTE 10/11 EGP 215,360.13 26,828.70 0.01 

8.75% EGYPTE 07/12 EGP 9,725.00 1,261.07 0.00 

74,004.63 0.03 

ESPAGNE 

2.625% BANESTO 09/13 EUR 2,052,879.60 2,024,252.20 0.78 

3% CAIXA CATALUNYA 09/12 EUR 3,421,466.00 3,429,010.34 1.34 

3% F.R.O.B. 09/14 EUR 1,270,830.23 1,245,636.02 0.48 

3% VALENCIA Y ALICANTE 09/12 EUR 2,932,685.15 2,936,248.36 1.14 

3.15% ESPAGNE 05/16 EUR 366,585.64 361,809.03 0.14 

3.25% BBVA SENIOR FIN. 10/15 EUR 111,144.00 109,540.75 0.04 

3.406% TELEFONICA EMIS. 10/15 EUR 203,764.00 205,938.16 0.08 

3.5% RED ELECTRIC. ESPANA 10/16 EUR 227,845.20 228,096.97 0.09 

4% ESPAGNE 10/20 EUR 586,537.03 581,029.45 0.22 

4.1% ESPAGNE 08/18 EUR 317,707.56 320,484.32 0.12 

4.2% ESPAGNE 03/13 EUR 2,101,757.69 2,189,243.35 0.85 

4.20% ESPAGNE 05/37 EUR 1,339,259.55 1,185,646.48 0.46 

4.3% ESPAGNE 09/19 EUR 806,488.41 819,489.01 0.32 

4.375% BBVA 04/19 EUR 314,908.00 315,170.95 0.12 

4.6% ESPAGNE 09/19 EUR 806,488.41 837,497.89 0.32 

4.625% ABERTIS INFRASTR. 09/16 EUR 259,336.00 257,883.72 0.10 


4.8% ESPAGNE 08/24 EUR 830,927.46 858,547.49 0.33 

5% ESPAGNE 02/12 EUR 488,780.86 511,936.85 0.20 

5.125% GAS NATURAL CAP. MAR. 09/21 EUR 74,096.00 76,463.37 0.03 

5.25% GAS NATURAL FINANCE 09/14 EUR 222,288.00 234,969.53 0.09 

5.5% ESPAGNE 02/17 EUR 684,293.20 754,173.22 0.29 

5.58% TELEFONICA EMISSION 08/13 EUR 196,354.40 211,168.36 0.08 

5.75% ESPAGNE 01/32 EUR 356,810.03 396,333.87 0.15 

6.5% SANTANDER ISSUANCE 09/19 EUR 111,144.00 120,783.52 0.05 

7.375% HUARTE LAIN 10/15 EUR 136,422.00 130,637.71 0.05 

7.5% IBERDROLA FINANZAS 08/15 EUR 370,480.00 448,082.59 0.17 

8.25% CAMPOFRIO ALIMENT. 09/16 EUR 138,489.00 143,338.88 0.06 

8.5% ABENGOA 10/16 EUR 107,484.00 106,543.52 0.04 

8.5% BBVA INT. PREF. 09/PE EUR 129,668.00 134,530.55 0.05 

FRN SANTANDER ISSUANCES 07/19 EUR 107,439.20 109,119.55 0.04 

21,790,238.34 8.43 

ETATS-UNIS 

3.625% CITIGROUP 05/17 EUR 705,764.40 682,082.48 0.26 

3.75% MORGAN STANLEY 06/13 EUR 333,432.00 338,270.10 0.13 

4% MORGAN STANLEY 05/15 EUR 400,118.40 406,120.18 0.16 

4.25% NOVARTIS 09/16 EUR 111,144.00 122,605.73 0.05 

4.25% TOYOTA MOTOR CREDIT 07/12 EUR 444,576.00 462,381.27 0.18 

4.375% AMERICAN INTL GROUP 06/16 EUR 185,240.00 175,978.00 0.07 

75



76 




(note 2) 


4.375% JP MORGAN 06/21 EUR 926,200.00 934,401.50 0.36 

4.375% WELLS FARGO 06/18 EUR 74,096.00 78,195.36 0.03 

4.5% HSBC FINANCE 06/16 EUR 555,720.00 594,195.27 0.23 

4.50% PROCTER & GAMBLE 07/14 EUR 446,428.40 485,412.76 0.19 

4.625% AMERICAN GENERAL 04/11 EUR 75,652.20 72,752.45 0.03 

4.625% JP MORGAN CHASE 07/17 EUR 333,432.00 339,063.67 0.13 

4.75% BANK OF AMERICA 04/19 EUR 927,311.44 929,629.72 0.36 



4.75% CITIGROUP 04/19 EUR 222,288.00 218,953.68 0.08 

4.75% CITIGROUP 07/17 EUR 163,011.20 158,935.92 0.06 

4.75% PFIZER 07/14 EUR 555,720.00 614,398.47 0.24 


5.125% GOLDMAN SACHS 07/14 EUR 703,912.00 746,146.72 0.29 


5.5% GE CAPITAL TRUST II 10/67 EUR 259,336.00 226,756.92 0.09 

5.625% ROCHE HOLDINGS 09/16 EUR 463,100.00 538,411.64 0.21 

5.75% KRAFT FOODS 08/12 EUR 194,502.00 205,204.47 0.08 

5.75% PHILIP MORRIS 09/16 EUR 222,288.00 258,715.45 0.10 

5.983% DEUTSCHE POSTBANK 07/PE EUR 103,350.00 86,348.93 0.03 

6% WACHOVIA BANK 08/09 EUR 222,288.00 244,043.33 0.09 

6.25% AMERICAN HONDA 08/13 EUR 111,144.00 123,619.91 0.05 

6.25% CARGILL 08/17 EUR 129,668.00 150,554.27 0.06 

6.25% CHESAPEAKE ENERGY 06/17 EUR 70,278.00 71,156.48 0.03 


6.375% TRW AUTOMOTIVE REG. S 7/14 EUR 35,759.10 36,116.69 0.01 

6.50% KRONOS INT. 06/13 EUR 70,071.30 65,604.25 0.03 

6.875% AGCO 04/14 EUR 12,402.00 12,402.00 0.00 

7% SWISS RE TREASURY 09/14 EUR 129,668.00 148,791.44 0.06 

7.375% CITIGROUP 09/19 EUR 666,864.00 786,152.63 0.30 

7.5% JOHN DEERE CAPITAL 09/14 EUR 148,192.00 172,654.79 0.07 

7.75% LEVI STRAUSS 10/18 EUR 82,680.00 84,333.60 0.03 

7.875% HERTZ 07/14 EUR 58,578.78 59,164.57 0.02 

8% AMERICAN INTL GROUP 08/38 EUR 82,680.00 75,238.80 0.03 

8.75% VERIZON WIRELESS 08/15 EUR 140,782.40 182,834.10 0.07 

8% LBI ESCROW CORP 10/17 EUR 109,551.00 118,315.08 0.05 

8.875% CEDC FINANCIAL INTL 09/16 EUR 45,474.00 48,884.55 0.02 

9% NALCO 03/13 EUR 62,010.00 63,095.18 0.02 

9% NIELSEN FIN. (VNU) 06/14 EUR 95,082.00 98,409.87 0.04 

10.875% TRAVELPORT LLC 07/16 EUR 99,216.00 101,696.40 0.04 

11% CLN INDONESIE (CITI) 08/14 USD 1,361.50 1,202.73 0.00 

12,931,969.55 5.00 

FINLANDE 

3% POHJOLA BANK 10/17 EUR 463,100.00 460,092.17 0.18 

4% FINLANDE 09/25 EUR 234,614.81 267,533.62 0.10 

FRN METSO 09/14 EUR 233,328.30 268,146.72 0.10 

STEP M-REAL 06/13 EUR 51,675.00 54,646.31 0.02 

FRANCE 

1,050,418.82 0.40 

2.625% CADES 09/12 EUR 586,537.03 601,262.04 0.23 

3% SOCIETE GENERALE 10/15 EUR 455,690.40 463,140.94 0.18 

3.25% O.A.T. 05/16 EUR 1,221,952.14 1,309,853.27 0.51






(note 2) 


3.25% S.F.E.F. 09/14 EUR 3,103,758.45 3,269,421.56 1.28 

3.375% FRANCE TELECOM 10/22 EUR 142,634.80 141,827.49 0.05 

3.375% S. F. R. 05/12 EUR 37,048.00 37,916.03 0.01 

3.375% UNIBAIL-RODAMCO 10/15 EUR 177,830.40 183,175.98 0.07 

3.5% O.A.T. 04/15 EUR 449,678.39 486,513.79 0.19 

3.5% O.A.T. 10/20 EUR 1,339,259.55 1,437,333.53 0.56 

3.625% EDENRED 10/17 EUR 225,992.80 225,505.79 0.09 

3.75% C.I.F. 10/15 EUR 148,192.00 151,859.75 0.06 

3.75% SOCIETE GENERALE 09/14 EUR 111,144.00 116,291.08 0.05 

4% B.T.A.N. 02/13 EUR 1,270,830.23 1,377,929.45 0.53 

4% BOUYGUES 10/18 EUR 351,956.00 374,141.55 0.14 

4% CARREFOUR 10/20 EUR 259,336.00 276,418.46 0.11 

4% O.A.T. 05/38 EUR 830,927.46 946,492.85 0.37 

4% O.A.T. 03/14 EUR 958,010.48 1,053,145.71 0.41 

4% O.A.T. 03/14 EUR 977,561.72 1,069,125.03 0.41 

4% O.A.T. 04/55 EUR 513,219.90 601,196.06 0.23 

4% O.A.T. 09/60 EUR 175,961.11 207,678.10 0.08 

4% SAINT GOBAIN 10/18 EUR 234,328.60 235,891.57 0.09 

4% VIVENDI 10/17 EUR 222,288.00 229,923.59 0.09 

4.125% ALSTOM 10/17 EUR 77,800.80 81,189.80 0.03 

4.13% CREDIT AGRICOLE 05/PE EUR 333,432.00 294,628.85 0.11 

4.196% SOCIETE GENERALE 05/PE EUR 381,631.45 332,973.44 0.13 

4.25% KLEPIERRE 06/16 EUR 111,144.00 116,269.41 0.04 

4.25% O.A.T. 03/19 EUR 953,122.67 1,084,219.93 0.42 

4.25% O.A.T. 06/17 EUR 782,049.37 885,471.49 0.34 

4.25% O.A.T. 06/23 EUR 420,351.54 482,218.88 0.19 

4.375% AIR LIQUIDE 09/15 EUR 185,240.00 203,613.96 0.08 

4.375% L.V.M.H. 09/14 EUR 185,240.00 199,466.43 0.08 

4.375% RCI BANQUE 10/15 EUR 222,806.67 227,993.61 0.09 

4.375% THALES 09/13 EUR 38,900.40 41,040.12 0.02 

4.379% CASINO GUICHARD 10/17 EUR 296,384.00 311,744.10 0.12 

4.5% AXA 09/15 EUR 185,240.00 199,708.17 0.08 

4.5% B.T.A.N. 08/13 EUR 488,780.86 533,885.56 0.21 

4.5% CREDIT AGRICOLE CB 09/16 EUR 3,128,197.49 3,448,212.09 1.34 

4.5% GECINA 10/14 EUR 109,551.00 109,304.51 0.04 

4.5% NATIXIS 07/19 EUR 370,480.00 367,669.91 0.14 

4.5% O.A.T. 09/41 EUR 439,902.77 543,948.58 0.21 

4.625% AGF 05/PE EUR 118,553.60 104,919.94 0.04 

4.625% C.N.C.E.P. 04/PE EUR 323,072.10 260,069.81 0.10 

4.75% AUCHAN 09/15 EUR 185,240.00 205,228.32 0.08 

4.75% O.A.T. 03/35 EUR 1,109,532.55 1,388,346.98 0.54 

4.82% SUEZ ENVIRONNEMENT 10/PE EUR 201,911.60 196,737.62 0.08 

4.875% WENDEL 06/16 EUR 68,211.00 62,583.59 0.02 

5% BNP PARIBAS 08/13 EUR 185,240.00 202,069.05 0.08 

5% CRH 02/13 EUR 3,103,758.45 3,395,511.74 1.31 

5% CRH 09/19 EUR 1,075,317.89 1,241,863.12 0.48 

5% FRANCE TELECOM 09/14 EUR 296,384.00 323,673.56 0.13 

5% IMERYS 07/17 EUR 96,324.80 99,768.89 0.04 

5% O.A.T. 00/16 EUR 342,146.60 400,607.48 0.16 

5.125% TOTAL CAPITAL 09/24 EUR 185,240.00 223,129.92 0.09 

5.25% BPCE 03/PE EUR 167,013.60 147,473.01 0.06 

5.375% C.F.C.M. 09/14 EUR 118,553.60 129,130.36 0.05 

77



78 




(note 2) 


5.375% DEXIA C.L.F. 09/14 EUR 240,812.00 260,889.70 0.10 

5.375% SCHNEIDER ELECTRIC 07/15 EUR 192,649.60 216,949.46 0.08 

5.50% O.A.T. 97/29 EUR 1,002,000.76 1,329,414.53 0.51 

5.625% A.S.F. 07/22 EUR 259,336.00 305,168.45 0.12 

5.625% RENAULT 10/15 EUR 446,472.00 460,732.32 0.18 

5.75% NEXANS 07/17 EUR 26,871.00 26,602.29 0.01 

5.75% O.A.T. 00/32 EUR 953,122.67 1,334,886.43 0.52 

5.777% AXA 06/PE EUR 240,812.00 216,774.15 0.08 

5.9% C.N.A. 97/11 EUR 146,634.26 151,402.80 0.06 

6% CNP ASSURANCE 10/20 EUR 351,956.00 360,922.08 0.14 

6% O.A.T. 94/25 EUR 967,786.10 1,321,444.17 0.51 

6% TPSA EUROFINANCE 09/14 EUR 148,192.00 164,745.05 0.06 

6.117% C.N.C.E.P. 07/PE EUR 444,576.00 387,892.56 0.15 

6.125% LAFARGE 08/15 EUR 296,384.00 314,033.67 0.12 

6.125% VEOLIA ENVIRON. 03/33 EUR 74,096.00 93,557.31 0.04 

6.154% SCOR ASSISTANCE 06/PE EUR 185,240.00 161,158.80 0.06 

6.25% SODEXHO 09/15 EUR 111,144.00 127,407.15 0.05 

6.25% SUEZ ENVIRONNEMENT 09/19 EUR 148,192.00 183,501.71 0.07 

6.25% VINCI 06/PE EUR 129,668.00 131,450.94 0.05 

6.375% TEREOS EUROPE 07/14 EUR 84,747.00 86,865.68 0.03 

6.50% B.F.C.M. 01/13 EUR 314,908.00 346,617.66 0.13 


6.875% GDF SUEZ 08/19 EUR 185,240.00 238,171.40 0.09 

7% RHODIA 10/18 EUR 59,943.00 62,414.45 0.02 

7.125% CROWN EURO HOLDINGS 10/18 EUR 93,015.00 97,665.75 0.04 

7.5% ACCOR 09/14 EUR 74,096.00 83,715.14 0.03 

7.75% VIVENDI 09/14 EUR 74,096.00 85,297.09 0.03 

8.125% EUROPCAR GROUPE 06/14 EUR 43,407.00 42,864.41 0.02 


8.25% REXEL 09/16 EUR 101,283.00 109,132.43 0.04 

8.25% SAINT GOBAIN 09/14 EUR 518,672.00 620,515.84 0.24 

8.5% BANQUE PSA FINANCE 09/12 EUR 259,336.00 281,283.61 0.11 

8.50% O.A.T. 89/19 EUR 1,031,327.61 1,535,120.83 0.59 

8.625% PPR 09/14 EUR 129,668.00 154,343.82 0.06 

9% PICARD BONDCO 10/18 EUR 37,206.00 38,694.24 0.01 

FRN AXA 10/20 EUR 148,192.00 147,321.37 0.06 

FRN BNP PARIBAS 06/PE EUR 518,672.00 468,923.58 0.18 

FRN CNP ASSURANCES 06/PE EUR 222,288.00 189,500.52 0.07 

FRN CREDIT LOGEMENT 07/17 EUR 29,638.40 27,874.32 0.01 

FRN LA POSTE 06/16 EUR 74,096.00 71,854.60 0.03 

STEP A.P.R.R. 09/15 EUR 148,192.00 170,874.27 0.07 

GHANA 

45,635,540.75 17.66 

14% REPUBLIC GHANA 08/11 GHS 1,244.80 648.14 0.00 

14.47% GHANA 06/11 GHS 18,477.50 9,798.56 0.00 

15% GHANA 07/12 GHS 1,945.00 1,051.32 0.00 

11,498.02 0.00 

GUERNESEY 

3.625% CS GROUP FIN.GUERN. 06/18 EUR 815,056.00 829,213.52 0.32 

829,213.52 0.32


HONG-KONG 





(note 2) 


9.75% CLN INDONESIE (HSBC) 07/37 USD 2,800.79 2,265.64 0.00 

2,265.64 0.00 

HONGRIE 

5.5% HONGRIE 03/14 HUF 19,936,250.00 69,714.03 0.03 

5.5% HONGRIE 05/16 HUF 11,475,500.00 39,330.19 0.02 

6% HONGRIE 07/12 HUF 11,845,050.00 42,549.39 0.02 

6.5% HONGRIE 08/19 HUF 28,564.27 100,826.97 0.04 

6.75% HONGRIE ’B’ 06/17 HUF 41,934.20 151,549.52 0.06 

6.75% HONGRIE ’C’ 08/11 HUF 739,100.00 2,678.59 0.00 

6.75% HONGRIE ’D’ 02/13 HUF 10,600,250.00 38,599.87 0.01 

7.25% HONGRIE ’B’ 06/12 HUF 534,875.00 1,961.53 0.00 

7.5% HONGRIE 09/13 HUF 5,743,721.15 21,319.32 0.01 

7.5% HONGRIE ’A’ 04/20 HUF 27,193,861.90 102,677.51 0.04 

8% HONGRIE ’A’ 04/15 HUF 51,133.86 193,888.70 0.07 

765,095.62 0.30 

ILES CAIMANS 

0% CAP. GUARD. NOM. ’S’ 01/13 USD 20.67 0.00 0.00 

4.5% SANTANDER ISSUANCES 04/19 EUR 570,539.20 575,842.36 0.22 

4.75% HUTCHISON WHAMP.INTL 9/16 EUR 746,517.20 796,601.04 0.30 

6.25% BCP FINANCE BANK 01/11 EUR 44,457.60 44,772.80 0.02 

8% TELEMOVIL FINANCE 10/17 USD 18,613.65 13,585.29 0.01 

8.836% UBS CAPITAL SEC. 08/PE EUR 41,340.00 42,994.01 0.02 

INDONESIE 

1,473,795.50 0.57 

0% INDONESIE 08/13 IDR 15,754,500.00 1,080.66 0.00 

0% INDONESIE 10/10 IDR 500,643.00 41,134.90 0.02 

0% INDONESIE 10/11 IDR 116,700.00 9,266.63 0.00 

0% INDONESIE 10/11 IDR 33,065.00 2,663.31 0.00 

0% INDONESIE 10/11 IDR 67,102.50 5,354.05 0.00 

7.375% INDONESIE 10/16 IDR 1,906.10 157.41 0.00 

8.25% INDONESIE 10/21 IDR 213,405.40 18,266.92 0.01 

9% INDONESIE 07/13 IDR 31,120.00 2,691.92 0.00 

9% INDONESIE 07/18 IDR 52,515.00 4,670.13 0.00 

9.25% INDONESIE 09/15 IDR 132,415.60 11,774.70 0.00 

9.35% INDONESIE 09/12 IDR 11,670,000.00 996.30 0.00 

9.4% INDONESIE 07/11 IDR 159,937.35 13,552.74 0.01 

9.5% INDONESIE 07/23 IDR 1,005,954.00 92,599.15 0.04 

9.5% INDONESIE 08/12 IDR 501,810.00 42,904.92 0.02 

9.5% INDONESIE 04/15 IDR 195,571.70 17,583.49 0.01 

9.5% INDONESIE 10/31 IDR 636,973.89 57,366.87 0.02 

9.75% INDONESIE 07/37 IDR 190,026.50 17,136.67 0.01 

10% INDONESIE 05/17 IDR 155,600.00 14,560.03 0.01 

10% INDONESIE 07/24 IDR 721,011.50 68,723.52 0.03 

10% INDONESIE 07/28 IDR 1,141,715.00 106,952.81 0.05 

10.25% INDONESIE 07/22 IDR 917,067.50 88,412.55 0.03 

10.25% INDONESIE 07/27 IDR 907,999.91 87,175.95 0.03 

10.25% INDONESIE 10/30 IDR 100,167.50 9,521.33 0.00 

10.5% INDONESIE 08/38 IDR 590,498.11 57,266.18 0.02 

10.5% INDONESIE 09/30 IDR 2,289,294.18 225,053.55 0.10 

10.75% INDONESIE 05/16 IDR 112,810.00 10,745.84 0.00 

79



80 




(note 2) 


11% INDONESIE 03/12 IDR 31,120.00 2,781.46 0.00 

11% INDONESIE 04/14 IDR 19,450.00 1,811.37 0.00 

11% INDONESIE 05/20 IDR 334,540.00 33,996.29 0.01 

11% INDONESIE 06/25 IDR 116,093.16 11,907.23 0.00 

11.45% INDONESIE 08/13 IDR 33,065.00 3,010.70 0.00 

11.5% INDONESIE 06/19 IDR 69,463.73 7,167.56 0.00 

12.5% INDONESIE 06/13 IDR 19,450.00 1,803.77 0.00 

12.8% INDONESIE 05/21 IDR 188,665.00 21,169.70 0.01 

12.9% INDONESIE 05/22 IDR 59,322.50 6,720.86 0.00 

14.25% INDONESIE 02/13 IDR 58,350.00 5,661.98 0.00 

14.275% INDONESIE 02/13 IDR 9,725.00 963.81 0.00 

IRLANDE 

1,104,607.26 0.43 

2.875% GE CAP. EUROP. FUND. 10/15 EUR 407,528.00 408,730.21 0.16 

4% IRLANDE 09/14 EUR 391,024.69 373,252.61 0.14 

4.4% IRLANDE 08/19 EUR 488,780.86 419,936.07 0.16 

4.50% IRLANDE 04/20 EUR 928,683.63 787,240.47 0.31 

4.6% IRLANDE 99/16 EUR 342,146.60 318,052.64 0.12 

4.75% GE CAP. UK FUNDING 09/14 EUR 259,336.00 278,286.98 0.11 

5% IRLANDE 02/13 EUR 439,902.77 439,478.27 0.18 

5.125% CATERPILLAR 09/12 EUR 74,096.00 78,216.11 0.03 

5.4% IRLANDE 09/25 EUR 307,931.94 264,619.78 0.10 

7.25% SMURFIT KAPPA ACQUI. 09/17 EUR 41,340.00 42,993.60 0.02 

7.5% CLOVERIE 09/39 EUR 444,576.00 523,577.16 0.21 

7.75% JSG FUNDING 05/15 EUR 138,489.00 141,605.00 0.05 

7.75% SMURFIT KAPPA ACQUI.09/19 EUR 35,139.00 36,720.26 0.01 

8.75% ARDAGH GLASS FIN. 10/20 EUR 62,010.00 61,544.93 0.02 


10.75% ARDAGH GLASS -PIK- 05/15 EUR 167,105.79 167,941.32 0.06 

ITALIE 

4,382,563.92 1.70 

2.5% ITALIE 09/12 EUR 1,955,123.43 1,975,749.98 0.76 

3% ITALIE 09/13 EUR 2,101,757.69 2,136,962.13 0.83 

3.375% ATLANTIA 10/17 EUR 161,158.80 159,995.23 0.06 

3.75% BANCO POPOLARE 09/12 EUR 574,244.00 581,723.53 0.23 

3.75% ITALIE 05/15 EUR 488,780.86 509,529.60 0.20 

3.75% ITALIE 06/16 EUR 904,244.59 941,110.64 0.36 

3.75% ITALIE 06/21 EUR 977,561.72 970,572.15 0.38 

3.75% SANPAOLO IMI 05/20 EUR 1,074,392.00 1,061,606.74 0.41 

4% ITALIE 06/17 EUR 3,323,709.83 3,487,070.17 1.35 

4.125% INTESA SANPAOLO 10/20 EUR 148,192.00 151,900.50 0.06 

4.125% UNICREDIT 06/16 EUR 414,937.60 415,201.09 0.16 

4.25% EDISON 09/14 EUR 111,144.00 116,979.62 0.05 

4.25% ITALIE 03/13 EUR 4,399,027.72 4,633,407.91 1.79 

4.25% ITALIE 04/14 EUR 1,173,074.06 1,242,320.62 0.48 

4.25% ITALIE 04/15 EUR 562,097.99 597,004.27 0.23 

4.25% ITALIE 08/13 EUR 904,244.59 948,869.06 0.37 

4.25% ITALIE 09/20 EUR 454,566.20 470,316.92 0.18 

4.5% ITALIE 07/18 EUR 1,759,611.09 1,884,367.51 0.73 

4.5% ITALIE 08/18 EUR 2,248,391.94 2,400,945.34 0.92 

4.75% MONTE PASCHI SIENA 09/14 EUR 296,384.00 308,636.51 0.12 

4.875% TERNA 09/19 EUR 148,192.00 167,273.20 0.06






(note 2) 


4.875% UNICREDIT 08/13 EUR 444,576.00 464,826.44 0.18 

5% ENI 09/16 EUR 444,576.00 495,613.32 0.19 

5% ITALIE (BTP) 07/39 EUR 1,393,025.44 1,448,537.51 0.56 

5% MONTE PASCHI SIENA 10/20 EUR 92,620.00 93,419.31 0.04 

5.25 % TELECOM ITALIA 05/55 EUR 222,288.00 186,502.97 0.07 

5.25% ITALIE (BTP) 02/17 EUR 2,258,167.56 2,526,708.85 0.97 

5.25% ITALIE 98/29 EUR 1,466,342.57 1,578,679.08 0.61 

5.25% TELECOM ITALIA 10/22 EUR 296,384.00 299,906.52 0.12 

5.6% MONTE PASCHI SIENA 10/20 EUR 216,730.80 223,178.54 0.09 

5.625% ATLANTIA 09/16 EUR 277,860.00 311,108.73 0.12 

5.75% ITALIE 02/33 EUR 1,270,830.23 1,445,429.59 0.56 

6.156% BANCO POPOLARE 07/PE EUR 62,010.00 48,367.80 0.02 

6.50% ITALIE 97/27 EUR 97,756.17 119,630.09 0.05 

6.7% UNICREDITO ITALIANO 08/18 EUR 148,192.00 157,539.95 0.06 

6.756% BANCO POPOLARE 07/PE EUR 39,273.00 30,652.58 0.01 

6.9% ASSICURAZIONI GEN. 00/22 EUR 659,380.30 708,339.29 0.27 

7% PIAGGIO 09/16 EUR 20,670.00 21,600.15 0.01 

7.25% ITALIE 96/26 EUR 782,049.37 1,021,121.87 0.40 

8.047% INTESA SANPAOLO 08/PE EUR 222,288.00 223,260.51 0.09 

8.25% LOTTOMATICA ’S’ 06/66 EUR 126,087.00 125,456.57 0.05 


9% ITALIE 93/23 EUR 1,344,147.36 1,977,644.01 0.77 

10.5% SEAT PAGINE GIALLE 10/17 EUR 144,690.00 135,646.88 0.05 

12.25% WIND ACQUISIT. -PIK- 09/17 EUR 45,031.74 47,958.81 0.02 

JAPON 

39,120,367.97 15.14 

7.75% SOFTBANK 06/13 EUR 62,010.00 64,599.32 0.02 

JERSEY 

64,599.32 0.02 

4.28% UBS PREF. FUNDING 05/PE EUR 207,940.20 181,947.68 0.07 

4.5% UBS JERSEY BRANCH 04/19 EUR 815,056.00 855,087.48 0.33 

4.6% BAA FUNDING 08/16 EUR 140,782.40 146,061.74 0.06 

5.294% ERSTE CAP.FIN. 06/PE EUR 99,216.00 74,957.69 0.03 

5.3687% HSBC CAP FUNDING 03/PE EUR 112,218.39 108,188.07 0.04 

5.75% MAIN CAPITAL FD II 06/PE EUR 111,369.96 77,958.97 0.03 

7.627% HBOS EURO FIN. 09/PE EUR 144,690.00 131,384.31 0.05 

LIBERIA 

1,575,585.94 0.61 

5.625% ROYAL CARIBBEAN CR. 07/14 EUR 144,690.00 142,519.65 0.06 

LUXEMBOURG 

142,519.65 0.06 

4.375% SES GLOBAL 06/13 EUR 111,144.00 117,572.57 0.05 

5% ENEL FIN. INT. 09/22 EUR 404,749.40 448,148.65 0.17 

5% HANNOVER FINANCE 05/PE EUR 125,963.20 117,775.59 0.05 

5.75% FINMECCANICA FIN. 03/18 EUR 251,667.06 280,306.78 0.11 

5.75% HANNOVER FINANCE 04/24 EUR 444,576.00 462,359.04 0.18 

6.875% OLIVETTI FINANCE 03/13 EUR 259,336.00 282,721.62 0.11 

7.125% GLENCORE FINANCE 08/15 EUR 852,104.00 935,226.75 0.36 

7.4075% HSH NORDBANK LUX. 02/PE EUR 82,680.00 37,454.04 0.01 

7.5% RSHB CAPITAL 10/13 RUB 5,852.51 143,304.19 0.06 

7.625% FIAT FIN & TRADE 09/14 EUR 82,680.00 89,418.42 0.03 

81



82 




(note 2) 


8% BEVERAGE PACKAGING 07/16 EUR 51,675.00 48,445.31 0.02 

8% LIGHTHOUSE INTL 04/14 EUR 124,020.00 74,412.00 0.03 

8.125% FINMECCANIACA FIN 08/13 EUR 148,192.00 172,212.44 0.07 

8.25% ARCELORMITTAL 09/13 EUR 74,096.00 83,642.90 0.03 

8.25% CODERE FINANCE (LUX) 05/15 EUR 181,896.00 180,986.52 0.07 

8.625% MICHELIN LUXEMBOURG 09/14 EUR 74,096.00 88,706.25 0.03 

8.75% CIRSA FUNDING 10/18 EUR 239,772.00 244,567.44 0.09 

9% FIAT FIN & TRADE 09/12 EUR 55,809.00 60,413.80 0.02 

9% HOLCIM FINANCE LUX. 09/14 EUR 55,572.00 66,505.79 0.03 

9.375% ARCELORMITTAL 09/16 EUR 185,240.00 230,800.70 0.09 

9.375% SUB. UNICREDITO 10/PE EUR 74,096.00 75,300.06 0.03 

9.5% BEVERAGE PACKAGING 07/17 EUR 217,035.00 206,183.25 0.08 

9.625% OXEA FINANCE 10/17 EUR 51,675.00 55,679.81 0.02 

11.75% WIND AQUISITION 09/17 EUR 418,567.50 466,702.76 0.18 

FRN LECTA (UNSEC.) 07/14 EUR 113,685.00 102,032.29 0.04 

FRN SIGN. LUX. CLN (ISS DC 2D) 07/15 EUR 144,690.00 134,561.70 0.05 

5,205,440.67 2.01 

MALAISIE 

2.615% DANGA CAPITAL 10/15 SGD 31,120.00 17,418.31 0.01 

2.711% MALAISIE 09/12 MYR 165,325.00 39,230.00 0.02 

3.21% MALAISIE 09/13 MYR 141,012.50 33,642.39 0.01 

3.7% MALAISIE 07/13 MYR 6,807.50 1,642.61 0.00 


3.741% MALAISIE 09/15 MYR 702,923.00 170,201.36 0.07 

3.82% MALAISIE 06/16 MYR 16,338.00 3,951.58 0.00 

3.833% MALAISIE 01/11 MYR 28,786.00 6,920.11 0.00 

3.835% MALAISIE 10/15 MYR 368,772.00 90,195.76 0.03 

4.02% CAGAMAS MBS 07/19 MYR 972.50 219.89 0.00 

4.262% MALAISIE 06/16 MYR 67,297.00 16,708.41 0.01 

4.378% MALAISIE 09/19 MYR 1,067,999.50 269,336.51 0.10 

4.498% MALAISIE 10/30 MYR 58,350.00 14,812.52 0.01 

5.094% MALAISIE 04/14 MYR 1,281,657.75 324,550.50 0.12 

5.248% MALAISIE 08/28 MYR 14,198.50 3,919.13 0.00 

5.734% MALAISIE 04/19 MYR 87,525.00 24,083.85 0.01 

MEXIQUE 

1,035,828.56 0.40 

4.75% AMERICA MOVIL 10/22 EUR 153,749.20 165,660.15 0.06 

6% MEXIQUE 10/15 MXN 7,026.31 42,144.17 0.02 

7.5% MEXIQUE 06/27 MXN 9,336.00 59,801.23 0.02 

7.75% MEXIQUE 08/17 MXN 12,366.31 80,385.96 0.03 

8% MEXIQUE 09/20 MXN 18,069.05 120,964.54 0.05 

8% MEXIQUE 05/15 MXN 8,624.13 55,998.49 0.02 

9.5% MEXIQUE 04/14 MXN 9,725.00 65,984.48 0.03 

10% MEXIQUE 04/24 MXN 25,249.99 198,895.61 0.07 

10% MEXIQUE 06/36 MXN 21,871.53 174,689.50 0.07 

964,524.13 0.37 

NORVEGE 

4.125% TELENOR 10/20 EUR 111,144.00 119,404.78 0.05 

4.5% DNB NOR BANK 09/14 EUR 185,240.00 199,070.94 0.07 

5.5% STATKRAFT 09/15 EUR 70,391.20 79,576.55 0.03 

5.625% STATOIL 09/21 EUR 192,649.60 237,019.69 0.09






(note 2) 



7% NORSKE SKOGINDUSTR. 07/17 EUR 57,876.00 42,683.55 0.02 

812,384.01 0.31 

PAKISTAN 

7.875% PAKISTAN -REG.S- 06/36 USD 2,334.00 1,360.17 0.00 

PAYS-BAS 

1,360.17 0.00 

3.25% PAYS-BAS 05/15 EUR 733,171.29 789,592.48 0.31 

3.375% ING BANK 10/15 EUR 222,288.00 228,073.05 0.09 

3.625% SNS BANK 10/13 EUR 185,240.00 188,111.22 0.07 

3.75% DEUTSCHE BAHN 10/25 EUR 148,192.00 155,416.36 0.06 

3.75% KPN KONINKLIJKE 10/20 EUR 127,815.60 128,126.83 0.05 

3.75% ROYAL BANK SCOTLAND 09/14 EUR 3,128,197.49 3,318,360.61 1.28 

4% FORTIS BANK NED. 10/15 EUR 222,288.00 231,374.02 0.09 

4% PAYS-BAS 05/37 EUR 782,049.37 931,890.03 0.36 

4% PAYS-BAS 08/18 EUR 1,955,123.43 2,203,345.90 0.85 

4% URENCO FINANCE 10/17 EUR 74,096.00 79,360.52 0.03 

4.125% RABOBANK 10/20 EUR 370,480.00 393,981.40 0.15 

4.176% ING GROEP 05/PE EUR 201,739.20 168,553.10 0.07 

4.25% COCA COLA HBC FIN. 09/16 EUR 129,668.00 138,495.80 0.05 

4.25% DEUTSCHE TEL. FIN. 10/22 EUR 185,240.00 190,524.90 0.07 

4.25% PAYS-BAS 03/13 EUR 1,173,074.06 1,277,119.86 0.49 

4.31% ABN AMRO 06/PE EUR 186,030.00 146,031.69 0.06 

4.375% RABOBANK 09/14 EUR 370,480.00 397,493.55 0.15 

4.375% RABOBANK 09/16 EUR 926,200.00 1,010,206.34 0.39 

4.5% PORTUGAL TELE. INTL 05/25 EUR 222,288.00 193,366.11 0.07 

4.5% SCHLUMBERGER FIN. 09/14 EUR 44,457.60 48,040.44 0.02 

4.625% B.N.G. 02/12 EUR 195,512.34 207,761.19 0.08 

4.625% BAYER CAPITAL 09/14 EUR 148,192.00 162,170.21 0.06 

4.625% ING BANK 04/19 EUR 614,329.94 628,591.61 0.24 

4.625% SHELL INTERNAT. FIN. 07/17 EUR 229,697.60 258,854.26 0.10 

4.75% CEMEX FINANCE 07/14 EUR 51,675.00 43,417.85 0.02 

4.75% EDP FINANCE 09/16 EUR 114,848.80 117,314.60 0.05 

4.75% RABOBANK 08/18 EUR 444,576.00 494,032.86 0.19 

5.125% BASF FINANCE 09/15 EUR 259,336.00 291,727.07 0.11 

5.125% SIEMENS FINANCE 09/17 EUR 373,443.84 430,575.15 0.17 

5.25% SIEMENS FINANCE 06/66 EUR 148,192.00 153,008.24 0.06 

5.252% ELM 06/PE EUR 148,192.00 133,067.52 0.05 

5.317% GENERALI FINANCE 06/PE EUR 185,240.00 168,244.23 0.07 

5.375% VOLKSWAGEN 09/13 EUR 374,184.80 410,018.61 0.16 

5.5% E. ON INTL FINANCE 09/16 EUR 370,480.00 425,981.61 0.16 

5.5% EADS FINANCE 03/18 EUR 111,144.00 125,717.20 0.05 


5.50% PAYS-BAS 98/28 EUR 488,780.86 663,534.68 0.26 


5.875% TELEFONICA EUROPE 03/33 EUR 111,144.00 126,460.20 0.05 

6% BASF FINANCE 08/13 EUR 203,764.00 228,804.56 0.09 

6% DEUTSCHE TEL. FIN. 09/17 EUR 537,196.00 624,842.21 0.24 

6% PORTUGAL TEL. INT. 09/13 EUR 111,144.00 118,307.79 0.05 

6.125% ALLIANZ FINANCE 02/22 EUR 259,336.00 270,343.52 0.10 

6.125% ENBW INT. FINANCE 09/39 EUR 37,048.00 48,355.05 0.02 

6.25% ING VERZEKERINGEN 01/21 EUR 196,365.00 187,528.58 0.07 

83



84 




(note 2) 

6.258% SNS REAAL 07/PE EUR 152,296.56 119,117.23 0.05 

6.375% WOLTERS KLUWER 08/18 EUR 92,620.00 109,953.83 0.04 

6.5% ALLIANZ FIN. II 02/25 EUR 666,864.00 750,222.00 0.29 

6.5% CONTI-GUMMI FINANCE 10/16 EUR 41,340.00 40,916.27 0.02 

6.5% REPSOL INTL FINANCE 09/14 EUR 259,336.00 289,386.56 0.11 

6.625% RWE FINANCE 08/19 EUR 444,576.00 561,030.46 0.22 

6.655% TENNET HOLDING BV 10/PE EUR 302,311.68 321,741.25 0.12 

6.75% MUNICH RE FINANCE 03/23 EUR 666,864.00 720,753.28 0.28 

6.75% OI EUROP GROUP 10/20 EUR 57,876.00 59,105.87 0.02 


7% AEGON 09/12 EUR 74,096.00 79,388.68 0.03 


7.375% EUREKO 09/14 EUR 129,668.00 146,683.68 0.06 

7.375% LINDE FINANCE 06/66 EUR 222,288.00 245,042.51 0.09 


7.5% GMAC INTERNAT.FIN. 10/15 EUR 192,231.00 197,036.78 0.08 


7.625% ADECCO INT. FIN. 09/14 EUR 287,566.58 328,482.99 0.13 

7.75% LANXESS FINANCE 09/14 EUR 74,096.00 86,360.74 0.03 

7.875% DAIMLER INTL 09/14 EUR 370,480.00 432,818.82 0.17 

7.875% NEW WORLD RESOURCES 10/18 EUR 41,340.00 42,890.25 0.02 

8% CLONDALKIN BV 04/14 EUR 135,181.80 124,367.26 0.05 

8% ZIGGO BOND 10/18 EUR 351,390.00 368,081.03 0.14 

8.5% CONTI-GUMMI FINANCE 10/15* EUR 103,350.00 110,973.10 0.04 

8.875% BMW FINANCE 08/13 EUR 592,768.00 706,054.86 0.27 

9% DAIMLER INTL FIN. 08/12 EUR 111,144.00 121,429.82 0.05 

9.25% IMPRESS METAL 06/14 EUR 41,340.00 43,251.98 0.02 

9.5% INTERXION HOLDING 10/17 EUR 28,938.00 31,397.73 0.01 

9.5% MAGYAR TELECOM 09/16 EUR 74,412.00 72,931.20 0.03 


10% IFCO 09/16 EUR 28,938.00 32,699.94 0.01 

11.25% SNS BANK 09/PE EUR 109,261.62 111,446.85 0.04 

FRN CARLSON WAGONLIT 06/15 EUR 144,690.00 135,285.15 0.05 

FRN ELM 07/PE EUR 297,648.00 230,677.20 0.09 

STEP DEUTSCHE TEL. FIN. 02/12 EUR 111,144.00 122,374.55 0.05 

STEP NIELSEN FIN. (VNU) 07/16 EUR 82,680.00 81,853.20 0.03 

PEROU 

26,737,411.49 10.34 

5.375% CREDITO DEL PEROU 10/20 USD 24,020.75 17,906.52 0.01 

6.9% PEROU (DUAL CUR.) 07/37 PEN 324.91 92,443.94 0.03 




218,576.46 0.08 

PHILIPPINES 

4.95% PHILIPPINES 10/21 PHP 1,015,290.00 17,448.39 0.01 

17,448.39 0.01 

POLOGNE 

0% POLOGNE 09/12 PLN 97,250.00 23,096.79 0.01 

3% POLOGNE (INFLATION) 04/16 PLN 9,725.00 2,865.52 0.00 

*Titres faisant l’objet d’un contrat de ”repurchase agreement” (REPO) 

% des actifs nets






(note 2) 


4.25% POLOGNE 05/11 PLN 25,868.50 6,517.04 0.00 

5% POLOGNE 02/13 PLN 25,285.00 6,378.94 0.00 

5.25% POLOGNE 06/17 PLN 126,658.40 31,778.45 0.01 

5.25% POLOGNE 07/13 PLN 460,439.85 117,202.28 0.05 

5.25% POLOGNE 09/20 PLN 283,308.70 69,977.85 0.03 

5.5% POLOGNE 08/19 PLN 1,209,860.02 305,681.61 0.13 

5.5% POLOGNE 09/15 PLN 1,050,300.00 268,588.77 0.10 

5.75% POLOGNE 01/22 PLN 347,649.30 89,016.50 0.03 

5.75% POLOGNE 08/29 PLN 34,383.71 8,727.32 0.00 

6.25% POLOGNE 04/15 PLN 948,284.75 250,081.97 0.10 

1,179,913.04 0.46 

PORTUGAL 

3.35% PORTUGAL 05/15 EUR 224,839.19 204,613.78 0.08 

3.85% PORTUGAL 05/21 EUR 977,561.72 788,701.68 0.30 

4.2% PORTUGAL 06/16 EUR 171,073.30 158,517.38 0.06 

4.375% PORTUGAL 03/14 EUR 684,293.20 667,418.53 0.26 

4.8% PORTUGAL 10/20 EUR 439,902.77 388,863.05 0.15 

5% PORTUGAL 02/12 EUR 782,049.37 789,791.66 0.31 

5.625% B.C.P. 09/14 EUR 111,144.00 108,677.71 0.04 

5.625% BCO ESPIRITO SANTO 09/14 EUR 337,136.80 327,725.63 0.13 

ROYAUME-UNI 

3,434,309.42 1.33 

3.5% UBS LONDON 10/15 EUR 377,889.60 388,644.34 0.15 

3.625% HSBC HOLDINGS 05/20 EUR 555,720.00 566,448.17 0.23 

3.625% STANDARD CHARTERED 05/17 EUR 83,765.53 84,141.64 0.03 

3.875% CREDIT SUISSE 10/17 EUR 555,720.00 576,392.78 0.23 

3.875% UBS LDN 09/19 EUR 1,564,098.74 1,673,421.43 0.65 

4% BARCLAYS BANK 10/17 EUR 148,192.00 155,374.87 0.06 

4.375% ANGLO AMERICAN CAP. 09/16 EUR 259,336.00 273,860.11 0.11 

4.375% REXAM 06/13 EUR 148,192.00 154,427.92 0.06 

4.5% OLD MUTUAL 07/17 EUR 248,221.60 236,741.35 0.09 

4.625% RENTOKIL INITIAL 07/14 EUR 389,004.00 407,824.01 0.16 

4.7291% AVIVA 04/PE EUR 111,144.00 95,583.84 0.04 

4.75% EXPERIAN FIN. 10/20 EUR 53,719.60 57,632.27 0.02 

4.875% BARCLAYS BANK 04/PE EUR 111,144.00 93,360.96 0.04 

4.875% BAT INTL FINANCE 09/21 EUR 74,096.00 83,249.45 0.03 

5% OLD MUTUAL 05/PE EUR 121,953.00 96,342.87 0.04 

5% OTE PLC 03/13 EUR 222,288.00 222,280.22 0.09 

5.025% SCOTTISH & SOUTHERN 10/PE EUR 196,354.40 193,066.45 0.07 

5.125% ROYAL BANK SCOTLAND 04/PE EUR 20,752.68 16,602.35 0.01 

5.125% TESCO 09/15 EUR 270,450.40 302,951.78 0.12 

5.25 % AVIVA 03/23 EUR 222,288.00 225,854.61 0.09 

5.25 % BARCLAYS BANK 09/14 EUR 222,288.00 242,351.71 0.09 


5.375% VODAFONE 07/22 EUR 129,668.00 150,028.47 0.06 

5.5% ROYAL BANK SCLOTLAND 10/20 EUR 333,432.00 348,233.05 0.13 

5.625% GLAXOSMITHKLINE 07/17 EUR 259,336.00 308,402.37 0.12 

5.75% ROYAL BANK SCOTLAND 09/14 EUR 222,288.00 238,894.03 0.09 




6.25% LLOYDS TSB BANK 09/14 EUR 592,768.00 650,776.28 0.25 

85



86 




(note 2) 


6.25% VODAFONE 09/16 EUR 296,384.00 347,582.85 0.13 

6.35% LLOYDS TSB BANK 02/PE EUR 124,020.00 111,618.00 0.04 


6.375% S.L. FINANCE 02/22 EUR 444,946.48 445,725.14 0.17 

6.467% RBS CAP. TRUST A 02/PE EUR 62,010.00 47,778.71 0.02 

6.625% DIAGEO FINANCE 08/14 EUR 129,668.00 151,763.43 0.06 

6.625% NATIONAL GRID ELEC. 08/14 EUR 222,288.00 253,374.98 0.10 

6.625% WPP GROUP 08/16 EUR 288,974.40 334,641.02 0.13 

6.934% R.B.S. 08/18 EUR 296,384.00 321,084.64 0.12 

7.25% FCE BANK 10/13 EUR 49,608.00 52,212.42 0.02 

7.25% INTERNATIONAL POWER 10/17 EUR 128,154.00 152,182.88 0.06 

7.875% INEOS GROUP REG. S 06/16 EUR 383,263.14 318,108.41 0.12 

8% ONO FINANCE 06/14 EUR 121,953.00 105,489.35 0.04 

8.375% IMPERIAL TOBACCO FR/RATG .9/16 EUR 370,480.00 466,276.87 0.18 

8.5% CEVA GROUP ’REG. S’ 06/14 EUR 128,029.98 108,185.33 0.04 

9.125% INFINIS 09/14 GBP 41,340.00 50,247.68 0.02 

9.25% INEOS FINANCE 10/15 EUR 47,541.00 50,393.46 0.02 

9.375% FCE BANK 09/14 EUR 289,380.00 321,935.25 0.12 

9.5% VIRGIN MEDIA 09/16 EUR 41,340.00 47,747.70 0.02 

9.75% EC FINANCE 10/17 EUR 148,824.00 160,729.92 0.06 

10% CEVA GROUP ’SUB’ 06/16 EUR 53,121.90 43,028.74 0.02 

10.5% ONO FINANCE 04/14 EUR 33,072.00 30,426.24 0.01 

10.75% TVN FINANCE 09/17 EUR 165,360.00 184,376.40 0.07 

18.75% REP. GHANA (STANDARD) CLN 10/13 USD 15,054.30 12,691.99 0.00 

REP. GHANA (STANDARD) CLN 10/10 USD 13,213.45 9,573.33 0.00 


RUSSIE 

13,444,387.14 5.20 

STEP ROSSELHOZBANK 10/20 RUB 1,264,250.00 31,716.44 0.01 

31,716.44 0.01 

SINGAPOUR 

2.875% SINGAPOUR 10/30 SGD 77,800.00 43,821.49 0.02 

3.25% SINGAPOUR 05/20 SGD 59,808.75 37,046.88 0.01 

3.50% SINGAPOUR 07/27 SGD 25,285.00 15,718.59 0.01 

96,586.96 0.04 

SRI LANKA 

6.25% GOVT OF SRI LANKA 10/20 USD 7,780.00 5,750.54 0.00 

6.85% SRI LANKA 06/12 LKR 330,650.00 2,157.47 0.00 

7.2% SRI LANKA 06/10 LKR 77,800.00 511.33 0.00 

7.4% SRI LANKA 09/15 USD 15,171.00 12,236.72 0.01 

8.25% SRI LANKA 07/12 USD 6,224.00 4,994.45 0.00 

SUEDE 

25,650.51 0.01 

3% SVENSKA HANDELSBANK 09/12 EUR 111,144.00 113,878.70 0.04 

3.125% SWEDBANK 10/13 EUR 148,192.00 151,378.87 0.06 

3.75% SVENSKA HANDELSBANK 10/17 EUR 111,144.00 116,881.81 0.05 

4% NORDEA BANK 04/16 EUR 129,075.23 130,893.26 0.05 

4% NORDEA BANK 10/20 EUR 277,860.00 293,132.57 0.12 


4.75% TELIASONERA 09/21 EUR 148,192.00 164,923.62 0.06 

4.875% INVESTOR 09/21 EUR 74,096.00 83,229.07 0.03






(note 2) 


5.5% SKANDINAV.ENSKILDA 09/14 EUR 185,240.00 204,426.23 0.08 

7.75% AKZO NOBEL SWEDEN 08/14 EUR 111,144.00 129,565.56 0.05 

7.875% STENA 10/20 EUR 59,943.00 59,043.86 0.02 

9.875% VOLVO TREASURY 09/14 EUR 125,963.20 152,570.41 0.06 

FRN CORRAL PETR. HLDG 10/11 EUR 43,812.34 40,088.29 0.02 

SUISSE 

1,748,082.12 0.68 

6% CREDIT AGRICOLE 08/13 EUR 259,336.00 286,858.03 0.11 

286,858.03 0.11 

SUPRANATIONAL 

3.875% WORLDBANK 09/19 EUR 3,103,758.45 3,438,110.83 1.33 

4.75% E.I.B. 07/17 EUR 3,103,758.45 3,588,410.33 1.39 

5.375% E.I.B. 02/12 EUR 146,634.26 159,391.44 0.06 

THAILANDE 

7,185,912.60 2.78 

2.8% M.O.F. (THAILAND) 10/17 THB 991,950.00 23,943.48 0.01 

3.625% THAILAND GOV. 09/15 THB 8,845,860.00 223,358.34 0.09 



4.25% THAILAND GOV. 07/13 THB 340,375.00 8,569.64 0.00 



5% THAILAND GOV. 09/40 THB 530,012.50 15,416.45 0.01 

5% THAILAND GOV. 07/17 THB 2,917.50 79.44 0.00 










1,025,439.24 0.40 

TURQUIE 

0% TURQUIE 10/12 TRY 943,325.00 430,916.29 0.17 

0% TURQUIE 10/11 TRY 718,094.00 333,685.59 0.13 

0% TURQUIE 10/12 TRY 90,004.88 40,225.81 0.02 

4% TURQUIE (INFLATION) 10/20 TRY 43,762.50 23,117.54 0.01 

4.5% TURQUIE (INFLATION) 10/15 TRY 40,183.70 22,580.19 0.01 


10.5% TURQUIE 10/20 TRY 271,243.87 151,447.15 0.06 

11% TURQUIE 09/14 TRY 165,577.85 90,400.66 0.03 


14% TURQUIE 07/12 TRY 28,513.70 15,962.88 0.01 

16% TURQUIE 07/12 TRY 291,944.50 163,366.19 0.06 

16% TURQUIE 08/13 TRY 3,890.00 2,377.55 0.00 

1,331,715.71 0.52 

TOTAL OBLIGATIONS 247,308,538.29 95.70 

87


OPTIONS 

ALLEMAGNE 


88 




(note 2) 

CALL BUND FUTURE EURO-BUND EUREX (10Y) 30/09/2010 132 -1.14 -170.97 0.00 

CALL BUND FUTURE EURO-BUND EUREX (10Y) 30/09/2010 131 1.14 968.80 0.00 

CALL BUND FUTURE EURO-SCHATZ EUREX (2Y) 30/09/2010 109.4 33.29 166.46 0.00 

CALL BUND FUTURE EURO-SCHATZ EUREX (2Y) 30/09/2010 109.6 -16.21 -81.06 0.00 

883.23 0.00 

TOTAL OPTIONS 883.23 0.00 

TOTAL I. 247,309,421.52 95.70 

II. AUTRES VALEURS MOBILIERES 

OBLIGATIONS 

ALLEMAGNE 


10% CLN INDONESIE (DB) 08/28 USD 194.50 310.41 0.00 

310.41 0.00 

COREE DU SUD 

5% COREE 09/14 KRW 35,690.75 24,153.17 0.01 

EGYPTE 

24,153.17 0.01 

0% EGYPTE 10/11 EGP 109,649.38 13,348.99 0.01 

13,348.99 0.01 

ETATS-UNIS 

11.5% CLN INDONESIE (CITI) 07/19 USD 2,587.98 2,022.66 0.00 

STEP MOMENTIVE PERF. 07/14 EUR 66,144.00 65,151.84 0.03 

67,174.50 0.03 

LUXEMBOURG 

0% SIGNUM (COGNIS)-PKI-07/15 EUR 62,010.00 87,454.83 0.04 

8.875% CEMEX LUXEMBOURG 10/17 EUR 60,769.80 53,478.03 0.02 

MALAISIE 

140,932.86 0.06 

3.582% MALAISIE 08/11 MYR 9,725.00 2,332.91 0.00 

3.814% MALAISIE 07/17 MYR 53,098.50 12,880.61 0.00 

3.90% SILTERRA CAPITAL 07/14 MYR 12,059.00 2,900.86 0.00 

3.92% MALAISIE 07/13 MYR 16,143.50 3,897.65 0.00 

4.012% MALAISIE 10/17 MYR 226,592.50 55,642.37 0.03 

4.24% MALAISIE 03/18 MYR 15,560.00 3,855.43 0.00 

PEROU 

81,509.83 0.03 



34,892.45 0.01 

PHILIPPINES 


SRI LANKA 

17,035.05 0.01 

0% GOVT OF SRI LANKA 10/10 LKR 1,167,000.00 7,629.07 0.01 

0% GOVT OF SRI LANKA 10/11 LKR 194,500.00 1,221.66 0.00






(note 2) 

0% SRI LANKA 10/11 LKR 145,875.00 929.22 0.00 

0% SRI LANKA 10/11 LKR 972,500.00 6,232.23 0.00 

6.5% GOVT OF SRI LANKA 10/15 LKR 1,993,625.00 11,950.24 0.00 

6.85% SRI LANKA 06/12 LKR 2,236,750.00 14,528.96 0.01 

7% SRI LANKA 06/11 LKR 213,930.55 1,406.05 0.00 

7.5% SRI LANKA 03/13 LKR 194,500.00 1,268.42 0.00 

11.75% GOVT OF SRI LANKA 08/14 LKR 194,500.00 1,418.50 0.00 

46,584.35 0.02 

TOTAL OBLIGATIONS 425,941.61 0.18 

OPTIONS 

ETATS-UNIS 


PUT USD/MYR SPOT CROSS RATES 06/10/2010 3.088 168,740.42 341.23 0.00 

FRANCE 

341.23 0.00 

CALL USD/JPY SPOT CROSS RATES 06/10/2010 84 210,925.53 423.43 0.00 

PUT USD/KRW SPOT CROSS RATES 26/11/2010 1130 3,184.74 283.84 0.00 

INDE 

707.27 0.00 

CALL USD/INR SPOT CROSS RATES 03/11/2010 44 5,273.09 1,388.09 0.00 

PUT USD/INR SPOT CROSS RATES 06/10/2010 46.7 192,251.58 0.00 0.00 

INDONESIE 

1,388.09 0.00 

CALL USD/IDR SPOT CROSS RATES 26/04/2011 9800 -52,898.17 -591.26 0.00 

PUT USD/IDR SPOT CROSS RATES 26/04/2011 8300 -52,898.17 -60.29 0.00 

JAPON 

-651.55 0.00 

CALL EUR/JPY CROSS-RATES 27/10/2010 113.75 3,184.74 581.60 0.00 

ROYAUME-UNI 

581.60 0.00 

CALL AUD/JPY SPOT CROSS RATES 25/11/2010 82 158,193.33 752.79 0.00 

CALL EUR / USD 12/10/2010 1.3525 3,184.74 615.32 0.00 

CALL EUR / USD 27/10/2010 1.4075 3,184.74 697.52 0.00 

CALL EUR/CHF SPOT CROSS RATES 21/10/2010 1.345 4,218.49 1,034.63 0.00 

CALL USD/JPY SPOT CROSS RATES 28/10/2010 82.68 5,307.90 319.67 0.00 


CALL USD/KRW SPOT CROSS RATES 13/10/2010 1185 3,154.79 119.73 0.00 

CALL USD/MYR SPOT CROSS RATES 05/10/2010 3.15 3,361.78 38.19 0.00 

PUT AUD/JPY SPOT CROSS RATES 20/10/2010 80 4,205.95 749.95 0.00 

TAIWAN 

5,095.59 0.00 

PUT USD/TWD SPOT CROSS RATE 27/10/2010 31.4 105,461.79 110.12 0.00 

PUT USD/TWD SPOT CROSS RATE 29/12/2010 30.8 159,237.15 1,085.47 0.00 

PUT USD/TWD SPOT CROSS RATE 29/12/2010 30.18 -238,857.67 -718.38 0.00 

477.21 0.00 

TOTAL OPTIONS 7,939.44 0.00 

TOTAL II. 433,881.05 0.18 

89



90 




(note 2) 


TOTAL DU PORTEFEUILLE-TITRES 247,743,302.57 95.88 

AVOIRS EN BANQUE 6,022,454.16 2.33 

AUTRES ACTIFS NETS 4,635,262.18 1.79 

TOTAL DES ACTIFS NETS 258,401,018.91 100.00



REPARTITION GEOGRAPHIQUE ET ECONOMIQUE DU PORTEFEUILLE- 

TITRES AU 30 SEPTEMBRE 2010 

Répartition géographique Répartition économique 

(en % des actifs nets) 

France 17.66 

Italie 15.14 

Allemagne 11.01 

Pays-Bas 10.34 

Espagne 8.43 

Royaume-Uni 5.20 

Etats-Unis 5.03 

Belgique 3.08 

Supranational 2.78 

Autriche 2.37 

Luxembourg 2.07 

Irlande 1.70 

Portugal 1.33 

Australie 1.03 

Suède 0.68 

Afrique du Sud 0.67 

Jersey 0.61 

Danemark 0.60 

Brésil 0.57 

Iles Caïmans 0.57 

Turquie 0.52 

Pologne 0.46 

Indonésie 0.43 

Malaisie 0.43 

Finlande 0.40 

Thaïlande 0.40 

Mexique 0.37 

Guernesey 0.32 

Norvège 0.31 

Hongrie 0.30 

Colombie 0.17 

Canada 0.16 

Bermudes 0.14 

Suisse 0.11 

Pérou 0.09 

Corée du Sud 0.07 

Liberia 0.06 

Chili 0.05 

Egypte 0.04 

Singapour 0.04 

Antilles Néerlandaises 0.03 

Sri Lanka 0.03 

Croatie 0.02 

Japon 0.02 

Philippines 0.02 

Côte d’Ivoire 0.01 

Russie 0.01 

Ghana 0.00 

Hong-Kong 0.00 

Inde 0.00 

Pakistan 0.00 

Taïwan 0.00 

95.88 


Obligations de sociétés 49.46 

Obligations d’Etats ou de Villes 43.64 

Obligations d’institutions supranationales 2.78 

Options 0.00 

95.88 

91

Pictet - USD Government Bonds 


92 


AU 30 SEPTEMBRE 2010 (EXPRIME EN USD) 

Description Devise Nominal Valeur d’évaluation 

(note 2) 

VALEURS MOBILIERES ADMISES A LA COTE OFFICIELLE D’UNE BOURSE DE VALEURS OU D’UN AUTRE MARCHE REGLEMENTE 

OBLIGATIONS 

ETATS-UNIS 


1% US TREASURY 09/11 USD 1,080,000.00 1,088,226.36 0.47 

1.125% US TREASURY 08/11 USD 4,780,000.00 4,826,119.83 2.09 






1.375% US TREASURY 09/12 USD 2,000,000.00 2,030,664.00 0.88 


















3.125% US TREASURY 08/13 USD 4,300,000.00 4,586,891.70 1.99 



















4.25% US TREASURY 03/13 USD 1,300,000.00 1,444,625.00 0.63 

4.25% US TREASURY 04/14 USD 2,230,000.00 2,528,175.53 1.09 


4.25% US TREASURY 07/12 USD 1,450,000.00 1,560,619.05 0.68






(note 2) 













4.75% US TREASURY 04/14 USD 681,000.00 777,191.25 0.34 







5.25% US TREASURY 98/28 USD 910,000.00 1,149,870.54 0.50 



6% US TREASURY 96/26 USD 625,000.00 844,042.81 0.37 


6.25% US TREASURY 00/30 USD 750,000.00 1,061,191.50 0.46 




7.125% US TREASURY 93/23 USD 630,000.00 909,119.61 0.39 







8% US TREASURY 91/21 USD 870,000.00 1,313,479.46 0.57 







FRANCE 

202,749,307.19 87.80 

1.75% CDC CAISSE DEP. CONS. 10/13 USD 5,500,000.00 5,614,482.50 2.42 

2.25% A.F.D. 09/12 USD 3,500,000.00 3,591,455.00 1.56 

2.875% CADES 09/14 USD 1,000,000.00 1,058,150.00 0.46 

3.375% S.F.E.F. 09/14 USD 3,740,000.00 4,022,052.10 1.74 

NORVEGE 

14,286,139.60 6.18 

4.5% KOMMUNALBANKEN 05/10 USD 1,000,000.00 1,000,300.00 0.43 

1,000,300.00 0.43 

93


PAYS-BAS 


94 




(note 2) 


2% NED. WATERSCHAPSBANK 09/12 USD 2,800,000.00 2,865,632.00 1.24 

2.50% RABOBANK 10/13 USD 1,000,000.00 1,030,900.00 0.45 

2.8% NIBC BANK 09/14 USD 500,000.00 523,295.00 0.23 

4,419,827.00 1.92 

ROYAUME-UNI 

2.625% ROYAL BANK SCOTLAND 09/12 USD 4,500,000.00 4,623,435.00 2.00 

SUEDE 

4,623,435.00 2.00 

5.375% KOMMUNINVEST I SVER. 06/11 USD 1,300,000.00 1,344,980.00 0.58 

1,344,980.00 0.58 

TOTAL DU PORTEFEUILLE-TITRES 228,423,988.79 98.91 

AVOIRS EN BANQUE 629,648.37 0.27 


TOTAL DES ACTIFS NETS 230,931,834.24 100.00








France 6.18 


Pays-Bas 1.92 

Suède 0.58 

Norvège 0.43 

98.91 




98.91 

95

Pictet - CHF Liquidity 


96 


AU 30 SEPTEMBRE 2010 (EXPRIME EN CHF) 


(note 2) 


OBLIGATIONS 

ALLEMAGNE 


1% LDKR BADEN-W-FOERD 09/10 CHF 170,000.00 170,391.00 0.01 

1.875% LBANK HESSEN-THUERING 05/11 CHF 16,590,000.00 16,708,618.50 1.23 

2% L.B.W. 05/11 CHF 725,000.00 735,113.75 0.05 

2.375% NRW BANK 04/11 CHF 1,260,000.00 1,283,877.00 0.09 

2.5% BAYERISCHE LDBANK 04/11 CHF 10,215,000.00 10,282,419.00 0.76 

2.75% K. F. W. 08/11 CHF 5,040,000.00 5,155,416.00 0.38 

3.75% LBANK HESSEN-THUERING. 01/11 CHF 9,055,000.00 9,163,660.00 0.67 

4% BAYERISCHE LDBANK 01/11 CHF 3,760,000.00 3,803,804.00 0.28 

4% DEUTSCHE BANK 08/11 CHF 11,445,000.00 11,771,182.50 0.87 

4% NRW BANK 07/11 EUR 4,000,000.00 5,382,880.93 0.40 

4.5% DEUTSCHE BANK 08/11 EUR 6,750,000.00 9,123,898.55 0.67 

FRN K.F.W. 09/11 CHF 20,000.00 20,004.00 0.00 

73,601,265.23 5.41 

AUSTRALIE 

1.75% ANZ BANKING GROUP 05/10 CHF 3,570,000.00 3,570,714.00 0.26 

2.125% COMMONWEAL. BANK AUST. 06/11 CHF 3,390,000.00 3,440,511.00 0.25 

3.25% COMMONWEAL. BANK AUST. 07/10 CHF 1,955,000.00 1,955,000.00 0.14 

FRN COMMONWEAL. BANK AUST. 08/11 CHF 200,000.00 200,147.00 0.01 

FRN WESTPAC BANKING 08/11 CHF 500,000.00 500,450.00 0.04 

9,666,822.00 0.70 

AUTRICHE 

1.6% PFBST. OEST. L-HYPO. 01/11 JPY 1,820,000,000.00 21,345,531.04 1.57 

2.5% PFBST. OEST. L-HYPO. 03/10 CHF 3,940,000.00 3,946,304.00 0.29 

2.75% O.K.B. 07/11 CHF 7,735,000.00 7,871,909.50 0.58 

33,163,744.54 2.44 

BELGIQUE 

FRN DEXIA BANQUE 09/10 EUR 8,000,000.00 10,670,213.44 0.79 

CANADA 

10,670,213.44 0.79 

1.625% ROYAL BANK OF CANADA 05/10 CHF 8,600,000.00 8,608,600.00 0.63 

2.125% BANK NOVA SCOTIA 05/10 CHF 3,670,000.00 3,687,616.00 0.27 

5.75% ROYAL BANK OF CANADA 08/11 EUR 3,704,000.00 5,113,806.40 0.38 

FRN ROYAL BANK OF CANADA 08/11 CHF 5,500,000.00 5,509,625.00 0.41 

22,919,647.40 1.69 

COREE DU SUD 

3% KOREA DEV. BANK 06/11 CHF 65,000.00 65,897.00 0.00 

65,897.00 0.00 

DANEMARK 

1.625% KOMMUNEKREDIT 05/11 CHF 740,000.00 747,733.00 0.06 

ETATS-UNIS 

747,733.00 0.06 

2.50% GENERAL ELEC. CAP. 06/10 CHF 7,800,000.00 7,839,780.00 0.58 

2.75% SWISS RE TREASURY 09/10 CHF 8,635,000.00 8,685,514.75 0.64 

3.25% GENERAL ELEC. CAP. 07/10 CHF 10,030,000.00 10,066,108.00 0.74 

3.25% I.B.M. 08/11 CHF 6,365,000.00 6,486,889.75 0.48 

3.75% AMERICAN HONDA FIN. 06/11 EUR 3,750,000.00 5,052,127.56 0.37






(note 2) 


4% GENERAL ELEC. CAP. 08/11 CHF 6,735,000.00 6,916,171.50 0.51 

4% WELLS FARGO 06/11 EUR 9,000,000.00 12,189,745.37 0.90 

FRANCE 

57,236,336.93 4.22 

1.625% TOTAL CAPITAL 05/11 CHF 2,115,000.00 2,134,986.75 0.16 

1.75% DEXIA MUNICIPAL AG. 05/11 CHF 435,000.00 439,219.50 0.03 

2% BNP PARIBAS 06/11 CHF 5,835,000.00 5,877,595.50 0.43 

2.625% DEXIA C. L. F. 09/11 EUR 5,000,000.00 6,724,666.66 0.50 

FRN BPCE 10/12 CHF 5,000,000.00 4,988,750.00 0.37 

FRN CDC MARCHES 09/11 CHF 1,000,000.00 1,001,000.00 0.07 

FRN S.F.E.F. 09/11 CHF 24,000,000.00 24,012,000.00 1.77 

ITALIE 

45,178,218.41 3.33 

0% ITALIE (BOT) 10/11 EUR 10,000,000.00 13,294,585.96 0.98 

2.75% ITALIE 04/11 CHF 14,940,000.00 15,173,811.00 1.11 

FRN CAPITALIA 05/10 EUR 1,000,000.00 1,333,796.69 0.10 

JERSEY 

29,802,193.65 2.19 

2.5% UBS JERSEY BRANCH 09/10 CHF 795,000.00 798,219.75 0.06 

FRN UBS JERSEY 08/11 CHF 110,000.00 110,104.50 0.01 

FRN UBS JERSEY BRANCH 10/12 CHF 4,000,000.00 4,002,600.00 0.29 

4,910,924.25 0.36 

LUXEMBOURG 

3.125% SWISS RE FINANCE 07/11 CHF 2,030,000.00 2,069,280.50 0.15 

FRN SWISS RE FINANCE 10/12 CHF 7,000,000.00 7,022,750.00 0.52 

9,092,030.50 0.67 

NORVEGE 

2.375% DNB NOR BANK 06/11 CHF 6,515,000.00 6,592,854.25 0.49 

3.625% DNB NOR BANK 08/11 CHF 13,710,000.00 14,029,443.00 1.03 

PAYS-BAS 

20,622,297.25 1.52 

1.125% B.N.G. 09/11 CHF 2,865,000.00 2,874,597.75 0.21 

1.25% NED. WATERSCHAPSBANK 09/11 CHF 8,810,000.00 8,854,931.00 0.65 

2% E.ON INT. FINANCE 09/11 CHF 9,610,000.00 9,679,672.50 0.71 

2% RABOBANK 05/11 CHF 24,505,000.00 24,676,535.00 1.82 

2% SHELL INTL FINANCE 06/11 CHF 1,215,000.00 1,234,500.75 0.09 

2.375% ABN AMRO BANK 04/10 CHF 2,745,000.00 2,747,058.75 0.20 

3% E. ON INT. FINANCE 07/10 CHF 2,825,000.00 2,841,667.50 0.21 

3.25% RABOBANK 08/11 CHF 350,000.00 359,047.50 0.03 

FRN RABOBANK 10/12 CHF 5,000,000.00 4,998,500.00 0.37 

FRN RABOBANK 10/12 CHF 6,000,000.00 5,982,300.00 0.44 

64,248,810.75 4.73 

ROYAUME-UNI 

FRN CS LONDON 08/11 CHF 1,060,000.00 1,060,106.00 0.08 

SUEDE 

1,060,106.00 0.08 

1.125% KOMMUNINVEST I SVER.09/11 CHF 725,000.00 732,286.25 0.05 

1.125% SWEDBANK 09/11 CHF 1,095,000.00 1,098,832.50 0.08 

2.25% KOMMUNINVEST I SVER. 03/11 CHF 3,765,000.00 3,821,851.50 0.28 

97



98 




(note 2) 

2.5% AKADEMISKA HUS 03/10 CHF 515,000.00 515,000.00 0.04 

FRN SWEDBANK 09/11 CHF 930,000.00 933,255.00 0.07 

SUISSE 

7,101,225.25 0.52 

0% BANQUE NAT. SUISSE 10/10 CHF 5,000,000.00 4,999,558.50 0.37 



0% CONFED. SUISSE 10/10 CHF 5,000,000.00 5,000,000.00 0.37 







2.5% CREDIT SUISSE 09/10 CHF 12,780,000.00 12,822,813.00 0.94 

5.125% CREDIT SUISSE 08/11 EUR 5,000,000.00 6,793,220.38 0.50 

99,115,152.88 7.30 

TOTAL I. 489,202,618.48 36.01 

II. INSTRUMENTS DU MARCHE MONETAIRE 

ALLEMAGNE 


0% ALLIANZ (ECP) 10/10 EUR 6,000,000.00 7,993,527.77 0.59 



0% CATERPILLAR FIN (ECP) 10/10 CHF 4,000,000.00 3,999,934.80 0.29 

0% DEUTSCHE BAHN (ECP) 10/10 CHF 15,000,000.00 14,996,986.50 1.10 

0% DFS DEUTSCHE F. (ECP) 10/10 EUR 3,500,000.00 4,661,568.74 0.34 

0% NRW BANK (ECP) 10/10 CHF 19,500,000.00 19,500,000.00 1.44 

67,097,149.68 4.94 

AUSTRALIE 

0% SUNCORP METWAY (ECP) 10/10 USD 13,000,000.00 12,697,919.15 0.93 

0% TOYOTA FIN. AUST (ECP) 10/10 CHF 10,000,000.00 9,998,663.00 0.74 

22,696,582.15 1.67 

BELGIQUE 

0% FORTIS BANQUE (CD) 10/10 CHF 6,500,000.00 6,499,327.90 0.48 



0% KBC BANK (CD) 10/10 EUR 9,000,000.00 12,002,601.31 0.88 

32,500,573.31 2.39 

COREE DU SUD 

0% EXP. IMP. BANK KOR. (ECP) 10/10 CHF 6,000,000.00 5,997,780.00 0.44 

0% EXP. IMP. BANK KOR. (ECP) 10/11 CHF 6,000,000.00 5,993,644.20 0.44 

0% IND. BANK OF KOREA (ECP) 10/10 EUR 5,000,000.00 6,668,153.19 0.49 

18,659,577.39 1.37 

DANEMARK 

0% KOMMUNEKREDIT 10/10 CHF 10,000,000.00 9,991,427.00 0.74 

9,991,427.00 0.74 

ESPAGNE 

0% BANCO SANTANDER (ECP) 10/10 CHF 3,400,000.00 3,399,721.20 0.25 

0% BANCO SANTANDER (ECP) 10/10 EUR 3,000,000.00 3,993,255.24 0.29






(note 2) 


0% I.C.O. (ECP) 10/10 CHF 12,000,000.00 11,995,531.20 0.88 

0% I.C.O. (ECP) 10/10 CHF 14,000,000.00 13,992,951.00 1.03 

0% I.C.O. (ECP) 10/10 CHF 15,000,000.00 14,999,656.50 1.10 

0% SANTANDER (ECP) 10/10 CHF 11,000,000.00 10,995,481.20 0.81 

0% SANTANDER (ECP) 10/10 CHF 15,000,000.00 14,996,637.00 1.10 

74,373,233.34 5.46 

ETATS-UNIS 

0% PFIZER (ECP) 10/10 JPY 700,000,000.00 8,185,470.14 0.60 

0% PFIZER (ECP) 10/10 JPY 350,000,000.00 4,092,708.87 0.30 

12,278,179.01 0.90 

FINLANDE 

0% FINGRID (ECP) 10/11 EUR 5,000,000.00 6,638,597.73 0.49 

0% FINGRID OYJ (ECP) 10/10 EUR 5,000,000.00 6,662,046.04 0.49 

0% MUNICIP. FIN. (ECP) 10/10 EUR 9,000,000.00 11,990,517.32 0.88 

0% POHJOLA BANK (ECP) 10/10 CHF 5,000,000.00 4,998,868.00 0.37 




0% POHJOLA BANK (ECP) 10/11 EUR 10,000,000.00 13,303,423.26 0.98 

FRANCE 

57,591,840.15 4.25 

0% A.C.O.S.S. (ECP) 10/10 CHF 15,000,000.00 14,999,013.00 1.10 

0% B.F.C.M. (ECP) 10/10 CHF 6,000,000.00 5,998,446.00 0.44 

0% B.F.C.M. (ECP) 10/10 CHF 6,500,000.00 6,497,510.50 0.48 

0% BANK OF TOKYO-MIT. (CD) 10/10 EUR 1,000,000.00 1,333,225.72 0.10 

0% BANK OF TOKYO-MIT. SYD (CD) 10/10 EUR 6,000,000.00 7,994,436.04 0.59 

0% C.D.C. (ECP) 10/10 CHF 17,000,000.00 16,999,967.70 1.26 

0% C.D.C. (ECP) 10/10 CHF 15,500,000.00 15,499,665.20 1.14 

0% CDC CAISSE DEP. (ECP) 10/11 CHF 12,000,000.00 11,998,708.80 0.88 

0% CREDIT AGRICOLE (CD) 10/10 CHF 15,500,000.00 15,498,423.65 1.14 

0% CREDIT AGRICOLE (CD) 10/11 EUR 13,000,000.00 17,285,711.64 1.28 

0% E.D.F. (ECP) 10/10 EUR 9,000,000.00 12,003,570.00 0.88 

0% GAZ DE FRANCE (ECP) 10/10 EUR 4,000,000.00 5,334,761.02 0.39 

0% HSBC FRANCE (CD) 10/10 EUR 10,500,000.00 13,993,278.16 1.03 

0% NATIXIS (ECP) 10/10 EUR 7,000,000.00 9,334,535.93 0.69 

0% RATP (ECP) 10/10 EUR 7,000,000.00 9,327,719.64 0.69 

0% RATP (ECP) 10/10 EUR 5,000,000.00 6,666,540.04 0.49 

0% RTE EDF TRANSP. (ECP) 10/10 EUR 4,000,000.00 5,333,305.12 0.39 

0% SOC. GENERALE (CD) 10/10 CHF 6,000,000.00 5,999,599.20 0.44 

0% SOC. GENERALE 10/11 EUR 5,000,000.00 6,646,199.99 0.49 

IRLANDE 

188,744,617.35 13.90 

0% CATERP. INT. FIN. (ECP) 10/10 EUR 6,000,000.00 8,001,308.48 0.59 

0% GE CAPITAL EUROPEAN (ECP) 09/10 EUR 3,000,000.00 3,998,259.53 0.29 

0% HOUSING FIN. (ECP) 10/10 CHF 10,000,000.00 9,999,517.00 0.74 

0% SANPAOLO IMI BANK (ECP) 10/10 EUR 3,500,000.00 4,663,133.94 0.34 

0% SANPAOLO IMI BANK (ECP) 10/10 CHF 13,000,000.00 12,993,176.30 0.96 

0% SANPAOLO IMI BANK (ECP) 10/11 EUR 1,000,000.00 1,330,852.74 0.10 

40,986,247.99 3.02 

99


JAPON 


100 




(note 2) 


0% MITSUBISHI FIN. (ECP) 10/10 EUR 2,000,000.00 2,663,931.75 0.20 

2,663,931.75 0.20 

LUXEMBOURG 

0% BGL BNP PARIBAS (ECP) 10/10 CHF 14,000,000.00 13,997,295.20 1.03 

0% MEDIOBANCA INTL (ECP) 10/10 CHF 6,000,000.00 5,999,922.60 0.44 

0% MEDIOBANCA INTL (ECP) 10/10 CHF 6,000,000.00 5,999,571.00 0.44 

25,996,788.80 1.91 

PAYS-BAS 

0% B.N.G. (ECP) 10/11 CHF 15,000,000.00 15,000,000.00 1.10 

0% ING BANK (ECP) 10/10 EUR 9,000,000.00 11,998,840.59 0.88 


0% PACCAR FIN. EUR. (ECP) 10/10 EUR 5,000,000.00 6,658,335.60 0.49 


0% TOYOTA MOT. FIN. (ECP) 10/11 CHF 7,300,000.00 7,297,010.65 0.54 

47,616,726.62 3.50 

ROYAUME-UNI 

0% ASB FINANCE (ECP) 10/11 CHF 12,000,000.00 11,997,180.00 0.88 

0% BANCO BILBAO (ECP) 10/10 CHF 14,000,000.00 13,996,801.00 1.03 

0% BANCO BILBAO (ECP) 10/10 CHF 13,000,000.00 12,994,411.30 0.96 

0% BARCLAYS BANK (ECP) 10/11 CHF 13,000,000.00 12,987,132.60 0.96 

0% BARCLAYS BANK (ECP) 10/11 CHF 20,000,000.00 19,974,364.00 1.47 

0% KOREA DEV. BANK (ECP) 10/11 CHF 6,000,000.00 5,995,191.00 0.44 

0% KOREA DEV. BANK (ECP) 10/11 CHF 6,500,000.00 6,496,476.35 0.48 

0% LLOYDS TSB BANK (ECP) 10/11 EUR 5,500,000.00 7,318,847.24 0.54 

0% LLOYDS TSB BANK 10/10 EUR 4,000,000.00 5,324,973.04 0.39 

0% NATIONW. BUILD. (ECP) 10/10 CHF 7,000,000.00 6,999,722.80 0.52 

0% NATIONW. BUILD. (ECP) 10/10 CHF 7,000,000.00 6,997,925.20 0.52 

0% ROYAL BANK SCOT. (ECP) 10/11 EUR 7,500,000.00 9,976,590.15 0.73 

0% STANDARD CHART. (ECP) 10/10 CHF 6,000,000.00 5,999,936.40 0.44 

0% STANDARD CHART. (ECP) 10/10 EUR 10,000,000.00 13,334,436.48 0.98 

0% UNICREDITO ITAL. (CD)10/10 CHF 12,000,000.00 11,992,568.40 0.88 

SUEDE 

152,386,555.96 11.22 

0% NORDEA BANK (ECP) 10/10 CHF 3,000,000.00 3,000,000.00 0.22 

0% NORDEA BANK (ECP) 10/10 EUR 11,000,000.00 14,660,846.84 1.08 

0% NORDEA BANK (ECP) 10/10 CHF 9,000,000.00 9,000,000.00 0.66 

0% SBAB (ECP) 10/10 CHF 5,000,000.00 4,999,453.00 0.37 

0% SBAB (ECP) 10/10 CHF 8,000,000.00 7,999,151.20 0.59 

0% SKANDINAV. ENSK. (ECP) 10/10 EUR 7,000,000.00 9,325,222.23 0.69 

0% STADSHYPOTEK 10/10 EUR 11,500,000.00 15,324,325.56 1.13 

0% STADSHYPOTEK (ECP) 10/10 EUR 8,000,000.00 10,666,710.54 0.79 


81,642,930.28 6.02 

TOTAL II. 835,226,360.78 61.49






(note 2) 


TOTAL DU PORTEFEUILLE-TITRES 1,324,428,979.26 97.50 



TOTAL DES ACTIFS NETS 1,358,408,384.18 100.00 

101



102 





France 17.23 

Royaume-Uni 11.30 


Pays-Bas 8.23 

Suisse 7.30 

Suède 6.54 

Espagne 5.46 


Finlande 4.25 

Belgique 3.18 

Irlande 3.02 


Autriche 2.44 


Italie 2.19 

Canada 1.69 

Norvège 1.52 


Danemark 0.80 

Jersey 0.36 

Japon 0.20 

97.50 


Instruments du marché monétaire 61.49 



97.50

Pictet - USD Liquidity 





(note 2) 


OBLIGATIONS 

ALLEMAGNE 


2.5% LDKR-W-FOERD 09/11 USD 4,520,000.00 4,553,651.40 0.53 

FRN DEUTSCHE BANK 06/11 USD 10,130,000.00 10,128,024.65 1.19 

14,681,676.05 1.72 

AUSTRALIE 

0.7% COMMONWEAL. BANK AUST. 06/10 JPY 200,000,000.00 2,394,541.97 0.28 

4.25% COMMONWEAL. BANK AUST. 08/11 USD 2,800,000.00 2,866,878.00 0.34 

4.875% ANZ BANKING GROUP 05/10 USD 2,191,000.00 2,199,654.45 0.26 

FRN ANZ BANKING GROUP 08/10 USD 1,000,000.00 1,001,290.00 0.12 

FRN NAT. AUSTRALIA BANK 06/11 USD 6,000,000.00 6,000,300.00 0.70 

14,462,664.42 1.70 

ESPAGNE 

0% ESPAGNE 10/11 EUR 10,000,000.00 13,573,139.82 1.59 

13,573,139.82 1.59 

ETATS-UNIS 

4.25% BANK OF AMERICA 03/10 EUR 3,626,000.00 4,957,410.50 0.58 

4.5% JP MORGAN CHASE 03/10 USD 1,641,000.00 1,647,941.43 0.19 

4.52% TOYOTA MOTOR CREDIT 07/11 USD 1,250,000.00 1,277,243.75 0.15 

5.25% TOYOTA MOTOR CREDIT 07/10 GBP 2,500,000.00 3,971,021.04 0.47 

8.75% GENERAL ELEC. CAP 00/10 USD 2,747,000.00 2,754,911.36 0.32 

FRN CREDIT SUISSE 06/11 USD 6,455,000.00 6,458,485.70 0.76 

FRN CSFB USA 06/11 USD 3,610,000.00 3,607,238.35 0.42 

FRN G.E.C.C. 06/11 USD 2,880,000.00 2,877,840.00 0.34 

FRN JP MORGAN CHASE 06/11 USD 3,000,000.00 2,994,450.00 0.35 


FRN WELLS FARGO 06/11 USD 4,000,000.00 3,999,100.00 0.47 

FRN WELLS FARGO 06/11 USD 1,500,000.00 1,498,155.00 0.18 

FRANCE 

40,039,277.13 4.70 

FRN B.F.C.M. 06/11 USD 7,000,000.00 6,983,865.00 0.82 

FRN BNP PARIBAS 09/11 USD 1,900,000.00 1,899,859.40 0.22 

FRN S.F.E.F. 09/12 USD 15,000,000.00 15,021,300.00 1.77 

ITALIE 

23,905,024.40 2.81 

0% ITALIE (BOT) 10/10 EUR 10,000,000.00 13,645,594.97 1.60 

0% ITALIE (BOT) 10/11 EUR 2,500,000.00 3,402,064.54 0.40 

0% ITALIE (BOT) 10/11 EUR 5,000,000.00 6,727,013.15 0.79 

6% ITALIE 01/11 USD 8,000,000.00 8,149,880.00 0.96 

JAPON 

31,924,552.66 3.75 

5.875% JAPAN FIN FOR MUN. 01/11 USD 15,000,000.00 15,362,250.00 1.80 

PAYS-BAS 

15,362,250.00 1.80 

0.8% RABOBANK 06/11 JPY 437,000,000.00 5,239,136.09 0.62 

5,239,136.09 0.62 

103


ROYAUME-UNI 


104 




(note 2) 

4.5% SANTANDER UK 05/10 GBP 4,000,000.00 6,339,451.45 0.74 

4.625% JTI FINANCE 04/11 EUR 5,500,000.00 7,666,644.80 0.90 

FRN BARCLAYS BANK 08/11 USD 20,000,000.00 20,170,700.00 2.38 

FRN BANK OF SCOTLAND PLC 06/11 USD 6,000,000.00 5,985,630.00 0.70 

FRN CREDIT AGRICOLE LDN 06/11 USD 17,000,000.00 16,985,125.00 1.99 

FRN LLOYDS TSB BANK 08/10 USD 18,000,000.00 18,022,860.00 2.12 

FRN ROYAL BANK SCOTLAND 08/11 USD 20,000,000.00 20,092,400.00 2.36 

SUEDE 

95,262,811.25 11.19 

FRN KOMMUNINVEST I SVER. 09/10 USD 5,000,000.00 4,999,500.00 0.59 

4,999,500.00 0.59 

TOTAL I. 259,450,031.82 30.47 


OBLIGATIONS 

ETATS-UNIS 

FRN NORDEA BANK FIN. NY. 10/11 USD 1,000,000.00 1,002,610.00 0.12 

FRANCE 

1,002,610.00 0.12 

0% GAZ DE FRANCE 10/10 USD 6,000,000.00 6,000,000.00 0.70 

6,000,000.00 0.70 

TOTAL II. 7,002,610.00 0.82 

III. INSTRUMENTS DU MARCHE MONETAIRE 

ALLEMAGNE 





0% CATERP. FIN. (ECP) 10/10 EUR 5,000,000.00 6,819,744.90 0.80 

0% SAXONY-ANHALT (ECP) 10/10 USD 10,000,000.00 9,995,337.00 1.17 

0% SAXONY-ANHALT (ECP) 10/10 USD 10,000,000.00 9,995,554.00 1.17 

44,484,066.96 5.22 

AUSTRALIE 

0% BANK WEST AUSTR (ECP) 10/10 EUR 8,000,000.00 10,919,279.55 1.29 

0% ING BANK AUSTR. (ECP) 10/11 EUR 5,000,000.00 6,806,116.13 0.80 

0% MIZUHO BANK. SYDNEY (CD) 10/10 USD 6,000,000.00 5,999,940.00 0.70 

0% O.C.B.C. (ECP) 10/10 USD 10,000,000.00 9,996,313.00 1.17 

0% SUMITOMO MITSUI (CP) 10/10 USD 6,500,000.00 6,498,372.40 0.76 

0% SUNCORP METWAY (ECP) 10/10 USD 8,000,000.00 7,998,468.80 0.94 

0% UOB AUSTRALIA (CD) 10/10 USD 10,000,000.00 9,997,767.00 1.17 

0% WEST. AUSTR. TRE. (ECP) 10/11 USD 25,000,000.00 24,978,160.00 2.95 

83,194,416.88 9.78 

AUTRICHE 

0% BUNDESIMMOBILIEN (ECP) 0/10 USD 30,000,000.00 29,993,682.00 3.52 

29,993,682.00 3.52


BELGIQUE 





(note 2) 


0% ENI COORDINAT. (CP) 10/10 USD 12,000,000.00 11,997,697.20 1.41 

0% KBC BANK (CD) 10/10 EUR 5,000,000.00 6,825,439.14 0.80 

CANADA 

18,823,136.34 2.21 

0% CSSE DESJARDINS (ECP) 10/10 USD 22,000,000.00 22,000,000.00 2.58 

22,000,000.00 2.58 

COREE DU SUD 

0% EXP. IMP. BANK KOR. (ECP) 10/10 USD 3,000,000.00 2,997,264.90 0.35 

0% EXP. IMP. BANK KOR. (ECP) 10/11 USD 3,500,000.00 3,491,507.60 0.41 

0% IND. BANK OF KOREA (ECP) 10/11 USD 5,000,000.00 4,980,306.00 0.59 

11,469,078.50 1.35 

ESPAGNE 

0% SANTANDER (ECP) 10/11 EUR 5,000,000.00 6,797,230.74 0.80 

6,797,230.74 0.80 

ETATS-UNIS 

0% PFIZER (ECP) 10/10 JPY 550,000,000.00 6,583,162.13 0.77 

6,583,162.13 0.77 

FINLANDE 


0% POHJOLA BANK (ECP) 10/11 USD 2,000,000.00 1,996,178.80 0.23 

0% POHJOLA BANK (ECP) 10/11 USD 4,000,000.00 3,993,136.80 0.47 

FRANCE 

16,223,904.88 1.90 

0% A.C.O.S.S. (ECP) 10/10 USD 25,000,000.00 24,986,697.50 2.94 

0% BPCE (ECP) 10/10 EUR 3,000,000.00 4,094,824.44 0.48 

0% C.D.C. (ECP) 10/10 USD 20,000,000.00 19,990,264.00 2.35 

0% C.D.C. (ECP) 10/10 USD 10,000,000.00 9,993,552.00 1.17 


0% UNEDIC (ECP) 10/10 EUR 15,000,000.00 20,463,410.16 2.40 

IRLANDE 

82,258,683.76 9.66 




JAPON 

24,542,853.05 2.88 

0% NORINCHUKIN BANK (CD) 10/10 USD 6,000,000.00 5,999,188.80 0.70 

5,999,188.80 0.70 

LUXEMBOURG 

0% BCEE (ECP) 10/10 USD 15,000,000.00 14,993,971.50 1.76 

0% MEDIOBANCA INTL (ECP) 10/10 USD 6,500,000.00 6,494,042.10 0.76 

21,488,013.60 2.52 

NOUVELLE ZELANDE 

0% FONTERRA CO-OP (ECP) 10/11 USD 7,000,000.00 6,983,316.90 0.82 

6,983,316.90 0.82 

105


PAYS-BAS 


106 




(note 2) 


0% B.N.G. (ECP) 10/11 USD 20,000,000.00 19,980,592.00 2.35 

0% SCHLUMBERGER (ECP) 10/10 USD 5,000,000.00 4,999,389.00 0.59 

24,979,981.00 2.94 

ROYAUME-UNI 

0% BANCO BILBAO (ECP) 10/10 EUR 5,000,000.00 6,813,467.72 0.80 

0% BARCLAYS BANK (ECP) 10/11 EUR 10,000,000.00 13,613,207.01 1.61 

0% BG ENERGY CAP. (ECP) 10/10 USD 6,000,000.00 5,999,883.60 0.70 

0% BNP PARIBAS (CD) 10/11 GBP 5,000,000.00 7,853,767.23 0.92 

0% KOREA DEV.BANK (ECP) 10/11 USD 6,500,000.00 6,488,550.90 0.76 

0% NATIONW. BUILD. (ECP) 10/10 EUR 6,000,000.00 8,189,680.00 0.96 

0% ROYAL BANK SCOT. (ECP) 10/10 USD 6,000,000.00 5,999,226.00 0.70 

0% STANDARD CHART. (ECP) 10/11 USD 9,000,000.00 8,991,891.00 1.06 

0% UNICREDITO ITAL. (CD) 10/10 USD 6,500,000.00 6,483,971.00 0.76 

0.805% HSBC BANK (CD) 10/11 EUR 5,000,000.00 6,830,178.43 0.80 

SUEDE 

77,263,822.89 9.07 

0% KOMMUNINVEST (ECP) 10/10 USD 25,000,000.00 24,995,352.50 2.93 

0% SBAB (ECP) 10/10 USD 9,000,000.00 8,999,790.30 1.06 



0% SVENSKA HANDELSBANKEN (ECP) 10/11 EUR 4,000,000.00 5,444,921.30 0.64 

59,907,148.01 7.03 

TOTAL III. 542,991,686.44 63.75 



AUTRES PASSIFS NETS -11,717,324.70 -1.38 









France 13.17 


Suède 7.62 



Italie 3.75 

Pays-Bas 3.56 

Autriche 3.52 

Irlande 2.88 

Canada 2.58 


Japon 2.50 

Espagne 2.39 

Belgique 2.21 

Finlande 1.90 


Nouvelle Zélande 0.82 

95.04 





95.04 

107

Pictet - EUR Liquidity 


108 




(note 2) 


OBLIGATIONS 

ALLEMAGNE 


0% ALLEMAGNE 09/10 EUR 25,000,000.00 24,995,155.00 1.59 

0% ALLEMAGNE 10/11 EUR 20,000,000.00 19,980,518.00 1.27 

2.25% I.K.B. 09/11 EUR 20,979,000.00 21,143,685.15 1.35 

3.125% NORDRHEIN-WESTFALEN 05/10 EUR 10,100,000.00 10,131,209.00 0.64 

4% BAYERISCHE LDBANK 04/11 EUR 16,015,000.00 16,273,802.40 1.04 

4.125% LANDESBANK. BERLIN 04/11 EUR 1,000,000.00 1,010,735.00 0.06 


FRN DEUTSCHE BANK 07/10 EUR 19,750,000.00 19,752,370.00 1.26 

FRN DEUTSCHE BANK 07/11 EUR 3,100,000.00 3,097,675.00 0.20 

FRN L.B.W. 01/11 EUR 20,000,000.00 20,009,300.00 1.27 

138,928,112.05 8.84 

AUSTRALIE 

3.375% ANZ BANKING GROUP 06/11 EUR 25,092,000.00 25,321,591.80 1.61 

3.625% COMMONWEAL. BANK AUST. 06/11 EUR 8,131,000.00 8,228,490.69 0.52 


4.625% WESTPAC BANKING 08/11 EUR 13,366,000.00 13,568,227.58 0.86 

4.75% NAT. AUSTRALIA BANK 08/11 EUR 23,786,000.00 24,145,168.60 1.54 

FRN NAT. AUSTRALIA BANK 06/11 EUR 6,549,000.00 6,551,750.58 0.42 

FRN SUNCORP 05/10 EUR 2,200,000.00 2,199,505.00 0.14 

FRN WESTPAC BANKING 06/11 EUR 5,000,000.00 4,998,650.00 0.32 

90,504,361.70 5.76 

AUTRICHE 

1.6% PFBST. OEST. L-HYPO. 01/11 JPY 675,000,000.00 5,935,692.97 0.38 

2.375% KOMMUNALKR AUSTRIA 09/11 EUR 13,049,000.00 13,155,936.56 0.83 

2.625% KA FINANZ 09/11 EUR 5,000,000.00 5,029,950.00 0.32 

BELGIQUE 

24,121,579.53 1.53 

FRN DEXIA BANQUE 09/10 EUR 35,000,000.00 35,001,225.00 2.23 

CANADA 

35,001,225.00 2.23 

4.625% CAISSE CENT. DESJARDINS 08/11 EUR 3,000,000.00 3,034,785.00 0.19 

5.625% QUEBEC (PROV.) 01/11 EUR 6,362,000.00 6,570,291.88 0.42 


FRN CAISSE CENT. DESJARDINS 06/11 EUR 14,700,000.00 14,708,820.00 0.93 

FRN CAISSE DESJARDINS 10/12 EUR 10,000,000.00 10,030,250.00 0.64 

40,411,190.34 2.57 

ESPAGNE 

0% ESPAGNE 10/11 EUR 30,000,000.00 29,886,300.00 1.90 

FRN SANTANDER INTL 05/10 EUR 7,600,000.00 7,597,530.00 0.48 

FRN SANTANDER INTL 06/10 EUR 5,000,000.00 5,001,350.00 0.32 

FRN SANTANDER INTL 07/11 EUR 7,200,000.00 7,195,068.00 0.46 

49,680,248.00 3.16 

ETATS-UNIS 

3.75% AMERICAN HONDA FIN. 06/11 EUR 5,000,000.00 5,050,625.00 0.32 

4% WELLS FARGO 06/11 EUR 7,333,000.00 7,446,734.83 0.47 

4.625% JP MORGAN CHASE 08/11 EUR 16,050,000.00 16,235,377.50 1.03






(note 2) 


5.625% PHILIP MORIS 08/11 EUR 7,400,000.00 7,665,956.00 0.49 

FRN BANK OF AMERICA 05/10 EUR 1,910,000.00 1,910,620.75 0.12 

FRANCE 

38,309,314.08 2.43 

0% B.T.F. 10/10 EUR 10,000,000.00 9,994,438.00 0.64 

0% B.T.F. 10/10 EUR 10,000,000.00 9,991,124.00 0.64 

0% B.T.F. 10/10 EUR 5,000,000.00 4,996,815.00 0.32 

2.625% DEXIA C. L. F. 09/11 EUR 14,790,000.00 14,914,236.00 0.94 

4.75% BNP PARIBAS 08/11 EUR 31,113,000.00 31,673,345.13 2.01 

FRN B.F.C.M. 09/10 EUR 9,950,000.00 9,957,462.50 0.63 

FRN GROUPE BPCE 10/11 EUR 10,000,000.00 10,013,350.00 0.64 

FRN SOCIETE GENERALE 08/11 EUR 13,700,000.00 13,782,200.00 0.88 

IRLANDE 

105,322,970.63 6.70 

4.75% GE CAPITAL EUROPEAN 08/11 EUR 3,753,000.00 3,791,280.60 0.24 

FRN GE CAPITAL EUROPEAN FUND. 04/11 EUR 635,000.00 634,663.45 0.04 

FRN GE CAPITAL EUROPEAN FUND. 05/10 EUR 19,629,000.00 19,627,037.10 1.25 

ITALIE 

24,052,981.15 1.53 

0% ITALIE (BOT) 10/10 EUR 10,000,000.00 9,982,779.00 0.64 

0% ITALIE (BOT) 10/11 EUR 10,000,000.00 9,855,000.00 0.63 

0% ITALIE (BOT) 10/11 EUR 20,000,000.00 19,935,948.00 1.27 

0% ITALIE 10/11 EUR 20,000,000.00 19,927,530.00 1.27 

3.5% INTESA SANPAOLO 06/11 EUR 2,765,000.00 2,786,871.15 0.18 

5% INTESA SANPAOLO 08/11 EUR 15,000,000.00 15,286,500.00 0.97 

FRN BANCA INTESA 04/11 EUR 1,214,000.00 1,214,303.50 0.08 

FRN CAPITALIA 05/10 EUR 2,327,000.00 2,327,116.35 0.15 

FRN MEDIOBANCA 06/11 EUR 19,432,000.00 19,417,814.64 1.24 

FRN SANPAOLO 04/11 EUR 12,000,000.00 12,001,200.00 0.76 

FRN UNICREDIT 04/11 EUR 5,000,000.00 4,995,875.00 0.32 

FRN UNICREDIT 06/11 EUR 2,000,000.00 1,999,380.00 0.13 

FRN UNICREDITO ITALIANO 08/11 EUR 1,500,000.00 1,500,180.00 0.10 

121,230,497.64 7.74 

NORVEGE 

FRN DNB NORBANK 06/11 EUR 11,400,000.00 11,404,845.00 0.73 

FRN DNB NORBANK 08/11 EUR 6,800,000.00 6,820,876.00 0.43 

18,225,721.00 1.16 

PAYS-BAS 

0% PAYS-BAS 10/10 EUR 80,000,000.00 79,976,808.00 5.08 

2.75% NED. WATERSCHAPSBANK 09/11 EUR 5,000,000.00 5,039,525.00 0.32 

3.375% LEASEPLAN 08/10 EUR 20,000,000.00 20,094,000.00 1.28 

5.25% B.N.G. 01/11 EUR 1,504,000.00 1,551,112.80 0.10 

FRN RABOBANK 09/11 EUR 5,000,000.00 5,018,500.00 0.32 

111,679,945.80 7.10 

ROYAUME-UNI 

4.625% JTI FINANCE 04/11 EUR 8,044,000.00 8,213,326.20 0.52 

5.375% UBS LONDON 08/11 EUR 8,000,000.00 8,161,200.00 0.52 

FRN CREDIT AGRICOLE LDN 09/10 EUR 1,000,000.00 1,000,075.00 0.06 

FRN HSBC BANK 09/11 EUR 24,000,000.00 24,023,400.00 1.53 

FRN WESTPAC BANK LONDON 06/11 EUR 15,000,000.00 14,997,750.00 0.95 

56,395,751.20 3.58 

109


SUEDE 


110 




(note 2) 

FRN SBAB 09/11 EUR 8,400,000.00 8,414,910.00 0.54 

SUISSE 

8,414,910.00 0.54 

0% BANQUE NAT. SUISSE 10/10 CHF 30,000,000.00 22,491,322.08 1.43 





96,983,697.62 6.16 

TOTAL I. 959,262,505.74 61.03 


ALLEMAGNE 





0% DFS DEUTSCHE FLUGS. 10/10 EUR 25,000,000.00 24,992,720.00 1.59 

0% HONDA BANK (ECP) 10/10 EUR 10,000,000.00 9,981,574.00 0.64 

53,912,455.40 3.43 

BELGIQUE 

0% KBC BANK (CD) 10/10 EUR 15,000,000.00 14,998,789.50 0.95 

14,998,789.50 0.95 

COREE DU SUD 

0% EXP. IMP. BANK KOR. (ECP) 10/10 EUR 5,000,000.00 4,991,626.00 0.32 

0% EXP. IMP. BANK KOR. (ECP) 10/11 EUR 10,000,000.00 9,968,903.00 0.63 

14,960,529.00 0.95 

ESPAGNE 

0% I.C.O. (ECP) 10/10 EUR 10,000,000.00 9,988,258.00 0.64 

9,988,258.00 0.64 

FINLANDE 

0% FINGRID OYJ (ECP) 10/10 EUR 5,000,000.00 4,991,591.00 0.32 

FRANCE 

4,991,591.00 0.32 

0% A.C.O.S.S. (ECP) 10/10 EUR 20,000,000.00 19,994,220.00 1.27 

0% A.C.O.S.S. (ECP) 10/10 EUR 20,000,000.00 19,985,976.00 1.27 

0% AIR LIQUIDE (ECP) 10/10 EUR 10,000,000.00 9,992,586.00 0.64 

0% BQ FED. CR. MUT. (ECP) 10/10 EUR 5,000,000.00 4,997,218.00 0.32 

0% CRCAM ANJ. & MAI. (CD) 10/10 EUR 8,000,000.00 7,992,193.60 0.51 

0% CRCAM AQUITAINE (CD) 10/10 EUR 6,000,000.00 5,990,527.20 0.38 

0% CRCAM NORD (CD) 10/10 EUR 7,000,000.00 6,988,557.80 0.44 

0% CRCAM NORD FRAN. (CD) 10/10 EUR 8,000,000.00 7,990,372.00 0.51 


0% HSBC FRANCE (CD) 10/10 EUR 5,000,000.00 4,999,336.00 0.32 


0% RATP (ECP) 10/10 EUR 15,000,000.00 14,995,254.00 0.95 

117,921,732.70 7.50


IRLANDE 





(note 2) 



0% GE CAPITAL EUROPEAN (ECP) 10/10 EUR 10,000,000.00 9,989,830.00 0.64 

0% HOUSING FIN. (ECP) 10/10 EUR 10,000,000.00 9,999,129.00 0.64 

JAPON 

29,975,377.00 1.91 



14,982,377.50 0.95 

PAYS-BAS 



24,995,552.00 1.59 

ROYAUME-UNI 



0% BARCLAYS BANK (ECP) 10/11 EUR 25,000,000.00 24,928,997.50 1.58 

0% KOREA DEV. BANK (ECP) 10/11 EUR 10,000,000.00 9,977,438.00 0.63 

0% LLOYDS TSB BANK (ECP) 10/10 EUR 16,000,000.00 15,980,579.20 1.02 



0% ROYAL BANK SCOT. (ECP) 10/10 EUR 15,000,000.00 14,996,335.50 0.95 

0% STANDARD CHART. (ECP) 09/10 EUR 7,000,000.00 6,998,850.60 0.45 

0% UNICREDITO ITAL. (CD)10/10 EUR 5,000,000.00 4,996,901.00 0.32 

SUEDE 

131,822,239.90 8.39 

0% SBAB (ECP) 10/10 EUR 15,000,000.00 14,987,773.50 0.95 




0% SVENSKA HANDELSBANKEN (ECP) 10/10 EUR 7,000,000.00 6,993,915.60 0.44 


68,449,289.15 4.35 

TOTAL II. 486,998,191.15 30.98 





111



112 





France 14.20 



Pays-Bas 8.69 

Italie 7.74 

Suisse 6.16 


Suède 4.89 

Espagne 3.80 

Irlande 3.44 

Belgique 3.18 

Canada 2.57 


Autriche 1.54 

Norvège 1.16 

Japon 0.95 


Finlande 0.32 

92.01 



Instruments du marché monétaire 30.98 


92.01

Pictet - EUR Corporate Bonds 





(note 2) 


OBLIGATIONS 

ALLEMAGNE 



4.5% MERCK FINANC. SERV. 10/20 EUR 5,761,726.24 6,288,117.55 0.31 

4.75% COMMERZBANK 09/15 EUR 8,162,445.51 8,796,136.96 0.43 

5% BAYER AG 05/05 EUR 1,920,575.41 1,883,969.25 0.09 


5.125% ROBERT BOSCH 09/17 EUR 2,880,863.12 3,319,028.00 0.16 

5.25% EWE 09/21 EUR 2,400,719.27 2,755,077.43 0.13 

5.375% HENKEL 05/04 EUR 2,880,863.12 2,898,940.54 0.14 

5.767% MUENCHENER RUECK. 07/49 EUR 1,920,575.41 1,821,473.72 0.09 

6.125% COMMERZBANK SUB. 01/11 EUR 3,937,179.60 4,021,317.13 0.20 

7.25% MAN 09/16 EUR 3,361,006.97 4,091,353.79 0.20 

7.625% METRO 09/15 EUR 5,866,397.60 7,020,318.01 0.34 

7.875% BERTELSMANN 09/14 EUR 4,801,438.53 5,583,688.90 0.27 

AUSTRALIE 

78,717,256.84 3.84 

3.5% OPTUS FINANCE 10/20 EUR 8,642,589.36 8,766,351.24 0.43 


3.875% TELSTRA 05/15 EUR 4,801,438.53 5,098,047.40 0.25 


4% NAT. AUSTRALIA BANK 10/20 EUR 8,738,618.13 9,062,515.01 0.44 

4.25% TELSTRA 10/20 EUR 2,880,863.12 3,097,547.24 0.15 

4.625% NAT. AUSTRALIA BANK 10/20 EUR 5,281,582.39 5,550,362.11 0.27 


5.5% COMMONWEAL. BANK AUST. 09/19 EUR 5,761,726.24 6,473,155.39 0.32 

6.375% BHP BILLITON FIN. 09/16 EUR 672,201.39 795,204.17 0.04 

AUTRICHE 

63,117,475.41 3.09 

6.375% TELEKOM FINANZ. 09/16 EUR 4,321,294.68 4,946,089.07 0.24 

BELGIQUE 

4,946,089.07 0.24 

4.625% FORTIS BANQUE 04/PE EUR 2,880,863.12 2,607,181.12 0.13 

6.57% ANHEUSER-BUSH INBEV 09/14 EUR 3,841,150.83 4,344,994.58 0.21 

6,952,175.70 0.34 

BERMUDES 

7.75% BACARDI 09/14 EUR 6,722,013.95 7,798,073.94 0.38 

BRESIL 

7,798,073.94 0.38 

4.375% VALE 10/18 EUR 1,152,345.25 1,195,563.96 0.06 

CANADA 

1,195,563.96 0.06 

4.875% TORONTO DOMINION BANK 08/13 EUR 5,761,726.24 6,185,731.67 0.30 

6.25% XSTRATA CANADA 08/15 EUR 2,880,863.12 3,216,137.97 0.16 

9,401,869.64 0.46 

DANEMARK 

FRN DANSKE BANK 05/18 EUR 8,642,589.36 8,512,950.52 0.42 

8,512,950.52 0.42 

113


ESPAGNE 


114 




(note 2) 


3.25% BBVA SENIOR FIN. 10/15 EUR 2,880,863.12 2,839,306.67 0.14 

3.406% TELEFONICA EMIS. 10/15 EUR 5,281,582.39 5,337,936.87 0.26 

3.5% RED ELECTRIC. ESPANA 10/16 EUR 5,905,769.40 5,912,295.27 0.29 

4.375% BBVA 04/19 EUR 8,162,445.51 8,169,261.15 0.40 

4.625% ABERTIS INFRASTR. 09/16 EUR 6,722,013.95 6,684,370.67 0.33 


5.125% GAS NATURAL CAP.MAR.09/21 EUR 1,920,575.41 1,981,937.80 0.10 

5.25% GAS NATURAL FINANCE 09/14 EUR 5,761,726.24 6,090,432.72 0.30 

5.58% TELEFONICA EMISSION 08/13 EUR 5,089,524.85 5,473,504.05 0.27 

6.5% SANTANDER ISSUANCE 09/19 EUR 2,880,863.12 3,130,720.38 0.15 

7.5% IBERDROLA FINANZAS 08/15 EUR 9,602,877.07 11,614,343.71 0.57 

8.5% BBVA INT. PREF. 09/PE EUR 3,361,006.97 3,487,044.73 0.17 

FRN SANTANDER ISSUANCES 07/19 EUR 2,784,834.35 2,828,389.16 0.14 

76,681,501.58 3.76 

ETATS-UNIS 

3.625% CITIGROUP 05/17 EUR 18,293,480.81 17,679,643.06 0.86 

3.75% MORGAN STANLEY 06/13 EUR 8,642,589.36 8,767,993.33 0.43 

4% MORGAN STANLEY 05/15 EUR 10,371,107.23 10,526,673.84 0.51 

4.25% NOVARTIS 09/16 EUR 2,880,863.12 3,177,952.13 0.16 

4.25% TOYOTA MOTOR CREDIT 07/12 EUR 11,523,452.48 11,984,966.75 0.59 

4.375% AMERICAN INTL GROUP 06/16 EUR 4,801,438.53 4,561,366.61 0.22 

4.375% JP MORGAN 06/21 EUR 24,007,192.67 24,219,776.36 1.17 

4.375% WELLS FARGO 06/18 EUR 1,920,575.41 2,026,831.25 0.10 

4.5% HSBC FINANCE 06/16 EUR 14,404,315.60 15,401,598.39 0.75 

4.50% PROCTER & GAMBLE 07/14 EUR 11,571,466.87 12,581,945.21 0.62 

4.625% JP MORGAN CHASE 07/17 EUR 8,642,589.36 8,788,562.69 0.43 

4.75% BANK OF AMERICA 04/19 EUR 24,036,001.30 24,096,091.30 1.17 



4.75% CITIGROUP 04/19 EUR 5,761,726.24 5,675,300.35 0.28 

4.75% CITIGROUP 07/17 EUR 4,225,265.91 4,119,634.26 0.20 

4.75% PFIZER 07/14 EUR 14,404,315.60 15,925,267.28 0.78 

5.125% GOLDMAN SACHS 07/14 EUR 18,245,466.43 19,340,194.41 0.95 

5.125% PROCTER & GAMBLE 07/17 EUR 2,880,863.12 3,357,285.86 0.16 

5.5% GE CAPITAL TRUST II 10/67 EUR 6,722,013.95 5,877,560.94 0.29 

5.625% ROCHE HOLDINGS 09/16 EUR 12,003,596.33 13,955,681.19 0.68 

5.75% KRAFT FOODS 08/12 EUR 5,041,510.46 5,318,919.57 0.26 

5.75% PHILIP MORRIS 09/16 EUR 5,761,726.24 6,705,929.13 0.33 

6% WACHOVIA BANK 08/09 EUR 5,761,726.24 6,325,626.39 0.31 

6.25% AMERICAN HONDA 08/13 EUR 2,880,863.12 3,204,240.01 0.16 

6.25% CARGILL 08/17 EUR 3,361,006.97 3,902,381.17 0.19 

6.375% GOLDMAN SACHS 08/18 EUR 4,321,294.68 4,857,740.20 0.24 

7% SWISS RE TREASURY 09/14 EUR 3,361,006.97 3,856,688.28 0.19 

7.375% CITIGROUP 09/19 EUR 17,285,178.72 20,377,151.49 1.00 

7.5% JOHN DEERE CAPITAL 09/14 EUR 3,841,150.83 4,475,228.80 0.22 

8.75% VERIZON WIRELESS 08/15 EUR 3,649,093.29 4,739,077.45 0.23 

304,573,942.73 14.89 

FINLANDE 

3% POHJOLA BANK 10/17 EUR 12,003,596.33 11,925,632.98 0.58 

FRN METSO 09/14 EUR 6,047,891.98 6,950,388.66 0.34 

18,876,021.64 0.92


FRANCE 





(note 2) 


3% SOCIETE GENERALE 10/15 EUR 11,811,538.79 12,004,657.45 0.59 

3.375% FRANCE TELECOM 10/22 EUR 3,697,107.67 3,676,182.04 0.18 

3.375% S. F. R. 05/12 EUR 960,287.71 982,787.25 0.05 

3.375% UNIBAIL-RODAMCO 10/15 EUR 4,609,380.99 4,747,938.98 0.23 

3.625% EDENRED 10/17 EUR 5,857,755.01 5,845,131.55 0.29 

3.75% C.I.F. 10/15 EUR 3,841,150.83 3,936,219.31 0.19 

3.75% SOCIETE GENERALE 09/14 EUR 2,880,863.12 3,014,275.89 0.15 

4% BOUYGUES 10/18 EUR 9,122,733.21 9,697,784.70 0.47 

4% CARREFOUR 10/20 EUR 6,722,013.95 7,164,793.01 0.35 

4% SAINT GOBAIN 10/18 EUR 6,073,819.74 6,114,332.12 0.30 

4% VIVENDI 10/17 EUR 5,761,726.24 5,959,641.54 0.29 

4.125% ALSTOM 10/17 EUR 2,016,604.18 2,104,447.46 0.10 

4.13% CREDIT AGRICOLE 05/PE EUR 8,642,589.36 7,636,808.02 0.37 

4.196% SOCIETE GENERALE 05/PE EUR 9,891,923.67 8,630,703.40 0.42 

4.25% KLEPIERRE 06/16 EUR 2,880,863.12 3,013,714.12 0.15 

4.375% AIR LIQUIDE 09/15 EUR 4,801,438.53 5,277,693.22 0.26 

4.375% L.V.M.H. 09/14 EUR 4,801,438.53 5,170,189.01 0.25 

4.375% RCI BANQUE 10/15 EUR 5,775,170.27 5,909,616.23 0.29 

4.375% THALES 09/13 EUR 1,008,302.09 1,063,763.75 0.05 

4.379% CASINO GUICHARD 10/17 EUR 7,682,301.65 8,080,436.94 0.40 

4.5% AXA 09/15 EUR 4,801,438.53 5,176,454.89 0.25 

4.5% NATIXIS 07/19 EUR 9,602,877.07 9,530,039.24 0.47 

4.625% AGF 05/PE EUR 3,072,920.66 2,719,534.79 0.13 

4.75% AUCHAN 09/15 EUR 4,801,438.53 5,319,537.76 0.26 

4.82% SUEZ ENVIRONNEMENT 10/PE EUR 5,233,568.00 5,099,457.82 0.25 

5% BNP PARIBAS 08/13 EUR 4,801,438.53 5,237,649.22 0.26 

5% FRANCE TELECOM 09/14 EUR 7,682,301.65 8,389,649.58 0.41 

5% IMERYS 07/17 EUR 2,496,748.04 2,586,019.26 0.13 

5.125% TOTAL CAPITAL 09/24 EUR 4,801,438.53 5,783,548.78 0.28 

5.375% C.F.C.M. 09/14 EUR 3,072,920.66 3,347,071.28 0.16 

5.375% DEXIA C.L.F. 09/14 EUR 6,241,870.09 6,762,286.01 0.33 

5.375% SCHNEIDER ELECTRIC 07/15 EUR 4,993,496.07 5,623,350.70 0.28 

5.625% A.S.F. 07/22 EUR 6,722,013.95 7,909,995.47 0.39 

5.777% AXA 06/PE EUR 6,241,870.09 5,618,806.62 0.27 

6% CNP ASSURANCE 10/20 EUR 9,122,733.21 9,355,134.84 0.46 

6% TPSA EUROFINANCE 09/14 EUR 3,841,150.83 4,270,207.37 0.21 

6.117% C.N.C.E.P. 07/PE EUR 11,523,452.48 10,054,212.29 0.49 

6.125% LAFARGE 08/15 EUR 7,682,301.65 8,139,782.72 0.40 

6.125% VEOLIA ENVIRON. 03/33 EUR 1,920,575.41 2,425,014.55 0.12 

6.154% SCOR ASSISTANCE 06/PE EUR 4,801,438.53 4,177,251.52 0.20 

6.25% SODEXHO 09/15 EUR 2,880,863.12 3,302,405.42 0.16 

6.25% SUEZ ENVIRONNEMENT 09/19 EUR 3,841,150.83 4,756,381.83 0.23 

6.25% VINCI 06/PE EUR 3,361,006.97 3,407,220.82 0.17 

6.50% B.F.C.M. 01/13 EUR 8,162,445.51 8,984,362.96 0.44 

6.75% VEOLIA ENVIRON. 09/19 EUR 8,642,589.36 10,865,463.34 0.53 

6.875% GDF SUEZ 08/19 EUR 4,801,438.53 6,173,425.59 0.30 

7.5% ACCOR 09/14 EUR 1,920,575.41 2,169,904.51 0.11 

7.75% VIVENDI 09/14 EUR 1,920,575.41 2,210,908.80 0.11 


8.25% SAINT GOBAIN 09/14 EUR 13,444,027.89 16,083,829.99 0.79 

8.5% BANQUE PSA FINANCE 09/12 EUR 6,722,013.95 7,290,897.99 0.36 

115



116 




(note 2) 


8.625% PPR 09/14 EUR 3,361,006.97 4,000,606.60 0.20 

FRN AXA 10/20 EUR 3,841,150.83 3,818,584.07 0.19 

FRN BNP PARIBAS 06/PE EUR 13,444,027.89 12,154,543.96 0.59 

FRN CNP ASSURANCES 06/PE EUR 5,761,726.24 4,911,871.62 0.24 

FRN CREDIT LOGEMENT 07/17 EUR 768,230.17 722,505.11 0.04 

FRN LA POSTE 06/16 EUR 1,920,575.41 1,862,478.01 0.09 

STEP A.P.R.R. 09/15 EUR 3,841,150.83 4,429,077.37 0.22 

329,046,082.62 16.11 

GUERNESEY 

3.625% CS GROUP FIN. GUERN. 06/18 EUR 21,126,329.55 21,493,293.89 1.05 

ILES CAIMANS 

21,493,293.89 1.05 

4.5% SANTANDER ISSUANCES 04/19 EUR 14,788,430.68 14,925,889.15 0.73 

4.75% HUTCHISON WHAMP. INTL 9/16 EUR 19,349,797.29 20,647,975.19 1.01 

6.25% BCP FINANCE BANK 01/11 EUR 1,152,345.25 1,160,515.38 0.06 

IRLANDE 

36,734,379.72 1.80 

2.875% GE CAPITAL EUROPEANFUND. 10/15 EUR 10,563,164.77 10,594,326.11 0.52 

4.75% GE CAP. UK FUNDING 09/14 EUR 6,722,013.95 7,213,225.12 0.35 

5.125% CATERPILLAR 09/12 EUR 1,920,575.41 2,027,369.01 0.10 

7.5% CLOVERIE 09/39 EUR 11,523,452.48 13,571,169.99 0.66 

ITALIE 

33,406,090.23 1.63 

3.375% ATLANTIA 10/17 EUR 4,177,251.52 4,147,091.77 0.20 

3.75% BANCO POPOLARE 09/12 EUR 14,884,459.45 15,078,329.54 0.74 

3.75% SANPAOLO IMI 05/20 EUR 27,848,343.49 27,516,948.21 1.35 

4.125% INTESA SANPAOLO 10/20 EUR 3,841,150.83 3,937,275.63 0.19 

4.125% UNICREDIT 06/16 EUR 10,755,222.32 10,762,051.88 0.53 

4.25% EDISON 09/14 EUR 2,880,863.12 3,032,122.84 0.15 

4.75% MONTE PASCHI SIENA 09/14 EUR 7,682,301.65 7,999,888.00 0.39 

4.875% TERNA 09/19 EUR 3,841,150.83 4,335,737.41 0.21 

4.875% UNICREDIT 08/13 EUR 11,523,452.48 12,048,345.74 0.59 

5% ENI 09/16 EUR 11,523,452.48 12,846,344.83 0.63 

5% MONTE PASCHI SIENA 10/20 EUR 2,400,719.27 2,421,437.47 0.12 

5.25% TELECOM ITALIA 05/55 EUR 5,761,726.24 4,834,174.74 0.24 

5.25% TELECOM ITALIA 10/22 EUR 7,682,301.65 7,773,605.81 0.38 

5.6% MONTE PASCHI SIENA 10/20 EUR 5,617,683.08 5,784,809.16 0.28 

5.625% ATLANTIA 09/16 EUR 7,202,157.80 8,063,968.00 0.39 

6.7% UNICREDITO ITALIANO 08/18 EUR 3,841,150.83 4,083,450.62 0.20 

6.9% ASSICURAZIONI GEN. 00/22 EUR 17,091,200.60 18,360,222.25 0.90 

8.047% INTESA SANPAOLO 08/PE EUR 5,761,726.24 5,786,933.79 0.28 


JERSEY 

165,751,440.56 8.11 

4.5% UBS JERSEY BRANCH 04/19 EUR 21,126,329.55 22,163,949.22 1.08 

4.6% BAA FUNDING 08/16 EUR 3,649,093.29 3,785,934.28 0.19 

5.3687% HSBC CAP FUNDING 03/PE EUR 2,908,711.46 2,804,245.10 0.14 

LUXEMBOURG 

28,754,128.60 1.41 

4.375% SES GLOBAL 06/13 EUR 2,880,863.12 3,047,492.24 0.15 

5% ENEL FIN.INT. 09/22 EUR 10,491,143.20 11,616,056.03 0.57






(note 2) 


5% HANNOVER FINANCE 05/PE EUR 3,264,978.20 3,052,754.62 0.15 

5.75% FINMECCANICA FIN. 03/18 EUR 6,523,234.39 7,265,578.47 0.36 

5.75% HANNOVER FINANCE 04/24 EUR 11,523,452.48 11,984,390.58 0.59 

6.875% OLIVETTI FINANCE 03/13 EUR 6,722,013.95 7,328,171.55 0.36 

7.125% GLENCORE FINANCE 08/15 EUR 22,086,617.25 24,241,166.77 1.17 

8.125% FINMECCANIACA FIN 08/13 EUR 3,841,150.83 4,463,762.96 0.22 

8.25% ARCELORMITTAL 09/13 EUR 1,920,575.41 2,168,031.95 0.11 

8.625% MICHELIN LUXEMBOURG 09/14 EUR 1,920,575.41 2,299,274.47 0.11 

9% HOLCIM FINANCE LUX. 09/14 EUR 1,440,431.56 1,723,836.47 0.08 


9.375% SUB. UNICREDITO 10/PE EUR 1,920,575.41 1,951,784.76 0.10 

MEXIQUE 

87,124,677.22 4.26 

4.75% AMERICA MOVIL 10/22 EUR 3,985,193.98 4,293,926.96 0.21 

4,293,926.96 0.21 

NORVEGE 

4.125% TELENOR 10/20 EUR 2,880,863.12 3,094,983.27 0.15 

4.5% DNB NOR BANK 09/14 EUR 4,801,438.53 5,159,937.94 0.25 

5.5% STATKRAFT 09/15 EUR 1,824,546.64 2,062,631.73 0.10 

5.625% STATOIL 09/21 EUR 4,993,496.07 6,143,573.12 0.31 

5.875% DNB NOR BANK 08/13 EUR 3,168,949.43 3,489,583.74 0.17 

PAYS-BAS 

19,950,709.80 0.98 

3.375% ING BANK 10/15 EUR 5,761,726.24 5,911,675.17 0.29 

3.625% SNS BANK 10/13 EUR 4,801,438.53 4,875,860.83 0.24 

3.75% DEUTSCHE BAHN 10/25 EUR 3,841,150.83 4,028,406.93 0.20 

3.75% KPN KONINKLIJKE 10/20 EUR 3,312,992.59 3,321,059.73 0.16 

4% FORTIS BANK NED. 10/15 EUR 5,761,726.24 5,997,236.80 0.29 

4% URENCO FINANCE 10/17 EUR 1,920,575.41 2,057,032.30 0.10 

4.125% RABOBANK 10/20 EUR 9,602,877.07 10,212,035.57 0.50 

4.25% COCA COLA HBC FIN. 09/16 EUR 3,361,006.97 3,589,824.33 0.18 

4.25% DEUTSCHE TEL. FIN. 10/22 EUR 4,801,438.53 4,938,423.57 0.24 

4.375% RABOBANK 09/14 EUR 9,602,877.07 10,303,070.85 0.50 

4.375% RABOBANK 09/16 EUR 24,007,192.67 26,184,645.04 1.27 

4.5% PORTUGAL TELE. INTL 05/25 EUR 5,761,726.24 5,012,068.04 0.25 

4.5% SCHLUMBERGER FIN. 09/14 EUR 1,152,345.25 1,245,212.75 0.06 

4.625% BAYER CAPITAL 09/14 EUR 3,841,150.83 4,203,467.38 0.21 

4.625% ING BANK 04/19 EUR 15,923,490.75 16,293,154.59 0.80 

4.625% SHELL INTERNAT. FIN. 07/17 EUR 5,953,783.78 6,709,527.33 0.33 

4.75% EDP FINANCE 09/16 EUR 2,976,891.89 3,040,805.76 0.15 

4.75% RABOBANK 08/18 EUR 11,523,452.48 12,805,378.95 0.63 

5.125% BASF FINANCE 09/15 EUR 6,722,013.95 7,561,593.49 0.37 

5.125% SIEMENS FINANCE 09/17 EUR 9,679,700.08 11,160,549.00 0.55 


5.252% ELM 06/PE EUR 3,841,150.83 3,449,122.97 0.17 

5.317% GENERALI FINANCE 06/PE EUR 4,801,438.53 4,360,906.55 0.21 

5.375% VOLKSWAGEN 09/13 EUR 9,698,905.84 10,627,721.56 0.52 

5.5% E. ON INTL FINANCE 09/16 EUR 9,602,877.07 11,041,484.08 0.54 

5.5% EADS FINANCE 03/18 EUR 2,880,863.12 3,258,601.89 0.16 

5.5% EDP FINANCE 09/14 EUR 4,897,467.30 5,176,378.07 0.25 


5.875% TELEFONICA EUROPE 03/33 EUR 2,880,863.12 3,277,860.46 0.16 

117



118 




(note 2) 


6% BASF FINANCE 08/13 EUR 5,281,582.39 5,930,636.05 0.29 

6% DEUTSCHE TEL. FIN. 09/17 EUR 13,924,171.75 16,195,969.99 0.79 

6% PORTUGAL TEL. INT. 09/13 EUR 2,880,863.12 3,066,549.15 0.15 

6.125% ALLIANZ FINANCE 02/22 EUR 6,722,013.95 7,007,329.83 0.34 

6.125% ENBW INT. FINANCE 09/39 EUR 960,287.71 1,253,367.51 0.06 

6.375% WOLTERS KLUWER 08/18 EUR 2,400,719.27 2,850,013.88 0.14 

6.5% ALLIANZ FIN. II 02/25 EUR 17,285,178.72 19,445,826.06 0.95 

6.5% REPSOL INTL FINANCE 09/14 EUR 6,722,013.95 7,500,927.31 0.37 

6.625% RWE FINANCE 08/19 EUR 11,523,452.48 14,541,963.24 0.71 

6.655% TENNET HOLDING BV 10/PE EUR 7,835,947.69 8,339,564.04 0.41 

6.75% MUNICH RE FINANCE 03/23 EUR 17,285,178.72 18,681,994.01 0.91 

6.875% ENBW INT. FINANCE 08/18 EUR 5,761,726.24 7,346,921.17 0.36 

7% AEGON 09/12 EUR 1,920,575.41 2,057,762.12 0.10 

7.375% EUREKO 09/14 EUR 3,361,006.97 3,802,055.11 0.19 

7.375% LINDE FINANCE 06/66 EUR 5,761,726.24 6,351,525.35 0.31 

7.5% KPN KONINKLIJKE 09/19 EUR 6,722,013.95 8,667,969.76 0.42 

7.625% ADECCO INT. FIN. 09/14 EUR 7,453,753.18 8,514,310.45 0.42 

7.75% LANXESS FINANCE 09/14 EUR 1,920,575.41 2,238,478.66 0.11 

7.875% DAIMLER INTL 09/14 EUR 9,602,877.07 11,218,705.18 0.55 

8.875% BMW FINANCE 08/13 EUR 15,364,603.31 18,301,009.47 0.90 

9% DAIMLER INTL FIN. 08/12 EUR 2,880,863.12 3,147,472.60 0.15 

STEP DEUTSCHE TEL. FIN. 02/12 EUR 2,880,863.12 3,171,959.93 0.16 

382,383,744.97 18.71 

PORTUGAL 

5.625% B.C.P. 09/14 EUR 2,880,863.12 2,816,936.77 0.14 

5.625% BCO ESPIRITO SANTO 09/14 EUR 8,738,618.13 8,494,679.61 0.41 

ROYAUME-UNI 

11,311,616.38 0.55 

3.5% UBS LONDON 10/15 EUR 9,794,934.61 10,073,698.45 0.49 

3.625% HSBC HOLDINGS 05/20 EUR 14,404,315.60 14,682,390.91 0.72 

3.625% STANDARD CHARTERED 05/17 EUR 2,171,210.50 2,180,959.24 0.11 


4% BARCLAYS BANK 10/17 EUR 3,841,150.83 4,027,331.41 0.20 

4.375% ANGLO AMERICAN CAP. 09/16 EUR 6,722,013.95 7,098,480.34 0.35 

4.375% REXAM 06/13 EUR 3,841,150.83 4,002,786.45 0.20 

4.5% OLD MUTUAL 07/17 EUR 6,433,927.63 6,136,358.48 0.30 

4.625% RENTOKIL INITIAL 07/14 EUR 10,083,020.92 10,570,837.47 0.52 

4.7291% AVIVA 04/PE EUR 2,880,863.12 2,477,542.28 0.12 

4.75% EXPERIAN FIN. 10/20 EUR 1,392,417.17 1,493,833.88 0.07 

4.875% BARCLAYS BANK 04/PE EUR 2,880,863.12 2,419,925.02 0.12 

4.875% BAT INTL FINANCE 09/21 EUR 1,920,575.41 2,157,833.70 0.11 

5% OTE PLC 03/13 EUR 5,761,726.24 5,761,524.58 0.28 

5.025% SCOTTISH & SOUTHERN 10/PE EUR 5,089,524.85 5,004,300.75 0.24 

5.125% TESCO 09/15 EUR 7,010,100.26 7,852,539.06 0.38 

5.25% AVIVA 03/23 EUR 5,761,726.24 5,854,173.14 0.29 

5.25% BARCLAYS BANK 09/14 EUR 5,761,726.24 6,281,779.65 0.31 

5.375% BAT INTL FINANCE 07/17 EUR 7,202,157.80 8,249,891.71 0.40 

5.375% VODAFONE 07/22 EUR 3,361,006.97 3,888,752.29 0.19 

5.5% ROYAL BANK SCLOTLAND 10/20 EUR 8,642,589.36 9,026,233.90 0.44 

5.625% GLAXOSMITHKLINE 07/17 EUR 6,722,013.95 7,993,818.99 0.39 

5.75% ROYAL BANK SCOTLAND 09/14 EUR 5,761,726.24 6,192,156.00 0.30 

5.875% STANDARD CHARTERED 07/17 EUR 8,642,589.36 9,736,741.17 0.48






(note 2) 




6.25% LLOYDS TSB BANK 09/14 EUR 15,364,603.31 16,868,183.39 0.83 

6.25% VODAFONE 09/16 EUR 7,682,301.65 9,009,380.85 0.44 

6.375% LLOYDS TSB BANK 09/16 EUR 4,321,294.68 4,832,979.18 0.24 

6.375% S.L. FINANCE 02/22 EUR 11,533,055.36 11,553,238.20 0.56 

6.625% DIAGEO FINANCE 08/14 EUR 3,361,006.97 3,933,722.56 0.19 

6.625% NATIONAL GRID ELEC. 08/14 EUR 5,761,726.24 6,567,503.65 0.32 

6.625% WPP GROUP 08/16 EUR 7,490,244.11 8,673,927.39 0.42 

6.934% R.B.S. 08/18 EUR 7,682,301.65 8,322,544.67 0.41 

8.375% IMPERIAL TOBACCO FR/RATG. 9/16 EUR 9,602,877.07 12,085,941.00 0.59 

SUEDE 

254,909,865.11 12.47 

3% SVENSKA HANDELSBANK 09/12 EUR 2,880,863.12 2,951,746.76 0.14 

3.125% SWEDBANK 10/13 EUR 3,841,150.83 3,923,754.78 0.19 

3.75% SVENSKA HANDELSBANK 10/17 EUR 2,880,863.12 3,029,587.68 0.15 

4% NORDEA BANK 04/16 EUR 3,345,642.37 3,392,765.74 0.17 



4.75% TELIASONERA 09/21 EUR 3,841,150.83 4,274,835.96 0.21 

4.875% INVESTOR 09/21 EUR 1,920,575.41 2,157,305.54 0.11 

5.5% SKANDINAV.ENSKILDA 09/14 EUR 4,801,438.53 5,298,747.53 0.26 

7.75% AKZO NOBEL SWEDEN 08/14 EUR 2,880,863.12 3,358,351.78 0.16 

9.875% VOLVO TREASURY 09/14 EUR 3,264,978.20 3,954,639.55 0.19 

SUISSE 

42,740,941.05 2.09 

6% CREDIT AGRICOLE 08/13 EUR 6,722,013.95 7,435,387.68 0.36 

7,435,387.68 0.36 





119



120 






France 16.11 



Italie 8.11 



Espagne 3.76 


Suède 2.09 


Irlande 1.63 

Jersey 1.41 


Norvège 0.98 

Finlande 0.92 

Portugal 0.55 

Canada 0.46 

Danemark 0.42 

Bermudes 0.38 

Suisse 0.36 

Belgique 0.34 

Autriche 0.24 

Mexique 0.21 

Brésil 0.06 

98.14 



98.14

Pictet - Global Emerging Debt 





(note 2) 


OBLIGATIONS 



2.6% AFRIQUE SUD (INFLATION) 07/28 ZAR 16,411,886.16 2,940,856.21 0.12 


5.5% AFRIQUE DU SUD 10/20 USD 24,568,691.85 27,455,513.15 1.08 



7% AFRIQUE DU SUD 10/31 ZAR 22,296,585.13 2,927,416.75 0.12 

7.25% AFRIQUE DU SUD 05/20 ZAR 77,583,015.13 10,728,680.27 0.43 

81,433,954.31 3.23 

ARGENTINE 

2% PROV. BUENOS AIRES 06/35 USD 1,965,495.35 845,163.00 0.03 

8.28% ARGENTINE 05/33 USD 23,595,860.10 25,162,835.22 1.00 

STEP ARGENTINE 05/38 USD 59,554,509.05 24,238,685.18 0.96 

BELIZE 

50,246,683.40 1.99 

STEP GOV. OF BELIZE 07/29 USD 11,435,251.94 9,891,492.92 0.39 

9,891,492.92 0.39 

BIELORUSSIE 

8.75% BIELORUSSIE 10/15 USD 17,230,514.97 17,833,582.99 0.71 

BRESIL 

17,833,582.99 0.71 

4.875% BRESIL 10/21 USD 16,324,421.61 17,924,214.93 0.71 

5.5% BNDES 10/20 USD 10,810,224.42 11,648,016.81 0.46 

5.625% BRESIL 09/41 USD 16,461,023.54 18,189,431.01 0.72 

5.875% BRESIL 09/19 USD 23,094,570.34 27,147,667.44 1.08 

6% BRESIL (INFLATION) 03/15 BRL 27,556.24 31,693,113.21 1.26 


6% BRESIL 06/17 USD 4,913,738.37 5,746,617.02 0.23 

6.5% BCO DESENVOLVIMENTO 09/19 USD 9,139,553.37 10,510,486.37 0.42 

7.125% BRESIL 06/37 USD 21,925,100.61 28,941,132.80 1.15 

7.875% BRESIL 05/15 USD 3,930,990.70 4,844,946.03 0.19 

8% BRESIL 05/18 USD 5,970,192.12 5,970,191.88 0.24 

8.75% BRESIL 05/25 USD 17,935,145.05 26,342,244.30 1.05 

10% BRESIL 10/21 BRL 78,226.71 42,187,376.25 1.67 

11% BRESIL 00/40 USD 12,421,930.60 17,213,690.33 0.68 

CHILI 

259,306,804.85 10.29 

3.875% CHILI 10/20 USD 9,562,134.87 9,959,251.28 0.40 

5.25% ENAP 10/20 USD 8,697,316.92 9,001,723.01 0.36 

5.625% CODELCO 05/35 USD 11,547,285.17 12,758,157.75 0.51 

6.15% CODELCO 06/36 USD 982,747.67 1,160,327.62 0.05 

32,879,459.66 1.32 

COLOMBIE 

6.125% COLOMBIE 09/41 USD 23,192,845.11 26,497,825.54 1.06 

7.375% COLOMBIE 06/17 USD 8,844,729.07 10,879,016.75 0.43 

7.375% COLOMBIE 06/37 USD 13,955,016.97 18,455,509.95 0.73 

7.375% COLOMBIE 09/19 USD 4,569,776.68 5,780,767.51 0.23 

121



122 




(note 2) 


8.125% COLOMBIE 04/24 USD 5,994,760.81 8,152,874.70 0.32 

8.25% COLOMBIE 04/14 USD 2,948,243.02 3,618,968.31 0.14 

73,384,962.76 2.91 

COREE DU SUD 

4.25% COREE 04/14 KRW 3,685,303.78 3,291,669.63 0.13 

4.5% COREE 10/15 KRW 5,552,524.36 5,023,912.92 0.20 

4.5% KOREA EXPRESSWAY 09/15 USD 982,747.67 1,037,791.37 0.04 

4.875% KOREA NATIONAL 09/14 USD 2,260,319.65 2,398,594.71 0.10 

5% COREE 10/20 KRW 26,485,049.82 25,142,522.19 0.99 

5% NATIONAL AGR.COOP. 09/14 USD 1,081,022.44 1,158,160.20 0.05 

5.75% COREE 08/18 KRW 15,723,962.79 15,245,746.45 0.61 

7% WOORI BANK 09/15 USD 786,198.14 896,950.66 0.04 

54,195,348.13 2.16 


2.5% COTE D’IVOIRE 09/32 USD 43,662,496.41 25,378,826.04 1.01 

CROATIE 

25,378,826.04 1.01 

6.625% CROATIE 10/20 USD 11,871,591.90 12,880,677.21 0.51 

6.75% CROATIE 09/19 USD 11,547,285.17 12,644,277.26 0.50 

EGYPTE 

25,524,954.47 1.01 

0% EGYPTE 10/11 EGP 34,150,481.67 5,926,330.82 0.24 

0% EGYPTE 10/11 EGP 34,150,481.67 5,785,453.76 0.23 

11,711,784.58 0.47 

EQUATEUR 

9.375% EQUATEUR REG-S 05/15 USD 8,353,355.23 7,601,553.26 0.30 

ETATS-UNIS 

7,601,553.26 0.30 

6.625% PEMEX PROJ. FDG MSTR 05/35 USD 8,893,866.45 9,761,018.43 0.39 

GABON 

9,761,018.43 0.39 

8.2% GABONESE 07/17 USD 982,747.67 1,142,444.17 0.05 

1,142,444.17 0.05 

GEORGIE 

7.5% GEORGIE 08/13 USD 6,289,585.11 6,462,548.70 0.26 

9.875% GEORGIAN RAILWAY 10/15 USD 17,394,633.83 18,307,852.11 0.73 

GHANA 

24,770,400.81 0.99 

8.5% GHANA 07/17 USD 5,572,179.31 6,394,075.76 0.25 

14% REPUBLIC GHANA 08/11 GHS 982,747.67 695,853.97 0.03 

14.47% GHANA 06/11 GHS 491,373.84 354,354.21 0.01 

16% GHANA 08/11 GHS 884,472.91 634,789.91 0.03 

8,079,073.85 0.32 

HONGRIE 

4.75% HONGRIE 05/15 USD 15,723,962.79 15,782,927.65 0.63 

6.25% HONGRIE 10/20 USD 16,313,611.39 17,006,939.87 0.67 

32,789,867.52 1.30


ILES CAIMANS 





(note 2) 


5.25% NILE FINANCE 10/15 USD 20,146,327.32 20,742,255.68 0.82 

8% TELEMOVIL FINANCE 10/17 USD 2,751,693.49 2,731,138.34 0.11 

23,473,394.02 0.93 

INDONESIE 

5.875% INDONESIE 10/20 USD 491,373.84 569,103.04 0.02 

6.625% INDONESIE 07/37 USD 11,006,773.95 13,538,331.96 0.54 

6.75% INDONESIE 04/14 USD 982,747.67 1,119,103.91 0.04 

6.875% INDONESIE 08/18 USD 2,948,243.02 3,578,429.97 0.14 

7.25% INDONESIE 05/15 USD 1,768,945.81 2,098,411.97 0.08 

7.50% INDONESIE 05/16 USD 982,747.67 1,197,723.73 0.05 

7.75% INDONESIE 08/38 USD 19,900,640.40 27,288,753.15 1.09 

8.5% INDONESIE 05/35 USD 12,431,758.08 18,181,446.19 0.72 

8.8% PERUSA. PEN. INDO. 09/14 USD 3,193,929.94 3,844,693.17 0.15 

9.5% INDONESIE 08/12 IDR 14,741,215.11 1,714,092.14 0.07 

10.375% INDONESIE 09/14 USD 1,965,495.35 2,493,722.22 0.10 

10.5% INDONESIE 09/30 IDR 12,841,563.86 1,710,080.18 0.07 

11.625% INDONESIE 09/19 USD 2,702,556.10 4,199,096.55 0.17 

IRAK 

81,532,988.18 3.24 

STEP IRAK 06/28 USD 33,904,794.76 29,115,742.50 1.16 

IRLANDE 

29,115,742.50 1.16 

6.902% VEB FINANCE S.1 10/20 USD 14,053,291.74 15,353,221.23 0.61 

KAZAKHSTAN 

15,353,221.23 0.61 

7% KAZMUNAIGAZ FINANCE 10/20 USD 17,198,084.30 18,835,427.91 0.75 

8.375% KAZMUNAIGAZ F. REG. S. 08/13 USD 23,979,043.25 26,571,777.30 1.05 

9.125% KAZMUNAIGAZ F. REG. S. 08/18 USD 20,293,739.47 24,834,463.68 0.99 

LIBAN 

70,241,668.89 2.79 

4% LIBAN 02/17 USD 15,330,863.72 11,296,930.20 0.45 

6.375% LIBAN 10/20 USD 11,095,221.24 11,539,030.09 0.46 

8.25% LIBAN 06/21 USD 13,168,818.83 15,407,518.03 0.61 

38,243,478.32 1.52 

LITUANIE 

5.125% LITUANIE 10/17 USD 20,637,701.16 20,475,179.26 0.81 

6.75% LITUANIE 09/15 USD 18,573,931.04 20,164,323.89 0.80 

7.375% LITUANIE 10/20 USD 16,166,199.24 18,146,558.65 0.72 

LUXEMBOURG 

58,786,061.80 2.33 

6.299% RSHB CAPITAL 07/17 USD 18,672,205.81 19,512,455.07 0.77 

9% RSHB CAPITAL 09/14 USD 5,306,837.44 6,102,863.06 0.24 

25,615,318.13 1.01 

MALAISIE 

2.615% DANGA CAPITAL 10/15 SGD 4,913,738.37 3,740,113.52 0.15 


4.25% PETRONAS GLOB. SUK. 09/14 USD 21,718,723.60 22,991,156.29 0.91 

123



124 




(note 2) 


5.25% PETRONAS CAPITAL 09/19 USD 17,935,145.05 20,110,730.16 0.80 

7.625% PETROLIAM NASIONAL 96/26 USD 13,438,091.70 18,303,969.61 0.73 

MEXIQUE 

69,184,963.74 2.75 

5.125% MEXIQUE 10/20 USD 11,792,972.09 13,137,370.91 0.52 

5.5% PEMEX 10/21 USD 15,026,211.94 16,115,612.30 0.64 

5.625% MEXIQUE 06/17 USD 9,896,269.08 11,368,339.10 0.45 

5.875% MEXIQUE 03/14 USD 1,124,263.34 1,277,444.22 0.05 

5.95% MEXIQUE 08/19 USD 12,087,796.39 14,188,051.01 0.56 

6% PEMEX 10/20 USD 15,822,237.55 17,641,794.87 0.70 

6.05% MEXIQUE 08/40 USD 4,520,639.30 5,125,274.81 0.20 

6.625% MEXIQUE 03/15 USD 2,456,869.19 2,896,034.55 0.11 

6.625% PEMEX 10/35 USD 19,998,915.17 21,948,809.40 0.87 

6.75% MEXIQUE 04/34 USD 9,041,278.60 11,211,185.47 0.44 

7.50% MEXIQUE 03/33 USD 9,424,550.19 12,605,335.89 0.50 

8% PEMEX 09/19 USD 294,824.30 370,004.50 0.01 

8.125% MEXIQUE 01/19 USD 1,965,495.35 2,663,246.20 0.11 

PAKISTAN 

130,548,503.23 5.16 

6.875% PAKISTAN 07/17 USD 2,948,243.02 2,682,901.15 0.11 

7.875% PAKISTAN -REG.S- 06/36 USD 17,513,546.30 13,879,485.44 0.55 

PANAMA 

16,562,386.59 0.66 

5.2% PANAMA 09/20 USD 26,534,187.20 29,585,618.73 1.17 

6.7% PANAMA 06/36 USD 24,043,904.59 29,694,222.17 1.18 

7.25% PANAMA 04/15 USD 1,228,434.59 1,469,514.88 0.06 

8.875% PANAMA 97/27 USD 9,778,339.36 14,276,375.46 0.57 

PAYS-BAS 

75,025,731.24 2.98 

7.25% MAJAPAHIT BV 07/17 USD 3,243,067.32 3,737,635.09 0.15 

7.75% MAJAPAHIT HLDG 06/16 USD 4,913,738.37 5,755,216.07 0.23 

7.75% MAJAPAHIT HLDG BV 09/20 USD 6,879,233.72 8,280,877.59 0.33 

7.875% MAJAPAHIT BV 07/37 USD 8,918,435.14 11,170,340.02 0.44 

8% MAJAPAHIT BV 09/19 USD 12,677,445.00 15,339,708.45 0.61 

PEROU 

44,283,777.22 1.76 

5.375% CREDITO DEL PEROU 10/20 USD 3,734,441.16 3,785,789.73 0.15 

6.55% PEROU 07/37 USD 21,312,848.81 26,001,675.55 1.03 

7.125% PEROU 09/19 USD 5,110,287.91 6,413,411.32 0.25 

7.35% PEROU 05/25 USD 22,996,295.57 30,010,165.72 1.19 

8.75% PEROU 03/33 USD 9,498,256.27 14,199,893.12 0.56 

80,410,935.44 3.18 

PHILIPPINES 

4.95% PHILIPPINES 10/21 PHP 59,947,608.12 1,401,017.00 0.06 

6.375% PHILIPPINES 07/32 USD 6,093,035.58 7,144,084.22 0.28 



6.875% NATIONAL POWER 06/16 USD 16,063,010.73 18,874,037.61 0.75 


7.79% POWER SECTOR ASS. 09/24 USD 4,241,538.96 5,238,300.62 0.21 

9% PHILIPPINES 02/13 USD 2,653,418.72 3,121,083.77 0.12






(note 2) 


9.5% PHILIPPINES 05/30 USD 9,581,789.82 14,809,853.89 0.59 

9.875% PHILIPPINES 99/19 USD 2,948,243.02 4,230,728.74 0.17 


POLOGNE 

90,777,042.31 3.60 

5% POLOGNE 05/15 USD 19,654,953.48 21,559,027.10 0.87 

5.25% POLOGNE 09/20 PLN 21,816,998.37 7,328,279.44 0.29 

5.5% POLOGNE 08/19 PLN 10,717,846.13 3,682,544.83 0.15 

5.75% POLOGNE 01/22 PLN 50,277,371.01 17,506,851.87 0.69 

5.75% POLOGNE 08/29 PLN 5,358,923.07 1,849,745.89 0.07 

6.375% POLOGNE 09/19 USD 13,070,544.07 15,488,594.72 0.61 

REPUBLIQUE DE SERBIE 

67,415,043.85 2.68 

3.75% REPUBLIQUE DE SERBIE 05/24 USD 6,093,035.58 5,801,585.58 0.23 

5,801,585.58 0.23 

REPUBLIQUE DOMINICAINE 

7.5% REP. DOMINICAINE 10/21 USD 5,896,486.04 6,692,511.66 0.27 



10,101,010.07 0.41 

ROYAUME-UNI 

8.375% BIZ FIN 10/15 USD 13,168,818.83 13,695,571.59 0.54 

18.75% REP. GHANA (STANDARD) CLN 10/13 USD 9,866,786.65 11,312,309.38 0.45 

REP. GHANA (STANDARD) CLN 10/10 USD 1,965,495.35 1,929,125.43 0.08 

REP. GHANA (STANDARD) CLN 10/10 USD 741,815.29 730,885.08 0.03 

RUSSIE 

27,667,891.48 1.10 

3.625% RUSSIE 10/15 USD 4,913,738.37 4,954,276.71 0.20 

5% RUSSIE 10/20 USD 52,970,099.63 55,155,116.24 2.18 

5.739% RUSSIAN RAILWAYS 10/17 USD 3,832,715.93 4,033,933.52 0.16 

7.175% RUSSIAN AGRI. BANK 06/13 USD 4,422,364.53 4,754,041.87 0.19 

12.75% RUSSIE NOM. ’S’ 98/28 USD 5,405,112.21 9,796,765.88 0.39 

STEP RUSSIE REG-S 00/30 USD 98,766,141.25 108,549,421.37 4.30 

187,243,555.59 7.42 

SALVADOR 

7.375% EL SALVADOR 09/19 USD 8,205,943.08 9,159,883.96 0.36 


7.75% EL SALVADOR (REP.) 02/23 USD 4,913,738.37 5,577,093.05 0.22 


34,151,496.36 1.35 

SINGAPOUR 

3.25% SINGAPOUR 05/20 SGD 9,090,415.99 7,650,418.81 0.30 

3.50% SINGAPOUR 07/27 SGD 3,930,990.70 3,315,753.77 0.13 

10,966,172.58 0.43 

SRI LANKA 

6.25% GOVT OF SRI LANKA 10/20 USD 1,572,396.28 1,585,179.86 0.06 

6.85% SRI LANKA 06/12 LKR 147,412,151.12 1,307,776.56 0.05 

7.2% SRI LANKA 06/10 LKR 167,067,104.60 1,493,197.02 0.06 

125



126 




(note 2) 


7.4% SRI LANKA 09/15 USD 18,549,362.35 20,346,331.83 0.81 

8.25% SRI LANKA 07/12 USD 22,417,457.19 24,463,050.16 0.97 

49,195,535.43 1.95 

TURQUIE 

5.625% TURQUIE 10/21 USD 22,770,263.61 24,620,347.53 0.98 

6.75% TURQUIE 10/40 USD 11,792,972.09 13,237,611.17 0.53 

6.875% TURQUIE 06/36 USD 24,224,730.17 27,767,596.95 1.09 

7% TURQUIE 06/16 USD 12,038,659.01 14,070,182.72 0.56 

7% TURQUIE 08/19 USD 2,948,243.02 3,501,038.59 0.14 

7.375% TURQUIE 05/25 USD 19,654,953.48 24,126,455.40 0.96 

7.5% TURQUIE 09/17 USD 7,861,981.39 9,444,205.15 0.37 

7.5% TURQUIE 09/19 USD 5,896,486.04 7,252,677.83 0.29 

8% TURQUIE 04/34 USD 7,861,981.39 10,112,473.57 0.40 

9.5% TURQUIE 03/14 USD 2,456,869.19 2,975,882.80 0.12 

137,108,471.71 5.44 

UKRAINE 

6.58% UKRAINE 06/16 USD 17,689,458.13 17,357,780.79 0.69 

6.75% UKRAINE 07/17 USD 14,446,390.81 14,175,520.98 0.56 

7.65% UKRAINE 03/13 USD 3,439,616.86 3,585,800.58 0.14 

7.75% UKRAINE 10/20 USD 6,898,888.67 6,933,383.12 0.28 

42,052,485.47 1.67 

URUGUAY 

6.875% URUGUAY 09/25 USD 5,994,760.81 7,186,219.52 0.29 

7.5% URUGUAY 03/15 USD 2,645,163.64 3,200,648.00 0.13 

7.625% URUGUAY 06/36 USD 19,244,164.95 24,921,193.62 0.98 

7.875% URUGUAY 03/33 USD 4,928,515.95 6,480,998.48 0.26 

8% URUGUAY 05/22 USD 7,370,607.56 9,517,297.01 0.38 

9.25% URUGUAY 05/17 USD 2,948,243.02 3,891,680.79 0.15 

55,198,037.42 2.19 

VENEZUELA 

5.25% PETROLEOS VENEZUELA 07/17 USD 28,057,446.10 16,413,605.97 0.65 

5.75% VENEZUELA 05/16 USD 3,193,929.94 2,203,811.66 0.09 

7% VENEZUELA 03/18 USD 7,370,607.56 4,919,880.54 0.20 

7% VENEZUELA 07/38 USD 35,624,603.19 20,127,900.80 0.80 

7.65% VENEZUELA 05/25 USD 21,620,448.83 13,404,678.27 0.53 

8.5% VENEZUELA 04/14 USD 49,137.38 41,275.40 0.00 

9.25% VENEZUELA 97/27 USD 51,692,527.66 37,606,313.87 1.49 

9.375% VENEZUELA 04/34 USD 4,422,364.53 2,996,151.97 0.12 

10.75% VENEZUELA 04/13 USD 1,965,495.35 1,857,393.10 0.07 

FRN VENEZUELA 04/11 USD 511,028.79 495,059.14 0.02 

100,066,070.72 3.97 

VIETNAM 

6.75% VIETNAM 10/20 USD 1,965,495.35 2,175,557.66 0.09 

6.875% VIETNAM 05/16 USD 15,091,073.28 16,798,250.96 0.67 

18,973,808.62 0.76 

TOTAL OBLIGATIONS 2,321,028,589.87 92.12


OPTIONS 

ALLEMAGNE 





(note 2) 

CALL BUND FUTURE EURO-BUND EUREX (10Y) 30/09/2010 131 176.89 204,474.80 0.01 

CALL BUND FUTURE EURO-BUND EUREX (10Y) 30/09/2010 132 -176.89 -36,083.79 0.00 

CALL BUND FUTURE EURO-SCHATZ EUREX (2Y) 30/09/2010 109.4 4,943.22 33,611.38 0.00 

CALL BUND FUTURE EURO-SCHATZ EUREX (2Y) 30/09/2010 109.6 -2,406.75 -16,364.67 0.00 

185,637.72 0.01 


TOTAL I. 2,321,214,227.59 92.13 


OBLIGATIONS 

COREE DU SUD 

5% COREE 09/14 KRW 5,552,524.36 5,103,963.47 0.20 

EGYPTE 

5,103,963.47 0.20 

0% EGYPTE 10/11 EGP 11,080,480.03 1,834,455.38 0.07 

1,834,455.38 0.07 

PHILIPPINES 


7.25% POWER SECTOR ASS. 09/19 USD 12,213,588.09 14,808,975.56 0.59 


8.6% CENTRAL BANK PHILIP. 97/27 USD 127,757.20 165,126.18 0.01 


SINGAPOUR 

40,723,092.85 1.62 

2.875% SINGAPOUR 10/30 SGD 9,827,476.74 7,527,589.63 0.30 

SRI LANKA 

7,527,589.63 0.30 

0% SRI LANKA 10/11 LKR 171,980,842.97 1,489,785.03 0.06 

6.5% GOVT OF SRI LANKA 10/15 LKR 270,255,610.38 2,200,956.13 0.09 

6.85% SRI LANKA 06/12 LKR 122,843,459.26 1,084,653.10 0.04 

7% SRI LANKA 06/11 LKR 210,062,315.34 1,877,509.45 0.07 

7.5% SRI LANKA 03/13 LKR 196,549,534.82 1,743,075.16 0.07 

8,395,978.87 0.33 

TOTAL OBLIGATIONS 63,585,080.20 2.52 

OPTIONS 

ETATS-UNIS 


PUT USD/MYR SPOT CROSS RATES 06/10/2010 3.088 24,858,602.42 73,581.46 0.00 

FRANCE 

73,581.46 0.00 

CALL USD/JPY SPOT CROSS RATES 06/10/2010 84 31,073,498.71 141,384.42 0.01 

PUT USD/KRW SPOT CROSS RATES 26/11/2010 1130 471,197.04 57,118.50 0.00 

198,502.92 0.01 

127


INDE 


128 




(note 2) 



PUT USD/INR SPOT CROSS RATES 06/10/2010 46.7 29,858,822.58 0.00 0.00 

INDONESIE 

262,765.82 0.01 

CALL USD/IDR SPOT CROSS RATES 26/04/2011 9800 -10,076,111.90 -166,860.41 -0.01 

PUT USD/IDR SPOT CROSS RATES 26/04/2011 8300 -10,076,111.90 -15,819.50 0.00 

ROYAUME-UNI 

-182,679.91 -0.01 

CALL AUD/JPY SPOT CROSS RATES 25/11/2010 82 23,305,159.41 149,233.48 0.01 

CALL EUR / USD 12/10/2010 1.3525 471,197.04 123,805.10 0.00 



CALL USD/JPY SPOT CROSS RATES 28/10/2010 82.68 785,329.39 85,490.96 0.00 

CALL USD/JPY SPOT CROSS RATES 29/10/2010 82 484,129.02 184,719.42 0.01 

CALL USD/KRW SPOT CROSS RATES 13/10/2010 1185 484,494.60 35,431.09 0.00 

CALL USD/MYR SPOT CROSS RATES 05/10/2010 3.15 522,122.05 11,371.82 0.00 

PUT AUD/JPY SPOT CROSS RATES 20/10/2010 80 646,225.39 128,987.70 0.00 

JAPON 

1,066,661.51 0.04 

CALL EUR/JPY CROSS-RATES 27/10/2010 113.75 471,197.04 104,395.86 0.00 

TAIWAN 

104,395.86 0.00 

PUT USD/TWD SPOT CROSS RATE 29/12/2010 30.8 23,559,409.99 193,658.35 0.01 

PUT USD/TWD SPOT CROSS RATE 29/12/2010 30.18 -35,339,606.36 -119,447.87 0.00 

PUT USD/TWD SPOT CROSS RATE 27/10/2010 31.4 15,537,240.73 27,345.54 0.00 

101,556.02 0.01 

TOTAL OPTIONS 1,624,783.68 0.06 

TOTAL II. 65,209,863.88 2.58 



AUTRES ACTIFS NETS 32,883,173.83 1.30 

TOTAL DES ACTIFS NETS 2,519,741,894.09 100.00







Brésil 10.29 

Russie 7.42 

Turquie 5.44 


Mexique 5.16 

Vénézuela 3.97 



Pérou 3.18 

Panama 2.98 

Colombie 2.91 

Kazakhstan 2.79 

Malaisie 2.75 

Pologne 2.68 


Lituanie 2.33 


Uruguay 2.19 

Argentine 1.99 

Pays-Bas 1.76 

Ukraine 1.67 

Liban 1.52 

Salvador 1.35 

Chili 1.32 

Hongrie 1.30 

Irak 1.16 




Croatie 1.01 

Géorgie 0.99 


Vietnam 0.76 


Bielorussie 0.71 

Pakistan 0.66 

Irlande 0.61 

Egypte 0.54 

République Dominicaine 0.41 


Belize 0.39 

Ghana 0.32 

Equateur 0.30 

République de Serbie 0.23 

Gabon 0.05 


France 0.01 

Taïwan 0.01 

Inde 0.01 

Japon 0.00 

94.71 




Options 0.07 

94.71 

129

Pictet - World Government Bonds 


130 




(note 2) 


OBLIGATIONS 

ALLEMAGNE 


1% ALLEMAGNE 10/12 EUR 199,999.89 200,903.89 0.12 

2.5% ALLEMAGNE 09/14 EUR 199,999.89 210,313.88 0.12 

3% ALLEMAGNE 10/20 EUR 299,999.83 320,009.82 0.19 

3.25% ALLEMAGNE 05/15 EUR 579,999.68 628,957.45 0.37 

3.25% ALLEMAGNE 09/20 EUR 349,999.80 381,009.79 0.23 

3.25% ALLEMAGNE 10/42 EUR 59,999.97 64,934.36 0.04 

3.5% ALLEMAGNE 05/16 EUR 299,999.83 329,260.32 0.20 

3.5% ALLEMAGNE 08/13 EUR 559,999.69 597,533.67 0.35 

3.75% ALLEMAGNE 04/15 EUR 659,999.63 726,471.49 0.43 

3.75% ALLEMAGNE 06/17 EUR 259,999.85 290,522.54 0.17 

3.75% ALLEMAGNE 08/19 EUR 599,999.66 675,341.62 0.40 

4% ALLEMAGNE 05/37 EUR 299,999.83 360,752.80 0.21 

4% ALLEMAGNE 06/16 EUR 319,999.82 360,991.80 0.21 

4% ALLEMAGNE 07/18 EUR 229,999.87 261,870.95 0.16 

4% ALLEMAGNE 08/13 EUR 589,999.67 643,592.29 0.38 

4.25% ALLEMAGNE 03/14 EUR 1,049,999.41 1,157,571.85 0.69 

4.25% ALLEMAGNE 07/17 EUR 249,999.86 288,062.34 0.17 

4.25% ALLEMAGNE 07/39 EUR 179,999.90 228,637.67 0.14 

4.25% ALLEMAGNE 08/18 EUR 319,999.82 370,999.79 0.22 

4.5% ALLEMAGNE 03/13 EUR 979,999.45 1,060,952.31 0.63 

4.75% ALLEMAGNE 03/34 EUR 249,999.86 328,547.32 0.19 

4.75% ALLEMAGNE 08/40 EUR 204,999.89 281,573.49 0.17 

4.75% ALLEMAGNE 98/28 EUR 349,999.80 443,864.50 0.26 

5.50% ALLEMAGNE 00/31 EUR 226,999.87 317,129.04 0.19 


6.25% ALLEMAGNE 94/24 EUR 339,999.81 482,177.53 0.29 

6.5% ALLEMAGNE 97/27 EUR 89,999.95 134,867.62 0.08 

11,387,522.00 6.75 

AUSTRALIE 

5.25% AUSTRALIE 05/19 AUD 289,999.84 209,853.77 0.12 

5.75% AUSTRALIE 98/11 AUD 79,999.96 57,390.61 0.03 

5.75% AUSTRALIE 07/21 AUD 189,999.89 143,392.37 0.09 

6% AUSTRALIE 04/17 AUD 199,999.89 150,284.66 0.09 

6.25% AUSTRALIE 02/15 AUD 319,999.82 240,056.53 0.14 

6.5% AUSTRALIE 00/13 AUD 349,999.80 259,467.64 0.15 

1,060,445.58 0.62 

AUTRICHE 

2.5% RAIFFEISEN ZENTRAL. 09/11 EUR 1,074,999.40 1,084,308.89 0.64 

1,084,308.89 0.64 

BELGIQUE 


3.75% BELGIQUE OLO S. 46 05/15 EUR 189,999.89 203,377.79 0.12 





4.25% BELGIQUE OLO 41 03/13 EUR 359,999.80 388,464.98 0.23






(note 2) 






CANADA 

3,239,973.70 1.92 

1.75% CANADA 09/13 CAD 549,999.69 394,100.33 0.23 

3.5% CANADA 08/13 CAD 529,999.70 396,880.46 0.24 

3.75% CANADA 08/19 CAD 299,999.83 231,697.59 0.14 

4% CANADA 05/16 CAD 209,999.88 164,394.91 0.10 

4% CANADA 06/17 CAD 189,999.89 149,431.25 0.09 

4.25% CANADA 07/18 CAD 259,999.85 207,868.81 0.12 

4.5% CANADA 04/15 CAD 299,999.83 238,207.31 0.14 

5% CANADA 03/14 CAD 449,999.75 357,695.64 0.21 

5% CANADA S. XW98 04/37 CAD 259,999.85 239,209.63 0.14 

5.75% CANADA 98/29 CAD 169,999.90 162,066.71 0.10 

5.75% CANADA 01/33 CAD 269,999.85 265,311.11 0.16 

6% CANADA 00/11 CAD 119,999.93 88,191.91 0.05 

8% CANADA 92/23 CAD 99,999.94 108,232.40 0.06 

8% CANADA 96/27 CAD 119,999.93 137,556.32 0.08 

3,140,844.38 1.86 

DANEMARK 

3.125% DANEMARK 09/14 EUR 919,999.49 972,871.86 0.57 

4% DANEMARK 03/15 DKK 1,149,999.36 171,712.99 0.10 

4% DANEMARK 05/17 DKK 2,049,998.85 310,557.91 0.18 

4% DANEMARK 08/12 DKK 649,999.64 92,780.11 0.06 

4.5% DANEMARK 07/39 DKK 1,289,999.28 229,031.04 0.14 

5% DANEMARK 01/13 DKK 979,999.45 146,696.92 0.09 

6% DANEMARK 99/11 DKK 509,999.71 72,431.22 0.04 

7% DANEMARK 93/24 DKK 329,999.82 66,890.60 0.04 

2,062,972.65 1.22 

ESPAGNE 

2.625% BANESTO 09/13 EUR 199,999.89 197,210.89 0.12 

3% ESPAGNE 10/15 EUR 559,999.69 555,178.09 0.33 

3% F.R.O.B. 09/14 EUR 199,999.89 196,034.89 0.12 

3% VALENCIA Y ALICANTE 09/12 EUR 549,999.69 550,667.94 0.33 

3.15% ESPAGNE 05/16 EUR 279,999.84 276,351.45 0.16 

4.2% ESPAGNE 03/13 EUR 499,999.72 520,812.21 0.31 

4.20% ESPAGNE 05/37 EUR 199,999.89 177,059.90 0.11 

4.6% ESPAGNE 09/19 EUR 709,999.60 737,299.09 0.44 

4.7% ESPAGNE 09/41 EUR 89,999.95 85,107.55 0.05 

4.8% ESPAGNE 08/24 EUR 389,999.78 402,963.37 0.24 

4.90% ESPAGNE 07/40 EUR 159,999.91 157,881.51 0.09 

5.5% ESPAGNE 02/17 EUR 339,999.81 374,720.59 0.22 

5.75% ESPAGNE 01/32 EUR 159,999.91 177,723.10 0.11 

6% ESPAGNE 99/29 EUR 219,999.88 250,617.26 0.15 

6.15% ESPAGNE 97/13 EUR 449,999.75 486,211.23 0.29 

5,145,839.07 3.07 

ETATS-UNIS 

1.125% US TREASURY 08/11 USD 1,239,999.31 920,630.73 0.55 

1.125% US TREASURY 09/12 USD 1,179,999.34 876,626.40 0.52 

131



132 




(note 2) 


1.375% US TREASURY 09/12 USD 1,129,999.37 844,301.53 0.50 




2.125% US TREASURY 09/14 USD 1,699,999.05 1,306,396.47 0.77 





















4.25% US TREASURY 07/12 USD 1,249,999.30 989,310.21 0.59 


























6.25% US TREASURY 00/30 USD 199,999.89 208,092.33 0.12






(note 2) 














8.125% US TREASURY 91/21 USD 289,999.84 322,309.21 0.19 






FRANCE 

47,704,983.28 28.29 

2.625% CADES 09/12 EUR 849,999.52 871,338.76 0.52 

3% O.A.T. 05/15 EUR 369,999.79 391,909.33 0.23 

3.25% O.A.T. 05/16 EUR 289,999.84 310,860.98 0.18 

3.375% S.F.E.F. 09/14 USD 2,662,998.51 2,105,914.98 1.26 

3.5% O.A.T. 04/15 EUR 149,999.92 162,287.16 0.10 

3.75% B.T.A.N. 07/12 EUR 249,999.86 259,632.35 0.15 

3.75% O.A.T. 05/21 EUR 359,999.80 393,492.38 0.23 

3.75% O.A.T. 06/17 EUR 329,999.82 363,077.35 0.22 

4% O.A.T. 05/38 EUR 299,999.83 341,723.81 0.20 

4% O.A.T. 02/13 EUR 789,999.56 848,680.73 0.50 

4% O.A.T. 04/55 EUR 399,999.78 468,567.74 0.28 

4% O.A.T. 08/18 EUR 569,999.68 637,447.74 0.38 

4.25% O.A.T. 03/19 EUR 509,999.71 580,147.63 0.34 

4.25% O.A.T. 06/17 EUR 259,999.85 294,383.54 0.17 

4.25% O.A.T. 06/23 EUR 269,999.85 309,738.43 0.18 

4.5% B.T.A.N. 06/12 EUR 299,999.83 319,250.82 0.19 

4.75% O.A.T. 03/35 EUR 246,999.86 309,068.46 0.18 

5% O.A.T. 00/16 EUR 349,999.80 409,802.52 0.24 

5.50% O.A.T. 97/29 EUR 269,999.85 358,225.00 0.21 

5.75% O.A.T. 00/32 EUR 249,999.86 350,134.80 0.21 

6% O.A.T. 94/25 EUR 204,999.89 279,912.99 0.17 

8.50% O.A.T. 89/19 EUR 469,999.74 699,589.91 0.41 

8.50% O.A.T. 92/23 EUR 159,999.91 255,425.46 0.15 

ITALIE 

11,320,612.87 6.70 

3% ITALIE (BTP) 10/15 EUR 649,999.64 656,174.63 0.39 

3.75% ITALIE 05/15 EUR 369,999.79 385,706.28 0.23 

3.75% ITALIE 06/16 EUR 329,999.82 343,453.91 0.20 

3.75% ITALIE 06/21 EUR 389,999.78 387,211.28 0.23 

4% ITALIE 06/17 EUR 659,999.63 692,438.61 0.42 

4% ITALIE 07/12 EUR 539,999.70 557,735.99 0.33 

4.25% ITALIE (BTP) 07/12 EUR 399,999.78 417,701.77 0.25 

133



134 




(note 2) 


4.25% ITALIE 03/19 EUR 819,999.54 856,448.52 0.51 

4.25% ITALIE 04/14 EUR 999,999.44 1,059,029.41 0.63 

4.25% ITALIE 08/13 EUR 629,999.65 661,090.13 0.39 

4.5% ITALIE 04/20 EUR 819,999.54 866,698.52 0.52 

4.5% ITALIE 07/18 EUR 319,999.82 342,687.81 0.20 

4.5% ITALIE 08/18 EUR 289,999.84 309,676.33 0.18 

4.75% ITALIE 02/13 EUR 599,999.66 635,201.64 0.38 

4.75% ITALIE 08/23 EUR 399,999.78 422,699.76 0.25 

5% ITALIE (BTP) 07/39 EUR 449,999.75 467,932.24 0.28 

5% ITALIE (BTP) 09/25 EUR 269,999.85 288,386.84 0.17 

5% ITALIE 03/34 EUR 379,999.79 395,370.78 0.23 

5% ITALIE 09/40 EUR 199,999.89 207,109.88 0.12 

5.25% ITALIE 98/29 EUR 379,999.79 409,111.57 0.24 

6% ITALIE 99/31 EUR 479,999.73 559,343.69 0.33 

6.50% ITALIE 97/27 EUR 409,999.77 501,741.32 0.30 

JAPON 

11,422,950.91 6.78 

0.5% JAPON N-250 03/13 JPY 54,999,969.24 488,194.35 0.29 

0.7% JAPON N-84 09/14 JPY 129,999,927.29 1,164,428.97 0.69 

0.7% JAPON N-248 03/13 JPY 51,999,970.92 463,439.98 0.27 

0.8% JAPON N-247 03/13 JPY 65,999,963.09 589,662.95 0.35 

0.9% JAPON N-245 02/12 JPY 204,999,885.34 1,832,790.48 1.09 

0.9% JAPON N-251 03/13 JPY 49,999,972.04 448,560.64 0.27 

1% JAPON N-61 03/23 JPY 23,999,986.58 205,961.60 0.12 

1% JAPON N-252 03/13 JPY 48,999,972.59 440,752.59 0.26 

1.3% JAPON N-241 02/12 JPY 181,999,898.21 1,636,921.05 0.97 

1.3% JAPON N-257 03/13 JPY 150,999,915.55 1,376,425.30 0.82 

1.3% JAPON N-270 05/15 JPY 170,999,904.36 1,577,676.23 0.94 

1.3% JAPON N-291 08/18 JPY 96,999,945.75 902,188.04 0.54 

1.4% JAPON N-254 03/13 JPY 89,999,949.66 820,623.32 0.49 

1.4% JAPON N-275 06/15 JPY 44,999,974.83 418,738.66 0.25 

1.4% JAPON N-302 09/19 JPY 109,999,938.48 1,021,552.47 0.61 

1.4% JAPON N-303 09/19 JPY 126,999,928.97 1,176,749.00 0.70 

1.4% JAPON N-234 01/11 JPY 176,999,901.00 1,575,455.41 0.93 

1.4% JAPON N-239 02/12 JPY 189,999,893.73 1,706,869.08 1.00 

1.4% JAPON N-272 05/15 JPY 39,999,977.63 371,508.79 0.22 

1.4% JAPON N-290 08/18 JPY 86,999,951.34 814,686.18 0.48 

1.5% JAPON N. 289 07/17 JPY 67,999,961.97 641,250.06 0.38 

1.5% JAPON N-236 02/11 JPY 72,999,959.17 652,588.04 0.39 

1.5% JAPON N-237 02/12 JPY 184,999,896.53 1,659,186.43 0.98 

1.5% JAPON N-259 04/14 JPY 134,999,924.49 1,241,498.41 0.74 

1.5% JAPON N-264 04/14 JPY 136,999,923.38 1,266,154.29 0.75 

1.5% JAPON N-265 04/14 JPY 120,999,932.32 1,120,941.79 0.66 

1.5% JAPON N-268 05/15 JPY 167,999,906.04 1,559,893.82 0.93 

1.5% JAPON N-274 05/15 JPY 39,999,977.63 374,040.85 0.22 

1.5% JAPON N-296 08/18 JPY 77,999,956.37 734,111.43 0.44 

1.50% JAPON N-273 05/15 JPY 42,999,975.95 401,224.40 0.24 

1.6% JAPON N-253 03/13 JPY 94,999,946.87 871,141.34 0.52 

1.6% JAPON N-277 06/16 JPY 99,999,944.07 941,608.09 0.56 

1.60% JAPON N-263 04/14 JPY 113,999,936.24 1,057,497.10 0.63 

1.7% JAPON N-285 07/17 JPY 94,999,946.87 905,385.63 0.54 

1.7% JAPON N-288 07/17 JPY 80,999,954.70 773,313.45 0.46






(note 2) 


1.7% JAPON N-294 08/18 JPY 61,999,965.32 592,791.09 0.35 

1.7% JAPON N-11 03/33 JPY 28,999,983.78 251,037.47 0.15 

1.7% JAPON N-284 06/16 JPY 96,999,945.75 923,167.17 0.55 

1.8% JAPON N-283 06/16 JPY 89,999,949.66 859,632.80 0.51 

1.8% JAPON N-63 03/23 JPY 10,999,993.85 103,277.09 0.06 

1.9% JAPAN N-50 01/21 JPY 61,999,965.32 593,063.64 0.35 

1.9% JAPON N-109 09/29 JPY 113,999,936.24 1,042,863.94 0.62 

1.9% JAPON N-287 07/17 JPY 68,999,961.41 666,392.14 0.40 

1.9% JAPON N-65 03/23 JPY 22,999,987.14 217,904.47 0.13 

2% JAPON N-56 02/22 JPY 45,999,974.27 443,331.24 0.26 

2.1% JAPON N-72 04/24 JPY 99,999,944.07 966,313.22 0.57 

2.1% JAPON N-75 05/25 JPY 54,999,969.24 529,683.12 0.31 

2.1% JAPON N-80 05/25 JPY 51,999,970.92 500,196.99 0.30 

2.1% JAPON N-92 06/26 JPY 61,999,965.32 590,828.75 0.35 

2.1% JAPON N-99 07/27 JPY 50,999,971.48 482,865.60 0.29 

2.1% JAPON N-105 08/28 JPY 93,999,947.43 887,756.20 0.53 

2.1% JAPON N-114 09/29 JPY 102,999,942.39 967,773.55 0.57 

2.2% JAPON N-100 08/28 JPY 100,999,943.51 969,316.52 0.57 

2.2% JAPON N-2 09/49 JPY 32,999,981.54 317,954.94 0.19 

2.2% JAPON N-97 07/27 JPY 78,999,955.82 759,289.56 0.45 

2.3% JAPON N-30 09/39 JPY 53,999,969.80 523,565.75 0.31 

2.3% JAPON N-32 10/40 JPY 32,999,981.54 322,460.68 0.19 

2.3% JAPON N-88 06/26 JPY 54,999,969.24 539,257.46 0.32 

2.30% JAPON N-19 05/35 JPY 10,999,993.85 106,246.10 0.06 

2.4% JAPON N-14 04/34 JPY 13,999,992.17 137,437.85 0.08 

2.4% JAPON N-26 07/37 JPY 39,999,977.63 394,156.62 0.23 

2.5% JAPON N-15 04/34 JPY 10,999,993.85 109,988.79 0.07 

2.5% JAPON N-20 05/35 JPY 19,999,988.81 200,173.05 0.12 

2.5% JAPON N-22 06/36 JPY 18,999,989.37 190,448.37 0.11 

2.5% JAPON N-24 06/36 JPY 16,999,990.49 170,416.11 0.10 

2.5% JAPON N-28 07/27 JPY 43,999,975.39 442,779.11 0.26 

2.50% JAPON N-44 99/20 JPY 210,999,881.99 2,130,747.43 1.26 

2.6% JAPON N-42 99/19 JPY 121,999,931.77 1,239,611.67 0.74 

52,405,748.71 31.09 

PAYS-BAS 

2% NED. WATERSCHAPSBANK 09/12 USD 349,999.80 263,404.99 0.16 

2.50% RABOBANK 10/13 USD 499,999.72 379,035.71 0.22 

3.25% PAYS-BAS 05/15 EUR 249,999.86 269,238.60 0.16 

3.75% PAYS-BAS 04/14 EUR 429,999.76 469,153.39 0.28 

3.75% PAYS-BAS 10/42 EUR 69,999.96 81,097.05 0.05 

4% PAYS-BAS 05/37 EUR 159,999.91 190,655.89 0.11 

4% PAYS-BAS 09/19 EUR 469,999.74 531,156.10 0.32 

4.5% PAYS-BAS 07/17 EUR 259,999.85 300,191.93 0.18 

5% PAYS-BAS 02/12 EUR 599,999.66 644,090.64 0.38 

5.50% PAYS-BAS 98/28 EUR 114,999.94 156,115.86 0.09 

3,284,140.16 1.95 

ROYAUME-UNI 

4% BRITISH TREASURY 06/16 GBP 379,999.79 489,713.90 0.29 

4.25% BRITISH TREASURY 00/32 GBP 384,999.78 480,087.06 0.28 

4.25% BRITISH TREASURY 03/36 GBP 309,999.83 384,456.79 0.23 

4.25% BRITISH TREASURY 05/55 GBP 399,999.78 503,626.93 0.30 


135



136 




(note 2) 









4.75% BRITISH TREASURY 07/30 GBP 351,999.80 468,349.27 0.28 

5% BRITISH TREASURY 01/12 GBP 249,999.86 308,564.58 0.18 






8% BRITISH TREASURY 93/13 GBP 409,999.77 574,930.49 0.35 



SUEDE 

10,487,316.72 6.22 

3% SUEDE 05/16 SEK 1,279,999.28 146,050.02 0.09 

3.5% SUEDE 09/39 SEK 539,999.70 63,274.37 0.04 

3.75% SUEDE 06/17 SEK 1,209,999.32 144,360.16 0.09 

4.25% SUEDE 07/19 SEK 399,999.78 49,826.57 0.03 

5% SUEDE 03/20 SEK 1,049,999.41 140,412.85 0.08 

5.50% SUEDE 01/12 SEK 524,999.71 61,954.05 0.04 

6.75% SUEDE 97/14 SEK 1,359,999.24 173,745.66 0.10 

779,623.68 0.47 

SUPRANATIONAL 

4.25% E.I.B. 05/12 USD 999,999.44 788,161.89 0.47 

788,161.89 0.47 











Japon 31.09 


Italie 6.78 


France 6.70 


Espagne 3.07 

Pays-Bas 1.95 

Belgique 1.92 

Canada 1.86 

Danemark 1.22 

Autriche 0.64 


Suède 0.47 


98.05 





98.05 

137

Pictet - EUR High Yield 


138 




(note 2) 


OBLIGATIONS 



7.625% CONSOL GLASS 07/14 EUR 1,149,252.22 1,149,252.22 0.33 

8.875% FOODCORP 05/12 EUR 3,256,214.64 3,305,057.86 0.96 

FRN EDCON HOLDINGS (SUB) 07/15 EUR 2,873,130.56 2,327,235.76 0.67 

6,781,545.84 1.96 

ALLEMAGNE 

4.5% I.K.B. 03/13 EUR 4,644,894.41 4,064,282.61 1.18 

6.352% HT1 FUNDING GMBH 06/PE EUR 2,633,703.02 1,832,609.57 0.53 



8% HEIDELBERGCEMENT 09/17 EUR 1,412,622.53 1,497,379.88 0.43 

8.125% UPC GERMANY 09/17 EUR 8,858,819.23 9,279,613.15 2.69 

8.5% HEIDELBERGCEMENT 09/19 EUR 1,891,477.62 2,019,171.27 0.58 

8.625% TUI 05/PE EUR 1,675,992.83 1,654,506.60 0.48 

9.625% IESY 09/19 EUR 4,740,665.43 5,108,067.00 1.48 

9.75% NORDENIA 10/17 EUR 2,968,901.58 3,139,643.11 0.91 

FRN COGNIS 07/13 EUR 766,168.15 762,337.31 0.22 

31,278,836.99 9.06 


8.5% HERTZ HOLDINGS 10/15 EUR 1,675,992.83 1,759,792.47 0.51 

1,759,792.47 0.51 

AUSTRALIE 

9.75% FMG FINANCE PTY 06/13 EUR 4,687,991.37 5,063,030.68 1.47 

5,063,030.68 1.47 

AUTRICHE 

11.75% SAPPI PAPIER HLDGS 09/14 EUR 4,309,695.84 4,977,698.70 1.44 

BELGIQUE 

4,977,698.70 1.44 

8% KBC BANK CV 08/PE EUR 4,788,550.94 4,692,779.92 1.36 

4,692,779.92 1.36 

BERMUDES 

11.625% CENTRAL EURO MEDIA 09/16 EUR 766,168.15 758,506.47 0.22 

FRN CENTRAL EURO MEDIA 07/14 EUR 814,053.66 626,821.32 0.18 

CANADA 

1,385,327.79 0.40 

7.25% BOMBARDIER 06/16 EUR 957,710.19 1,019,961.35 0.30 

CROATIE 

1,019,961.35 0.30 

10% AGROKOR DD 09/16 EUR 1,197,137.73 1,268,966.00 0.37 

1,268,966.00 0.37 

DANEMARK 

8.875% FS FUNDING 06/16 EUR 2,154,847.92 2,262,590.32 0.66 

2,262,590.32 0.66


ESPAGNE 





(note 2) 


7.375% HUARTE LAIN 10/15 EUR 3,160,443.62 3,026,440.81 0.88 

8.25% CAMPOFRIO ALIMENT. 09/16 EUR 3,208,329.13 3,320,684.81 0.96 

8.5% ABENGOA 10/16 EUR 2,490,046.49 2,468,258.58 0.71 

8,815,384.20 2.55 

ETATS-UNIS 

4.625% AMERICAN GENERAL 04/11 EUR 1,752,609.64 1,685,432.12 0.49 

4.875% AMERICAN INTL GROUP 07/67 EUR 6,225,116.22 4,326,455.77 1.25 

5.983% DEUTSCHE POSTBANK 07/PE EUR 2,394,275.47 2,000,417.15 0.58 

6.25% CHESAPEAKE ENERGY 06/17 EUR 1,628,107.32 1,648,458.66 0.48 

6.375% TRW AUTOMOTIVE REG. S 7/14 EUR 828,419.31 836,703.51 0.24 

6.50% KRONOS INT. 06/13 EUR 1,623,318.77 1,519,832.20 0.44 

6.875% AGCO 04/14 EUR 287,313.06 287,313.06 0.08 

7.75% LEVI STRAUSS 10/18 EUR 1,915,420.37 1,953,728.78 0.57 

7.875% HERTZ 07/14 EUR 1,357,075.34 1,370,646.09 0.40 

8% AMERICAN INTL GROUP 08/38 EUR 1,915,420.37 1,743,032.54 0.50 

8% LBI ESCROW CORP 10/17 EUR 2,537,932.00 2,740,966.56 0.79 

8.875% CEDC FINANCIAL INTL 09/16 EUR 1,053,481.21 1,132,492.30 0.33 

9% NALCO 03/13 EUR 1,436,565.28 1,461,705.17 0.42 

9% NIELSEN FIN. (VNU) 06/14 EUR 2,202,733.43 2,279,829.10 0.66 

10.875% TRAVELPORT LLC 07/16 EUR 2,298,504.45 2,355,967.06 0.68 

FINLANDE 

27,342,980.07 7.91 

STEP M-REAL 06/13 EUR 1,197,137.73 1,265,973.15 0.37 

FRANCE 

1,265,973.15 0.37 

4.5% GECINA 10/14 EUR 2,537,932.00 2,532,221.65 0.73 

4.625% C.N.C.E.P. 04/PE EUR 7,484,505.11 6,024,951.77 1.74 

4.875% WENDEL 06/16 EUR 1,580,221.81 1,449,853.51 0.42 

5.25% BPCE 03/PE EUR 3,869,149.16 3,416,458.71 0.99 

5.625% RENAULT 10/15 EUR 10,343,270.02 10,673,634.07 3.09 

5.75% NEXANS 07/17 EUR 622,511.62 616,286.51 0.18 

6.375% TEREOS EUROPE 07/14 EUR 1,963,305.88 2,012,388.53 0.58 

7% RHODIA 10/18 EUR 1,388,679.77 1,445,935.04 0.42 

7.125% CROWN EURO HOLDINGS 10/18 EUR 2,154,847.92 2,262,590.32 0.66 

8.125% EUROPCAR GROUPE 06/14 EUR 1,005,595.70 993,025.75 0.29 

8.25% REXEL 09/16 EUR 2,346,389.96 2,528,235.18 0.73 

9% PICARD BONDCO 10/18 EUR 861,939.17 896,416.74 0.26 

34,851,997.78 10.09 

ILES CAIMANS 


8.836% UBS CAPITAL SEC. 08/PE EUR 957,710.19 996,028.17 0.29 

IRLANDE 

996,028.17 0.29 


7.75% JSG FUNDING 05/15 EUR 3,208,329.13 3,280,516.53 0.95 


8.75% ARDAGH GLASS FIN. 10/20 EUR 1,436,565.28 1,425,791.04 0.41 


10.75% ARDAGH GLASS -PIK- 05/15 EUR 3,871,284.85 3,890,641.28 1.13 

11,378,857.51 3.30 

139


ITALIE 


140 




(note 2) 


6.156% BANCO POPOLARE 07/PE EUR 1,436,565.28 1,120,520.92 0.32 


7% PIAGGIO 09/16 EUR 478,855.09 500,403.57 0.14 

8.25% LOTTOMATICA ’S’ 06/66 EUR 2,921,016.07 2,906,410.99 0.84 

10.5% SEAT PAGINE GIALLE 10/17 EUR 3,351,985.66 3,142,486.55 0.91 

12.25% WIND ACQUISIT. -PIK- 09/17 EUR 1,043,235.62 1,111,045.94 0.32 

JAPON 

9,490,986.13 2.74 

7.75% SOFTBANK 06/13 EUR 1,436,565.28 1,496,551.23 0.43 

JERSEY 

1,496,551.23 0.43 

4.28% UBS PREF. FUNDING 05/PE EUR 4,817,282.24 4,215,121.96 1.22 

5.294% ERSTE CAP. FIN. 06/PE EUR 2,298,504.45 1,736,520.11 0.50 

5.75% MAIN CAPITAL FD II 06/PE EUR 2,580,071.24 1,806,049.87 0.52 

7.627% HBOS EURO FIN. 09/PE EUR 3,351,985.66 3,043,737.05 0.88 

LIBERIA 

10,801,428.99 3.12 

5.625% ROYAL CARIBBEAN CR. 07/14 EUR 3,351,985.66 3,301,705.87 0.96 

LUXEMBOURG 

3,301,705.87 0.96 

7.4075% HSH NORDBANK LUX. 02/PE EUR 1,915,420.37 867,685.43 0.25 

7.625% FIAT FIN & TRADE 09/14 EUR 1,915,420.37 2,071,527.14 0.60 

8% BEVERAGE PACKAGING 07/16 EUR 1,197,137.73 1,122,316.63 0.33 

8% LIGHTHOUSE INTL 04/14 EUR 2,873,130.56 1,723,878.34 0.50 

8.25% CODERE FINANCE (LUX) 05/15 EUR 4,213,924.82 4,192,855.20 1.21 

8.75% CIRSA FUNDING 10/18 EUR 5,554,719.09 5,665,813.47 1.64 

9% FIAT FIN & TRADE 09/12 EUR 1,292,908.75 1,399,586.65 0.41 

9.5% BEVERAGE PACKAGING 07/17 EUR 5,027,978.48 4,776,579.56 1.38 

9.625% OXEA FINANCE 10/17 EUR 1,197,137.73 1,289,915.91 0.37 

10% IFCO 09/16 EUR 670,397.13 757,548.76 0.22 

11.75% WIND AQUISITION 09/17 EUR 9,696,815.65 10,811,949.37 3.14 

FRN LECTA (UNSEC.) 07/14 EUR 2,633,703.02 2,363,748.46 0.68 

FRN SIGN. LUX. CLN (ISS DC 2d) 07/15 EUR 3,351,985.66 3,117,346.66 0.90 

40,160,751.58 11.63 

NORVEGE 

7% NORSKE SKOGINDUSTR. 07/17 EUR 1,340,794.26 988,835.77 0.29 

988,835.77 0.29 

PAYS-BAS 

4.176% ING GROEP 05/PE EUR 4,673,625.71 3,904,814.28 1.13 

4.31% ABN AMRO 06/PE EUR 4,309,695.84 3,383,068.14 0.98 

4.75% CEMEX FINANCE 07/14 EUR 1,197,137.73 1,005,847.10 0.29 

6.25% ING VERZEKERINGEN 01/21 EUR 4,549,123.39 4,344,412.84 1.26 

6.258% SNS REAAL 07/PE EUR 3,528,204.33 2,759,549.73 0.80 


6.75% OI EUROP GROUP 10/20 EUR 1,340,794.26 1,369,286.14 0.40 

7.125% CONTI-GUMMI FINANCE 10/18 EUR 2,825,245.05 2,784,646.28 0.81 

7.5% CONTI-GUMMI FINANCE 10/17 EUR 1,532,336.30 1,559,535.27 0.45 

7.5% GMAC INTERNAT. FIN. 10/15 EUR 4,453,352.37 4,564,686.18 1.32 

7.875% NEW WORLD RESOURCES 10/18 EUR 957,710.19 993,624.32 0.29 

8% CLONDALKIN BV 04/14 EUR 3,131,712.31 2,881,175.33 0.83






(note 2) 

8% ZIGGO BOND 10/18 EUR 8,140,536.59 8,527,212.08 2.47 

8.5% CONTI-GUMMI FINANCE 10/15* EUR 2,394,275.47 2,570,877.23 0.74 

9.25% IMPRESS METAL 06/14 EUR 957,710.19 1,002,004.28 0.29 

9.5% INTERXION HOLDING 10/17 EUR 670,397.13 727,380.89 0.21 

9.5% MAGYAR TELECOM 09/16 EUR 1,723,878.34 1,689,573.16 0.49 

9.625% CEMEX FINANCE 09/17 EUR 1,436,565.28 1,351,104.01 0.39 

11.25% SNS BANK 09/PE EUR 2,531,228.03 2,581,852.59 0.75 

FRN CARLSON WAGONLIT 06/15 EUR 3,351,985.66 3,134,106.59 0.91 

FRN ELM 07/PE EUR 6,895,513.35 5,344,022.85 1.55 

STEP NIELSEN FIN. (VNU) 07/16 EUR 1,915,420.37 1,896,266.17 0.55 

59,322,939.12 17.18 

ROYAUME-UNI 

5% OLD MUTUAL 05/PE EUR 2,825,245.05 2,231,943.59 0.65 

5.125% ROYAL BANK SCOTLAND 04/PE EUR 480,770.51 384,621.22 0.11 

6.35% LLOYDS TSB BANK 02/PE EUR 2,873,130.56 2,585,817.51 0.75 

6.467% RBS CAP. TRUST A 02/PE EUR 1,436,565.28 1,106,873.55 0.32 

7.25% FCE BANK 10/13 EUR 1,149,252.22 1,209,587.97 0.35 

7.25% INTERNATIONAL POWER 10/17 EUR 2,968,901.58 3,525,570.63 1.02 

7.875% INEOS GROUP REG. S 06/16 EUR 8,878,931.15 7,369,512.85 2.13 

8% ONO FINANCE 06/14 EUR 2,825,245.05 2,443,836.97 0.71 

8.5% CEVA GROUP ’REG. S’ 06/14 EUR 2,966,028.45 2,506,294.04 0.73 

9.125% INFINIS 09/14 GBP 957,710.19 1,164,071.46 0.34 

9.25% INEOS FINANCE 10/15 EUR 1,101,366.72 1,167,448.72 0.34 

9.375% FCE BANK 09/14 EUR 6,703,971.31 7,458,168.08 2.15 

9.5% VIRGIN MEDIA 09/16 EUR 957,710.19 1,106,155.27 0.32 

9.75% EC FINANCE 10/17 EUR 3,447,756.67 3,723,577.21 1.08 

10% CEVA GROUP ’SUB’ 06/16 EUR 1,230,657.59 996,832.65 0.29 

10.5% ONO FINANCE 04/14 EUR 766,168.15 704,874.70 0.20 

10.75% TVN FINANCE 09/17 EUR 3,830,840.75 4,271,387.44 1.24 

SUEDE 

43,956,573.86 12.73 

7.875% STENA 10/20 EUR 1,388,679.77 1,367,849.58 0.40 

FRN CORRAL PETR. HLDG 10/11 EUR 1,014,986.05 928,712.23 0.27 

2,296,561.81 0.67 

TOTAL I. 316,958,085.30 91.79 


OBLIGATIONS 

ETATS-UNIS 

STEP MOMENTIVE PERF. 07/14 EUR 1,532,336.30 1,509,351.26 0.44 

1,509,351.26 0.44 

LUXEMBOURG 

0% SIGNUM (COGNIS)-PKI-07/15 EUR 1,436,565.28 2,026,037.39 0.59 

8.875% CEMEX LUXEMBOURG 10/17 EUR 1,407,833.98 1,238,907.98 0.36 

3,264,945.37 0.95 

TOTAL II. 4,774,296.63 1.39 



141



142 




(note 2) 















France 10.09 



Irlande 3.30 

Jersey 3.12 

Italie 2.74 

Espagne 2.55 



Autriche 1.44 

Belgique 1.36 

Liberia 0.96 

Suède 0.67 

Danemark 0.66 


Japon 0.43 

Bermudes 0.40 

Croatie 0.37 

Finlande 0.37 

Canada 0.30 


Norvège 0.29 

93.18 




93.18 

143

Pictet - EUR Short Mid-Term Bonds 


144 




(note 2) 


OBLIGATIONS 

ALLEMAGNE 


4.5% ALLEMAGNE 03/13 EUR 22,000,000.00 23,817,310.00 3.47 

23,817,310.00 3.47 

AUSTRALIE 


4.375% ANZ BANKING GROUP 07/12 EUR 3,000,000.00 3,130,020.00 0.46 


AUTRICHE 

18,812,332.26 2.74 

3.125% KOMMUNALKR AUSTRIA 09/13 EUR 3,000,000.00 3,111,870.00 0.45 

BELGIQUE 

3,111,870.00 0.45 


CANADA 

17,029,200.00 2.48 


4.875% TORONTO DOMINION BANK 08/13 EUR 9,000,000.00 9,662,310.00 1.41 

DANEMARK 

19,212,278.00 2.80 

2.125% FIN. DANISH INDUSTRY 10/13 EUR 8,000,000.00 8,126,680.00 1.18 

ESPAGNE 

8,126,680.00 1.18 

2.3% ESPAGNE 09/13 EUR 15,000,000.00 14,893,500.00 2.17 

3.625% BBVA SENIOR FIN. 09/12 EUR 10,000,000.00 10,128,000.00 1.47 

3.90% ESPAGNE 07/12 EUR 28,000,000.00 28,854,000.00 4.20 

4.5% BANCO SANTANDER 07/12 EUR 3,000,000.00 3,119,415.00 0.45 

5% ESPAGNE 02/12 EUR 20,000,000.00 20,947,500.00 3.05 

5.625% SANTANDER INTL 08/12 EUR 6,500,000.00 6,769,392.50 0.99 

6.15% ESPAGNE 97/13 EUR 13,000,000.00 14,046,110.00 2.04 

98,757,917.50 14.37 

ETATS-UNIS 

5.25% TOYOTA MOTOR CREDIT 09/12 EUR 9,500,000.00 9,945,265.00 1.45 


18,728,225.00 2.73 

FINLANDE 

3.125% POHJOLA BANK 10/15 EUR 9,000,000.00 9,219,960.00 1.34 

4.25% FINLANDE 07/12 EUR 4,000,000.00 4,261,000.00 0.62 

FRANCE 

13,480,960.00 1.96 

2% C.F.F. 09/12 EUR 9,500,000.00 9,580,560.00 1.39 

2.125% UNEDIC 09/12 EUR 12,000,000.00 12,215,760.00 1.78 

2.625% CADES 09/12 EUR 5,500,000.00 5,638,077.50 0.82 

3.125% S.F.E.F. 09/14 EUR 7,000,000.00 7,369,845.00 1.07 

3.25% BNP PARIBAS 09/12 EUR 9,000,000.00 9,226,935.00 1.34 

3.25% S.F.E.F. 09/14 EUR 7,000,000.00 7,373,625.00 1.07 

4% O.A.T. 02/13 EUR 30,500,000.00 32,765,540.00 4.77






(note 2) 


4.5% B.T.A.N. 06/12 EUR 26,000,000.00 27,668,420.00 4.03 

4.75% TOTAL CAPITAL 08/13 EUR 9,000,000.00 9,811,080.00 1.43 

5% CRH 02/13 EUR 9,200,000.00 10,064,800.00 1.46 

5.50% CHARBONNAGES FRANCE 02/13 EUR 2,920,000.00 3,197,458.40 0.47 

5.75% HSBC FRANCE 08/13 EUR 9,500,000.00 10,425,347.50 1.52 

IRLANDE 

145,337,448.40 21.15 

3.9% IRLANDE 09/12 EUR 4,500,000.00 4,479,412.50 0.65 

5.25% GE CAPITAL EUROPEAN FUND. 09/13 EUR 9,500,000.00 10,141,250.00 1.48 

ITALIE 

14,620,662.50 2.13 

2.5% ITALIE 09/12 EUR 50,000,000.00 50,527,500.00 7.35 

3% ITALIE 09/13 EUR 8,000,000.00 8,134,000.00 1.18 

4.25% ITALIE (BTP) 07/12 EUR 43,000,000.00 44,902,965.00 6.54 

4.25% ITALIE 03/13 EUR 19,000,000.00 20,012,320.00 2.91 

4.25% ITALIE 08/13 EUR 37,000,000.00 38,825,950.00 5.65 

5.875% ENI 08/14 EUR 5,000,000.00 5,578,250.00 0.81 

NORVEGE 

167,980,985.00 24.44 

4.75% EKSPORTFINANS 08/13 EUR 2,500,000.00 2,694,562.50 0.39 

2,694,562.50 0.39 

PAYS-BAS 


3.375% B.N.G. 05/15 EUR 3,000,000.00 3,189,900.00 0.46 

3.375% SHELL INTL FINANCE 09/12 EUR 9,200,000.00 9,434,600.00 1.37 

3.625% NIBC BANK 08/11 EUR 6,000,000.00 6,179,100.00 0.90 


4.375% B.N.G. 03/13 EUR 4,000,000.00 4,308,200.00 0.63 

4.375% RABOBANK 09/14 EUR 5,500,000.00 5,901,032.50 0.86 

5% PAYS-BAS 02/12 EUR 20,600,000.00 22,113,791.00 3.23 

5.375% DEUTSCHE BAHN FIN. 02/12 EUR 667,000.00 713,730.02 0.10 

FRN RABOBANK 10/13 EUR 4,000,000.00 4,015,440.00 0.58 

64,606,852.52 9.40 

PORTUGAL 

5% PORTUGAL 02/12 EUR 4,000,000.00 4,039,600.00 0.59 

4,039,600.00 0.59 

ROYAUME-UNI 

5.25% BARCLAYS BANK 09/14 EUR 8,000,000.00 8,722,080.00 1.27 

SUEDE 

8,722,080.00 1.27 



3.125% SWEDBANK 09/12 EUR 3,500,000.00 3,590,842.50 0.52 

3.625% SWEDISH EXPORT 09/14 EUR 4,760,000.00 5,045,409.60 0.73 

SUISSE 

29,118,302.10 4.23 

6% CREDIT AGRICOLE 08/13 EUR 9,000,000.00 9,955,125.00 1.45 

9,955,125.00 1.45 

145



146 




(note 2) 












Italie 24.44 

France 21.15 

Espagne 14.37 

Pays-Bas 9.40 

Suède 4.23 


Canada 2.80 



Belgique 2.48 

Irlande 2.13 

Finlande 1.96 

Suisse 1.45 


Danemark 1.18 

Portugal 0.59 

Autriche 0.45 

Norvège 0.39 

97.23 




97.23 

147

Pictet - USD Short Mid-Term Bonds 


148 




(note 2) 


OBLIGATIONS 

ALLEMAGNE 


2.25% K.F.W. 09/12 USD 3,000,000.00 3,079,125.00 1.08 

3,079,125.00 1.08 

AUSTRALIE 

3.5% COMMONWEAL. BANK AUST. 10/15 USD 2,000,000.00 2,093,180.00 0.73 

4.2% WESTPAC BANKING 09/15 USD 1,000,000.00 1,077,175.00 0.38 

CANADA 

3,170,355.00 1.11 

2.25% BANK NOVA SCOTIA 10/13 USD 1,486,000.00 1,529,406.06 0.54 

2.375% BANK NOVA SCOTIA 10/13 USD 1,000,000.00 1,035,820.00 0.36 

2.625% ONTARIO (PROV.) 09/12 USD 2,000,000.00 2,054,160.00 0.72 

3.125% ROYAL BANK OF CANADA 10/15 USD 3,000,000.00 3,175,650.00 1.11 

DANEMARK 

7,795,036.06 2.73 

1.75% FINANCE FOR DANISH 09/12 USD 1,000,000.00 1,018,920.00 0.36 

1,018,920.00 0.36 

ESPAGNE 

3.724% SANTANDER US DEBT. 10/15 USD 2,000,000.00 2,031,042.00 0.71 

ETATS-UNIS 

2,031,042.00 0.71 

0.375% US TREASURY 10/12 USD 18,000,000.00 17,987,346.00 6.30 










1.125% US TREASURY 08/11 USD 6,500,000.00 6,563,859.25 2.30 














1.625% MICROSOFT 10/15 USD 750,000.00 750,701.25 0.26 


1.75% US TREASURY 09/12 USD 5,000,000.00 5,126,072.50 1.80






(note 2) 



2.15% STATE STREET CAP. 09/12 USD 3,000,000.00 3,079,410.00 1.08 

2.25% MORGAN STANLEY 09/12 USD 3,000,000.00 3,078,150.00 1.08 

2.5% METROPOLITAN LIFE 10/13 USD 1,890,000.00 1,936,331.46 0.68 


2.95% BANK NY MELLON 10/15 USD 2,000,000.00 2,105,000.00 0.74 

3.125% BANK OF AMERICA 08/12 USD 1,500,000.00 1,566,157.50 0.55 

3.2% TOYOTA MOTOR CREDIT 10/15 USD 1,000,000.00 1,060,880.00 0.37 

3.5% G.E.C.C. 10/15 USD 3,000,000.00 3,135,465.00 1.10 

FRANCE 

236,475,377.21 82.88 

3% TOTAL CAPITAL 10/15 USD 500,000.00 523,260.00 0.18 

3.25% BNP PARIBAS 10/15 USD 2,850,000.00 2,963,130.75 1.04 

3.5% CREDIT AGRICOLE 10/15 USD 2,500,000.00 2,590,937.50 0.91 

FRN BNP PARIBAS S. 7041 05/15 USD 800,000.00 797,900.00 0.28 

6,875,228.25 2.41 

NORVEGE 

3.375% KOMMUNALBANKEN 08/11 USD 1,000,000.00 1,031,705.00 0.36 


1,031,705.00 0.36 

3.125% ANZ NATIONAL BANK 10/15 USD 3,000,000.00 3,039,585.00 1.07 

PAYS-BAS 

3,039,585.00 1.07 

2% NED. WATERSCHAPSBANK 09/12 USD 3,000,000.00 3,069,975.00 1.08 

2.625% ING BANK 09/12 USD 2,000,000.00 2,053,110.00 0.72 

3.1% SHELL INTL FINANCE 10/15 USD 500,000.00 526,950.00 0.18 

5,650,035.00 1.98 

ROYAUME-UNI 

3.5% HSBC BANK 10/15 USD 3,000,000.00 3,153,135.00 1.11 

5.2% BARCLAYS BANK 09/14 USD 3,000,000.00 3,311,130.00 1.16 

6,464,265.00 2.27 

SINGAPOUR 

2.375% DBS BANK 10/15 USD 300,000.00 298,681.50 0.10 

SUEDE 

298,681.50 0.10 

3.7% NORDEA BANK 09/14 USD 1,000,000.00 1,056,290.00 0.37 

4.875% SVENSKA HANDELSBANK 09/14 USD 1,750,000.00 1,918,402.50 0.67 

SUPRANATIONAL 

2,974,692.50 1.04 

4.75% I.A.D.B. 07/12 USD 1,000,000.00 1,083,530.00 0.38 

1,083,530.00 0.38 

TOTAL I. 280,987,577.52 98.48 

149



OBLIGATIONS 

ESPAGNE 


150 




(note 2) 


2.991% SANTANDER US DEBT 10/13 USD 2,000,000.00 1,995,830.00 0.70 

1,995,830.00 0.70 

TOTAL II. 1,995,830.00 0.70 



AUTRES ACTIFS NETS 655,544.44 0.23 









Canada 2.73 

France 2.41 


Pays-Bas 1.98 

Espagne 1.41 




Suède 1.04 


Norvège 0.36 

Danemark 0.36 


99.18 





99.18 

151

Pictet - CHF Bonds 


152 




(note 2) 


OBLIGATIONS 

ALLEMAGNE 


1.375% NORDRHEIN-WESTF. 10/14 CHF 638,955.72 651,095.88 0.14 

1.875% LANDW. RENTENBANK 09/14 CHF 273,838.17 284,244.02 0.06 

2% DEPFA 05/12 CHF 912,793.89 931,962.56 0.21 

2% DEUTSCHE BANK 10/15 CHF 912,793.89 929,680.57 0.21 

2% LANDW. RENTENBANK 05/15 CHF 885,410.07 926,581.64 0.20 

2.125% K.F.W. 06/16 CHF 456,396.94 481,726.97 0.11 

2.25% DEUTSCHE TELEKOM 10/16 CHF 1,186,632.05 1,201,464.95 0.27 

2.5% DEPFA 05/17 CHF 547,676.33 561,642.08 0.12 

2.5% DEUTSCHE HYPOTHE. BANK 06/18 CHF 912,793.89 962,084.76 0.21 

2.5% K.F.W. 05/25 CHF 1,825,587.77 1,973,460.38 0.44 

2.5% WL BANK 06/12 CHF 273,838.17 283,559.42 0.06 

2.50% PB.BAYERISCHE LDBANK 07/12 CHF 319,477.86 326,027.16 0.07 

2.625% BAYERISCHE LDBANK 07/13 CHF 1,597,389.30 1,652,499.23 0.36 

2.75% K.F.W. 09/18 CHF 912,793.89 1,001,334.89 0.22 

2.75% LANDESBANK RHEIN. 07/12 CHF 2,738,381.66 2,797,256.87 0.63 

2.875% K.F.W. 08/14 CHF 1,907,739.22 2,051,773.54 0.45 

2.875% K.F.W. 08/14 CHF 912,793.89 978,971.44 0.22 

3% BAYERISCHE LDBANK 04/15 CHF 2,008,146.55 2,165,786.06 0.48 

3% BAYERISCHE LDBANK 06/11 CHF 433,577.10 438,129.66 0.10 

3% DEPFA 03/15 CHF 867,154.19 917,449.14 0.20 

3% DEUTSCHE PFANDBRFBANK 02/12 CHF 456,396.94 473,968.23 0.10 

3% L.B.W. FOERDERBANK 03/13 CHF 638,955.72 680,487.84 0.15 

3.125% BAYERISCHE LDBANK 06/16 CHF 753,054.96 742,135.66 0.16 

3.125% DEPFA 06/23 CHF 91,279.39 95,797.72 0.02 

3.125% LAND HESSEN 08/15 CHF 456,396.94 502,036.64 0.11 

3.25% DEUTSCHE BANK 07/12 CHF 1,825,587.77 1,903,175.25 0.42 



3.25% NORDRHEIN-WESTFALEN 07/15 CHF 912,793.89 1,005,898.86 0.22 

3.375% K.F.W. 07/17 CHF 1,004,073.28 1,139,623.17 0.25 

3.625% K.F.W. 02/12 CHF 912,793.89 960,715.57 0.21 

3.75% DEUTSCHE TELEKOM 09/14 CHF 2,190,705.33 2,350,626.82 0.52 


32,907,041.15 7.26 

AUSTRALIE 

2% ANZ BANKING GROUP 10/16 CHF 2,281,984.72 2,299,099.60 0.51 

2% COMMONWEAL. BANK AUST. 10/15 CHF 456,396.94 466,209.48 0.10 

2.125% COMMONWEAL. BANK AUST. 06/11 CHF 547,676.33 555,343.80 0.12 

2.25% NAT. AUSTRALIA BANK 10/17 CHF 1,825,587.77 1,846,582.03 0.41 

2.25% SPI (AUSTR.) ASS. PTY. 10/16 CHF 1,643,029.00 1,659,459.29 0.37 

2.375% SPI ELEC.& GAS AUS. 10/15 CHF 912,793.89 932,875.35 0.21 

2.5% TELSTRA 05/13 CHF 638,955.72 660,680.22 0.15 

2.625% AUSTRALIAN N.Z.BANK 07/12 CHF 36,511.76 37,406.29 0.01 

3% BMW AUSTRALIA FIN. 07/12 CHF 730,235.11 755,428.22 0.17






(note 2) 



4% TELSTRA 08/12 CHF 912,793.89 970,756.30 0.21 

4.25% NAT. AUSTRALIA BANK 08/15 CHF 730,235.11 814,212.15 0.18 

11,967,896.24 2.65 

AUTRICHE 

1.5% VORARLBERGER LAND. 10/14 CHF 593,316.03 601,029.14 0.13 

2.125% BIG M.B.H. 05/18 CHF 593,316.03 602,512.43 0.13 

2.125% HYPO ALPE-ADRIA-BANK 05/11 CHF 2,281,984.72 2,278,561.74 0.50 

2.125% HYPO TIROL BANK 04/11 CHF 456,396.94 461,873.71 0.10 

2.125% PFBST. OEST. L-HYPO. 05/16 CHF 821,514.50 839,998.57 0.19 

2.25% HYPO ALPE-ADRIA-BANK 05/12 CHF 912,793.89 911,881.09 0.20 

2.25% HYPO ALPE-ADRIA-BANK 06/13 CHF 1,611,081.21 1,590,137.16 0.35 

2.25% NIEDEROESTERR. LBANK 05/17 CHF 228,198.47 233,332.94 0.05 

2.25% PFBST. OEST. L-HYPO. 05/13 CHF 1,825,587.77 1,884,919.38 0.42 


2.375% HYPO TIROL BANK 05/17 CHF 1,825,587.77 1,887,657.76 0.42 

2.375% KOMMUNALKR AUSTRIA 05/17 CHF 1,369,190.83 1,358,921.90 0.30 

2.375% KOMMUNALKR AUSTRIA 05/20 CHF 456,396.94 431,295.11 0.10 

2.375% VORARLBERGER LHYBANK 06/17 CHF 1,004,073.28 1,036,705.66 0.23 

2.5% BIG M.B.H. 05/15 CHF 912,793.89 959,346.38 0.21 

2.5% ERSTE BANK 06/13 CHF 958,433.58 995,333.27 0.22 

2.5% O.K.B. 04/12 CHF 2,135,937.70 2,218,171.30 0.49 

2.5% OBEROEST LANDESBANK 06/17 CHF 1,277,911.44 1,330,944.77 0.29 


2.5% VORALBERGER LHYBANK 05/16 CHF 1,369,190.83 1,430,119.82 0.32 

2.625% HYPO INVESTMENT BANK 06/17 CHF 2,099,425.94 2,207,546.38 0.49 

2.625% O.K.B. 06/24 CHF 684,595.42 726,013.44 0.16 

2.625% VORARLBERGER LANDES 06/15 CHF 912,793.89 960,259.17 0.21 

2.75% ERSTE BANK 07/15 CHF 91,279.39 96,254.12 0.02 

2.75% O.K.B. 05/20 CHF 2,738,381.66 2,943,760.29 0.65 

2.75% VORALBERGER LHYBANK 06/14 CHF 456,396.94 481,042.38 0.11 

2.875% O.K.B. 05/30 CHF 1,825,587.77 2,016,361.70 0.44 

2.875% PFBST. OEST. L-HYPO. 03/17 CHF 3,103,499.22 3,309,881.91 0.73 

3% HYPO TIROL BANK 02/12 CHF 1,369,190.83 1,430,119.82 0.32 

3% KOMMUNALKR AUSTRIA 04/14 CHF 2,008,146.55 2,093,492.78 0.46 

3% O.K.B. 03/15 CHF 1,369,190.83 1,486,256.65 0.33 

3% O.K.B. 08/16 CHF 912,793.89 994,945.34 0.22 

3% O.K.B. 07/13 CHF 912,793.89 973,494.68 0.21 

3.125% BIG M.B.H. 06/31 CHF 456,396.94 513,446.56 0.11 

3.25% O.K.B. 06/36 CHF 1,186,632.05 1,431,671.57 0.32 

3.250% BIG M.B.H. 07/19 CHF 912,793.89 1,010,006.44 0.22 

4% VORARLB. LAND. & HYPBANK 01/13 CHF 935,613.73 1,000,638.89 0.22 

4.50% BANK AUSTRIA 00/10 CHF 91,279.39 92,027.88 0.02 

4.50% OEST. POSTSPARKASSE 00/15 CHF 652,647.63 742,060.35 0.16 

46,695,986.32 10.30 

BELGIQUE 

3.25% BELGELEC FINANCE 07/14 CHF 456,396.94 488,116.53 0.11 

CANADA 

488,116.53 0.11 

2.125% ONTARIO (PROV.) 05/15 CHF 867,154.19 908,344.02 0.20 

2.125% SASKATCHEWAN (PROV.) 05/16 CHF 200,814.66 210,052.13 0.05 

2.25% MANITOBA (PROV.) 09/14 CHF 456,396.94 479,901.39 0.11 

153



154 




(note 2) 


2.25% QUEBEC (PROV.) 05/15 CHF 912,793.89 953,869.61 0.21 

2.375% ONTARIO (PROV.) 10/20 CHF 958,433.58 1,007,792.91 0.22 


2.625% QUEBEC (PROV) 06/17 CHF 903,665.95 960,145.07 0.21 

2.625% ROYAL BANK OF CANADA 07/13 CHF 456,396.94 474,881.02 0.10 

2.75% BANK NOVA SCOTIA 07/11 CHF 912,793.89 935,339.90 0.21 

2.875% BRITISH COLUMBIA 09/17 CHF 912,793.89 1,003,160.48 0.22 

2.875% PROV. NEW BRUNSWICK 09/16 CHF 1,369,190.83 1,485,572.05 0.33 


3% COCA-COLA 09/13 CHF 547,676.33 576,155.50 0.13 

3.125% QUEBEC (PROV.) 09/15 CHF 1,004,073.28 1,091,427.65 0.24 



3.375% QUEBEC (PROV.) 08/18 CHF 912,793.89 1,016,395.99 0.22 

3.5% QUEBEC (PROV.) 08/14 CHF 730,235.11 799,242.33 0.18 

3.75% ONTARIO (PROV.) 08/18 CHF 912,793.89 1,057,015.32 0.23 

4.5% VW CREDIT CANADA 09/13 CHF 2,765,765.48 2,966,283.48 0.66 

18,933,919.31 4.18 

COREE DU SUD 

2.25% HYUNDAI CAP. SERV. 10/14 CHF 1,186,632.05 1,186,632.05 0.26 

2.25% KOREA GAS CORP. 10/15 CHF 456,396.94 456,625.14 0.10 

2.5% EXP. IMP. BANK KOR. 09/12 CHF 1,825,587.77 1,852,971.59 0.41 

2.75% EXPORT-IM. BANK KOREA 07/12 CHF 721,107.17 731,563.22 0.16 

3% HYUNDAI CAP. SERV. 10/15 CHF 547,676.33 560,820.56 0.12 

4.125% KOREA DEV. BANK 08/13 CHF 2,003,582.58 2,126,802.91 0.47 

4.25% IND. BANK OF KOREA 08/12 CHF 848,898.32 885,825.39 0.20 

7,801,240.86 1.72 

DANEMARK 


1.875% DANSKE BANK 05/11 CHF 912,793.89 921,921.83 0.20 

2.25% DANSKE BANK 10/17 CHF 912,793.89 949,305.64 0.21 


2.75% DANSKE BANK 09/15 CHF 730,235.11 774,049.22 0.17 

2.75% KOMMUNEKREDIT 03/13 CHF 1,688,668.69 1,781,545.47 0.40 

3% DANSKE BANK 07/12 CHF 912,793.89 943,828.88 0.21 

3.5% KOMMUNEKREDIT 08/18 CHF 1,095,352.66 1,233,367.10 0.27 

8,516,321.33 1.88 

EMIRATS ARABES UNIS 

2.75% ABU DHABI COM. BANK 06/11 CHF 1,779,948.08 1,784,931.93 0.39 

1,784,931.93 0.39 

ESPAGNE 

2% I.C.O. 05/16 CHF 1,825,587.77 1,699,622.22 0.37 

2.125% GENE. DE CATALUNYA 09/14 CHF 1,004,073.28 950,857.39 0.21 

2.125% GENERALIT. VALENCIA 06/13 CHF 547,676.33 535,353.61 0.12 

2.25% I.C.O. 09/17 CHF 912,793.89 847,529.12 0.19 

2.75% GENERAL CATALUNYA 10/16 CHF 547,676.33 517,554.13 0.11 

2.75% GENERALIT. VALENCIA 09/12 CHF 638,955.72 636,080.42 0.14 

3% COMUNIDAD DE MADRID 08/13 CHF 638,955.72 639,275.20 0.14






(note 2) 


3% COMUNIDAD DE MADRID 09/14 CHF 1,309,859.23 1,309,859.23 0.29 

3% I.C.O. 08/15 CHF 1,346,370.98 1,353,776.02 0.30 

3.5% COMUNIDAD DE MADRID 08/15 CHF 319,477.86 322,672.64 0.07 

8,812,579.98 1.94 

ETATS-UNIS 

1.625% TOYOTA MOTOR CREDIT 05/11 CHF 255,582.29 257,345.81 0.06 

1.75% GENERAL ELEC. CAP. 05/11 CHF 1,597,389.30 1,609,369.72 0.36 

1.875% BANK OF AMERICA 05/12 CHF 912,793.89 914,619.47 0.20 

1.875% MCDONALD’S 10/16 CHF 520,292.52 530,438.22 0.12 

2% GENERAL ELEC. CAP 10/14 CHF 912,793.89 929,680.57 0.21 

2% METROPOLITAN LIFE 05/11 CHF 2,026,402.43 2,037,547.64 0.45 

2% MORGAN STANLEY 05/11 CHF 2,008,146.55 2,014,170.99 0.44 

2% TOYOTA MOTOR CREDIT 06/12 CHF 1,369,190.83 1,387,674.91 0.31 

2.25% NESTLE HOLDINGS 08/11 CHF 1,163,812.21 1,186,972.07 0.26 

2.375% CITIGROUP 05/15 CHF 1,551,749.61 1,516,835.24 0.33 

2.375% GENERAL ELEC. CAP. 06/12 CHF 912,793.89 927,398.59 0.20 


2.5% MERRILL LYNCH 06/11 CHF 912,793.89 922,469.50 0.20 

2.5% ROCHE HOLDINGS 09/12 CHF 3,925,013.71 4,023,139.06 0.89 

2.50% MORGAN STANLEY 05/15 CHF 912,793.89 899,101.98 0.20 

2.625% BEAR STEARNS 06/11 CHF 1,022,329.15 1,043,286.90 0.23 

2.625% NESTLE HOLDINGS 07/18 CHF 912,793.89 989,012.18 0.22 

2.75% CITIGROUP 06/12 CHF 456,396.94 462,786.50 0.10 

2.75% PACIFIC LIFE GLOBAL 06/12 CHF 638,955.72 649,179.01 0.14 

2.875% AMERICAN INTL GR. 06/11 CHF 1,323,551.14 1,312,300.95 0.29 

2.875% AMERICAN INTL GR. 07/15 CHF 912,793.89 825,165.67 0.18 


2.875% CITIGROUP 07/11 CHF 629,827.78 634,551.49 0.14 


2.875% MORGAN STANLEY 06/13 CHF 912,793.89 930,593.37 0.21 

2.875% TOYOTA MOTOR CREDIT 06/16 CHF 2,281,984.72 2,424,608.76 0.53 

3% BANK OF AMERICA 07/13 CHF 912,793.89 937,895.72 0.21 


3% BMW US CAPITAL LLC 08/11 CHF 456,396.94 461,006.55 0.10 

3% CITIGROUP 04/14 CHF 2,227,217.08 2,255,057.30 0.50 

3% CITIGROUP 07/19 CHF 1,779,948.08 1,691,840.65 0.37 

3% GENERAL ELEC. CAP. 04/15 CHF 638,955.72 670,264.55 0.15 


3% NESTLE HOLDINGS 07/12 CHF 3,445,796.92 3,621,532.57 0.80 


3.125% METROPOLITAN LIFE 06/16 CHF 2,281,984.72 2,328,765.40 0.51 

3.125% MORGAN STANLEY 06/18 CHF 2,281,984.72 2,223,794.11 0.49 

3.25% BANK OF AMERICA 04/14 CHF 730,235.11 748,125.87 0.17 


3.25% HSBC FINANCE 06/16 CHF 730,235.11 751,777.05 0.17 

3.25% I.B.M. 08/11 CHF 1,127,300.45 1,148,155.51 0.25 

3.25% MCDONALD’S 07/12 CHF 730,235.11 770,398.04 0.17 

3.25% PHILIP MORRIS 09/13 CHF 2,975,708.07 3,121,517.77 0.69 



3.5% HSBC FINANCE 07/13 CHF 223,634.50 233,698.05 0.05 

3.5% ZURICH FINANCE 08/11 CHF 1,369,190.83 1,409,034.28 0.31 

155



156 




(note 2) 


3.625% BMW US CAPITAL 08/15 CHF 232,762.44 251,267.06 0.06 

3.625% TOYOTA MOTOR CRED. 08/12 CHF 1,825,587.77 1,911,390.40 0.42 



4% PHILIP MORRIS 08/12 CHF 985,817.40 1,042,501.90 0.23 

4% SWISS RE AMERICA H. 01/15 CHF 944,741.67 1,028,351.31 0.23 

4% TOYOTA MOTOR CREDIT 09/12 CHF 3,286,057.99 3,419,800.55 0.75 


74,092,681.93 16.35 

FINLANDE 

1.75% MUNICIPALITY FIN. 10/17 CHF 1,825,587.77 1,873,053.06 0.41 

1.875% MUNICIPALITY FIN. 09/13 CHF 91,279.39 94,154.69 0.02 

2.5% MUNICIPALITY FIN. 06/13 CHF 1,551,749.61 1,634,768.21 0.36 


FRANCE 

4,092,146.28 0.90 

0.625% RESEAU FERRE FRANCE 10/12 CHF 912,793.89 915,532.27 0.20 


1.5% CADES 09/12 CHF 273,838.17 278,767.25 0.06 


1.75% C.F.F. 09/14 CHF 912,793.89 933,788.15 0.21 

1.75% C.F.F. 10/15 CHF 1,825,587.77 1,863,012.32 0.42 


1.75% S.N.C.F. 05/12 CHF 912,793.89 928,128.82 0.20 

1.875% C.F.F. 05/12 CHF 456,396.94 464,612.09 0.10 

2% BPCE 10/15 CHF 456,396.94 465,296.68 0.10 

2.125% DEXIA C.L.F. 09/12 CHF 324,041.83 325,500.02 0.07 

2.125% TOTAL CAPITAL 05/12 CHF 1,369,190.83 1,395,205.46 0.31 

2.25% E.D.F. 10/17 CHF 456,396.94 468,263.26 0.10 

2.375% C.F.F. 05/18 CHF 2,510,183.19 2,598,039.60 0.58 


2.375% DEXIA MUNICIPAL AG. 05/15 CHF 1,017,765.18 1,066,109.03 0.24 

2.375% TOTAL CAPITAL 04/12 CHF 2,236,345.02 2,309,026.24 0.52 

2.375% TOTAL CAPITAL 06/16 CHF 456,396.94 476,250.21 0.11 

2.5% AEROPORTS DE PARIS 10/17 CHF 638,955.72 665,791.86 0.15 

2.5% C.F.F. 06/31 CHF 1,109,044.57 1,146,197.57 0.25 

2.5% C.F.F. 09/13 CHF 912,793.89 948,849.25 0.21 

2.5% CREDIT AGRICOLE 06/13 CHF 456,396.94 471,914.44 0.10 

2.5% DEXIA MUNICIPAL 09/18 CHF 912,793.89 954,782.41 0.21 


2.625% DEXIA MUNICIPAL AG 09/19 CHF 912,793.89 959,802.77 0.21 

2.625% S.N.C.F. 06/21 CHF 730,235.11 788,653.92 0.17 


2.75% BNP PARIBAS HOME LN 09/14 CHF 903,665.95 951,560.24 0.21 

2.75% FRANCE TELECOM 06/12 CHF 1,296,167.32 1,333,756.17 0.29 

2.75% S.N.C.F. 09/18 CHF 456,396.94 496,788.07 0.11 


3% B.F.C.M 06/13 CHF 730,235.11 751,777.05 0.17 

3% CIF EUROMORTGAGE 03/14 CHF 1,232,271.75 1,318,530.77 0.29 

3% RATP 07/14 CHF 1,277,911.44 1,387,172.87 0.31 

3% REG. ILE DE FRANCE 08/14 CHF 912,793.89 990,381.37 0.22 

3% RESEAU FERRE FRANCE 09/19 CHF 912,793.89 1,018,677.98 0.22






(note 2) 


3.125% C.F.F. 03/14 CHF 1,825,587.77 1,964,332.45 0.44 



3.25% C.F.F. 08/12 CHF 310,349.92 325,401.89 0.07 

3.25% LA POSTE 07/14 CHF 1,077,096.79 1,155,724.85 0.25 

3.25% RATP 07/17 CHF 730,235.11 818,593.56 0.18 


3.375% A.P. HOPITAUX PARIS 08/14 CHF 182,558.78 199,901.86 0.04 

3.375% E.D.F. 08/13 CHF 3,121,755.09 3,338,717.07 0.75 

3.375% FRANCE TELECOM 09/13 CHF 912,793.89 967,561.52 0.21 

3.375% LVMH MOET-HENNESSY 07/13 CHF 912,793.89 970,756.30 0.21 

3.375% SANOFI-AVENTIS 07/15 CHF 547,676.33 590,395.09 0.13 



3.5% GDF SUEZ 08/12 CHF 1,373,754.80 1,446,563.80 0.32 

3.625% L.V.M.H. 08/11 CHF 1,551,749.61 1,602,181.47 0.36 

3.625% TOTAL 08/12 CHF 45,639.69 47,990.14 0.01 

3.75% AUCHAN 08/15 CHF 794,130.68 867,190.70 0.19 

4% E.D.F. 09/17 CHF 1,369,190.83 1,557,454.57 0.34 

4.125% DANONE FINANCE 08/16 CHF 780,438.77 879,944.72 0.19 

5% S.N.C.F. 95/15 CHF 456,396.94 542,199.57 0.12 

53,137,390.64 11.72 

ILES CAIMANS 

2.125% NEW YORK LIFE FUND. 05/10 CHF 912,793.89 914,436.92 0.20 

2.375% NEW YORK LIFE FUND. 06/16 CHF 1,843,843.65 1,879,798.60 0.41 

2.5% LGT FINANCE 10/17 CHF 1,825,587.77 1,847,494.83 0.41 

IRLANDE 

4,641,730.35 1.02 

2.25% AEGON GLOBAL INST. 06/11 CHF 319,477.86 320,596.03 0.07 

2.375% DEPFA ACS BANK 06/19 CHF 456,396.94 360,553.59 0.08 

2.625% UNICREDITO ITALIA 06/11 CHF 912,793.89 922,195.66 0.21 

4.5% BANK MOSCOW CAP. -LPN- 10/13 CHF 593,316.03 604,589.03 0.13 

ITALIE 

2,207,934.31 0.49 

2.5% ITALIE 06/18 CHF 1,597,389.30 1,620,551.45 0.36 

2.50% ITALIE 05/15 CHF 3,445,796.92 3,525,050.25 0.77 

2.75% ITALIE 04/11 CHF 1,140,992.36 1,158,449.54 0.26 

JAPON 

6,304,051.24 1.39 

2.25% N.T.T. 06/13 CHF 1,515,237.85 1,567,513.56 0.35 

2.625% KYUSHU ELECTR. POWER 06/13 CHF 456,396.94 476,250.21 0.11 

2.75% KANSAI ELECTRIC 07/12 CHF 365,117.55 375,158.29 0.08 

2.75% TOKYO ELECT. POWER 07/12 CHF 502,036.64 516,093.66 0.11 

JERSEY 

2,935,015.72 0.65 



4% UBS JERSEY BRANCH 08/12 CHF 912,793.89 951,587.63 0.21 

2,638,518.36 0.58 

157


LUXEMBOURG 


158 




(note 2) 


2% NESTLE FINANCE 09/14 CHF 1,369,190.83 1,429,435.23 0.32 

2.125% EUROP. HYPO. BANK 05/14 CHF 1,214,015.87 1,232,226.11 0.27 

2.125% NESTLE FINANCE 09/15 CHF 702,851.29 739,750.99 0.16 

2.25% ERSTE EUROP. PFANDBF 05/16 CHF 912,793.89 911,881.09 0.20 


2.5% ERSTE EUROP. PFANDBF 06/19 CHF 2,738,381.66 2,683,614.03 0.59 

2.5% HYPO PFD. BANK INTL 06/14 CHF 1,369,190.83 1,386,305.72 0.31 



2.75% LG ERSTE EUROP. KBANK 05/20 CHF 638,955.72 623,620.78 0.14 

2.875% ERSTE EUROPAEISC 05/25 CHF 365,117.55 346,131.44 0.08 

3.125% EUROP. HYPO. BANK 06/20 CHF 182,558.78 180,276.79 0.04 

3.5% EUROHYPO BANK 07/13 CHF 319,477.86 339,764.70 0.07 

4% EUROP. HYPO. BANK 02/14 CHF 456,396.94 492,452.30 0.11 

4.5% BRANDBREW 09/14 CHF 730,235.11 792,305.09 0.17 

7.5% VTB CAPITAL 09/11 CHF 912,793.89 946,110.86 0.21 

16,499,890.50 3.64 

MEXIQUE 

3.5% PEMEX 09/14 CHF 456,396.94 472,370.84 0.10 

472,370.84 0.10 

NORVEGE 

1.5% KOMMUNALBANKEN 09/12 CHF 533,984.42 541,994.19 0.12 

2% KOMMUNALBANKEN 09/14 CHF 1,369,190.83 1,426,696.85 0.31 

2.25% DNB NOR BOLIGKRED. 10/18 CHF 456,396.94 470,773.45 0.10 

2.375% EKSPORTFINANS 03/13 CHF 593,316.03 620,311.91 0.14 

2.625% STATNETT 08/12 CHF 502,036.64 518,603.85 0.11 



3% DNB NOR BOLIGKREDITT 7/12 CHF 684,595.42 708,898.55 0.16 

3% STATNETT SF 08/11 CHF 365,117.55 374,537.59 0.08 

3.125% TERRA BOLIGKREDITT 07/13 CHF 821,514.50 853,553.56 0.19 

3.625% DNB NOR BANK 08/11 CHF 1,597,389.30 1,634,129.26 0.37 


7,745,142.86 1.71 

2% B.N.Z. INTL FDG. 10/15 CHF 2,920,940.44 2,960,373.13 0.66 

3.375% TRANSPOWER FINANCE 07/14 CHF 1,277,911.44 1,377,588.53 0.30 

PAYS-BAS 

4,337,961.66 0.96 

1.75% ENERGIE BEHEER NED. 05/12 CHF 241,890.38 248,300.48 0.05 

1.75% NED. WATERSCHAPSBANK 10/16 CHF 638,955.72 656,846.48 0.14 


2% E.ON INTL FINANCE 09/11 CHF 912,793.89 919,274.72 0.20 

2% ING VERZEKERINGEN 05/11 CHF 1,551,749.61 1,556,404.86 0.34 

2% RABOBANK 10/21 CHF 1,825,587.77 1,795,465.58 0.40 

2.125% B.N.G. 10/18 CHF 1,825,587.77 1,894,047.32 0.42 

2.125% DEUTSCHE BAHN 04/11 CHF 456,396.94 465,068.49 0.10 

2.125% ENERGIE BEHEER NED. 10/20 CHF 1,232,271.75 1,284,643.30 0.28 

2.125% RABOBANK 05/17 CHF 912,793.89 935,157.34 0.21 

2.125% RABOBANK 06/12 CHF 912,793.89 936,526.53 0.21 

2.25% B.N.G. 05/20 CHF 2,920,940.44 3,042,159.47 0.66






(note 2) 


2.25% NED. WATERSCHAPSBANK 09/14 CHF 1,277,911.44 1,341,168.06 0.30 

2.375% ABN AMRO BANK 04/10 CHF 319,477.86 319,637.60 0.07 

2.375% BANK NED. GEMEENTEN 10/19 CHF 1,369,190.83 1,440,388.75 0.32 




2.5% B.N.G. 02/25 CHF 684,595.42 727,040.33 0.16 

2.5% RABOBANK 09/13 CHF 912,793.89 947,936.45 0.21 


2.625% B.N.G. 07/17 CHF 912,793.89 979,427.84 0.22 


2.75% B.N.G. 09/16 CHF 1,643,029.00 1,774,471.32 0.39 

2.75% ENERGIE BEHEER NED. 06/13 CHF 1,825,587.77 1,933,297.45 0.43 

2.75% RABOBANK 07/15 CHF 456,396.94 485,378.15 0.11 

2.875% FMO-NEDERLANDSE 09/16 CHF 730,235.11 793,035.33 0.17 

3.125% B.N.G. 07/18 CHF 912,793.89 1,013,657.61 0.22 

3.125% ENBW INT. FINANCE 08/13 CHF 821,514.50 861,357.95 0.19 

3.125% RABOBANK 06/26 CHF 912,793.89 1,007,724.45 0.22 

3.25% RABOBANK 08/11 CHF 1,150,120.30 1,178,873.31 0.26 

3.375% ABN AMRO 06/31 CHF 730,235.11 812,021.44 0.18 


3.625% BASF FINANCE 08/15 CHF 273,838.17 298,757.44 0.07 

3.625% E. ON INTL FINANCE 08/13 CHF 912,793.89 968,930.71 0.21 

3.625% RABOBANK 09/19 CHF 1,369,190.83 1,555,400.78 0.34 

3.75% ING BANK 08/12 CHF 319,477.86 334,972.54 0.07 

3.875% E. ON INTL FINANCE 08/12 CHF 1,095,352.66 1,164,907.56 0.26 

4% ABN AMRO BANK 02/12 CHF 1,232,271.75 1,276,633.53 0.28 

4% ING BANK 08/15 CHF 319,477.86 351,585.39 0.08 

4% NEDERLAND GASUNIE 08/11 CHF 1,159,248.24 1,205,270.39 0.27 

4.25% RABOBANK 00/12 CHF 1,734,308.39 1,851,374.20 0.41 

45,436,224.86 10.02 

POLOGNE 

2.125% POLOGNE 10/14 CHF 1,095,352.66 1,103,020.13 0.24 

2.625% POLOGNE 05/15 CHF 912,793.89 929,224.18 0.21 

2.875% POLOGNE 07/12 CHF 502,036.64 514,336.54 0.11 

3% POLOGNE 09/14 CHF 1,095,352.66 1,133,142.33 0.25 

3.25% POLOGNE 07/19 CHF 1,369,190.83 1,404,789.79 0.31 

3.625% POLOGNE 08/17 CHF 3,651,175.55 3,875,722.85 0.86 

REPUBLIQUE TCHEQUE 

8,960,235.82 1.98 

2.875% REPUBLIQUE TCHEQUE 09/16 CHF 912,793.89 949,762.04 0.21 

ROYAUME-UNI 

949,762.04 0.21 

1.625% BP CAPITAL MARKETS 09/11 CHF 1,916,867.16 1,915,908.73 0.42 

1.75% C.I.B.C. 10/17 CHF 958,433.58 972,330.87 0.21 

1.875% WESTPAC SECURITIES 10/15 CHF 1,962,506.86 1,982,131.93 0.45 

2.125% BMW (UK) CAPITAL 10/15 CHF 912,793.89 926,942.19 0.20 

2.25% ROYAL BANK SCOTLAND 09/12 CHF 2,281,984.72 2,303,663.57 0.52 

2.375% HBOS TREASURY SERV. 05/13 CHF 2,190,705.33 2,190,705.33 0.49 

2.375% ROYAL BANK SCOTLAND 05/15 CHF 2,464,543.50 2,261,218.66 0.51 

2.5% HBOS TREASURY SERV. 06/11 CHF 684,595.42 690,756.77 0.15 

2.50% LLOYDS TSB BANK 10/15 CHF 1,369,190.83 1,360,975.69 0.30 

159



160 




(note 2) 


2.625% BRADFORD & BINGLEY 06/13 CHF 912,793.89 913,250.28 0.20 


2.75% BP CAPITAL MARKETS 07/11 CHF 1,186,632.05 1,195,531.79 0.26 

2.75% BP CAPITAL MARKETS 08/13 CHF 451,832.97 457,932.72 0.10 

2.75% BRADFORD & BINGLEY 06/12 CHF 1,588,261.36 1,605,732.24 0.35 

2.75% HSBC BANK 07/17 CHF 912,793.89 970,756.30 0.21 

2.75% NETWORK RAIL INFRA. 06/21 CHF 547,676.33 590,395.09 0.13 

2.75% ROYAL BANK SCOTLAND 06/17 CHF 456,396.94 415,321.22 0.09 

3% BANK OF SCOTLAND PLC 06/16 CHF 1,688,668.69 1,690,357.36 0.37 

3% BP CAPITAL MARKETS 08/13 CHF 816,950.53 833,698.01 0.18 

3% CSFB LONDON 07/12 CHF 1,369,190.83 1,415,058.72 0.31 


3.75% TESCO 08/11 CHF 1,172,940.15 1,205,782.47 0.27 

SUEDE 

26,448,458.46 5.84 

1.5% KOMMUNINVEST I SVER. 09/12 CHF 666,339.54 676,134.73 0.15 

1.625% SWEDISH COVERED BD. 10/15 CHF 912,793.89 931,962.56 0.21 

1.875% SWEDBANK 09/13 CHF 730,235.11 753,237.52 0.17 

1.875% SWEDISH EXPORT 10/17 CHF 638,955.72 654,929.61 0.14 

2% STADSHYPOTEK 10/16 CHF 912,793.89 939,264.91 0.21 

2.125% SWEDBANK MORTGAGE 10/16 CHF 912,793.89 943,828.88 0.21 


2.25% AKADEMISKA HUS 06/14 CHF 949,305.64 986,803.22 0.22 

2.25% NORDEA BANK 10/16 CHF 2,117,681.82 2,180,153.43 0.48 

2.375% SWEDISH COVERED BD 06/12 CHF 757,618.93 786,787.26 0.17 


2.5% KOMMUNINVEST I SVER. 09/15 CHF 228,198.47 243,830.07 0.05 


2.625% SWEDISH EXPORT 06/14 CHF 1,515,237.85 1,605,394.50 0.35 



3% SWEDISH EXPORT 09/18 CHF 2,738,381.66 3,004,004.68 0.67 

3.125% VATTENFALL TREASURY 09/13 CHF 912,793.89 957,977.18 0.21 

SUISSE 

17,845,418.06 3.94 

2% BANQUE SARASIN 10/15 CHF 821,514.50 831,331.60 0.18 

2% COOP 10/16 CHF 912,793.89 921,921.83 0.20 

2% UBS 10/14 CHF 2,464,543.50 2,487,956.66 0.55 

2.25% CANTON DE BERNE 10/23 CHF 912,793.89 953,869.61 0.21 

2.625% SWISSCOM 10/22 CHF 1,277,911.44 1,284,939.96 0.28 

2.875% BALOISE-HOLDING 10/20 CHF 4,107,572.49 4,160,252.13 0.93 

3.125% IMPLENIA 10/16 CHF 187,122.75 192,362.18 0.04 

3.25% SUISSE REASSURANCE 09/14 CHF 1,369,190.83 1,441,073.35 0.32 

3.375% AFG ARBONIA-FORSTER 10/16 CHF 1,095,352.66 1,097,543.37 0.24 

4% HOLCIM 09/13 CHF 684,595.42 732,174.80 0.16 

4.125% UBS 07/17 CHF 730,235.11 786,098.10 0.17 

4.875% CREDIT SUISSE NY 08/18 CHF 1,369,190.83 1,533,493.73 0.34 

SUPRANATIONAL 

16,423,017.32 3.62 

1.875% DEV. CONSEIL EUROPE 09/14 CHF 456,396.94 473,968.23 0.10 

2% E.I.B. 05/16 CHF 1,232,271.75 1,290,188.52 0.28 

2% E.I.B. 09/12 CHF 365,117.55 381,365.29 0.08






(note 2) 


2% E.I.B. 10/22 CHF 2,738,381.66 2,794,518.49 0.62 

2.375% E.I.B. 05/20 CHF 1,825,587.77 1,942,425.39 0.43 

2.5% E.I.B. 03/15 CHF 1,551,749.61 1,662,699.71 0.37 

2.5% E.I.B. 07/19 CHF 1,916,867.16 2,061,590.63 0.45 

2.75% WORLDBANK 09/19 CHF 638,955.72 702,851.29 0.16 

3.125% E.I.B. 06/36 CHF 1,186,632.05 1,484,476.70 0.33 

3.25% E.I.B. 08/18 CHF 2,236,345.02 2,524,833.53 0.57 

3.50% E.I.B. 99/14 CHF 1,172,940.15 1,281,437.11 0.28 

5.5% WORLDBANK TR. A 86/11 CHF 273,838.17 289,446.94 0.06 

16,889,801.83 3.73 

VENEZUELA 

5% CORP ANDINA FOMENTO 08/13 CHF 360,553.59 381,465.69 0.08 

381,465.69 0.08 


DECOUVERT BANCAIRE -2,431,036.05 -0.54 


TOTAL DES ACTIFS NETS 453,259,961.95 100.00 

161



162 






France 11.72 

Autriche 10.30 




Canada 4.18 

Suède 3.94 



Suisse 3.62 


Pologne 1.98 

Espagne 1.94 

Danemark 1.88 


Norvège 1.71 

Italie 1.39 



Finlande 0.90 

Japon 0.65 

Jersey 0.58 

Irlande 0.49 

Emirats Arabes Unis 0.39 

République Tchèque 0.21 

Belgique 0.11 

Mexique 0.10 


99.36 





99.36

Pictet - EUR Government Bonds 





(note 2) 


OBLIGATIONS 

ALLEMAGNE 


2.25% ALLEMAGNE 10/15 EUR 2,590,000.00 2,693,548.20 0.40 

2.5% ALLEMAGNE 10/15 EUR 2,845,000.00 2,988,416.45 0.44 

3% ALLEMAGNE 10/20 EUR 5,170,000.00 5,514,839.00 0.81 

3.25% ALLEMAGNE 05/15 EUR 3,570,000.00 3,871,343.70 0.57 

3.25% ALLEMAGNE 09/20 EUR 3,710,000.00 4,038,706.00 0.59 

3.25% ALLEMAGNE 10/42 EUR 905,000.00 979,427.20 0.14 

3.5% ALLEMAGNE 05/16 EUR 2,675,000.00 2,935,906.13 0.43 

3.5% ALLEMAGNE 06/11 EUR 5,080,000.00 5,229,453.60 0.77 

3.5% ALLEMAGNE 08/13 EUR 4,260,000.00 4,545,526.50 0.67 

3.5% ALLEMAGNE 09/19 EUR 3,865,000.00 4,281,260.50 0.63 

3.75% ALLEMAGNE 03/13 EUR 6,610,000.00 7,119,135.25 1.04 

3.75% ALLEMAGNE 04/15 EUR 6,035,000.00 6,642,815.03 0.98 

3.75% ALLEMAGNE 06/17 EUR 4,380,000.00 4,894,190.10 0.72 

3.75% ALLEMAGNE 08/19 EUR 4,535,000.00 5,104,459.95 0.75 

4% ALLEMAGNE 05/37 EUR 4,115,000.00 4,948,328.65 0.73 

4% ALLEMAGNE 06/16 EUR 3,460,000.00 3,903,226.00 0.57 

4% ALLEMAGNE 07/18 EUR 3,520,000.00 4,007,766.40 0.59 

4.25% ALLEMAGNE 03/14 EUR 1,725,000.00 1,901,726.25 0.28 

4.25% ALLEMAGNE 04/14 EUR 8,230,000.00 9,158,549.75 1.34 

4.25% ALLEMAGNE 07/12 EUR 5,335,000.00 5,706,049.25 0.84 

4.25% ALLEMAGNE 07/17 EUR 5,425,000.00 6,250,956.25 0.91 

4.25% ALLEMAGNE 07/39 EUR 2,525,000.00 3,207,280.25 0.47 

4.25% ALLEMAGNE 08/18 EUR 3,965,000.00 4,596,921.88 0.68 

4.5% ALLEMAGNE 03/13 EUR 4,820,000.00 5,218,156.10 0.77 

4.75% ALLEMAGNE 03/34 EUR 3,500,000.00 4,599,665.00 0.68 

4.75% ALLEMAGNE 08/40 EUR 2,765,000.00 3,797,810.45 0.56 

4.75% ALLEMAGNE 98/28 EUR 2,115,000.00 2,682,211.28 0.39 

5% ALLEMAGNE 02/12 EUR 7,420,000.00 7,966,928.20 1.16 

5.50% ALLEMAGNE 00/31 EUR 2,855,000.00 3,988,563.48 0.59 

5.625% ALLEMAGNE 98/28 EUR 2,355,000.00 3,254,056.58 0.48 

6.25% ALLEMAGNE 00/30 EUR 1,630,000.00 2,451,846.00 0.36 

6.25% ALLEMAGNE 94/24 EUR 4,410,000.00 6,254,129.70 0.92 

6.5% ALLEMAGNE 97/27 EUR 2,073,000.00 3,106,452.69 0.46 

147,839,651.77 21.72 

AUTRICHE 

2.25% OESTERREICH. VBANK 09/12 EUR 1,535,000.00 1,557,702.65 0.23 

3.2% AUTRICHE 10/17 EUR 780,000.00 826,776.60 0.12 

3.4% AUTRICHE 09/14 EUR 1,870,000.00 1,999,030.00 0.29 

3.50% AUTRICHE 04/15 EUR 2,030,000.00 2,185,558.90 0.32 

3.50% AUTRICHE 05/21 EUR 1,725,000.00 1,819,461.00 0.27 

3.9% AUTRICHE 04/20 EUR 2,890,000.00 3,166,197.30 0.47 

4% AUTRICHE 05/16 EUR 1,725,000.00 1,910,282.25 0.28 

4.15% AUTRICHE 06/37 EUR 1,245,000.00 1,423,196.85 0.21 


4.30% AUTRICHE 03/14 EUR 3,335,000.00 3,670,801.15 0.54 

4.35% AUTRICHE 07/19 EUR 1,845,000.00 2,087,488.35 0.31 

4.65% AUTRICHE 03/18 EUR 1,935,000.00 2,219,396.63 0.33 

163



164 




(note 2) 


4.85% AUTRICHE 09/26 EUR 1,320,000.00 1,592,910.00 0.23 


27,199,416.08 4.00 

BELGIQUE 


3.75% BELGIQUE 10/20 EUR 2,155,000.00 2,269,021.05 0.33 

3.75% BELGIQUE OLO S. 46 05/15 EUR 2,535,000.00 2,713,489.35 0.40 












5.5% BELGIQUE OLO 40 02/17 EUR 1,630,000.00 1,920,955.00 0.28 



42,017,393.18 6.17 

DANEMARK 

3.125% DANEMARK 09/14 EUR 3,880,000.00 4,102,983.60 0.60 

ESPAGNE 

4,102,983.60 0.60 

2.625% BANESTO 09/13 EUR 4,400,000.00 4,338,642.00 0.64 

3% BANCO POP. ESP. 09/12 EUR 4,700,000.00 4,715,369.00 0.69 

3% CAIXA CATALUNYA 09/12 EUR 5,200,000.00 5,211,466.00 0.76 

3% ESPAGNE 10/15 EUR 1,810,000.00 1,794,415.90 0.26 

3% VALENCIA Y ALICANTE 09/12 EUR 3,500,000.00 3,504,252.50 0.51 

3.15% ESPAGNE 05/16 EUR 2,620,000.00 2,585,861.40 0.38 

3.3% ESPAGNE 09/14 EUR 2,555,000.00 2,585,174.55 0.38 

3.80% ESPAGNE 06/17 EUR 2,475,000.00 2,492,745.75 0.37 

4% ESPAGNE 10/20 EUR 865,000.00 856,877.65 0.13 

4.1% ESPAGNE 08/18 EUR 4,665,000.00 4,705,772.10 0.69 

4.2% ESPAGNE 03/13 EUR 1,295,000.00 1,348,904.38 0.20 

4.20% ESPAGNE 05/37 EUR 1,995,000.00 1,766,173.50 0.26 

4.3% ESPAGNE 09/19 EUR 2,675,000.00 2,718,121.00 0.40 

4.4% ESPAGNE 04/15 EUR 3,335,000.00 3,509,020.30 0.52 

4.6% ESPAGNE 09/19 EUR 2,560,000.00 2,658,432.00 0.39 

4.7% ESPAGNE 09/41 EUR 1,150,000.00 1,087,486.00 0.16 

4.75% ESPAGNE 99/14 EUR 3,035,000.00 3,237,980.80 0.48 

4.8% ESPAGNE 08/24 EUR 5,275,000.00 5,450,341.00 0.80 

4.90% ESPAGNE 07/40 EUR 2,070,000.00 2,042,593.20 0.30 

5.5% ESPAGNE 02/17 EUR 3,210,000.00 3,537,805.20 0.52 

5.75% ESPAGNE 01/32 EUR 2,650,000.00 2,943,540.50 0.43 

6% ESPAGNE 99/29 EUR 3,035,000.00 3,457,380.95 0.51 

66,548,355.68 9.78


FINLANDE 





(note 2) 


3.125% FINLANDE 09/14 EUR 865,000.00 925,653.80 0.14 

3.375% FINLANDE 10/20 EUR 1,130,000.00 1,213,902.50 0.18 

3.875% FINLANDE 06/17 EUR 875,000.00 976,071.25 0.14 

4% FINLANDE 09/25 EUR 830,000.00 946,457.30 0.14 

4.25% FINLANDE 04/15 EUR 1,250,000.00 1,401,462.50 0.21 

4.25% FINLANDE 07/12 EUR 2,155,000.00 2,295,613.75 0.34 

4.375% FINLANDE 08/19 EUR 935,000.00 1,081,374.25 0.16 

FRANCE 

8,840,535.35 1.31 

2.5% B.T.A.N 10/15 EUR 4,395,000.00 4,566,492.90 0.67 

2.5% B.T.A.N. 09/14 EUR 5,020,000.00 5,222,582.10 0.77 

2.625% CADES 09/12 EUR 4,700,000.00 4,817,993.50 0.71 

3% O.A.T. 05/15 EUR 4,645,000.00 4,920,053.68 0.72 

3.25% O.A.T. 05/16 EUR 3,650,000.00 3,912,562.75 0.57 

3.5% O.A.T. 04/15 EUR 7,380,000.00 7,984,532.70 1.17 

3.5% O.A.T. 10/20 EUR 4,320,000.00 4,636,353.60 0.68 

3.75% B.T.A.N. 08/13 EUR 5,925,000.00 6,294,512.63 0.92 

3.75% O.A.T. 05/21 EUR 4,390,000.00 4,798,423.65 0.71 

3.75% O.A.T. 06/17 EUR 4,475,000.00 4,923,551.63 0.72 

3.75% O.A.T. 08/19 EUR 2,795,000.00 3,066,128.98 0.45 

4% B.T.A.N. 02/13 EUR 3,655,000.00 3,963,025.13 0.58 

4% O. A. T 05/38 EUR 4,130,000.00 4,704,400.40 0.69 

4% O.A.T. 02/13 EUR 2,650,000.00 2,846,842.00 0.42 

4% O.A.T. 03/14 EUR 4,025,000.00 4,424,702.63 0.65 

4% O.A.T. 04/55 EUR 2,615,000.00 3,063,263.30 0.45 

4% O.A.T. 08/18 EUR 3,250,000.00 3,634,572.50 0.53 

4% O.A.T. 09/60 EUR 1,030,000.00 1,215,657.50 0.18 

4.25% B.T.A.N. 07/18 EUR 2,865,000.00 3,257,318.78 0.48 

4.25% O.A.T. 03/19 EUR 5,120,000.00 5,824,230.40 0.86 

4.25% O.A.T. 06/17 EUR 3,365,000.00 3,810,004.43 0.56 

4.25% O.A.T. 06/23 EUR 2,975,000.00 3,412,860.50 0.50 

4.5% B.T.A.N. 06/12 EUR 2,595,000.00 2,761,521.15 0.41 

4.5% B.T.A.N. 08/13 EUR 3,010,000.00 3,287,762.80 0.48 

4.5% O.A.T. 09/41 EUR 1,900,000.00 2,349,388.00 0.35 

4.75% O.A.T. 01/12 EUR 4,210,000.00 4,536,696.00 0.67 

4.75% O.A.T. 03/35 EUR 3,100,000.00 3,878,999.00 0.57 

5% O.A.T. 00/11 EUR 2,545,000.00 2,660,008.55 0.39 

5% O.A.T. 00/16 EUR 4,215,000.00 4,935,195.98 0.73 

5.50% O.A.T. 97/29 EUR 3,020,000.00 4,006,815.20 0.59 

5.75% O.A.T. 00/32 EUR 3,443,000.00 4,822,059.22 0.71 

6% O.A.T. 94/25 EUR 3,500,000.00 4,779,005.00 0.70 

8.5% O.A.T. 87/12 EUR 2,320,000.00 2,705,514.40 0.40 

8.50% O.A.T. 89/19 EUR 3,535,000.00 5,261,812.15 0.77 

8.50% O.A.T. 92/23 EUR 2,445,000.00 3,903,222.45 0.57 

IRLANDE 

145,188,065.59 21.33 

4% IRLANDE 09/14 EUR 1,985,000.00 1,894,781.75 0.28 

4.4% IRLANDE 08/19 EUR 2,760,000.00 2,371,254.00 0.35 

4.50% IRLANDE 04/20 EUR 4,485,000.00 3,801,912.08 0.56 

165



166 




(note 2) 


4.6% IRLANDE 99/16 EUR 1,725,000.00 1,603,525.50 0.24 

5% IRLANDE 02/13 EUR 1,725,000.00 1,723,335.38 0.25 

5.4% IRLANDE 09/25 EUR 1,465,000.00 1,258,940.43 0.18 

ITALIE 

12,653,749.14 1.86 

2.5% ITALIE 09/12 EUR 3,865,000.00 3,905,775.75 0.57 

3% ITALIE (BTP) 10/15 EUR 3,020,000.00 3,048,690.00 0.45 

3.75% ITALIE 05/15 EUR 6,755,000.00 7,041,749.75 1.03 

3.75% ITALIE 06/11 EUR 5,025,000.00 5,130,273.75 0.75 

3.75% ITALIE 06/16 EUR 4,665,000.00 4,855,192.05 0.71 

3.75% ITALIE 06/21 EUR 6,035,000.00 5,991,849.75 0.88 

3.75% ITALIE 09/13 EUR 3,440,000.00 3,577,944.00 0.53 

4% ITALIE 05/37 EUR 3,990,000.00 3,602,571.00 0.53 

4% ITALIE 06/17 EUR 3,865,000.00 4,054,964.75 0.60 

4% ITALIE 07/12 EUR 6,700,000.00 6,920,061.50 1.02 

4.25% ITALIE 03/13 EUR 5,335,000.00 5,619,248.80 0.83 

4.25% ITALIE 03/19 EUR 3,665,000.00 3,827,909.25 0.56 

4.25% ITALIE 04/14 EUR 7,725,000.00 8,181,006.75 1.20 

4.25% ITALIE 04/15 EUR 3,975,000.00 4,221,847.50 0.62 

4.25% ITALIE 08/11 EUR 3,605,000.00 3,693,791.15 0.54 

4.25% ITALIE 08/13 EUR 1,715,000.00 1,799,635.25 0.26 

4.25% ITALIE 09/19 EUR 5,000,000.00 5,204,000.00 0.76 

4.25% ITALIE 09/20 EUR 4,380,000.00 4,531,767.00 0.67 

4.5% ITALIE (BTP) 08/19 EUR 3,450,000.00 3,658,449.00 0.54 

4.5% ITALIE 04/20 EUR 4,295,000.00 4,539,600.25 0.67 

4.5% ITALIE 07/18 EUR 4,735,000.00 5,070,711.50 0.75 

4.5% ITALIE 08/18 EUR 4,485,000.00 4,789,307.25 0.70 

4.75% ITALIE 02/13 EUR 4,190,000.00 4,435,827.30 0.65 

4.75% ITALIE 08/23 EUR 3,985,000.00 4,211,148.75 0.62 

5% ITALIE (BTP) 07/39 EUR 3,255,000.00 3,384,711.75 0.50 

5% ITALIE 01/12 EUR 7,240,000.00 7,545,672.80 1.12 

5% ITALIE 03/34 EUR 3,360,000.00 3,495,912.00 0.51 

5% ITALIE 09/40 EUR 2,463,000.00 2,550,559.65 0.37 

5.25% ITALIE (BTP) 02/17 EUR 3,675,000.00 4,112,031.00 0.60 

5.25% ITALIE 98/29 EUR 4,725,000.00 5,086,982.25 0.75 

5.75% ITALIE 02/33 EUR 2,620,000.00 2,979,961.80 0.44 

6% ITALIE 99/31 EUR 5,055,000.00 5,890,591.50 0.87 

6.50% ITALIE 97/27 EUR 4,395,000.00 5,378,425.20 0.79 

7.25% ITALIE 96/26 EUR 1,635,000.00 2,134,819.50 0.31 

9% ITALIE 93/23 EUR 3,670,000.00 5,399,671.00 0.79 

159,872,660.50 23.49 

PAYS-BAS 

1.75% PAYS-BAS 10/13 EUR 3,450,000.00 3,514,929.00 0.52 

2.75% PAYS-BAS 09/15 EUR 2,305,000.00 2,427,349.40 0.36 

3.5% PAYS-BAS 10/20 EUR 1,555,000.00 1,694,149.18 0.25 

3.75% PAYS-BAS 04/14 EUR 2,475,000.00 2,700,361.13 0.40 

3.75% PAYS-BAS 10/42 EUR 760,000.00 880,482.80 0.13 

4% PAYS-BAS 05/37 EUR 2,590,000.00 3,086,244.00 0.45 

4% PAYS-BAS 06/16 EUR 3,555,000.00 3,979,200.38 0.58 

4% PAYS-BAS 08/18 EUR 2,090,000.00 2,355,346.40 0.35 

4% PAYS-BAS 09/19 EUR 1,950,000.00 2,203,734.00 0.32 

4.25% PAYS-BAS 03/13 EUR 2,620,000.00 2,852,380.90 0.42






(note 2) 


4.5% PAYS-BAS 07/17 EUR 2,235,000.00 2,580,497.48 0.38 

5% PAYS-BAS 02/12 EUR 3,130,000.00 3,360,008.05 0.49 

5.50% PAYS-BAS 98/28 EUR 1,560,000.00 2,117,746.80 0.31 

33,752,429.52 4.96 

PORTUGAL 

3.35% PORTUGAL 05/15 EUR 1,010,000.00 919,145.45 0.14 

3.85% PORTUGAL 05/21 EUR 1,400,000.00 1,129,527.00 0.17 

4.1% PORTUGAL 06/37 EUR 1,190,000.00 843,275.65 0.12 

4.2% PORTUGAL 06/16 EUR 1,035,000.00 959,036.18 0.14 

4.35% PORTUGAL 07/17 EUR 1,115,000.00 1,019,054.25 0.15 

4.375% PORTUGAL 03/14 EUR 4,460,000.00 4,350,016.40 0.64 

4.45% PORTUGAL 08/18 EUR 1,165,000.00 1,052,577.50 0.15 

4.75% PORTUGAL 09/19 EUR 2,330,000.00 2,094,273.90 0.31 

4.95% PORTUGAL 08/23 EUR 1,190,000.00 1,021,139.00 0.15 

5% PORTUGAL 02/12 EUR 1,245,000.00 1,257,325.50 0.18 

14,645,370.83 2.15 

SUPRANATIONAL 

3.125% COMMUNAUTE EUROP. 09/15 EUR 5,860,000.00 6,179,428.60 0.91 

6,179,428.60 0.91 





167



168 





Italie 23.49 


France 21.33 

Espagne 9.78 

Belgique 6.17 

Pays-Bas 4.96 

Autriche 4.00 

Portugal 2.15 

Irlande 1.86 

Finlande 1.31 


Danemark 0.60 

98.28 





98.28

Pictet - EUR Inflation Linked Bonds 





(note 2) 


OBLIGATIONS 

ALLEMAGNE 

% des actifs 

nets 

1.5% ALLEMAGNE (INFLATION) 06/16 EUR 9,639,000.00 11,217,087.52 5.04 

1.75% ALLEMAGNE (CPI) 09/20 EUR 7,415,000.00 8,362,626.71 3.76 

2.25% ALLEMAGNE (INFLATION) 07/13 EUR 8,111,000.00 9,213,954.48 4.14 

FRANCE 

28,793,668.71 12.94 

1% O.A.T. (INFLATION) 05/17 EUR 14,964,000.00 16,806,300.77 7.55 

1.1% O.A.T. (INFLATION) 10/22 EUR 2,975,000.00 3,016,732.55 1.36 





2.25% O.A.T. (INFLATION) 04/20 EUR 14,753,000.00 18,930,849.77 8.52 

2.50% O.A.T. (INFLATION) 03/13 EUR 11,646,000.00 14,308,076.30 6.43 

3% O.A.T. (INFLATION) 01/12 EUR 10,241,000.00 12,908,579.85 5.80 



ITALIE 

115,321,250.30 51.83 

1.85% ITALIE (INFLATION) 07/12 EUR 7,774,000.00 8,537,208.57 3.84 



2.15% ITALIE (INFLATION) 04/14 EUR 10,751,000.00 12,745,309.81 5.73 





74,913,353.00 33.66 



AUTRES ACTIFS NETS 446,730.07 0.20 


169



170 





France 51.83 

Italie 33.66 


98.43 



98.43

Pictet - Emerging Local Currency Debt 





(note 2) 


OBLIGATIONS 






7.25% AFRIQUE DU SUD 05/20 ZAR 2,085,361,659.57 288,377,274.85 3.28 





13.5% AFRIQUE DU SUD S157 91/15 ZAR 1,488,432,686.70 268,916,790.16 3.07 

13.5% TRANSNET 98/28 ZAR 104,391,886.17 18,624,795.27 0.21 

995,946,030.41 11.34 

ALLEMAGNE 

5.625% K.F.W. 10/17 PEN 43,792,695.65 16,024,872.03 0.18 

BRESIL 

16,024,872.03 0.18 


6% BRESIL (INFLATION) 07/12 BRL 30,319.56 34,625,857.80 0.39 


10% BRESIL (NOTAS DE T.) 05/12 BRL 281,099.60 165,750,181.89 1.89 

10% BRESIL (NOTAS DE T.) 07/17 BRL 414,443.77 230,503,642.58 2.63 

10% BRESIL (NOTAS DE T.) 06/16 BRL 240,121.30 137,065,334.99 1.56 

10% BRESIL 10/21 BRL 432,941.89 233,483,952.86 2.66 

CHILI 

999,577,959.34 11.39 

5.5% CHILI 10/20 CLP 6,204,131.55 13,609,474.53 0.16 

6.5% BCO SANTANDER CL. 10/20 CLP 33,510,693.67 68,899,016.49 0.79 

82,508,491.02 0.95 

COLOMBIE 

7.75% COLOMBIE (DUAL CUR.)10/21 COP 163,684,681.09 106,840,500.06 1.22 

9.75% BOGOTA D. C. 07/28 COP 17,964,186.91 13,775,070.91 0.16 

9.85% COLOMBIE 07/27 COP 194,477,293.48 154,682,579.95 1.76 

12% COLOMBIE 05/15 COP 51,946,440.49 37,953,493.63 0.43 

313,251,644.55 3.57 

COREE DU SUD 

4.25% COREE 04/14 KRW 12,225,627.20 10,932,698.87 0.12 

4.5% COREE 10/15 KRW 18,313,490.55 16,598,216.76 0.19 

4.5% KOREA EXPRESSWAY 09/15 USD 499,005.19 526,954.47 0.01 


5.75% COREE 08/18 KRW 20,958,218.06 20,405,456.69 0.23 

5% COREE 09/14 KRW 18,313,490.55 16,853,725.05 0.19 

5% COREE 10/20 KRW 54,940,471.64 52,155,538.20 0.60 

5% NATIONAL AGR. COOP. 09/14 USD 399,204.15 427,689.88 0.00 

7% WOORI BANK 09/15 USD 399,204.15 455,440.44 0.01 

119,520,690.40 1.36 

171




172 




(note 2) 


2.5% COTE D’IVOIRE 09/32 USD 16,618,868.91 9,659,717.56 0.11 

EGYPTE 

9,659,717.56 0.11 

0% EGYPTE 10/11 EGP 79,840,830.72 12,862,194.20 0.15 

0% EGYPTE 10/11 EGP 110,504,699.77 19,176,520.33 0.22 

0% EGYPTE 10/11 EGP 110,504,699.77 18,720,668.19 0.21 

8.75% EGYPTE 07/12 EGP 4,990,051.92 879,957.49 0.01 

51,639,340.21 0.59 

ETATS-UNIS 


GHANA 

839,245.16 0.01 


14.47% GHANA 06/11 GHS 9,481,098.65 6,837,293.66 0.08 

15% GHANA 07/12 GHS 998,010.38 733,592.65 0.01 

8,023,149.37 0.10 

HONG-KONG 

9.75% CLN INDONESIE (HSBC) 07/37 USD 1,437,129.96 1,580,929.33 0.02 

1,580,929.33 0.02 

HONGRIE 

5.5% HONGRIE 03/14 HUF 10,229,606,436.00 48,645,423.40 0.55 

5.5% HONGRIE 05/16 HUF 5,888,261,265.60 27,444,028.60 0.31 

6% HONGRIE 07/12 HUF 6,077,883,238.56 29,690,338.51 0.34 

6.5% HONGRIE 08/19 HUF 14,656,780.50 70,355,570.34 0.80 

6.75% HONGRIE ’B’ 06/17 HUF 21,517,103.88 105,749,023.13 1.21 

6.75% HONGRIE ’C’ 08/11 HUF 379,243,945.92 1,869,079.37 0.02 

6.75% HONGRIE ’D’ 02/13 HUF 5,439,156,592.80 26,934,417.31 0.31 

7.25% HONGRIE ’B’ 06/12 HUF 274,452,855.60 1,368,724.55 0.02 

7.5% HONGRIE 09/13 HUF 2,947,194,524.68 14,876,308.83 0.17 

7.5% HONGRIE ’A’ 04/20 HUF 13,953,602,343.07 71,646,849.84 0.82 

8% HONGRIE ’A’ 04/15 HUF 26,237,593.19 135,292,676.26 1.54 

533,872,440.14 6.09 

ILES CAIMANS 

8% TELEMOVIL FINANCE 10/17 USD 9,550,959.37 9,479,613.71 0.11 

9,479,613.71 0.11 

INDONESIE 

0% INDONESIE 08/13 IDR 8,083,884,110.40 754,066.70 0.01 

0% INDONESIE 10/10 IDR 256,887,872.84 28,703,327.97 0.33 

0% INDONESIE 10/11 IDR 59,880,623.04 6,466,119.01 0.07 

0% INDONESIE 10/11 IDR 34,431,358.25 3,735,975.03 0.04 

0% INDONESIE 10/11 IDR 16,966,176.53 1,858,421.71 0.02 

7.375% INDONESIE 10/16 IDR 978,050.18 109,840.52 0.00 

8.25% INDONESIE 10/21 IDR 109,501,699.33 12,746,387.93 0.15 

9% INDONESIE 07/13 IDR 15,968,166.14 1,878,378.71 0.02 

9% INDONESIE 07/18 IDR 26,946,280.37 3,258,750.27 0.04 

9.25% INDONESIE 09/15 IDR 67,944,546.94 8,216,209.33 0.09 

9.35% INDONESIE 09/12 IDR 5,988,062,304.00 695,205.63 0.01 

9.4% INDONESIE 07/11 IDR 82,066,393.88 9,456,899.06 0.11 

9.5% INDONESIE 07/23 IDR 516,170,970.60 64,614,321.14 0.74






(note 2) 


9.5% INDONESIE 08/12 IDR 257,486,679.07 29,938,421.17 0.34 

9.5% INDONESIE 04/15 IDR 100,350,942.12 12,269,503.20 0.14 

9.5% INDONESIE 10/31 IDR 326,841,414.69 40,029,757.41 0.46 

9.75% INDONESIE 07/37 IDR 97,505,614.52 11,957,714.19 0.14 

10% INDONESIE 05/17 IDR 79,840,830.72 10,159,775.34 0.12 

10% INDONESIE 07/24 IDR 369,962,449.35 47,954,256.28 0.55 

10% INDONESIE 07/28 IDR 585,832,095.41 74,630,091.75 0.85 

10.25% INDONESIE 07/22 IDR 470,561,896.06 61,692,975.07 0.70 

10.25% INDONESIE 07/27 IDR 465,909,171.65 60,830,092.71 0.69 


10.5% INDONESIE 08/38 IDR 302,993,956.56 39,959,495.09 0.46 

10.5% INDONESIE 09/30 IDR 1,174,673,192.12 157,039,046.62 1.78 

10.75% INDONESIE 05/16 IDR 57,884,602.27 7,498,288.19 0.09 

11% INDONESIE 03/12 IDR 15,968,166.14 1,940,859.69 0.02 

11% INDONESIE 04/14 IDR 9,980,103.84 1,263,947.29 0.01 

11% INDONESIE 05/20 IDR 171,657,786.05 23,722,111.92 0.27 

11% INDONESIE 06/25 IDR 59,569,243.80 8,308,690.73 0.09 

11.45% INDONESIE 08/13 IDR 16,966,176.53 2,100,821.99 0.02 

11.5% INDONESIE 06/19 IDR 35,642,942.85 5,001,414.24 0.06 

12.5% INDONESIE 06/13 IDR 9,980,103.84 1,258,645.31 0.01 

12.8% INDONESIE 05/21 IDR 96,807,007.25 14,771,903.41 0.17 

12.9% INDONESIE 05/22 IDR 30,439,316.71 4,689,716.80 0.05 

14.25% INDONESIE 02/13 IDR 29,940,311.52 3,950,847.77 0.05 

14.275% INDONESIE 02/13 IDR 4,990,051.92 672,529.30 0.01 

LUXEMBOURG 

770,778,655.62 8.79 

7.5% RSHB CAPITAL 10/13 RUB 3,003,013.25 99,995,551.48 1.14 

99,995,551.48 1.14 

MALAISIE 


2.711% MALAISIE 09/12 MYR 84,830,882.64 27,374,115.27 0.31 

3.21% MALAISIE 09/13 MYR 72,355,752.84 23,475,161.97 0.27 

3.7% MALAISIE 07/13 MYR 3,493,036.34 1,146,191.50 0.01 


3.741% MALAISIE 09/15 MYR 360,680,952.78 118,763,998.03 1.35 

3.82% MALAISIE 06/16 MYR 8,383,287.23 2,757,354.27 0.03 

3.833% MALAISIE 01/11 MYR 14,770,553.68 4,828,750.26 0.06 

3.835% MALAISIE 10/15 MYR 189,222,768.81 62,937,273.12 0.72 

4.02% CAGAMAS MBS 07/19 MYR 499,005.19 153,438.04 0.00 

4.262% MALAISIE 06/16 MYR 34,531,159.29 11,658,883.73 0.13 

4.378% MALAISIE 09/19 MYR 548,007,501.85 187,939,043.87 2.15 

4.498% MALAISIE 10/30 MYR 29,940,311.52 10,335,958.67 0.12 

5.094% MALAISIE 04/14 MYR 657,638,942.54 226,466,555.31 2.58 

5.248% MALAISIE 08/28 MYR 7,285,475.80 2,734,710.26 0.03 

5.734% MALAISIE 04/19 MYR 44,910,467.28 16,805,357.48 0.19 

MEXIQUE 

722,785,900.20 8.24 

6% MEXIQUE 10/15 MXN 3,605,312.51 29,407,583.97 0.34 

7.5% MEXIQUE 06/27 MXN 4,790,449.84 41,728,415.82 0.48 

7.75% MEXIQUE 08/17 MXN 6,345,350.02 56,092,135.53 0.64 

8% MEXIQUE 09/20 MXN 9,271,516.47 84,407,274.01 0.96 

8% MEXIQUE 05/15 MXN 4,425,178.04 39,074,923.04 0.45 

173



174 




(note 2) 


9.5% MEXIQUE 04/14 MXN 4,990,051.92 46,042,998.46 0.52 

10% MEXIQUE 04/24 MXN 12,956,170.81 138,786,427.74 1.57 

10% MEXIQUE 06/36 MXN 11,222,626.77 121,895,758.33 1.39 

557,435,516.90 6.35 

PAKISTAN 

7.875% PAKISTAN -REG. S- 06/36 USD 1,197,612.46 949,107.88 0.01 

PEROU 

949,107.88 0.01 

5.375% CREDITO DEL PEROU 10/20 USD 12,325,428.24 12,494,902.88 0.14 

6.9% PEROU (DUAL CUR.) 07/37 PEN 166,717.63 64,506,018.03 0.74 




152,519,425.24 1.74 

PHILIPPINES 


12,175,228.19 0.14 

POLOGNE 

0% POLOGNE 09/12 PLN 49,900,519.20 16,116,600.59 0.18 

3% POLOGNE (INFLATION) 04/16 PLN 4,990,051.92 1,999,519.60 0.02 

4.25% POLOGNE 05/11 PLN 13,273,538.11 4,547,494.96 0.05 

5% POLOGNE 02/13 PLN 12,974,134.99 4,451,129.74 0.05 

5.25% POLOGNE 06/17 PLN 64,990,436.21 22,174,531.68 0.25 

5.25% POLOGNE 07/13 PLN 236,258,998.20 81,782,023.77 0.93 

5.25% POLOGNE 09/20 PLN 145,370,192.53 48,829,512.46 0.56 

5.5% POLOGNE 08/19 PLN 620,798,387.22 213,300,122.64 2.43 

5.5% POLOGNE 09/15 PLN 538,925,607.36 187,417,281.76 2.14 

5.75% POLOGNE 01/22 PLN 178,384,376.04 62,114,402.28 0.71 

5.75% POLOGNE 08/29 PLN 17,642,827.57 6,089,796.15 0.07 

6.25% POLOGNE 04/15 PLN 486,579,962.72 174,503,512.21 1.99 

823,325,927.84 9.38 

ROYAUME-UNI 



18.75% REP. GHANA (STANDARD) CLN 10/13 USD 7,724,600.37 8,856,284.46 0.10 

RUSSIE 

27,290,930.25 0.31 

STEP ROSSELHOZBANK 10/20 RUB 648,706,749.60 22,131,261.52 0.25 

22,131,261.52 0.25 

SINGAPOUR 

2.875% SINGAPOUR 10/30 SGD 39,920,415.36 30,577,991.92 0.35 

3.25% SINGAPOUR 05/20 SGD 30,688,819.31 25,850,766.18 0.29 

3.50% SINGAPOUR 07/27 SGD 12,974,134.99 10,968,197.69 0.13 

67,396,955.79 0.77 

SRI LANKA 


6.85% SRI LANKA 06/12 LKR 169,661,765.28 1,505,447.42 0.02 

7.2% SRI LANKA 06/10 LKR 39,920,415.36 356,797.02 0.00






(note 2) 

7.4% SRI LANKA 09/15 USD 7,784,481.00 8,538,602.59 0.10 

8.25% SRI LANKA 07/12 USD 3,193,633.23 3,485,052.26 0.04 

17,898,539.76 0.21 

THAILANDE 

2.8% M.O.F. (THAILAND) 10/17 THB 508,985,295.84 16,707,404.01 0.19 

3.625% THAILAND GOV. 09/15 THB 4,538,951,226.43 155,856,156.56 1.78 



4.25% THAILAND GOV. 07/13 THB 174,651,817.20 5,979,771.46 0.07 


4.875% THAILAND GOV. 09/29 THB 305,391,177.50 11,778,501.81 0.13 

5% M.O.F. (THAILAND) 09/40 THB 271,957,829.64 10,757,368.09 0.12 

5% THAILAND GOV. 07/17 THB 1,497,015.58 55,429.83 0.00 

5.125% M.O.F. (THAILAND) 02/22 THB 79,840,830.72 3,107,929.23 0.04 





5.5% M.O.F. (THAILAND) 07/23 THB 19,960,207.68 806,294.72 0.01 



6.15% M.O.F. (THAILAND) 06/26 THB 221,558,305.25 9,621,049.67 0.11 

715,536,385.19 8.16 

TURQUIE 

0% TURQUIE 10/12 TRY 484,035,036.24 300,687,036.24 3.43 

0% TURQUIE 10/11 TRY 368,465,433.77 232,840,886.45 2.65 

0% TURQUIE 10/12 TRY 46,182,930.52 28,068,974.41 0.32 

4% TURQUIE (INFLATION) 10/20 TRY 22,455,233.64 16,131,079.53 0.18 

4.5% TURQUIE (INFLATION) 10/15 TRY 20,618,894.53 15,756,120.44 0.18 


10.5% TURQUIE 10/20 TRY 139,179,534.12 105,677,588.00 1.20 

11% TURQUIE 09/14 TRY 84,960,623.99 63,080,249.17 0.72 


14% TURQUIE 07/12 TRY 14,630,832.23 11,138,663.78 0.13 

16% TURQUIE 07/12 TRY 149,801,358.64 113,994,518.36 1.30 

16% TURQUIE 08/13 TRY 1,996,020.77 1,659,017.94 0.02 

929,251,588.54 10.59 

TOTAL OBLIGATIONS 8,061,395,097.63 91.90 

OPTIONS 

ALLEMAGNE 





CALL BUND FUTURE EURO-SCHATZ EUREX (2Y) 30/09/2010 109.4 17,082.94 116,155.30 0.00 

616,314.60 0.01 


TOTAL I. 8,062,011,412.23 91.91 

175



OBLIGATIONS 

ALLEMAGNE 


176 




(note 2) 

10% CLN INDONESIE (DB) 08/28 USD 99,801.04 216,601.57 0.00 

EGYPTE 

216,601.57 0.00 

0% EGYPTE 10/11 EGP 56,262,835.40 9,314,728.48 0.11 

9,314,728.48 0.11 

ETATS-UNIS 

11.5% CLN INDONESIE (CITI) 07/19 USD 1,327,933.65 1,411,381.53 0.02 

1,411,381.53 0.02 

MALAISIE 

3.582% MALAISIE 08/11 MYR 4,990,051.92 1,627,873.05 0.02 

3.814% MALAISIE 07/17 MYR 27,245,683.48 8,987,896.36 0.10 

3.90% SILTERRA CAPITAL 07/14 MYR 6,187,664.38 2,024,178.62 0.02 

3.92% MALAISIE 07/13 MYR 8,283,486.19 2,719,722.32 0.03 

4.012% MALAISIE 10/17 MYR 116,268,209.74 38,826,422.19 0.44 

4.24% MALAISIE 03/18 MYR 7,984,083.07 2,690,260.79 0.03 

PEROU 

56,876,353.33 0.64 



24,347,443.53 0.27 

PHILIPPINES 


SRI LANKA 

11,886,806.43 0.14 

0% GOVT OF SRI LANKA 10/10 LKR 598,806,230.40 5,323,455.47 0.06 

0% GOVT OF SRI LANKA 10/11 LKR 99,801,038.40 852,453.73 0.01 

0% SRI LANKA 10/11 LKR 499,005,192.00 4,348,761.51 0.05 

0% SRI LANKA 10/11 LKR 74,850,778.80 648,395.30 0.01 

6.5% GOVT OF SRI LANKA 10/15 LKR 1,022,960,643.60 8,338,702.60 0.10 

6.85% SRI LANKA 06/12 LKR 1,147,711,941.60 10,138,092.80 0.11 

7% SRI LANKA 06/11 LKR 109,771,162.14 981,120.27 0.01 

7.5% SRI LANKA 03/13 LKR 99,801,038.40 885,086.50 0.01 


32,505,876.99 0.37 


OPTIONS 

ETATS-UNIS 



FRANCE 

238,104.32 0.00 


PUT USD/KRW SPOT CROSS RATES 26/11/2010 1130 1,634,141.20 198,057.92 0.00 

493,523.73 0.00


INDE 





(note 2) 


CALL USD/INR SPOT CROSS RATES 03/11/2010 44 2,705,705.95 968,588.62 0.01 


INDONESIE 

968,588.62 0.01 

CALL USD/IDR SPOT CROSS RATES 26/04/2011 9800 -27,142,888.41 -412,571.90 0.00 


ROYAUME-UNI 

-454,643.38 0.00 

CALL AUD/JPY SPOT CROSS RATES 25/11/2010 82 81,171,510.90 525,282.35 0.01 

CALL EUR/CHF SPOT CROSS RATES 21/10/2010 1.345 2,164,573.74 721,947.22 0.01 

CALL EUR/USD 12/10/2010 1.3525 1,634,141.20 429,363.89 0.00 

CALL EUR/USD 27/10/2010 1.4075 1,634,141.20 486,720.56 0.01 

CALL USD/JPY SPOT CROSS RATES 28/10/2010 82.68 2,723,566.35 223,060.08 0.00 


CALL USD/KRW SPOT CROSS RATES 13/10/2010 1185 1,618,772.84 83,544.87 0.00 

CALL USD/MYR SPOT CROSS RATES 05/10/2010 3.15 1,724,981.11 26,650.96 0.00 

PUT AUD/JPY SPOT CROSS RATES 20/10/2010 80 2,158,140.57 523,303.08 0.01 

JAPON 

3,555,624.77 0.05 

CALL EUR/JPY CROSS-RATES 27/10/2010 113.75 1,634,141.20 405,830.10 0.00 

TAIWAN 

405,830.10 0.00 

PUT USD/TWD SPOT CROSS RATE 29/12/2010 30.18 -122,561,663.22 -501,277.20 -0.01 



332,989.76 0.00 

TOTAL OPTIONS 5,540,017.92 0.06 

TOTAL II. 142,099,209.78 1.61 





177



178 





Brésil 11.39 


Turquie 10.59 

Pologne 9.38 

Malaisie 8.88 



Mexique 6.35 

Hongrie 6.09 

Colombie 3.57 

Pérou 2.01 



Chili 0.95 


Egypte 0.70 




Russie 0.25 




Ghana 0.10 



Pakistan 0.01 

Inde 0.01 

Taïwan 0.00 

Japon 0.00 

93.52 




Options 0.07 

93.52

Pictet - Asian Local Currency Debt 





(note 2) 


OBLIGATIONS 

ALLEMAGNE 

% des actifs 

nets 

1.86% K.F.W. 09/12 SGD 30,475,753.29 23,550,702.21 1.64 

1.9% K.F.W. 09/11 SGD 1,998,410.05 1,529,674.49 0.11 

FRN K.F.W. 09/14 USD 999,205.03 1,000,913.67 0.07 

26,081,290.37 1.82 

AUSTRALIE 

2.2% COMMONWEAL. BANK AUST. 09/12 HKD 9,992,050.26 1,302,234.92 0.09 

2.875% COMMONWEAL. BANK AUST. 10/15 SGD 1,998,410.05 1,557,108.59 0.11 

COREE DU SUD 

2,859,343.51 0.20 

4.25% COREE 04/14 KRW 3,996,820.10 3,579,769.16 0.25 

4.5% COREE 10/15 KRW 14,988,075.39 13,605,683.23 0.95 


4.75% COREE 03/13 KRW 2,498,012,564.75 2,261,342.72 0.16 

4.75% COREE 09/14 KRW 1,998,410,051.80 1,815,545.78 0.13 


5.25% COREE 05/10 KRW 57,454,288.99 51,480,843.57 3.59 

5.25% COREE 07/12 KRW 1,998,410,051.80 1,817,691.88 0.13 

5.5% COREE 08/11 KRW 3,996,820.10 3,631,235.64 0.25 

5.5% COREE 08/28 KRW 1,998,410,051.80 1,967,321.35 0.14 

5.5% COREE 09/29 KRW 3,996,820,103.60 4,060,522.18 0.28 

5.75% COREE 07/10 KRW 45,963,431.19 41,285,003.92 2.89 

5.75% COREE 08/18 KRW 32,274,322.34 31,472,647.65 2.20 

5% COREE 06/16 KRW 1,998,410,051.80 1,847,276.18 0.13 

5% COREE 10/20 KRW 48,961,046.27 46,552,490.61 3.25 

5% NATIONAL AGR. COOP. 09/14 USD 99,920.50 107,050.46 0.01 

7% WOORI BANK 09/15 USD 99,920.50 113,996.40 0.01 

FRN EXP-IMP BANK KOREA 06/11 USD 1,034,177.20 1,022,083.32 0.07 

FRN KOREA DEV. BANK 06/11 USD 999,205.03 987,378.54 0.07 

FRN KOREA NATIONAL 06/11 USD 1,498,807.54 1,474,449.37 0.10 

FRN WOORI BANK 06/11 USD 999,205.03 987,000.84 0.07 

211,552,248.48 14.78 

ETATS-UNIS 

1.1% I.F.C. 09/12 SGD 34,972,175.91 26,817,196.19 1.87 


FRANCE 

26,938,432.22 1.88 

0.81% BNP PARIBAS 10/11 SGD 14,988,075.39 11,385,781.85 0.80 

11,385,781.85 0.80 

HONG-KONG 

1.6% HSBC SINGAPORE 10/13 SGD 14,988,075.39 11,425,806.38 0.80 

1.69% HONG KONG 09/14 HKD 54,956,276.42 7,295,258.27 0.51 

1.75% HONG KONG 10/15 HKD 49,960,251.30 6,641,710.37 0.46 

2.07% HK SAR GOVERNMENT 09/14 HKD 424,662,136.01 57,061,988.16 3.98 

2.16% HONG KONG 09/19 HKD 38,968,996.01 5,130,817.84 0.36 

2.66% HONG KONG 07/12 HKD 19,984,100.52 2,694,283.59 0.19 

3.52% HONG KONG 07/17 HKD 49,960,251.30 7,276,394.17 0.51 

179



180 




(note 2) 

% des actifs 

nets 

4.65% KCRC 03/13 HKD 9,992,050.26 1,409,760.20 0.10 

4.74% HONG KONG 06/13 HKD 11,990,460.31 1,711,907.93 0.12 

4.83% HONG KONG 06/16 HKD 11,990,460.31 1,841,239.73 0.13 

9.75% CLN INDONESIE (HSBC) 07/37 USD 49.96 54.96 0.00 

INDE 

102,489,221.60 7.16 

6.05% EXP. IMP. BANK INDIA 10/13 INR 149,880,753.89 3,341,851.95 0.23 

6.07% INDE 09/14 INR 99,920,502.59 2,140,320.13 0.15 

6.35% INDE 03/20 INR 799,364,020.72 15,983,687.42 1.12 

6.9% POWER FINANCE 09/12 INR 99,920,502.59 2,209,818.32 0.15 

7% INDIAN OIL CORP 09/12 INR 199,841,005.18 4,404,701.25 0.31 

7.4% INDE 02/12 INR 49,960,251.30 1,129,009.34 0.08 


7.6% RURAL ELECTRIFIC. 10/13 INR 249,801,256.48 5,548,505.86 0.39 

7.8% INDE 10/20 INR 199,841,005.18 4,468,061.18 0.31 

8.28% INDE 07/32 INR 199,841,005.18 4,449,812.31 0.31 

8.3% INDE 08/14 INR 199,841,005.18 4,465,819.30 0.31 

8.95% POWER FINANCE 10/15 INR 99,920,502.59 2,271,667.23 0.16 

9.25% EXP. IMP. BANK INDIA 07/12 INR 49,960,251.30 1,146,443.29 0.08 

9.25% EXP. IMP. BANK INDIA 07/12 INR 99,920,502.59 2,297,699.90 0.16 

54,974,491.24 3.84 

INDONESIE 

0% INDONESIE 10/10 IDR 51,209,257.58 5,726,302.14 0.40 

0% INDONESIE 10/11 IDR 7,494,037.69 813,772.13 0.06 

0% INDONESIE 10/11 IDR 19,984,100.52 2,159,628.84 0.15 

0% INDONESIE 10/11 IDR 2,997,615.08 328,604.33 0.02 

8.25% INDONESIE 10/21 IDR 3,657,090.39 426,028.94 0.03 

9% INDONESIE 07/13 IDR 3,996,820.10 470,521.90 0.03 

9% INDONESIE 07/18 IDR 54,956,276.42 6,651,302.27 0.46 

9.25% INDONESIE 09/15 IDR 5,915,293.75 715,863.68 0.05 

9.4% INDONESIE 07/11 IDR 9,992,050.26 1,152,325.42 0.08 

9.5% INDONESIE 07/23 IDR 115,907,783.00 14,520,612.56 1.01 

9.5% INDONESIE 08/12 IDR 143,086,159.71 16,649,794.75 1.16 

9.5% INDONESIE 04/15 IDR 34,972,175.91 4,279,226.82 0.30 

9.5% INDONESIE 10/31 IDR 31,686,789.78 3,883,839.26 0.27 

9.75% INDONESIE 07/37 IDR 15,987,280.41 1,962,141.25 0.14 

10% INDONESIE 05/17 IDR 9,992,050.26 1,272,479.51 0.09 

10% INDONESIE 07/24 IDR 39,968,201.04 5,184,671.49 0.36 

10% INDONESIE 07/28 IDR 89,928,452.33 11,465,026.49 0.80 

10.25% INDONESIE 07/22 IDR 34,972,175.91 4,588,584.56 0.32 

10.25% INDONESIE 07/27 IDR 57,256,446.39 7,481,328.73 0.52 


10.5% INDONESIE 08/38 IDR 84,482,784.94 11,150,423.86 0.78 


10.75% INDONESIE 05/16 IDR 6,994,435.18 906,752.69 0.06 

11% INDONESIE 03/12 IDR 3,996,820.10 486,172.99 0.03 

11% INDONESIE 05/20 IDR 20,983,305.54 2,902,023.18 0.20 

11% INDONESIE 06/25 IDR 12,833,789.35 1,791,441.14 0.13 

11.45% INDONESIE 08/13 IDR 2,997,615.08 371,465.31 0.03 

11.5% INDONESIE 06/19 IDR 4,977,040.23 698,920.13 0.05 

12.8% INDONESIE 05/21 IDR 21,982,510.57 3,356,943.91 0.23






(note 2) 

% des actifs 

nets 

12.9% INDONESIE 05/22 IDR 2,498,012.56 385,162.03 0.03 

14.275% INDONESIE 02/13 IDR 24,980,125.65 3,369,286.10 0.24 

JAPON 

135,085,035.49 9.44 

FRN D.B.J 09/14 USD 699,443.52 698,737.08 0.05 

698,737.08 0.05 

MALAISIE 


2.711% MALAISIE 09/12 MYR 24,980,125.65 8,055,623.27 0.56 

3.21% MALAISIE 09/13 MYR 9,492,447.75 3,077,741.70 0.22 

3.7% MALAISIE 07/13 MYR 1,998,410.05 655,325.56 0.05 

3.725% DANGA CAPITAL 10/20 SGD 5,995,230.16 4,493,238.27 0.31 

3.741% MALAISIE 09/15 MYR 40,967,406.06 13,480,887.69 0.94 

3.756% MALAISIE 05/11 MYR 93,925,272.43 30,569,063.25 2.14 

3.82% MALAISIE 06/16 MYR 1,199,046.03 394,123.65 0.03 

3.833% MALAISIE 01/11 MYR 9,992,050.26 3,264,457.38 0.23 

3.835% MALAISIE 10/15 MYR 31,275,117.31 10,395,656.00 0.73 

4.02% CAGAMAS MBS 07/19 MYR 1,498,807.54 460,566.40 0.03 

4.25% PETRONAS GLOB. SUK. 09/14 USD 299,761.51 317,323.61 0.02 

4.262% MALAISIE 06/16 MYR 12,290,221.82 4,146,903.77 0.29 

4.378% MALAISIE 09/19 MYR 85,232,188.71 29,211,413.58 2.04 

4.498% MALAISIE 10/30 MYR 2,997,615.08 1,034,162.38 0.07 

5.094% MALAISIE 04/14 MYR 99,620,741.08 34,283,467.69 2.40 

5.248% MALAISIE 08/28 MYR 1,698,648.54 637,199.40 0.04 

5.734% MALAISIE 04/19 MYR 2,198,251.06 822,045.58 0.06 

PAKISTAN 

149,298,630.52 10.44 


PAYS-BAS 

712,682.98 0.05 

2.1% RABOBANK 09/12 SGD 3,996,820.10 3,105,569.14 0.22 

7.25% MAJAPAHIT BV 07/17 USD 99,920.50 115,158.38 0.01 

3,220,727.52 0.23 

PHILIPPINES 

4.95% PHILIPPINES 10/21 PHP 77,937,992.02 1,823,130.38 0.13 

5.875% NATIONAL POWER 06/16 PHP 49,960,251.30 1,194,955.30 0.08 

7.79% POWER SECTOR ASS. 09/24 USD 628,499.96 776,197.45 0.05 

FRN NATIONAL POWER 05/11 USD 14,226,681.16 14,582,348.19 1.02 

18,376,631.32 1.28 

ROYAUME-UNI 

4.8% E.B.R.D. (DUAL) 10/15 PHP 99,920,502.59 2,386,059.17 0.17 

2,386,059.17 0.17 

SINGAPOUR 

2.875% SINGAPOUR 08/15 SGD 1,498,807.54 1,245,777.79 0.09 

2.875% SINGAPOUR 10/30 SGD 14,988,075.39 11,499,298.72 0.80 

3.125% SINGAPOUR 07/22 SGD 1,498,807.54 1,245,207.64 0.09 

3.25% SINGAPOUR 05/20 SGD 50,459,853.81 42,574,622.32 2.97 

3.265% TEMASEK FINANCIAL 10/20 SGD 999,205.03 797,677.88 0.06 

3.50% SINGAPOUR 07/27 SGD 29,326,667.51 24,833,112.14 1.73 

3.595% PUBLIC UTILIT. BOARD 06/11 SGD 1,998,410.05 1,558,714.14 0.11 

3.75% SINGAPOUR 01/16 SGD 20,983,305.54 18,279,009.61 1.28 

181



182 




(note 2) 

3% SINGAPOUR 10/24 SGD 12,989,665.34 10,579,323.65 0.74 

4.2% TEMASEK FINANCIAL I 10/50 SGD 499,602.51 405,946.82 0.03 

4% SINGAPOUR 03/18 SGD 1,998,410.05 1,778,107.86 0.12 

114,796,798.57 8.02 

SRI LANKA 


6.85% SRI LANKA 06/12 LKR 174,860,879.53 1,551,231.28 0.11 

7.2% SRI LANKA 06/10 LKR 44,964,226.17 401,786.72 0.03 

7.4% SRI LANKA 09/15 USD 7,244,236.44 7,946,021.84 0.55 

8.25% SRI LANKA 07/12 USD 2,298,171.56 2,507,879.71 0.18 

14,013,897.03 0.98 

SUPRANATIONAL 

1.43% WORLDBANK 09/14 SGD 999,205.03 769,440.26 0.05 

2.28% DEV. CONSEIL EUROPE 09/14 HKD 24,980,125.65 3,353,368.41 0.23 

3.27% ASIAN DEV. BANK 07/12 SGD 2,498,012.56 1,963,026.51 0.14 

FRN WORLDBANK 09/11 USD 1,498,807.54 1,500,523.67 0.10 

TAIWAN 

7,586,358.85 0.52 

0.25% TAIWAN M.O.F. 09/11 TWD 349,721,759.07 11,205,231.88 0.78 

0.25% TAIWAN M.O.F. 10/12 TWD 1,698,648,544.03 54,572,384.10 3.82 

1.375% TAIWAN M.O.F. 09/19 TWD 49,960,251.30 1,634,684.04 0.11 


1.875% TAIWAN M.O.F. 07/12 TWD 199,841,005.18 6,554,904.18 0.46 

1.875% TAIWAN M.O.F. 10/30 TWD 449,642,261.66 15,044,354.75 1.05 


2.125% TAIWAN M.O.F. 09/29 TWD 99,920,502.59 3,472,664.84 0.24 

2.25% TAIWAN M.O.F. 10/40 TWD 249,801,256.48 8,838,228.12 0.62 

104,665,074.69 7.31 

THAILANDE 

2.8% M.O.F. (THAILAND) 10/17 THB 87,930,042.28 2,897,811.77 0.20 



4.125% THAILAND GOV. 09/16 THB 493,907,044.30 17,498,890.37 1.23 

4.25% THAILAND GOV. 07/13 THB 49,960,251.30 1,717,375.41 0.12 



5% THAILAND GOV. 09/40 THB 44,464,623.65 1,765,827.34 0.12 

5% THAILAND GOV. 07/17 THB 7,494,037.69 278,587.89 0.02 





76,350,546.32 5.35 

TOTAL OBLIGATIONS 1,063,471,988.81 74.32 

OPTIONS 

ALLEMAGNE 

% des actifs 

nets 


CALL BUND FUTURE EURO-BUND EUREX (10Y) 30/09/2010 131 200.84 233,297.15 0.01






(note 2) 

CALL BUND FUTURE EURO-SCHATZ EUREX (2Y) 30/09/2010 109.4 5,666.49 38,718.99 0.00 


211,988.38 0.01 


TOTAL I. 1,063,683,977.19 74.33 


OBLIGATIONS 


% des actifs 

nets 

2.9% SOCIETE GEN. ACCEPT. 09/12 SGD 1,249,006.28 968,542.34 0.07 

968,542.34 0.07 

AUSTRALIE 

4.5% ANZ BANKING GROUP 10/20 HKD 34,972,175.91 4,994,732.31 0.35 

FRN ANZ BANKING GROUP 06/11 HKD 9,992,050.26 1,283,531.77 0.09 

FRN COMMONWEAL. BANK AUST. 09/14 HKD 9,992,050.26 1,268,337.48 0.09 

CHINE 

7,546,601.56 0.53 

1.9% CHINA DEVELOP. BANK 09/12 HKD 19,984,100.52 2,619,844.93 0.18 

2,619,844.93 0.18 

COREE DU SUD 

5% COREE 09/14 KRW 5,995,230.16 5,526,050.12 0.39 

5,526,050.12 0.39 

ETATS-UNIS 

5.28% I.F.C. 03/18 HKD 11,990,460.31 1,808,331.97 0.13 

FRANCE 

1,808,331.97 0.13 

1.925% BNP PARIBAS 10/13 HKD 34,972,175.91 4,550,543.78 0.32 




18,137,715.25 1.26 

HONG-KONG 

0% HONG KONG 10/10 HKD 59,952,301.55 7,724,909.21 0.54 

2% KCRC 09/12 HKD 7,993,640.21 1,050,690.87 0.07 

2.25% ICBC ASIA ’HK’ 10/12 CNY 17,486,087.95 2,616,869.80 0.18 

2.25% ICBC ASIA 10/12 CNY 49,960,251.30 7,476,770.86 0.53 

2.8% KOWLOON CANTON RAIL. 10/15 HKD 29,976,150.78 4,068,734.95 0.28 

3.80% HONG KONG MTG. 05/11 HKD 5,995,230.16 784,566.52 0.05 

23,722,542.21 1.65 

ILES CAIMANS 

2.38% MTR CORP. (CI) 08/11 HKD 5,995,230.16 788,068.45 0.06 

INDE 

788,068.45 0.06 


1,121,499.05 0.08 

MALAISIE 

3.814% MALAISIE 07/17 MYR 11,490,857.80 3,788,185.36 0.26 

3.90% SILTERRA CAPITAL 07/14 MYR 1,298,966.53 424,657.18 0.03 

183



184 




(note 2) 

3.92% MALAISIE 07/13 MYR 1,498,807.54 491,785.48 0.03 

4.012% MALAISIE 10/17 MYR 3,497,217.59 1,167,098.38 0.08 

PAYS-BAS 

5,871,726.40 0.40 

3% RABOBANK 09/14 HKD 17,985,690.47 2,443,580.53 0.17 

2,443,580.53 0.17 

PHILIPPINES 

5.25% NATIONAL POWER 06/11 PHP 249,801,256.48 5,759,700.70 0.40 


8.75% PHILIPPINES 10/30 PHP 471,434,923.27 11,599,666.54 0.81 

21,024,572.90 1.47 

SRI LANKA 

0% SRI LANKA 10/11 LKR 199,841,005.18 1,730,734.40 0.13 

6.5% GOVT OF SRI LANKA 10/15 LKR 399,682,010.36 3,257,290.15 0.23 

6.85% SRI LANKA 06/12 LKR 324,741,633.42 2,867,897.44 0.20 

7% SRI LANKA 06/11 LKR 38,099,687.64 340,453.40 0.02 

SUISSE 

8,196,375.39 0.58 

1.65% EUROFIMA 10/13 HKD 74,940,376.94 9,862,128.68 0.69 

9,862,128.68 0.69 

SUPRANATIONAL 

4.18% EUROFIMA 05/15 HKD 32,973,765.85 4,747,581.85 0.33 

4,747,581.85 0.33 


OPTIONS 

ETATS-UNIS 

% des actifs 

nets 

PUT USD/MYR SPOT CROSS RATES 06/10/2010 3.088 29,538,498.98 81,230.87 0.01 

FRANCE 

81,230.87 0.01 



INDE 

165,749.43 0.01 

CALL USD/INR SPOT CROSS RATES 03/11/2010 44 923,065.60 330,439.02 0.02 


INDONESIE 

330,439.02 0.02 



JAPON 

-136,454.18 -0.01 


ROYAUME-UNI 

133,742.43 0.01 




CALL EUR/CHF SPOT CROSS RATES 21/10/2010 1.345 738,460.48 247,510.60 0.02






(note 2) 

% des actifs 

nets 






TAIWAN 

1,199,562.88 0.09 



PUT USD/TWD SPOT CROSS RATE 29/12/2010 30.18 -40,192,022.96 -164,385.37 -0.01 

110,216.39 0.01 

TOTAL OPTIONS 1,884,486.84 0.14 

TOTAL II. 116,269,648.47 8.13 




TOTAL DES ACTIFS NETS 1,430,860,216.41 100.00 

185



186 






Malaisie 10.84 




Taïwan 7.32 


Inde 3.94 



France 2.07 




Suisse 0.69 

Pays-Bas 0.40 


Chine 0.18 



Japon 0.06 


Pakistan 0.05 

82.46 





Options 0.15 

82.46

Pictet - Global Emerging Currencies 





(note 2) 


OBLIGATIONS 

ALLEMAGNE 


1.9% K.F.W. 09/11 SGD 3,250,000.00 2,483,626.03 0.36 

FRN K.F.W. 09/14 USD 4,500,000.00 4,507,695.00 0.66 

BRESIL 

6,991,321.03 1.02 

0% BRESIL (LTN) 08/11 BRL 11,500.00 6,559,009.70 0.96 

10% BRESIL (NTN) 07/11 BRL 9,500.00 5,687,622.08 0.83 

12,246,631.78 1.79 


FRN AFRICAN DEV. BANK 09/14 USD 400,000.00 402,144.00 0.06 

EGYPTE 

402,144.00 0.06 

0% EGYPTE 10/10 EGP 5,500,000.00 963,807.99 0.14 

0% EGYPTE 10/11 EGP 17,100,000.00 2,967,462.08 0.44 

0% EGYPTE 10/11 EGP 17,100,000.00 2,896,921.45 0.42 

6,828,191.52 1.00 

ETATS-UNIS 


GHANA 

39,996,400.00 5.83 

14% REPUBLIC GHANA 08/11 GHS 3,200,000.00 2,265,823.42 0.33 

16% GHANA 08/11 GHS 1,000,000.00 717,704.19 0.10 

2,983,527.61 0.43 

HONGRIE 

0% BQUE. NAT. HONGRIE 10/10 HUF 3,000,000.00 14,685,644.46 2.14 

0% HONGRIE 10/10 HUF 2,700,000,000.00 13,082,469.69 1.91 

0% HONGRIE 10/10 HUF 1,000,000,000.00 4,851,581.92 0.71 

6.75% HONGRIE 05/10 HUF 3,108,000,000.00 15,233,668.03 2.22 

7.5% HONGRIE 00/11 HUF 1,000,000,000.00 4,937,377.78 0.72 

52,790,741.88 7.70 

INDONESIE 

0% INDONESIE 10/10 IDR 26,350,000.00 2,944,213.30 0.42 

0% INDONESIE 10/11 IDR 20,000,000.00 2,159,669.92 0.32 

0% INDONESIE 10/11 IDR 10,000,000.00 1,095,368.61 0.16 

ISRAEL 

6,199,251.83 0.90 

0% ISRAEL 09/10 ILS 28,000,000.00 7,688,912.75 1.12 

0% ISRAEL 09/10 ILS 26,000,000.00 7,126,848.09 1.04 

0% ISRAEL 10/10 ILS 24,000,000.00 6,567,091.02 0.96 

JAPON 

21,382,851.86 3.12 

FRN D.B.J 09/14 USD 800,000.00 799,192.00 0.12 

799,192.00 0.12 

LUXEMBOURG 

6.875% RSHB CAPITAL 05/10 USD 7,500,000.00 7,565,250.00 1.10 

7,565,250.00 1.10 

187


MALAISIE 


188 




(note 2) 

3.756% MALAISIE 05/11 MYR 75,000,000.00 24,425,446.27 3.56 

MEXIQUE 

24,425,446.27 3.56 

0% MEXIQUE (CETES) 09/10 MXN 19,100,000.00 15,153,090.26 2.21 

0% MEXIQUE (CETES) 10/10 MXN 2,000,000.00 1,597,930.19 0.23 




56,643,980.75 8.26 

PHILIPPINES 

3.75% ASIAN DEV. BANK 07/10 HKD 6,400,000.00 827,324.92 0.12 

FRN NATIONAL POWER 05/11 USD 24,247,000.00 24,853,175.00 3.63 

25,680,499.92 3.75 

POLOGNE 

0% POLOGNE 10/11 PLN 10,000,000.00 3,306,378.61 0.48 

0% POLOGNE 10/11 PLN 18,000,000.00 5,940,650.72 0.87 

4.25% POLOGNE 05/11 PLN 20,200,000.00 6,920,490.79 1.01 

6% POLOGNE 00/10 PLN 37,700,000.00 12,942,387.73 1.89 

29,109,907.85 4.25 


0% REPUBLIQUE TCHEQUE 10/10 CZK 150,000,000.00 8,296,502.57 1.21 

0% REPUBLIQUE TCHEQUE 10/10 CZK 430,000,000.00 23,756,551.80 3.47 

2.55% REPUBLIQUE TCHEQUE 05/10 CZK 162,000,000.00 8,953,278.77 1.31 

41,006,333.14 5.99 

ROUMANIE 

0% ROUMANIE 10/11 RON 7,610,000.00 2,345,247.95 0.34 

0% ROUMANIE 10/11 RON 8,500,000.00 2,647,471.69 0.39 

4,992,719.64 0.73 

ROYAUME-UNI 

REP. GHANA (STANDARD) CLN 10/10 USD 1,000,000.00 981,495.80 0.14 

TURQUIE 

981,495.80 0.14 

0% TURQUIE 09/10 TRY 31,900,000.00 21,753,050.27 3.17 

0% TURQUIE 09/10 TRY 22,300,000.00 15,102,817.66 2.20 

14% TURQUIE 06/11 TRY 29,990,000.00 20,989,215.87 3.06 

57,845,083.80 8.43 

TOTAL I. 398,870,970.68 58.18 


OBLIGATIONS 

AUSTRALIE 


FRN ANZ BANKING GROUP 06/11 HKD 30,000,000.00 3,854,497.65 0.56 

3,854,497.65 0.56 

HONG-KONG 

0% HONG KONG 10/10 HKD 60,000,000.00 7,732,196.53 1.13 

0% HONG KONG 10/10 HKD 150,000,000.00 19,331,844.72 2.82 

27,064,041.25 3.95


ROUMANIE 





(note 2) 

0% ROUMANIE 10/10 RON 15,600,000.00 4,943,710.16 0.72 

0% ROUMANIE 10/10 RON 19,600,000.00 6,156,312.07 0.90 

0% ROUMANIE 10/11 RON 15,600,000.00 4,833,742.92 0.71 

15,933,765.15 2.33 

TOTAL OBLIGATIONS 46,852,304.05 6.84 

OPTIONS 

ETATS-UNIS 



FRANCE 

37,435.75 0.01 



INDE 

77,691.53 0.01 



INDONESIE 

152,284.69 0.02 



JAPON 

-48,206.50 -0.01 


ROYAUME-UNI 

64,007.83 0.01 










TAIWAN 

552,249.81 0.08 

PUT USD/TWD SPOT CROSS RATE 29/12/2010 30.18 -19,330,000.00 -79,059.70 -0.01 



52,484.15 0.01 


TOTAL II. 47,740,251.31 6.97 

189



190 




(note 2) 



AVOIRS EN BANQUE 230,906,013.69 33.68 









Turquie 8.43 

Mexique 8.26 

Hongrie 7.70 



Pologne 4.25 



Malaisie 3.56 

Israël 3.12 

Roumanie 3.06 

Brésil 1.79 



Egypte 1.00 



Ghana 0.43 


Japon 0.13 


Inde 0.02 

France 0.01 

Taïwan 0.01 

65.15 




Options 0.13 

65.15 

191

Pictet - JPY Liquidity 


192 


AU 30 SEPTEMBRE 2010 (EXPRIME EN JPY) 


(note 2) 


OBLIGATIONS 

AUSTRALIE 


0.7% COMMONWEAL. BANK AUST. 06/10 JPY 100,000,000.00 100,020,000.00 1.80 

100,020,000.00 1.80 

AUTRICHE 

1.6% PFBST. OEST. L-HYPO. 01/11 JPY 150,000,000.00 150,435,000.00 2.70 

150,435,000.00 2.70 

ESPAGNE 

0% ESPAGNE 10/11 EUR 1,000,000.00 113,616,360.00 2.04 

113,616,360.00 2.04 

ETATS-UNIS 

1.2% PFIZER 06/11 JPY 70,000,000.00 70,152,600.00 1.26 

1.78% WAL-MART STORES 06/11 JPY 140,000,000.00 141,150,800.00 2.53 

FRN GENERAL ELEC. CAP. 06/11 JPY 50,000,000.00 49,904,250.00 0.90 

ITALIE 

261,207,650.00 4.69 

0% ITALIE (BOT) 10/11 EUR 1,500,000.00 170,525,028.00 3.06 

0% ITALIE (BOT) 10/11 EUR 1,000,000.00 112,394,899.00 2.02 

JAPON 

282,919,927.00 5.08 

0% JAPON N-120 10/10 JPY 1,000,000,000.00 999,837,300.00 17.94 

0% JAPON N-126 10/10 JPY 1,000,000,000.00 999,899,000.00 17.94 

0% JAPON N-131 10/10 JPY 500,000,000.00 499,929,000.00 8.97 

2,499,665,300.00 44.85 

PAYS-BAS 

0.8% RABOBANK 06/11 JPY 180,000,000.00 180,279,000.00 3.24 

180,279,000.00 3.24 

ROYAUME-UNI 

4.5% SANTANDER UK 05/10 GBP 1,048,000.00 138,754,613.00 2.49 

4.625% JTI FINANCE 04/11 EUR 500,000.00 58,224,664.00 1.05 

196,979,277.00 3.54 

TOTAL I. 3,785,122,514.00 67.94 


ALLEMAGNE 


113,555,492.00 2.04 

AUSTRALIE 

0% ING BANK AUSTR. (ECP) 10/11 EUR 500,000.00 56,858,276.00 1.02 

56,858,276.00 1.02 

BELGIQUE 

0% KBC BANK (CD) 10/10 EUR 500,000.00 57,019,700.00 1.02 

57,019,700.00 1.02 

COREE DU SUD 

0% EXP. IMP. BANK KOR. (ECP) 10/11 USD 500,000.00 41,668,642.00 0.75 

41,668,642.00 0.75


ETATS-UNIS 





(note 2) 


0% FANNIE MAE (ECP) 10/11 JPY 200,000,000.00 199,868,340.00 3.59 

FRANCE 

199,868,340.00 3.59 

0% BPCE (ECP) 10/10 EUR 500,000.00 57,013,587.00 1.02 


IRLANDE 

171,002,749.00 3.07 


0% SANPAOLO IMI BANK (ECP) 10/11 EUR 500,000.00 56,902,606.00 1.02 

JAPON 

170,867,681.00 3.07 

0% MITSUBISHI FIN. (ECP) 10/10 EUR 500,000.00 56,948,876.00 1.02 

56,948,876.00 1.02 

ROYAUME-UNI 


0% BNP PARIBAS (CD) 10/11 GBP 1,000,000.00 131,220,740.00 2.36 

0% KOREA DEV. BANK (ECP) 10/11 USD 500,000.00 41,696,419.00 0.75 

0% LLOYDS (ECP) 10/11 EUR 500,000.00 56,869,561.00 1.02 

0% NATIONW. BUILD. (ECP) 10/10 EUR 500,000.00 57,013,804.00 1.02 

0% UNICREDITO ITAL. (CD) 10/10 EUR 500,000.00 56,934,905.00 1.02 

SUEDE 

457,574,811.00 8.21 


114,022,236.00 2.05 

TOTAL II. 1,439,386,803.00 25.84 




TOTAL DES ACTIFS NETS 5,571,304,428.01 100.00 

193



194 





Japon 45.87 



Italie 5.08 

Pays-Bas 3.24 

Irlande 3.07 

France 3.07 


Autriche 2.70 

Suède 2.05 

Espagne 2.04 


Belgique 1.02 


93.78 





93.78

Pictet - Latin American Local Currency Debt 





(note 2) 


OBLIGATIONS 

ALLEMAGNE 


5.625% K.F.W. 10/17 PEN 2,000,000.00 731,851.36 0.27 

BRESIL 

731,851.36 0.27 








10% BRESIL 07/13 BRL 20,400.00 11,808,590.71 4.40 

10% BRESIL 10/21 BRL 37,015.00 19,962,051.77 7.44 

CHILI 

153,910,451.70 57.34 

5.5% CHILI 10/20 CLP 327,000.00 717,312.03 0.27 

6.5% BCO SANTANDER CL. 10/20 CLP 1,038,500.00 2,135,187.93 0.80 

2,852,499.96 1.07 

COLOMBIE 

7.75% COLOMBIE (DUAL CUR.)10/21 COP 6,490,000.00 4,236,162.12 1.58 

9.75% BOGOTA D. C. 07/28 COP 500,000.00 383,403.68 0.14 

9.85% COLOMBIE 07/27 COP 5,030,000.00 4,000,741.49 1.49 

12% COLOMBIE 05/15 COP 2,200,000.00 1,607,380.32 0.60 

10,227,687.61 3.81 

ILES CAIMANS 


267,983.10 0.10 

MEXIQUE 

6% MEXIQUE 10/15 MXN 212,500.00 1,733,306.53 0.65 

7.5% MEXIQUE 06/27 MXN 706,500.00 6,154,145.57 2.29 

7.75% MEXIQUE 08/17 MXN 890,000.00 7,867,493.60 2.93 

8% MEXIQUE 09/20 MXN 635,000.00 5,780,998.10 2.15 

8% MEXIQUE 03/13 MXN 1,270,000.00 10,984,950.42 4.09 

8% MEXIQUE 05/15 MXN 865,000.00 7,638,067.45 2.85 

9.5% MEXIQUE 04/14 MXN 1,310,000.00 12,087,314.70 4.50 

10% MEXIQUE 04/24 MXN 1,002,000.00 10,733,418.26 4.00 

10% MEXIQUE 06/36 MXN 645,000.00 7,005,736.34 2.61 

PEROU 

69,985,430.97 26.07 


6.9% PEROU (DUAL CUR.) 07/37 PEN 5,480.00 2,120,309.47 0.79 

6.95% PEROU 08/31 PEN 800,000.00 303,800.38 0.11 


5,416,371.71 2.01 

TOTAL I. 243,392,276.41 90.67 

195



OBLIGATIONS 

PEROU 


196 




(note 2) 



1,409,261.15 0.53 

TOTAL II. 1,409,261.15 0.53 











Brésil 57.34 

Mexique 26.07 

Colombie 3.81 

Pérou 2.54 

Chili 1.07 



91.20 




91.20 

197

Pictet - USD Sovereign Liquidity 


198 




(note 2) 


OBLIGATIONS 

ALLEMAGNE 


0% ALLEMAGNE 10/10 EUR 10,000,000.00 13,590,979.72 3.08 

FRANCE 

13,590,979.72 3.08 

0% B.T.F. 10/10 EUR 5,000,000.00 6,793,549.97 1.54 

0% B.T.F. 10/10 EUR 5,000,000.00 6,797,388.28 1.54 

0% B.T.F. 10/10 EUR 15,000,000.00 20,397,458.24 4.61 

0% B.T.F. 10/10 EUR 15,000,000.00 20,396,222.09 4.61 

0% B.T.F. 10/10 EUR 35,000,000.00 47,585,011.62 10.77 

101,969,630.20 23.07 

PAYS-BAS 

0% PAYS-BAS 10/10 EUR 15,000,000.00 20,398,470.00 4.62 

0% PAYS-BAS 10/11 EUR 10,000,000.00 13,580,670.33 3.07 

SUISSE 

33,979,140.33 7.69 









0% CONFED. SUISSE 10/10 CHF 30,000,000.00 30,745,580.32 6.96 

0% CONFED. SUISSE 10/10 CHF 30,000,000.00 30,745,580.32 6.95 






286,949,351.78 64.92 

TOTAL I. 436,489,102.03 98.76 


ALLEMAGNE 

0% K.F.W. (ECP) 10/10 USD 10,000,000.00 9,998,480.00 2.26 

9,998,480.00 2.26 

AUSTRALIE 




29,986,883.00 6.78 

AUTRICHE 

0% O.K.B. (ECP) 10/10 USD 10,000,000.00 9,998,132.00 2.26 

0% O.K.B. (ECP) 10/10 USD 10,000,000.00 9,999,241.00 2.26 

19,997,373.00 4.52


FRANCE 





(note 2) 


0% SOC. PR. PAR. ETAT (ECP) 10/10 USD 5,500,000.00 5,499,790.45 1.24 

SUEDE 

5,499,790.45 1.24 

0% SUEDE (CP) 10/10 USD 1,000,000.00 999,905.30 0.24 

999,905.30 0.24 

TOTAL II. 66,482,431.75 15.04 


DECOUVERT BANCAIRE -40,333,763.47 -9.13 



199



200 





Suisse 64.92 

France 24.31 

Pays-Bas 7.69 



Autriche 4.52 

Suède 0.24 

113.80 





113.80

Pictet - EUR Sovereign Liquidity 





(note 2) 


OBLIGATIONS 

ALLEMAGNE 


0% ALLEMAGNE 10/11 EUR 15,000,000.00 14,978,641.50 1.32 

0% ALLEMAGNE 10/11 EUR 19,000,000.00 18,980,855.60 1.67 

33,959,497.10 2.99 

DANEMARK 

3.125% DANEMARK 05/10 EUR 3,214,000.00 3,216,715.83 0.28 

FRANCE 

3,216,715.83 0.28 

0% B.T.F. 10/10 EUR 500,000.00 500,000.00 0.04 

0% B.T.F. 10/10 EUR 9,000,000.00 8,992,137.60 0.79 

0% B.T.F. 10/10 EUR 10,000,000.00 9,993,019.00 0.88 

0% B.T.F. 10/10 EUR 15,000,000.00 14,997,396.00 1.32 

0% B.T.F. 10/10 EUR 18,000,000.00 17,994,436.20 1.58 

0% B.T.F. 10/10 EUR 30,000,000.00 29,998,512.00 2.64 

0% B.T.F. 10/10 EUR 33,000,000.00 32,982,381.30 2.91 

0% B.T.F. 10/10 EUR 64,000,000.00 63,992,947.20 5.63 

0% B.T.F. 10/10 EUR 75,000,000.00 74,982,007.50 6.60 

254,432,836.80 22.39 

PAYS-BAS 

0% PAYS-BAS 10/10 EUR 20,000,000.00 19,989,270.00 1.76 

0% PAYS-BAS 10/10 EUR 45,000,000.00 45,000,000.00 3.96 

0% PAYS-BAS 10/10 EUR 75,000,000.00 74,983,192.50 6.59 

4% PAYS-BAS 08/11 EUR 30,000,000.00 30,296,400.00 2.67 

SUISSE 

170,268,862.50 14.98 








0% CONFED. SUISSE 10/10 CHF 80,000,000.00 60,289,994.88 5.30 

0% CONFED. SUISSE 10/10 CHF 15,000,000.00 11,304,374.04 0.99 


0% CONFED. SUISSE 10/10 CHF 40,000,000.00 30,144,997.44 2.65 



0% CONFED. SUISSE 10/10 CHF 80,000,000.00 60,289,994.88 5.30 


544,109,712.15 47.87 

SUPRANATIONAL 

3.75% E.I.B. 06/10 EUR 2,935,000.00 2,948,163.48 0.26 

2,948,163.48 0.26 

TOTAL I. 1,008,935,787.86 88.77 

201



ALLEMAGNE 


202 




(note 2) 


0% K.F.W. (ECP) 10/10 EUR 40,000,000.00 39,986,828.00 3.52 

0% K.F.W. (ECP) 10/10 EUR 20,000,000.00 19,992,898.00 1.76 

59,979,726.00 5.28 

FINLANDE 

0% FINLANDE 10/10 EUR 26,000,000.00 25,998,107.20 2.29 

0% FINLANDE 10/11 EUR 31,000,000.00 30,970,323.70 2.73 

SUEDE 

56,968,430.90 5.02 

0% SUEDE (ECP) 10/10 EUR 8,000,000.00 7,998,400.00 0.70 

7,998,400.00 0.70 

SUPRANATIONAL 

0% E.I.B. (ECP) 10/10 EUR 34,000,000.00 33,974,615.60 2.99 

33,974,615.60 2.99 

TOTAL II. 158,921,172.50 13.99 


DECOUVERT BANCAIRE -30,329,919.39 -2.67 









Suisse 47.87 

France 22.39 



Finlande 5.02 


Suède 0.70 

Danemark 0.28 

102.76 






102.76 

203

Pictet - US High Yield 


204 




(note 2) 


MORTGAGE BACKED SECURITIES 

ETATS-UNIS 


7.27% ROSETON DANSKAM. S.A 1/10 USD 9,000,000.00 1,015,317.90 0.16 

1,015,317.90 0.16 

TOTAL MORTGAGE BACKED SECURITIES 1,015,317.90 0.16 

OBLIGATIONS 

ALLEMAGNE 

8.125% UPC GERMANY 09/17 USD 350,000.00 364,000.00 0.06 

BERMUDES 

364,000.00 0.06 

9.5% INTELSAT JACKSON 09/16 USD 2,170,000.00 2,313,762.50 0.36 

11.25% INTELSAT 06/16 USD 910,000.00 989,625.00 0.15 

11.25% INTELSAT BERMUDA 09/17 USD 2,500,000.00 2,678,125.00 0.42 

11.5% INTELSAT BERMUD. PIK 09/17 USD 5,588,085.00 6,056,087.12 0.94 

11.5% INTELSAT JACKSON 09/16 USD 820,000.00 889,700.00 0.14 

12% GLOBAL CROSSING 10/15 USD 1,250,000.00 1,412,500.00 0.22 

CANADA 

14,339,799.62 2.23 

7.875% OPTI CANADA 07/14 USD 3,090,000.00 2,325,225.00 0.36 

8.25% OPTI CANADA SR. 06/14 USD 8,590,000.00 6,528,400.00 1.01 

8.625% PATHEON 10/17 USD 1,500,000.00 1,537,500.00 0.24 

9.25% AIR CANADA 10/15 USD 3,750,000.00 3,787,500.00 0.59 

10.375% NATIONAL MONEY 10/16 USD 1,250,000.00 1,331,250.13 0.21 

11% TELESAT CDA 09/15 USD 1,500,000.00 1,695,000.00 0.26 

12% AIR CANADA 10/16 USD 1,850,000.00 1,776,000.00 0.28 

18,980,875.13 2.95 

ETATS-UNIS 

2.25% CHESAPEAKE ENERG. CV 08/38 USD 9,976,000.00 7,833,753.76 1.22 

2.75% CHESAPEAKE ENERG. CV 05/35 USD 1,500,000.00 1,413,750.00 0.22 

2.875% LIVE NATION CV 07/27 USD 1,750,000.00 1,487,500.00 0.23 

3.25% MASSEY ENERGY CV 08/15 USD 8,835,000.00 7,799,538.00 1.21 

5.55% TEXAS ENERGY FUTURE 05/14 USD 355,000.00 189,925.00 0.03 

5.81% NATIONWIDE MUTUAL 08/24 USD 1,750,000.00 1,514,353.75 0.24 

6.15% ZFS FINANCE USA TS. 05/65 USD 10,341,000.00 10,185,885.00 1.58 

6.3% CINCINNATI BELL TEL 98/28 USD 100,000.00 76,000.00 0.01 

6.375% CANTOR FITZGERALD 10/15 USD 1,750,000.00 1,798,679.75 0.28 

6.417% DELTA AIR LINES 02/12 USD 1,300,000.00 1,356,875.13 0.21 

6.45% ZFS FINANCE USA 05/65 USD 1,000,000.00 945,000.00 0.15 

6.5% EL PASO PIPELINE 10/20 USD 1,000,000.00 1,070,000.10 0.17 

6.5% ENERGY FUTURE 05/24 USD 3,400,000.00 1,300,500.00 0.20 

6.5% LIN TELEVISION 05/13 USD 2,300,000.00 2,282,750.00 0.36 

6.718% DELTA AIRLINES 02/24 USD 6,550,000.00 3,581,918.59 0.56 

6.75% CONTINENT. AIRLINES 10/15 USD 1,750,000.00 1,776,250.00 0.28 

6.75% INTERNATIONAL LEASE 10/16 USD 1,750,000.00 1,872,500.00 0.29 

6.875% MASSEY ENERGY 06/13 USD 1,400,000.00 1,435,000.00 0.22 

6.875% MOBILE MINI 07/15 USD 4,453,000.00 4,363,940.00 0.68 

6.875% SPRINT NEXTEL 05/13 USD 3,875,000.00 3,899,218.75 0.61






(note 2) 


6.903% CONTINENTAL AIRLINE 07/22 USD 139,000.00 132,968.15 0.02 

6.95% ANADARKO PETROLEUM 09/19 USD 2,850,000.00 3,192,000.00 0.50 

7% CIT GROUP 09/13 USD 11,783,366.00 11,842,282.83 1.83 

7% EDISON MISSION TR. A 07/17 USD 10,410,000.00 7,521,225.00 1.17 

7% UHS ESCROW 10/18 USD 1,000,000.00 1,032,500.00 0.16 

7% UNITED RENTALS NA 04/14 USD 2,350,000.00 2,350,000.00 0.37 

7.041% NORTHWEST AIRLINES 01/22 USD 3,730,000.00 1,917,185.58 0.30 

7.05% FARMERS EXCHANGE 98/48 USD 750,000.00 741,164.25 0.12 

7.125% FRONTIER COMM. 07/19 USD 1,175,000.00 1,204,375.00 0.19 

7.125% INTERNATIONAL LEASE 10/16 USD 3,500,000.00 3,771,250.00 0.59 

7.2% EDISON MISSION TR. ’B’7/19 USD 700,000.00 495,250.00 0.08 

7.2% SOUTHERN UNION 06/66 USD 13,980,000.00 12,616,950.00 1.96 

7.25% ARCH COAL 10/20 USD 750,000.00 792,187.50 0.12 

7.25% CHESAPEAKE ENERGY 08/18 USD 1,460,000.00 1,573,150.00 0.24 

7.25% SABINE PASS LNG 07/13 USD 2,000,000.00 1,930,000.00 0.30 

7.375% NRG ENERGY SR. 06/16 USD 4,670,000.00 4,804,262.03 0.75 

7.5% ALLY FINANCIAL 10/20 USD 1,550,000.00 1,650,750.16 0.26 

7.5% EDISON MISSION 06/13 USD 930,000.00 867,225.00 0.13 

7.5% ENERGY 10/20 USD 750,000.00 789,375.00 0.12 

7.5% FORD MOTOR CREDIT 09/12 USD 2,945,000.00 3,126,294.49 0.49 

7.5% QWEST COM. INTL. 05/14 USD 6,615,000.00 6,747,300.00 1.05 

7.5% SABINE PASS LNG 07/16 USD 12,850,000.00 11,725,625.00 1.81 

7.5% SPIRIT AEROSYSTEMS 10/17 USD 1,285,000.00 1,326,762.50 0.21 

7.625% LEVI STRAUSS 10/20 USD 2,625,000.00 2,723,437.50 0.42 

7.67% ROSETON DANSKAMMER 01/16 USD 5,550,000.00 5,147,625.00 0.80 

7.7% BANKAMERICA INS.’B’ 96/26 USD 800,000.00 819,000.00 0.13 

7.707% CONTINENTAL AIRL. 00/22 USD 3,600,000.00 2,402,075.59 0.37 

7.711% DELTA AIR LINES 01/13 USD 2,545,000.00 2,613,460.50 0.41 

7.75% DYNEGY HOLDINGS 07/19 USD 3,525,000.00 2,414,625.00 0.38 

7.75% EDISON MISSION 06/12 USD 140,000.00 109,550.00 0.02 

7.75% EL PASO PERF. -144A- 06/11 USD 200,000.00 207,056.00 0.03 

7.75% GEO GROUP 09/17 USD 2,050,000.00 2,152,499.80 0.33 

7.75% HILCORP ENERGY 05/15 USD 2,250,000.00 2,272,500.00 0.35 

7.75% QUICKSILVER RES. 08/15 USD 3,190,000.00 3,365,449.69 0.52 

7.75% TENNECO 10/18 USD 1,000,000.00 1,025,000.00 0.16 

7.75% UNITED RENTALS 03/13 USD 1,025,000.00 1,037,812.60 0.16 

7.75% WYNN LAS VEGAS 10/20 USD 1,900,000.00 2,004,499.81 0.31 

7.875% CALPINE 10/20 USD 1,750,000.00 1,798,125.00 0.28 

7.875% CCO HOLDINGS 10/18 USD 1,600,000.00 1,660,000.00 0.26 

7.875% HCA 10/20 USD 1,255,000.00 1,372,656.25 0.21 

7.875% METLIFE CAP. TRUST 07/67 USD 550,000.00 577,500.00 0.09 

7.875% PETROHAWK ENERGY 08/15 USD 100,000.00 104,750.00 0.02 

7.875% WINDSTREAM 10/17 USD 1,500,000.00 1,563,750.00 0.24 

8% AES 07/17 USD 315,000.00 340,200.03 0.05 

8% AES 08/20 USD 1,935,000.00 2,099,475.00 0.33 

8% CALPINE CONSTRUCT. 09/16 USD 6,750,000.00 7,222,500.68 1.12 

8% CHARTER COM. OPER. 04/12 USD 100,000.00 105,999.99 0.02 

8% DOLE FOOD 09/16 USD 1,950,000.00 2,040,187.50 0.32 

8% FORD MOTOR CREDIT 06/16 USD 3,500,000.00 3,956,295.00 0.62 

8% G.M.A.C. 08/31 USD 1,997,000.00 2,141,782.50 0.33 

8% G.M.A.C. 10/20 USD 2,750,000.00 3,004,375.00 0.47 

8% HANESBRANDS 09/16 USD 2,225,000.00 2,350,156.25 0.37 

205



206 




(note 2) 


8% SANDRIDGE ENERGY 08/18 USD 1,500,000.00 1,462,500.00 0.23 

8% SOUTHERN NATURAL 02/32 USD 100,000.00 117,353.00 0.02 

8% LBI ESCROW 10/17 USD 3,375,000.00 3,687,187.50 0.57 

8.03% UAL 2000 PASS TRUST 00/11 USD 100,000.00 114,207.19 0.02 

8.125% COTT BEVERAGES 10/18 USD 1,400,000.00 1,482,250.00 0.23 

8.125% FRONTIER COMM. 09/18 USD 430,000.00 469,775.00 0.07 

8.125% LIVE NATION ENT. 10/18 USD 1,850,000.00 1,868,500.00 0.29 

8.125% TENNECO 08/15 USD 1,750,000.00 1,830,937.50 0.28 


8.144% ASTORIA DEPOSITOR 05/21 USD 5,625,000.00 5,582,812.50 0.87 

8.25% BERRY PLASTICS 09/15 USD 750,000.00 772,500.00 0.12 

8.25% CINCINNATI BELL 09/17 USD 3,085,000.00 3,115,850.00 0.48 

8.25% FRONTIER COMMUN. 10/17 USD 750,000.00 820,312.50 0.13 

8.25% GOODYEAR T&R 10/20 USD 2,400,000.00 2,526,000.00 0.39 

8.25% GRAHAM PACKAGING 09/17 USD 1,500,000.00 1,522,500.00 0.24 

8.25% NAVISTAR INT. 09/21 USD 1,515,000.00 1,617,262.50 0.25 

8.25% OSHKOSH 10/17 USD 1,250,000.00 1,343,750.13 0.21 

8.3% G.M.A.C. 10/15 USD 2,100,000.00 2,289,000.00 0.36 

8.375% ACCELLENT 10/17 USD 3,350,000.00 3,417,000.00 0.53 

8.375% COMSTOCK RESOURCES 09/17 USD 3,500,000.00 3,609,375.00 0.56 

8.375% LIN TELEVISION 10/18 USD 1,000,000.00 1,056,250.00 0.16 

8.5% ALLIS-CHALMERS ENER.07/17 USD 4,700,000.00 4,723,500.00 0.74 

8.5% CSA ESCROW 10/18 USD 1,800,000.00 1,867,500.00 0.29 

8.5% MIRANT AMERICAS 02/21 USD 8,296,000.00 7,984,900.00 1.24 

8.5% TOYS R US 09/17 USD 1,850,000.00 1,956,375.00 0.30 

8.54% AES RED OAK 00/19 USD 1,500,000.00 1,120,640.10 0.17 

8.56% MIDWEST GEN. S.B 01/16 USD 1,000,000.00 686,375.91 0.11 

8.6% RAYMOND JAMES FIN. 09/19 USD 1,350,000.00 1,660,189.50 0.26 

8.625% CEQUEL COM. 09/17 USD 6,200,000.00 6,540,999.38 1.02 

8.625% GCI 09/19 USD 1,300,000.00 1,387,750.00 0.22 

8.625% LINN ENERGY LLC 10/20 USD 1,000,000.00 1,059,999.90 0.16 

8.625% PHI 10/18 USD 1,500,000.00 1,473,750.00 0.23 

8.625% PINNACLE ENTERTAIN. 09/17 USD 1,400,000.00 1,485,750.00 0.23 

8.625% REGAL CINEMAS 09/19 USD 2,675,000.00 2,805,406.52 0.44 

8.625% SANDRIDGE ENERGY 08/15 USD 1,650,000.00 1,650,000.00 0.26 


8.7% DISCOVER BANK 09/19 USD 1,450,000.00 1,724,862.00 0.27 

8.75% ARCH COAL 10/16 USD 1,515,000.00 1,670,287.50 0.26 

8.75% BRIGHAM EXPLOR. 10/18 USD 1,000,000.00 1,030,000.00 0.16 

8.75% SANDRIDGE ENERGY 09/20 USD 750,000.00 742,500.00 0.12 

8.75% SPRINT CAPITAL 02/32 USD 3,770,000.00 3,958,499.64 0.62 

8.875% CHS COMMUN HEALTH 07/15 USD 10,660,000.00 11,326,250.00 1.75 

8.875% FIRST DATA 10/20 USD 1,500,000.00 1,556,250.00 0.24 

8.875% HEXION US FINANCE 10/18 USD 2,000,000.00 1,960,000.00 0.31 

8.875% MARTIN MID. PARTNERS 10/18 USD 750,000.00 753,750.00 0.12 

8.875% TENET HEALTHCARE 09/19 USD 1,077,000.00 1,188,738.75 0.18 

9% ALERE 09/16 USD 3,100,000.00 3,193,000.00 0.50 

9% COLUMBIA/HCA T. 10 95/14 USD 100,000.00 105,000.00 0.02 

9% MGM MIRAGE INC 10/20 USD 650,000.00 684,125.00 0.11 

9% PINAFORE 10/18 USD 1,000,000.00 1,049,999.90 0.16 

9% PROQUEST LLC 10/18 USD 1,000,000.00 1,015,000.00 0.16 

9% TENET HEALTHCARE 09/15 USD 335,000.00 364,312.50 0.06






(note 2) 


9.125% HCA -SR- 144A 06/14 USD 1,800,000.00 1,896,750.00 0.30 

9.125% MIRANT AMERICAS 01/31 USD 3,600,000.00 3,411,000.00 0.53 

9.125% MIRANT MID-ATLANTIC 01/17 USD 2,400,000.00 2,297,147.39 0.36 

9.125% REGAL ENTERTAINMENT 10/18 USD 500,000.00 524,375.05 0.08 

9.125% PARKER DRILLING 10/18 USD 1,000,000.00 1,015,000.00 0.16 

9.125% VERSO PAPER 07/14 USD 2,600,000.00 2,606,500.26 0.41 

9.237% RELIANT EN. MID ATL. 01/17 USD 11,450,000.00 5,398,198.86 0.84 

9.25% CAPELLA HEALTHCARE 10/17 USD 1,250,000.00 1,337,500.13 0.21 

9.25% HCA SR. 07/16 USD 1,600,000.00 1,732,000.00 0.27 

9.25% LEVEL 3 FINANCING 07/14 USD 1,600,000.00 1,504,000.00 0.23 

9.25% RAILAMERICA INC 09/17 USD 1,077,000.00 1,180,661.36 0.18 

9.25% SINCLAIR TELE. GRP. 09/17 USD 750,000.00 802,500.00 0.12 

9.25% UNITED RENTALS NA 09/19 USD 725,000.00 784,812.50 0.12 

9.375% ANTERO 10/17 USD 3,870,000.00 4,111,875.00 0.64 

9.375% JAMES RIVER COAL 05/12 USD 2,750,000.00 2,811,875.00 0.44 

9.5% MARINA DISTR. FIN. 10/15 USD 7,450,000.00 7,226,500.00 1.12 

9.5% SPECTRUM BRANDS 10/18 USD 1,800,000.00 1,930,500.00 0.30 

9.625% CITY NAT. CAP. TST. PFD. 9/40 USD 2,000,000.00 2,002,000.00 0.31 

9.625% HCA 06/16 USD 3,094,257.00 3,357,268.85 0.52 

9.75% TESORO 09/19 USD 2,500,000.00 2,750,000.00 0.43 

9.75% UMBRELLA PIK 07/15 USD 5,323,018.00 5,096,789.74 0.79 

9.875% CHAPARRAL ENER 10/20 USD 1,250,000.00 1,268,750.00 0.20 

9.875% FIRST DATA 08/15 USD 1,370,000.00 1,119,975.00 0.17 

9.875% MARINA DISTR.FIN. 10/18 USD 350,000.00 337,750.00 0.05 

9.875% UNITED AIR LINES 10/13 USD 2,000,000.00 2,167,500.00 0.34 

9.875% UNITED AIR LINES 10/13 USD 2,300,000.00 2,461,000.23 0.38 

10% ENERGY FUT. INT. HLDG 10/20 USD 4,249,000.00 4,216,792.58 0.66 

10% RSC EQUIPMENT RENT. 09/17 USD 2,250,000.00 2,503,124.78 0.39 

10% VISANT 10/17 USD 5,000,000.00 5,224,999.50 0.81 

10.06% MIRANT MID-ATLANTIC 00/28 USD 690,000.00 742,850.77 0.12 

10.25% CAPITAL ONE CAP. V 09/39 USD 1,875,000.00 2,053,125.00 0.32 

10.25% PROVIDENT FUNDING 10/17 USD 1,150,000.00 1,184,500.00 0.18 

10.25% STONEMOR 09/17 USD 3,300,000.00 3,506,250.00 0.55 

10.375% MGM RESORTS INT. 09/14 USD 1,210,000.00 1,346,124.88 0.21 

10.375% ALLTEL COMM. 07/17 USD 320,000.00 370,241.60 0.06 

10.375% PENN VIRGINIA 09/16 USD 2,124,000.00 2,325,780.00 0.36 

10.5% SOLO CUP 09/13 USD 1,910,000.00 1,976,850.00 0.31 

10.5% TL ACQUISITIONS 07/15 USD 6,285,000.00 6,245,718.75 0.97 

10.5% WYLE SERVICES 10/18 USD 1,150,000.00 1,138,500.00 0.18 

10.625% K. HOVNANIAN ENT. 09/16 USD 5,000,000.00 5,006,250.00 0.78 

10.75% ROTECH HEALTCARE 10/15 USD 1,500,000.00 1,457,835.00 0.23 

10.875% CHARTER COM. OPER. 08/14 USD 2,095,000.00 2,372,587.71 0.37 

10.875% ENERGY FUTURE 09/17 USD 549,000.00 329,400.00 0.05 

11% CASELLA WASTE SYS 09/14 USD 1,000,000.00 1,095,000.00 0.17 

11% LYONDELL CHEMICAL 10/18 USD 748,482.00 828,008.29 0.13 

11% NEW ENTERPRISE 10/18 USD 1,300,000.00 1,215,500.00 0.19 

11.125% AQUILEX HLDG 10/16 USD 1,000,000.00 990,000.00 0.15 

11.125% MGM MIRAGE 10/17 USD 260,000.00 296,074.97 0.05 

11.25% ENERGY FUTURE -PIK- 08/17 USD 1,804,486.00 861,642.07 0.13 

11.25% REDDY ICE 10/15 USD 2,050,000.00 2,096,125.00 0.33 

11.25% WESTERN REFINING 09/17 USD 1,500,000.00 1,410,000.00 0.22 

11.25% WESTERN REFINING 09/17 USD 1,500,000.00 1,410,000.00 0.22 

207



208 




(note 2) 


11.375% NEWPAGE 09/14 USD 2,535,000.00 2,294,175.00 0.36 

11.375% TRANSUNION 10/18 USD 1,400,000.00 1,592,500.14 0.25 

11.375% VERSO PAPER HLDGS 07/16 USD 1,250,000.00 1,123,437.50 0.17 

11.5% THE MCCLATCHY 10/17 USD 3,270,000.00 3,478,462.50 0.54 

11.5% VERSO PAPER 09/14 USD 860,000.00 941,700.00 0.15 

11.625% JBS USA 09/14 USD 2,000,000.00 2,310,000.00 0.36 

11.75% QUICKSILVER RES. 09/16 USD 450,000.00 527,625.00 0.08 

12% CLEARWIRE 144A 09/15 USD 1,500,000.00 1,620,000.15 0.25 

12% DEX ONE PIK 10/17 USD 289,499.00 227,618.59 0.04 

12% UNITED AIR LINES 10/13 USD 1,000,000.00 1,100,000.00 0.17 

12% UNIVISION COMMUNIC. 09/14 USD 2,250,000.00 2,460,937.50 0.38 

12.125% ATLAS ENERGY 09/17 USD 2,759,000.00 3,190,093.75 0.50 

12.25% MAXIM CRANE WORKS 10/15 USD 1,850,000.00 1,678,875.00 0.26 

12.5% COMMERCIAL BARGE 10/17 USD 2,025,000.00 2,227,500.00 0.35 

13.5% CCH II/CCH II 09/16 USD 72,056.00 85,566.50 0.01 

13.875% DOLE FOODS & CO. 09/14 USD 26,000.00 31,720.00 0.00 

FRN BANKAMERICA CAP III 97/27 USD 400,000.00 281,000.00 0.04 

FRN BANKBOSTON CAP IV 98/28 USD 1,100,000.00 771,415.70 0.12 

FRN BERRY PLASTICS 08/15 USD 1,850,000.00 1,748,250.00 0.27 

FRN CHASE CAPITAL II 97/27 USD 1,600,000.00 1,216,022.40 0.19 

FRN CHASE CAPITAL III 97/27 USD 1,000,000.00 759,888.00 0.12 

FRN CITIGROUP 06/36 USD 5,040,000.00 3,204,396.72 0.50 

FRN DELTA AIRLINES 09/15 USD 1,000,000.00 1,105,000.00 0.17 

FRN FIRST CHICAGO NBD 97/27 USD 2,235,000.00 1,698,139.59 0.26 

FRN FLEET CAP TRUST 98/28 USD 1,180,000.00 820,100.00 0.13 

FRN G.M.A.C. 09/14 USD 2,000,000.00 1,784,600.00 0.28 

FRN IPCS 07/13 USD 1,745,000.00 1,655,568.75 0.26 

FRN JETBLUE AIRWAYS 04/14 USD 1,335,000.00 1,190,782.62 0.19 

FRN JETBLUE AIRWAYS 04/16 USD 515,000.00 304,344.78 0.05 


FRN JPM CAP. CHXIII PFD 07/77 USD 2,529,000.00 1,820,298.33 0.28 

FRN LEVEL 3 FINANCING 07/15 USD 5,300,000.00 4,293,000.00 0.67 

FRN MBNA CAPITAL ’B’ 97/27 USD 4,150,000.00 2,884,250.00 0.45 

FRN NATIONSBANK CAP. 97/27 USD 6,600,000.00 4,623,293.40 0.72 

FRN NORANDA ALUM. -PIK- 08/15 USD 2,846,185.00 2,369,449.01 0.37 

FRN SPRINT NEXTEL -PIK- 07/14 USD 3,850,000.00 3,647,875.00 0.57 

FRN TEX COMPETITIVE 08/15 USD 2,870,000.00 1,879,850.00 0.29 

STEP CHAPARRAL ENERGY 08/17 USD 9,210,000.00 8,956,725.00 1.38 

STEP TL ACQUISITIONS -144A- 07/15 USD 100,000.00 99,250.00 0.02 

497,623,420.63 77.43 

ILES CAIMANS 

6% TRANSOCEAN 07/18 USD 1,300,000.00 1,383,265.00 0.22 

1,383,265.00 0.22 

LUXEMBOURG 

12.25% WIND ACQUISITION -PIK- 09/17 USD 1,000,000.00 1,071,250.00 0.17 

12.25% WIND ACQUISITION 09/17 USD 1,071,458.00 1,135,745.48 0.17 

PAYS-BAS 

2,206,995.48 0.34 

9.875% UPC HOLDING 09/18 USD 405,000.00 431,325.04 0.07 

431,325.04 0.07


SUEDE 





(note 2) 

FRN CORRAL PETROLEUM 10/11 USD 1,621,113.00 1,459,001.70 0.23 

1,459,001.70 0.23 


TOTAL I. 537,804,000.50 83.69 


ACTIONS 

ETATS-UNIS 

ASHTON WOODS ’B’ 0.03 0.00 0.00 

0.00 0.00 

TOTAL ACTIONS 0.00 0.00 

OBLIGATIONS 

ETATS-UNIS 


6.619% DELTA AIR LINES 01/11 USD 100,000.00 14,496.62 0.00 

8.048% CONT. AIRLINES 00/20 USD 3,000,000.00 1,793,551.25 0.28 

8.75% SELECTICA -DEF- 05/15 USD 1,710,000.00 119,700.00 0.02 

9% CONTINENTAL AIRL. 09/18 USD 1,500,000.00 1,640,879.06 0.26 

9.75% DELTA AIRLINES 09/16 USD 1,500,000.00 1,525,132.95 0.24 

10.5% PETROHAWK ENERGY 09/14 USD 1,135,000.00 1,285,387.61 0.20 

10.75% ATLAS ENERGY 09/18 USD 1,400,000.00 1,550,499.86 0.24 

ARN FIRST DATA LOAN 07/14 USD 1,433,529.90 1,210,057.66 0.19 

FRN BOSTON GENER.LOAN 06/13 USD 4,745,541.75 4,125,766.40 0.64 

FRN CMP SUSQUEHANNA 08/14 USD 16,000.00 4,793.60 0.00 

FRN DEX MEDIA WEST (LOAN) 10/14 USD 2,879,562.01 2,385,836.10 0.37 

FRN ENTEGRA HOLD. -PIK- 07/15 USD 6,000,000.00 3,353,400.00 0.52 

FRN HARRAHS LOAN 08/15 USD 1,495,280.34 1,285,193.45 0.20 

FRN HARRAHS OP.T2 LOAN 08/15 USD 8,000,000.00 6,881,600.00 1.07 

FRN KELSON LOAN 09/13 USD 1,500,000.00 1,481,250.00 0.23 

FRN KELSON LOAN -PIK- 09/14 USD 5,751,942.82 5,306,167.25 0.83 

FRN MACH GEN LOAN-PIK- 09/15 USD 12,616,602.41 8,783,678.60 1.37 

FRN NEW DEVELOPMENT (LOAN) 10/17 USD 2,496,250.00 2,534,442.63 0.39 

FRN PA ECONOMIC DEV. 04/36 USD 1,500,000.00 1,555,590.00 0.24 

FRN REYNOLDS GRP HLDGS 10/16 USD 2,000,000.00 1,980,000.00 0.31 

FRN SUPERMEDIA ’S’ 09/15 USD 1,326,780.75 1,030,112.57 0.16 

FRN TEXAS COMPET. ELEC. 07/14 USD 1,500,000.00 1,163,700.00 0.18 

FRN TEXAS COMPET. ELEC. 10/14 USD 1,500,000.00 1,163,250.00 0.18 

FRN UNITED AIRL. ’B’ LOAN 09/14 USD 5,910,435.15 5,555,809.04 0.86 

FRN VISANT CORP (LOAN) 10/16 USD 1,000,000.00 1,005,500.00 0.16 

STEP FORD MOTOR LOAN 06/13 USD 456,051.87 443,247.48 0.07 

59,179,042.13 9.21 


209


WARRANTS 

ETATS-UNIS 


210 




(note 2) 


CHARTER COMM. WTS 30.11.14 331.00 1,688.10 0.00 

1,688.10 0.00 

TOTAL WARRANTS 1,688.10 0.00 

TOTAL II. 59,180,730.23 9.21 

TOTAL DU PORTEFEUILLE-TITRES 596,984,730.73 92.90 











Canada 2.95 

Bermudes 2.23 


Suède 0.23 


Pays-Bas 0.07 


92.90 




Warrants 0.00 

92.90 

211

Pictet - EUR Corporate Bonds Ex Financial 


212 




(note 2) 


OBLIGATIONS 

ALLEMAGNE 


4.5% MERCK FINANC. SERV. 10/20 EUR 1,000,000.00 1,088,075.00 0.51 

5% BAYER AG 05/05 EUR 350,000.00 343,586.25 0.16 


5.25% EWE 09/21 EUR 500,000.00 571,687.50 0.27 

5.375% HENKEL 05/04 EUR 700,000.00 705,250.00 0.33 

6% BAYER AG. 02/12 EUR 500,000.00 532,550.00 0.25 

6.875% VOLKSWAGEN FIN. SER. 09/14 EUR 900,000.00 1,028,362.50 0.48 

7.25% MAN 09/16 EUR 450,000.00 546,417.00 0.25 

7.625% METRO 09/15 EUR 950,000.00 1,134,822.50 0.53 

7.875% BERTELSMANN 09/14 EUR 1,300,000.00 1,509,950.00 0.70 

AUSTRALIE 

8,207,989.50 3.83 

3.5% OPTUS FINANCE 10/20 EUR 1,150,000.00 1,163,564.25 0.55 

4.25% TELSTRA 10/20 EUR 450,000.00 482,352.75 0.22 

4.75% TELSTRA 07/17 EUR 550,000.00 608,547.50 0.28 

6.375% BHP BILLITON FIN. 09/16 EUR 550,000.00 650,155.00 0.30 

AUTRICHE 

2,904,619.50 1.35 

6.25% OMV 09/14 EUR 700,000.00 787,027.50 0.37 


BELGIQUE 

1,472,305.50 0.69 

5% SOLVAY 09/15 EUR 700,000.00 768,775.00 0.36 

5.625% ELIA SYSTEM OPER. 09/16 EUR 600,000.00 686,490.00 0.32 

6.57% ANHEUSER-BUSH INBEV 09/14 EUR 1,000,000.00 1,129,950.00 0.52 

7.375% ANHEUSER-BUSH INBEV 09/13 EUR 300,000.00 335,490.00 0.16 

BERMUDES 

2,920,705.00 1.36 

7.75% BACARDI 09/14 EUR 1,700,000.00 1,968,625.50 0.92 

BRESIL 

1,968,625.50 0.92 

4.375% VALE 10/18 EUR 200,000.00 207,492.00 0.10 

CANADA 

207,492.00 0.10 


502,211.25 0.23 

DANEMARK 

4.875% DONG ENERGY 09/14 EUR 300,000.00 325,441.50 0.15 

ESPAGNE 

325,441.50 0.15 

3.5% RED ELECTRIC. ESPANA 10/16 EUR 300,000.00 299,580.00 0.14 

4.625% ABERTIS INFRASTR. 09/16 EUR 1,850,000.00 1,837,919.50 0.86 


4.693% TELEFONICA EMIS. 09/19 EUR 1,300,000.00 1,358,571.50 0.63 


5.25% GAS NATURAL FINANCE 09/14 EUR 1,500,000.00 1,584,532.50 0.74






(note 2) 




7.5% IBERDROLA FINANZAS 08/15 EUR 1,100,000.00 1,327,760.50 0.62 

11,153,086.25 5.20 

ETATS-UNIS 

3.875% AMERICAN HONDA FIN. 09/14 EUR 400,000.00 422,340.00 0.20 

4.25% NOVARTIS 09/16 EUR 1,000,000.00 1,100,750.00 0.51 

4.25% TOYOTA MOTOR CREDIT 07/12 EUR 1,300,000.00 1,350,394.50 0.63 


4.75% JOHNSON & JOHNSON 07/19 EUR 350,000.00 407,601.25 0.19 

4.75% PFIZER 09/16 EUR 850,000.00 949,407.50 0.44 


4.875% WAL MART STORES 09/29 EUR 350,000.00 403,086.25 0.19 

5% BMW US CAPITAL LLC 08/15 EUR 600,000.00 662,865.00 0.31 

5.125% AMERICAN HONDA FIN. 07/12 EUR 400,000.00 424,676.00 0.20 

5.125% PROCTER & GAMBLE 07/17 EUR 550,000.00 639,361.25 0.30 

5.375% SCHERING-PLOUGH 07/14 EUR 500,000.00 560,925.00 0.26 

5.75% KRAFT FOODS 08/12 EUR 1,150,000.00 1,212,186.25 0.56 

5.75% PFIZER 09/21 EUR 1,000,000.00 1,221,175.00 0.57 

5.875% PHILIP MORRIS 08/15 EUR 900,000.00 1,044,063.00 0.49 

6.25% CARGILL 08/17 EUR 600,000.00 695,265.00 0.32 



7.5% JOHN DEERE CAPITAL 09/14 EUR 2,400,000.00 2,791,620.00 1.30 


19,947,005.50 9.28 

FINLANDE 

6% TVO POWER CO 09/16 EUR 1,750,000.00 1,992,287.50 0.93 

FRN METSO 09/14 EUR 1,000,000.00 1,146,015.00 0.53 

FRANCE 

3,138,302.50 1.46 


3.5% BANQUE PSA FIN. 10/14 EUR 1,000,000.00 995,020.00 0.46 

3.625% EDENRED 10/17 EUR 600,000.00 597,366.00 0.28 

3.889% AIR LIQUIDE 10/20 EUR 600,000.00 641,070.00 0.30 

4% BOUYGUES 10/18 EUR 1,150,000.00 1,218,827.50 0.57 

4% CARREFOUR 10/20 EUR 600,000.00 637,467.00 0.30 

4% SAINT GOBAIN 10/18 EUR 1,450,000.00 1,457,467.50 0.68 

4.125% ALSTOM 10/17 EUR 600,000.00 624,648.00 0.29 


4.375% L.V.M.H. 09/14 EUR 500,000.00 537,575.00 0.25 

4.375% RCI BANQUE 10/15 EUR 637,000.00 651,055.41 0.30 


4.5% BOUYGUES 06/13 EUR 600,000.00 637,743.00 0.30 

4.5% SANOFI-AVENTIS 09/16 EUR 1,450,000.00 1,590,686.25 0.74 

4.50% SCHNEIDER ELECTRIC 06/14 EUR 1,400,000.00 1,507,576.00 0.70 

4.75% SAINT GOBAIN 07/17 EUR 600,000.00 636,231.00 0.30 


4.875% TOTAL CAPITAL 09/19 EUR 1,300,000.00 1,504,041.50 0.70 

5% FRANCE TELECOM 09/14 EUR 1,100,000.00 1,198,846.00 0.56 

5% IMERYS 07/17 EUR 250,000.00 258,546.25 0.12 


213



214 




(note 2) 


5.375% CARREFOUR 08/15 EUR 900,000.00 1,018,980.00 0.47 




5.625% GDF SUEZ 09/16 EUR 900,000.00 1,040,323.50 0.48 

6% AUCHAN 09/19 EUR 500,000.00 612,677.50 0.29 

6% SAINT GOBAIN 09/13 EUR 1,300,000.00 1,413,717.50 0.66 


6.125% LAFARGE 08/15 EUR 1,300,000.00 1,375,478.00 0.64 


6.25% GDF SUEZ 08/14 EUR 1,000,000.00 1,131,810.00 0.53 

6.25% SODEXHO 09/15 EUR 400,000.00 457,666.00 0.21 


6.25% VINCI 06/PE EUR 950,000.00 964,250.00 0.45 

6.375% DANONE FINANCE 08/14 EUR 250,000.00 284,887.50 0.13 

6.625% CARREFOUR 08/13 EUR 900,000.00 1,021,657.50 0.48 

6.75% VEOLIA ENVIRON. 09/19 EUR 950,000.00 1,190,853.50 0.56 

6.875% GDF SUEZ 08/19 EUR 1,000,000.00 1,282,540.00 0.60 

7.375% A. S. F. 09/19 EUR 1,450,000.00 1,882,890.25 0.88 

7.5% ACCOR 09/14 EUR 500,000.00 564,575.00 0.26 

7.75% VIVENDI 09/14 EUR 2,300,000.00 2,644,482.50 1.24 

8.125% FRANCE TELECOM 03/33 EUR 630,000.00 947,661.75 0.44 


8.625% PPR 09/14 EUR 600,000.00 712,950.00 0.33 

FRN LAFARGE 09/14 EUR 800,000.00 890,200.00 0.41 

STEP A.P.R.R. 09/15 EUR 1,450,000.00 1,669,363.25 0.78 

43,065,717.66 20.07 

GUERNESEY 

6.5% ABB INTL. FINANCE 03/11 EUR 300,000.00 316,591.50 0.15 

316,591.50 0.15 

ILES CAIMANS 

4.75% HUTCHISON WHAMP. INTL 9/16 EUR 2,600,000.00 2,769,455.00 1.29 

IRLANDE 

2,769,455.00 1.29 

5.125% CATERPILLAR 09/12 EUR 300,000.00 316,413.00 0.15 

ITALIE 

316,413.00 0.15 

3.375% ATLANTIA 10/17 EUR 450,000.00 445,567.50 0.21 

4% ENI 10/20 EUR 1,100,000.00 1,149,654.00 0.54 

4.25% EDISON 09/14 EUR 400,000.00 420,316.00 0.20 

4.625% ENI 03/13 EUR 500,000.00 532,717.50 0.25 

4.875% TERNA 09/19 EUR 650,000.00 731,409.25 0.34 

5% ENI 09/16 EUR 1,000,000.00 1,112,675.00 0.52 


5.25% ENEL 07/17 EUR 1,000,000.00 1,130,370.00 0.53 


5.625% ATLANTIA 09/16 EUR 1,700,000.00 1,900,336.50 0.88 

8.25% TELECOM ITALIA 09/16 EUR 1,330,000.00 1,598,666.65 0.74 

10,784,274.40 5.03


JAPON 





(note 2) 


4.5% TOKYO ELECTR. POWER 04/14 EUR 250,000.00 271,805.00 0.13 

JERSEY 

271,805.00 0.13 


829,468.00 0.39 

LUXEMBOURG 

4% ENEL FIN. INT. 09/16 EUR 700,000.00 741,069.00 0.35 

4.625% SES 10/20 EUR 400,000.00 426,304.00 0.20 

4.875% CIBA SPEC. CHEM. FIN. 03/18 EUR 450,000.00 500,472.00 0.23 

5% ENEL FIN. INT. 09/22 EUR 1,388,000.00 1,531,887.02 0.71 


5.75% FINMECCANICA FIN. 03/18 EUR 1,429,000.00 1,586,368.63 0.74 

7.125% GLENCORE FINANCE 08/15 EUR 2,000,000.00 2,195,000.00 1.03 





MEXIQUE 

11,669,892.90 5.44 

4.75% AMERICA MOVIL 10/22 EUR 1,300,000.00 1,396,323.50 0.65 

1,396,323.50 0.65 

NORVEGE 

4.125% TELENOR 10/20 EUR 700,000.00 749,472.50 0.35 

5.625% STATOIL 09/21 EUR 700,000.00 858,154.50 0.40 

PAYS-BAS 

1,607,627.00 0.75 

3.5% DEUTSCHE BAHN FIN. 10/20 EUR 650,000.00 681,326.75 0.32 


3.875% BMW FINANCE 10/17 EUR 1,250,000.00 1,307,718.75 0.61 

4% BMW FINANCE 09/14 EUR 1,150,000.00 1,217,522.25 0.57 

4% KPN KONINKLIJKE 05/15 EUR 450,000.00 476,383.50 0.22 

4% SYNGENTA FINANCE 09/14 EUR 450,000.00 479,598.75 0.22 




4.375% BAT HOLDINGS BV 06/14 EUR 350,000.00 375,901.75 0.18 

4.5% PORTUGAL TELE. INTL 05/25 EUR 750,000.00 650,707.50 0.30 


4.5% SHELL INTL FINANCE 09/16 EUR 1,050,000.00 1,162,245.00 0.54 


4.625% SHELL INTERNAT. FIN. 07/17 EUR 1,150,000.00 1,292,870.25 0.60 

4.75% EDP FINANCE 09/16 EUR 1,000,000.00 1,019,260.00 0.48 

4.875% UNILEVER 08/13 EUR 700,000.00 755,408.50 0.35 

5% RWE FINANCE 09/15 EUR 1,400,000.00 1,556,905.00 0.73 




5.25% E.ON INT. FINANCE 08/14 EUR 2,100,000.00 2,329,719.00 1.08 


5.375% VOLKSWAGEN 09/13 EUR 1,144,000.00 1,251,822.00 0.58 

215



216 




(note 2) 


5.5% E. ON INT. FINANCE 07/17 EUR 1,900,000.00 2,234,780.00 1.03 




5.75% KONINKLIJKE DSM 09/14 EUR 800,000.00 891,620.00 0.42 


6% BASF FINANCE 08/13 EUR 1,600,000.00 1,793,984.00 0.84 

6% DEUTSCHE TEL. FIN. 09/17 EUR 1,750,000.00 2,031,181.25 0.95 

6% PORTUGAL TEL. INT. 09/13 EUR 700,000.00 744,499.00 0.35 



6.5% REPSOL INTL FINANCE 09/14 EUR 1,350,000.00 1,502,921.25 0.70 

6.625% RWE FINANCE 08/19 EUR 1,700,000.00 2,137,367.50 1.00 

6.655% TENNET HOLDING BV 10/PE EUR 960,000.00 1,022,078.40 0.48 

6.75% LINDE FINANCE 08/15 EUR 300,000.00 362,647.50 0.17 

7% VOLKSWAGEN 09/16 EUR 1,250,000.00 1,503,343.75 0.70 

7.375% LINDE FINANCE 06/66 EUR 950,000.00 1,048,562.50 0.49 

7.5% KPN KONINKLIJKE 09/19 EUR 800,000.00 1,028,568.00 0.48 

7.625% ADECCO INT. FIN. 09/14 EUR 1,350,000.00 1,539,519.75 0.72 

7.75% LANXESS FINANCE 09/14 EUR 1,700,000.00 1,976,802.50 0.92 

7.875% COCA COLA HBC FIN. 08/14 EUR 300,000.00 347,767.50 0.16 




52,507,789.15 24.47 

ROYAUME-UNI 

3.625% BG ENERGY CAPITAL 10/19 EUR 1,250,000.00 1,292,018.75 0.60 

3.875% GLAXOSMITHKLINE 09/15 EUR 800,000.00 856,100.00 0.40 



4.5% SABMILLER 09/15 EUR 350,000.00 375,527.25 0.18 

4.625% RENTOKIL INITIAL 07/14 EUR 1,800,000.00 1,883,682.00 0.87 



5% OTE PLC 03/13 EUR 1,300,000.00 1,296,477.00 0.60 


5.125% TESCO 09/15 EUR 1,450,000.00 1,621,317.50 0.76 

5.25% BRITISH TELECOM 07/14 EUR 400,000.00 426,800.00 0.20 


5.375% VODAFONE 07/22 EUR 650,000.00 748,439.25 0.35 

5.625% GLAXOSMITHKLINE 07/17 EUR 1,000,000.00 1,186,150.00 0.55 

5.625% TESCO 08/12 EUR 700,000.00 750,323.00 0.35 

6.25% VODAFONE 09/16 EUR 1,300,000.00 1,521,520.00 0.71 


6.625% NATIONAL GRID ELEC. 08/14 EUR 1,600,000.00 1,820,720.00 0.85 

6.625% WPP GROUP 08/16 EUR 1,600,000.00 1,850,120.00 0.86 

8.375% IMPERIAL TOBACCO FR/RATG. 9/16 EUR 1,250,000.00 1,568,968.75 0.73 

SUEDE 

20,562,962.00 9.58 

4.75% TELIASONERA 07/17 EUR 1,150,000.00 1,274,890.00 0.59 

4.875% INVESTOR 09/21 EUR 250,000.00 279,641.25 0.13 

5.375% ERICSSON TEL. 07/17 EUR 300,000.00 335,641.50 0.16






(note 2) 


7.75% AKZO NOBEL SWEDEN 08/14 EUR 800,000.00 930,680.00 0.43 

9.875% VOLVO TREASURY 09/14 EUR 861,000.00 1,041,706.68 0.49 

3,862,559.43 1.80 





217



218 






France 20.07 




Espagne 5.20 

Italie 5.03 


Suède 1.80 

Finlande 1.46 

Belgique 1.36 



Bermudes 0.92 

Norvège 0.75 

Autriche 0.69 

Mexique 0.65 

Jersey 0.39 

Canada 0.23 

Irlande 0.15 


Danemark 0.15 

Japon 0.13 

Brésil 0.10 

94.47 



94.47

Pictet - European Equity Selection 




Description Quantité Valeur d’évaluation 

(note 2) 


ACTIONS 

ALLEMAGNE 


ADIDAS 122,849.16 5,640,619.03 2.24 

ALLIANZ NOM. 39,328.63 3,291,019.78 1.30 

DEUTSCHE BOERSE NOM. 58,623.63 2,907,731.92 1.15 

DEUTSCHE POST NOM. 264,270.58 3,541,225.78 1.40 

FRESENIUS MEDICAL CARE 136,252.96 6,200,872.27 2.46 

HEIDELBERGCEMENT 83,836.66 2,973,267.09 1.18 

MAN AG 69,443.70 5,631,883.91 2.23 

MUENCHENER RUECKVER. NOM. 37,323.48 3,795,797.66 1.50 

STROEER OUT-OF-HOME MEDIA 139,063.36 2,941,189.99 1.17 

WINCOR NIXDORF 81,530.29 3,926,498.55 1.56 

BELGIQUE 

40,850,105.98 16.19 

U.C.B. 102,042.09 2,616,869.49 1.04 

BERMUDES 

2,616,869.49 1.04 

PURECIRCLE (GBP) 1,163,008.47 2,087,475.68 0.83 

DANEMARK 

2,087,475.68 0.83 

CHRISTIAN HANSEN HOLDING 234,389.13 3,431,683.81 1.36 

ESPAGNE 

3,431,683.81 1.36 

AMADEUS IT HOLDING ’A’ 475,832.59 6,411,844.08 2.54 

BANCO SANTANDER 653,540.61 6,047,864.83 2.40 

TELEFONICA 481,202.86 8,733,831.82 3.46 

FINLANDE 

21,193,540.73 8.40 

NOKIA 427,939.56 3,085,444.20 1.22 

FRANCE 

3,085,444.20 1.22 

BNP PARIBAS 199,425.71 10,591,499.50 4.20 

ELECTRICITE DE FRANCE 81,286.72 2,565,815.47 1.02 

L.V.M.H. 27,530.34 2,940,240.25 1.17 

TOTAL 156,293.55 5,931,340.35 2.35 

VINCI 163,089.40 5,997,612.71 2.38 

ILES CAIMANS 

28,026,508.28 11.12 

EURASIA DRILLING GDR (R. 1 SHS) 180,097.91 3,059,246.46 1.21 

ITALIE 

3,059,246.46 1.21 

ASTALDI 555,648.00 2,900,482.57 1.15 

BUZZI UNICEM RISP 290,572.18 1,287,961.18 0.51 

DANIELI & C. OFF. MECC. RNC 305,151.04 2,905,037.92 1.15 

ENI 255,263.80 4,056,141.72 1.61 

219



220 




(note 2) 

INTESA SANPAOLO (AZ. DI RISO.) 1,270,795.62 2,389,095.76 0.95 

PRYSMIAN 219,572.67 2,948,861.01 1.17 

UNICREDITO ITALIANO SPA 1,949,165.53 3,588,413.73 1.42 

LUXEMBOURG 

20,075,993.89 7.96 

ARCELOR MITTAL 90,568.88 2,203,088.05 0.87 

MILLICOM INTL CELLULAR-SDR- 45,056.79 3,190,117.21 1.26 

ROYAUME-UNI 

5,393,205.26 2.13 

AUTONOMY CORPORATION 140,882.61 2,950,958.98 1.17 

BG GROUP 423,905.39 5,582,137.51 2.21 

BP PLC 523,556.61 2,560,682.94 1.01 

BRITISH AMERICAN TOBACCO 227,569.43 6,293,498.96 2.49 

CARNIVAL 147,204.26 4,345,453.41 1.72 

COMPASS GROUP 424,852.79 2,722,037.23 1.08 

INTERNATIONAL POWER 1,001,906.32 4,483,564.92 1.78 

MAN GROUP 1,410,123.41 3,492,644.54 1.38 

MITIE 2,130,049.79 4,751,175.23 1.88 

NATIONAL GRID 760,871.46 4,808,617.78 1.91 

RIO TINTO NOM. 139,932.22 6,115,705.84 2.42 

ROYAL DUTCH SHELL ’A’ 176,931.62 3,921,689.25 1.55 

SOCO INTERNATIONAL 561,606.80 2,817,900.30 1.12 

THOMAS COOK GROUP 2,198,382.05 4,474,529.09 1.77 

TULLOW OIL 349,491.06 5,209,221.16 2.06 

VODAFONE GROUP AG 4,138,266.42 7,620,049.24 3.02 

SUEDE 

72,149,866.38 28.57 

MODERN TIMES GROUP ’B’ 66,641.26 3,671,438.75 1.45 

SUISSE 

3,671,438.75 1.45 

ACTELION NOM. 88,738.70 2,671,683.96 1.06 

JULIUS BAER GROUPE NOM. 133,481.34 3,691,831.52 1.46 

NESTLE S.A. 306,673.05 12,122,058.19 4.81 

ROCHE HOLDING BON JCE 88,524.96 8,772,971.99 3.48 

UBS AG 376,165.46 4,836,299.66 1.92 

ZURICH FINANCIAL SERVICES 25,628.58 4,469,336.85 1.77 

TURQUIE 

36,564,182.17 14.50 

KOC HOLDING 993,947.35 3,386,830.73 1.34 

3,386,830.73 1.34 

TOTAL ACTIONS 245,592,391.81 97.32 

CERTIFICATS 

PAYS-BAS 


ING GROEP (CRT.) 782,693.52 6,035,349.77 2.39 

6,035,349.77 2.39 

TOTAL CERTIFICATS 6,035,349.77 2.39 

TOTAL I. 251,627,741.58 99.71



ACTIONS 

ALLEMAGNE 





(note 2) 

AIST MEDIALAB 10,181.84 0.00 0.00 

ROYAUME-UNI 

0.00 0.00 

ALUDEL NOM. 142,017.90 0.00 0.00 

0.00 0.00 


WARRANTS 

ROYAUME-UNI 


ALUDEL WTS. (C-0. 68) 284,035.80 0.00 0.00 

0.00 0.00 

TOTAL WARRANTS 0.00 0.00 

TOTAL II. 0.00 0.00 



AUTRES PASSIFS NETS -461,515.04 -0.19 


221



222 







Suisse 14.50 

France 11.12 

Espagne 8.40 

Italie 7.96 

Pays-Bas 2.39 


Suède 1.45 

Danemark 1.36 

Turquie 1.34 

Finlande 1.22 


Belgique 1.04 

Bermudes 0.83 

99.71 


Banques et instituts de crédit 12.35 

Communications 11.58 

Pétrole 10.91 

Industrie pharmaceutique et cosmétique 7.00 

Alimentation et boissons non alcoolisées 7.00 

Services publics 6.92 

Construction et matériaux de construction 5.22 

Assurances 4.57 

Holdings et sociétés financières 3.87 

Internet, logiciel et services techniques informatiques 3.71 

Construction de machines et d’appareils 3.38 

Services divers 3.05 

Gastronomie 2.80 

Tabac et alcool 2.49 

Acier inoxydable 2.42 

Certificats 2.39 

Loisirs 2.24 

Divers 1.77 

Electronique et électrotechnique 1.56 

Circulation et transport 1.40 

Industrie textile et du vêtement 1.17 

Chimie 1.04 

Mines et aciéries 0.87 

Warrants 0.00 

99.71

Pictet - Small Cap Europe 





(note 2) 


ACTIONS 

ALLEMAGNE 


ADVA AG OPTICAL NETWORKING 482,701.00 2,635,547.46 1.35 

BERTRANDT 53,563.00 2,337,757.14 1.19 

BIJOU BRIGITTE MODISCHE ACCESS. 12,455.00 1,282,740.45 0.65 

ELRINGKLINGER 111,763.00 2,578,372.41 1.31 

FUCHS PETROLUB N-VTG 24,032.00 2,047,526.40 1.04 

GEA GROUP 124,159.00 2,272,109.70 1.15 

KRONES 54,423.00 2,388,625.47 1.21 

KWS SAAT 10,368.00 1,254,528.00 0.64 

MORPHOSYS 106,652.00 1,786,954.26 0.91 

PFEIFFER VACUUM TECHNOLOGY 27,742.00 1,928,069.00 0.98 

RHOEN KLINIKUM 18,449.00 301,733.40 0.15 

SGL 80,879.00 2,077,377.12 1.06 

SIXT PFD 69,092.00 1,304,456.96 0.66 

SYMRISE 124,693.00 2,583,015.50 1.31 

TOGNUM 127,785.00 2,047,754.63 1.04 

TUI 326,981.00 2,959,505.03 1.50 

VOSSLOH 22,221.00 1,739,904.30 0.88 

AUTRICHE 

33,525,977.23 17.03 

LENZING 4,643.00 1,625,050.00 0.83 

RHI 97,203.00 2,063,619.69 1.05 

SCHOELLER-BLECKMANN OILFIELD 42,636.00 2,014,977.36 1.02 

BELGIQUE 

5,703,647.05 2.90 

BEKAERT 11,552.00 2,269,390.40 1.15 

D’IETEREN 3,669.00 1,507,738.86 0.77 

EXMAR -STRIP VVPR- 221,044.00 1,105.22 0.00 

TELENET GROUP HOLDING 76,759.00 1,873,303.40 0.95 

DANEMARK 

5,651,537.88 2.87 

D/S NORDEN 70,598.00 2,060,614.27 1.05 

DANISCO 30,610.00 2,025,551.90 1.03 

ROCKWOOL INTERNATIONAL A/S ’B’ 32,661.00 2,605,711.80 1.32 

SIMCORP 17,644.00 2,048,133.21 1.04 

ESPAGNE 

8,740,011.18 4.44 

EBRO PULEVA 161,546.00 2,318,185.10 1.17 

TECNICAS REUNIDAS 35,546.00 1,413,131.23 0.72 

VISCOFAN 36,657.00 885,266.55 0.45 

FRANCE 

4,616,582.88 2.34 

ALTEN 54,158.00 1,245,634.00 0.63 

APRIL GROUP 29,002.00 620,062.76 0.31 

ARKEMA FRANCE 40,385.00 1,512,418.25 0.77 

BIC 22,649.00 1,341,047.29 0.68 

BULL 398,435.00 1,274,992.00 0.65 

223



224 




(note 2) 


HAVAS ADVERTISING 475,859.00 1,753,064.56 0.89 

M6 METROPOLE TV 66,206.00 1,165,225.60 0.59 

MEDICA 113,843.00 1,585,832.99 0.81 

RHODIA ’REGROUPEMENT’ 103,967.00 1,837,616.73 0.93 

VALEO 53,275.00 1,776,721.25 0.90 

VIRBAC 19,706.00 2,010,012.00 1.03 

ZODIAC 7,914.00 376,983.39 0.19 

IRLANDE 

16,499,610.82 8.38 

C&C GROUP 804,763.00 2,613,870.22 1.33 

ITALIE 

2,613,870.22 1.33 

AMPLIFON 542,938.00 1,856,847.96 0.94 

ASTALDI 304,792.00 1,591,014.24 0.81 

DANIELI & C. OFF. MECC. RNC 44,275.00 421,498.00 0.21 

DAVIDE CAMPARI 352,283.00 1,537,715.30 0.78 

INDESIT COMPANY 224,552.00 2,007,494.88 1.02 

IRIDE 1,378,434.00 1,757,503.35 0.89 

PIRELLI & CIE 498,345.00 2,942,727.23 1.50 

PRYSMIAN 137,430.00 1,845,684.90 0.94 

SORIN 1,160,080.00 1,973,296.08 1.00 

JERSEY 

15,933,781.94 8.09 

CHARTER INTERNATIONAL 290,143.00 2,325,794.03 1.18 

INFORMA 616,466.00 3,050,189.58 1.55 

NORVEGE 

5,375,983.61 2.73 

MARINE HARVEST 2,798,041.00 1,794,262.35 0.91 

TGS-NOPEC GEOPHYSICAL 229,741.00 2,387,150.57 1.21 

PAYS-BAS 

4,181,412.92 2.12 

ASM INTERNATIONAL (EUR) 89,025.00 1,679,011.50 0.85 

CSM 89,538.00 1,937,154.63 0.98 

GEMALTO 23,499.00 708,729.84 0.36 

NUTRECO HOLDING 52,557.00 2,810,748.36 1.43 

ROYAUME-UNI 

7,135,644.33 3.62 

BBA AVIATION 856,954.00 1,879,617.86 0.95 

COOKSON GROUP 376,193.00 2,342,532.17 1.19 

DAILY MAIL & GENERAL TRUST ’A’ 418,285.00 2,568,191.17 1.30 

DANA PETROLEUM 58,752.00 1,227,219.95 0.62 

GKN 1,196,123.00 2,333,117.45 1.19 

HANSTEEN HOLDINGS 2,109,686.00 1,727,893.62 0.88 

HOCHSCHILD MINING 506,358.00 2,635,395.22 1.34 

HUNTING 285,945.00 2,066,250.43 1.05 

I.M.I. 220,668.00 1,981,658.97 1.01 

IG GROUP HOLDINGS 493,682.00 2,919,275.88 1.48 

INTERNATIONAL PERSONAL FINANCE 832,296.00 2,665,782.04 1.35 

MEGGITT 753,649.00 2,609,128.42 1.33 

MELROSE 999,895.00 3,158,447.55 1.60 

MICRO FOCUS 433,831.00 1,863,288.47 0.95






(note 2) 

N BROWN GROUP (NEW) 483,016.00 1,304,090.42 0.66 

PACE 378,846.00 785,617.21 0.40 

PREMIER FARNELL 860,825.00 2,575,147.86 1.31 

PREMIER OIL 151,566.00 2,924,701.08 1.49 

RPS GROUP 913,167.00 1,962,600.93 1.00 

SDL 372,144.00 2,594,014.12 1.32 

SPECTRIS 254,766.00 3,110,672.21 1.58 

SPIRAX-SARCO ENGINEERING 146,106.00 3,094,316.86 1.57 

SPIRENT COMMUNICATIONS 1,718,485.00 2,775,048.71 1.41 

ST JAMES’S PLACE 695,200.00 2,350,243.27 1.19 

SYNERGY HEALTH 212,877.00 1,826,372.28 0.93 

WILLIAM HILL 1,126,548.00 2,224,890.73 1.13 

SUEDE 

59,505,514.88 30.23 

AARHUSKARLSHAMN 89,391.00 1,550,574.56 0.79 

HIQ INTERNATIONAL 416,355.00 1,526,176.62 0.78 

MEDA ’A’ 309,145.00 1,811,082.55 0.92 

SUISSE 

4,887,833.73 2.49 

BUCHER INDUSTRIES 18,282.00 2,032,221.23 1.03 

CIE FINANCIERE TRADITION 14,578.00 1,208,497.87 0.61 

CLARIANT NOM. 277,403.00 3,018,794.89 1.53 

KUONI REISEN HOLDING NOM. ’B’ 7,701.00 2,322,917.17 1.18 

PARTNERS GROUP HOLDING NOM. 16,600.00 2,042,911.41 1.04 

SIKA FINANZ PORT. 1,634.00 2,236,264.43 1.14 

SULZER 16,596.00 1,417,061.16 0.72 

TEMENOS GROUP NOM. 97,718.00 2,220,328.05 1.13 

16,498,996.21 8.38 

TOTAL ACTIONS 190,870,404.88 96.95 

CERTIFICATS 

PAYS-BAS 


FUGRO CRT 41,090.00 2,008,684.65 1.02 

2,008,684.65 1.02 






225



226 





Royaume-Uni 30.23 


Suisse 8.38 

France 8.38 

Italie 8.09 

Pays-Bas 4.64 

Danemark 4.44 

Autriche 2.90 

Belgique 2.87 

Jersey 2.73 

Suède 2.49 

Espagne 2.34 

Norvège 2.12 

Irlande 1.33 

97.97 



Chimie 9.07 



Pétrole 5.38 


Véhicules routiers 5.20 







Agriculture et pêche 2.98 


Divers 2.66 

Biens de consommation divers 1.70 

Articles de bureaux et ordinateurs 1.60 

Aéronautiques et astronautiques 1.52 




Loisirs 1.13 


Service d’environnement et de recyclage 1.00 


Biotechnologie 0.91 

Edition et art graphique 0.89 


Sociétés immobilières 0.88 

Commerce de détail et grands magasins 0.66 

Commerce divers 0.65 

Service de santé publique et service social 0.15 

97.97

Pictet - Emerging Markets 





(note 2) 


ACTIONS 



ANGLOGOLD ASHANTI 70,209.63 3,248,098.82 0.22 

ANGLOGOLD ASHANTI ADR (R. 1 SHS) 266,089.15 12,373,145.55 0.83 

FIRSTRAND 6,294,278.64 19,154,114.12 1.29 

KUMBA IRON ORE 234,503.14 11,893,605.40 0.80 

MTN GROUP 1,138,820.52 20,318,754.85 1.35 

NASPERS ’N’ 158,375.81 7,577,452.68 0.51 

SASOL 380,352.45 17,077,582.60 1.15 

AUSTRALIE 

91,642,754.02 6.15 

AFRICAN PETROLEUM CORPORATION 5,281,454.10 3,586,460.30 0.24 

BERMUDES 

3,586,460.30 0.24 

NINE DRAGONS PAPER 3,347,779.72 5,798,292.62 0.39 

SKYWORTH DIGITAL HOLDINGS 5,552,707.03 3,871,203.58 0.26 

BRESIL 

9,669,496.20 0.65 

ALIANSCE SHOPPING CENTERS 524,555.30 4,025,548.49 0.27 

AMBEV-CIA DE BEBIDAS PREF 37,381.05 4,637,183.32 0.31 

BANCO DO BRASIL 1,798,444.82 33,398,927.08 2.24 

BANRISUL PREF ’B’ 933,105.09 9,081,379.61 0.61 

BR PROPERTIES 114,384.97 1,062,121.88 0.07 

BRADESPAR PREF 457,103.07 10,878,540.09 0.73 

BROOKFIELD INCORPORACOES 971,654.92 5,119,686.12 0.34 

CIA DE BEBIDAS AMER. ADR (R. 100PFD) 26,478.08 3,280,368.77 0.22 

DROGASIL 124,457.23 3,139,790.59 0.21 

ECORODOVIAS INFRAS. E LOGISTI. 99,126.99 657,543.20 0.04 

ENERGIAS DO BRASIL 136,860.07 2,893,336.31 0.19 

HYPERMARCAS 695,762.77 10,494,743.45 0.70 

ITAU UNIBANCO PFD 273,047.99 6,384,231.48 0.43 

ITAU UNIBANCO PFD ADR (R. 1PFD SH) 808,051.51 19,029,613.01 1.28 

MPX ENERGIA 450,594.00 7,419,364.48 0.50 

OGX PETROLEO E GAS 1,461,539.71 18,573,282.22 1.25 

PDG REALTY SA EMPREENDI. E PARTIC. 927,308.06 10,988,093.76 0.74 

PETROBRAS ADR (R. 2 PFD SHS) 733,712.25 23,552,163.19 1.58 

PETROLEO BRASIL. ’ADR’ (REPR. 1 SHS) 516,149.45 18,436,858.31 1.24 

TELESP 123,028.16 2,977,128.97 0.20 

TOTVS 40,497.46 2,967,352.52 0.20 

VALE ’A’ ADR (R.1 PFD ’A’) 825,975.14 22,367,406.89 1.50 

VALE DO RIO DOCE PREF ’A’ 1,217,646.42 33,009,990.20 2.23 

VIVO PARTICIP. ADR (R. 1 PREF. SHS) 180,729.25 4,950,174.03 0.33 

CANADA 

259,324,827.97 17.41 

INTEROIL 113,188.26 7,850,737.92 0.53 

PACIFIC RUBIALES ENERGY 266,466.11 7,315,433.18 0.49 

15,166,171.10 1.02 

227


CHILI 


228 




(note 2) 


EMPRESAS LA POLAR 990,623.68 7,370,656.60 0.49 

CHINE 

7,370,656.60 0.49 

AGRICULTURAL BANK OF CHINA ’H’ 23,523,213.63 12,186,154.82 0.82 

BANK OF CHINA 15,803,474.92 8,288,787.13 0.56 

BANK OF COMMUNICATIONS ’H’ 9,863,235.21 10,676,838.19 0.72 

BBMG ’H’ 4,748,422.15 6,669,907.42 0.45 

CHINA COAL ENERGY ’H’ 6,728,069.91 11,132,674.34 0.75 

CHINA CONSTRUCTION BANK ’H’ 38,747,284.31 33,954,252.00 2.28 

CHINA NATIONAL BUILDING MAT. ’H’ 2,788,320.56 6,532,517.25 0.44 

CHINA OVERSEAS LAND & INVESTMENT 3,253,040.65 6,883,457.39 0.46 

CHINA PETROLEUM & CHEMICAL ’H’ 14,791,262.70 13,114,075.33 0.88 

CHINA UNICOM (HK) 9,265,211.25 13,563,683.36 0.91 

CITIC SECURITIES ’A’ 4,347,541.24 6,912,320.10 0.46 

CNOOC 11,603,631.90 22,489,808.88 1.51 

KWEICHOW MOUTAI A 349,439.59 8,810,547.97 0.59 

PING AN INSURANCE (GROUP) 361,019.70 3,684,682.46 0.25 

SHANGHAI INDUSTRIAL HOLDINGS 3,069,725.53 15,507,064.67 1.04 

YANZHOU COAL MINING ’H’ 2,469,199.46 6,058,527.78 0.41 

COREE DU SUD 

186,465,299.09 12.53 

CELLTRION 164,114.01 3,216,844.27 0.22 

DAELIM INDUSTRIAL 146,729.88 10,860,951.77 0.73 

HYUNDAI ENGIN. & CONSTR. 164,664.49 10,469,955.18 0.70 

HYUNDAI MOTOR 112,833.24 15,140,330.50 1.02 

KB FINANCIAL 267,473.34 11,494,324.21 0.77 

KIA MOTORS 307,393.39 9,920,857.50 0.67 

KOREAN AIR 95,219.75 6,480,307.66 0.44 

LG CHEMICAL 25,310.29 7,402,865.40 0.50 

LG DISPLAY CO. 221,193.80 7,643,214.26 0.51 

LG ELECTRONICS 47,392.47 3,994,290.37 0.27 

NHN 41,010.05 7,049,417.91 0.47 

POSCO 40,702.90 18,419,672.28 1.24 

SAMSUNG ELECTRONICS 67,282.69 45,849,146.02 3.08 

SAMSUNG HEAVY INDUSTRIES 317,904.44 8,406,026.97 0.56 

SHINHAN FINANCIAL GROUP 345,755.74 13,236,114.25 0.89 

SHINSEGAE 22,427.23 11,821,076.10 0.79 

SK TELECOM 36,557.32 5,498,513.40 0.37 

SK TELECOM ADR (R. 1/9 SHS) 246,513.07 4,309,048.41 0.29 

YUHAN CORP 3,853.39 626,893.01 0.04 

EGYPTE 

201,839,849.47 13.56 

ORASCOM TELECOM GDR (R. 5 SHS) 210,979.93 938,860.69 0.06 

ETATS-UNIS 

938,860.69 0.06 

CTC MEDIA 142,252.22 3,126,703.72 0.21 

3,126,703.72 0.21


HONG-KONG 





(note 2) 


CHINA MOBILE 1,267,708.55 12,979,480.33 0.87 

CITIC PACIFIC 4,603,920.13 10,501,347.56 0.71 

LENOVO GROUP 15,150,273.93 9,351,902.80 0.63 

HONGRIE 

32,832,730.69 2.21 

MOL MAGYAR OLAY ’A’ 28,081.66 2,833,609.17 0.19 

ILES CAIMANS 

2,833,609.17 0.19 

CHINA HIGH SPEED TRANSMISSION 4,029,901.06 8,745,415.68 0.59 

COMBA TELECOM SYSTEMS HOLDINGS 4,088,240.39 4,572,988.77 0.31 

FOCUS MEDIA ADR (R.5 SHS) 246,908.98 5,928,284.53 0.40 

LEE & MAN PAPER MANUFACTURING 12,466,664.98 11,004,868.20 0.74 

SANDS CHINA 4,012,449.13 7,239,049.74 0.49 

SINA 71,403.34 3,695,123.09 0.25 

WANT WANT CHINA 4,972,405.27 4,613,632.52 0.31 

INDE 

45,799,362.53 3.09 

BANK OF BARODA DEMAT. 544,648.96 10,662,015.65 0.72 

BHARAT HEAVY ELECTRICALS DEMAT. 180,332.34 10,028,125.06 0.67 

EDUCOMP SOLUTIONS DEMAT. 435,156.52 5,939,586.42 0.40 

HOUSING DEVELOPMENT FINANCE 813,503.49 13,382,556.37 0.90 

INFOSYS TECHNOLOG ADR (R.1 SHS) 109,679.93 7,362,813.39 0.49 

INFOSYS TECHNOLOGIES DEMAT. 149,614.94 10,240,076.27 0.69 

OIL & NATURAL GAS DEMAT. 238,562.96 7,515,506.62 0.50 

RELIANCE INDUSTRIES DEMAT. 331,721.39 7,347,808.40 0.49 

SHRIRAM TRANSPORT FINANCE DEMAT. 618,175.45 10,760,160.13 0.73 

TATA STEEL DEMAT. 602,245.33 8,808,020.41 0.59 

YES BANK 983,027.60 7,722,840.12 0.52 

INDONESIE 

99,769,508.84 6.70 

ADARO ENERGY 25,894,183.63 5,872,843.91 0.39 

INDO TAMBANGRAY 1,380,607.60 6,432,574.12 0.43 

INDOFOOD CBP SUKSES MAKMUR TBANK 6,542,481.05 3,953,257.74 0.27 

INTILAND DEVELOPMENT 50,111,485.63 2,750,138.50 0.18 

PT BANK MANDIRI (PERSERO) 21,258,451.11 17,142,940.68 1.15 

PT BUMI SERPONG DAMAI 83,097,636.94 8,934,723.44 0.60 

PT HARUM ENERGY 9,742,168.64 5,673,880.62 0.39 

SEMEN GRESIK 6,716,926.60 7,447,782.83 0.50 

TELEKOMUNIKASI INDONESIA ’B’ 9,008,688.75 9,282,620.95 0.62 

TELKOM INDONESIA ADR (R. 20 SHS) 79,342.48 3,309,374.81 0.22 

LUXEMBOURG 

70,800,137.60 4.75 

TERNIUM ’ADR’ (R.10 SHS) 194,076.48 6,462,746.95 0.43 

MALAISIE 

6,462,746.95 0.43 

BUMIPUTRA-COMMERCE HOLDINGS BHD 6,512,563.45 17,236,031.89 1.16 

GENTING BERHAD 2,613,601.76 8,398,744.13 0.56 

TENAGA NASIONAL 2,980,291.84 8,515,117.47 0.57 

34,149,893.49 2.29 

229


MEXIQUE 






(note 2) 


EMPRESAS ICA 3,611,680.90 8,835,991.12 0.59 

GENOMMA LAB INTERNACIONAL ’B’ 2,877,991.59 5,545,030.98 0.37 

GRUPO MEXICO ’B’ 7,835,397.17 22,485,172.52 1.51 

MEXICHEM 878,191.33 2,468,950.07 0.17 

URBI DESARROLLOS 2,050,751.93 4,268,853.95 0.29 

WAL-MART ’V’ 6,246,197.06 15,605,524.91 1.05 

PEROU 

59,209,523.55 3.98 

MINAS BUENAVENTURA ADR (R. 1 SHS) 90,321.24 3,998,521.39 0.27 

PHILIPPINES 

3,998,521.39 0.27 

METRO PACIFIC INVESTMENTS 46,005,413.36 3,945,269.71 0.26 

PHILIPPINE LONG DIST. TEL. (PHP) 74,539.71 4,447,391.24 0.30 

POLOGNE 

8,392,660.95 0.56 

PKO BANK POLSKI 809,802.68 12,134,244.89 0.81 

QATAR 

12,134,244.89 0.81 

COMMERCIAL BANK OF QUATAR 360,044.39 8,407,004.98 0.56 

ROYAUME-UNI 

8,407,004.98 0.56 

CAIRN ENERGY 1,117,523.18 8,136,235.95 0.55 

VEDANTA RESOURCES 144,722.41 4,979,668.13 0.33 

RUSSIE 

13,115,904.08 0.88 

GAZPROM ADR (R. 4 SHS) 896,605.62 18,559,736.27 1.24 

GAZPROM ’LOCAL’ (USD) 1,065,819.58 5,535,973.46 0.37 

IDGC (USD) 53,213,193.08 7,891,516.54 0.53 

INTER RAO UES (USD) 1,979,446,220.34 3,167,113.95 0.21 

JFSC SISTEMA GDR (R. 20 SHS) 381,308.82 9,799,636.67 0.66 

LUKOIL HOLDING ADR (R. 1 SHS) 224,037.97 12,590,933.73 0.85 

MAGNIT GDR 316,735.66 7,696,676.63 0.52 

MECHEL ADR (R. 3 SHS) 383,870.76 9,447,059.50 0.63 

MMC NORILSK NICKEL ADR (R. 0. 1SHS) 385,476.34 6,491,421.59 0.44 

NOVATEK -GDR SPONS. - REG. S 40,958.20 3,407,721.84 0.23 

OAO ROSNEFT OIL COMPANY GDR 932,006.12 6,099,980.05 0.41 

SBERBANK (USD) 6,625,897.31 18,288,801.75 1.23 

SEVERSTAL GDR (R. 1 SHS) 351,138.91 5,298,686.18 0.36 

THIRD GEN. WHOLES. ELEC (USD) 42,081,410.63 2,280,812.46 0.15 

TAIWAN 

116,556,070.62 7.83 

CHUNGHWA TELECOM 5,832,436.62 13,092,949.02 0.88 

FAR EASTERN TEXTILE 9,745,809.61 13,439,273.36 0.90 

FAR EASTERN TEXTILE (PROV.) 194,916.17 268,785.44 0.02 

FUBON FINANCIAL 10,723,959.65 13,223,332.68 0.89 

HIGH TECH COMPUTER 323,708.46 7,360,201.32 0.49 

HON HAI PRECISION INDUSTRY 5,492,622.51 20,696,982.30 1.39 

HON HAI PRECISION INDUSTRY (PROV.) 690,827.36 2,603,135.68 0.17 

LARGAN PRECISION 292,195.25 5,575,444.91 0.37






(note 2) 

TAIWAN SEMICONDUCTOR 9,205,828.80 18,303,915.10 1.23 

TAIWAN SEMICONDUCTOR ADR (R. 5 SHS) 513,790.94 5,281,770.91 0.35 

UNIMICRON TECHNOLOGY 4,124,640.14 7,248,631.66 0.49 

WISTRON 4,804,692.17 8,782,736.10 0.59 

YOUNG FAST OPTOELECTRONICS 654,198.24 7,468,764.74 0.50 

THAILANDE 

123,345,923.22 8.27 

BANGKOK BANK PUBLIC FGN NOM. (THB) 1,570,873.58 8,360,693.65 0.56 

KASIKORNBANK PUB. FGN NOM. 1,750,279.47 7,152,496.14 0.48 

PTT FGN NOM. 619,992.45 6,068,360.85 0.41 

QUALITY HOUSES PUBLIC FGN 84,382,597.97 7,341,509.52 0.49 

TURQUIE 

28,923,060.16 1.94 

TURKIYE GARANTI BANKASI NOM. 2,609,056.28 15,361,234.66 1.03 

15,361,234.66 1.03 

TOTAL I. 1,461,223,216.93 98.11 


ACTIONS 

ARGENTINE 

GENERAL FABRIL ’B’ 907,500,610.47 0.00 0.00 

0.00 0.00 


DROITS 

TAIWAN 

YOUNG FAST OPT. RTS 654,198.24 68,224.65 0.00 

68,224.65 0.00 

TOTAL DROITS 68,224.65 0.00 

TOTAL II. 68,224.65 0.00 

III. PARTS D’ORGANISMES DE PLACEMENT COLLECTIF 

ILES CAIMANS 


VIETNAM GROWTH FUND 135,810.96 1,670,474.77 0.11 

VIETNAM RESOURCE INVESTMENTS FD. 1,279,946.84 1,599,933.55 0.11 

ILES VIERGES BRITANNIQUES 

3,270,408.32 0.22 

TURQUOISE PARTNERS ’C’ 11,529.61 18,040,429.63 1.21 

18,040,429.63 1.21 

TOTAL III. 21,310,837.95 1.43 


AVOIRS EN BANQUE 9,030,906.25 0.61 



231



232 





Brésil 17.41 


Chine 12.53 

Taïwan 8.27 

Russie 7.83 

Inde 6.70 



Mexique 3.98 


Malaisie 2.29 



Iles Vierges Britanniques 1.21 

Turquie 1.03 

Canada 1.02 


Pologne 0.81 

Bermudes 0.65 

Qatar 0.56 


Chili 0.49 


Pérou 0.27 



Hongrie 0.19 

Egypte 0.06 


99.54 
















Parts d’organismes de placement collectif 1.43 

Métaux et pierres précieux 1.32 






Chimie 0.99 



Divers 0.87 



Bois et papier 0.39 

Photo et optique 0.37 


Droits 0.00 

99.54

Pictet - Eastern Europe 





(note 2) 


ACTIONS 

ETATS-UNIS 


CTC MEDIA 137,920.00 2,216,502.82 0.51 

HONGRIE 

2,216,502.82 0.51 


OTP BANK 312,064.00 6,003,750.75 1.38 

ILES CAIMANS 

17,701,666.45 4.07 

EURASIA DRILLING GDR (R.1 SHS) 160,742.00 2,737,516.48 0.63 

PAYS-BAS 

2,737,516.48 0.63 

X5 RETAIL GROUP SPONS. GDR REG. S 190,834.00 5,591,394.85 1.28 

POLOGNE 

5,591,394.85 1.28 

BANK MILLENIUM 1,271,686.00 1,605,909.90 0.37 

BANK PEKAO 214,767.00 9,292,520.90 2.13 

GETIN 575,687.00 1,564,039.64 0.36 

GLOBE TRADE CENTRE 240,307.00 1,348,058.77 0.31 

ING BANK SLASKI (BSK) 10,880.00 2,257,981.57 0.52 

KGHM 310,949.00 9,175,394.14 2.11 

PGE POLSKA GRUPA ENERGETYCZNA 758,408.00 4,483,408.56 1.03 

PKO BANK POLSKI 1,519,691.00 16,836,047.92 3.87 

POLISH OIL AND GAZ COMPANY 1,035,282.00 937,559.18 0.22 

POLISH TELECOM 1,309,227.00 5,921,642.45 1.36 

POLSKI KONCERN NAFTOWY 518,075.00 5,213,029.42 1.20 

PZU 106,750.00 11,010,049.95 2.53 

TVN 426,884.00 1,867,441.57 0.43 

ROUMANIE 

71,513,083.97 16.44 

COMNORD 622,625.00 139,963.81 0.03 

ROYAUME-UNI 

139,963.81 0.03 

FERREXPO 353,194.00 1,256,877.99 0.29 

PETROPAVLOVSK 115,006.00 1,473,498.70 0.34 

RUSSIE 

2,730,376.69 0.63 

COMSTAR GDR 333,143.00 1,573,964.11 0.36 

FGC UES (USD) 425,361,954.00 3,770,061.45 0.87 

GAZPROM ADR (R. 4 SHS) 1,636,678.00 25,164,024.57 5.78 

GAZPROM ’LOCAL’ (USD) 956,676.00 3,667,847.85 0.84 

IDGC (USD) 39,148,769.00 4,401,806.10 1.01 


JFSC SISTEMA GDR (R. 20 SHS) 402,699.00 7,964,320.57 1.83 

LUKOIL HOLDING ADR (R. 1 SHS) 829,230.00 34,500,688.23 7.92 

MAGNIT GDR 449,293.00 8,293,438.15 1.91 


MECHEL-BANK PFD 0% PERP 355,490.00 2,143,046.73 0.49 

233



234 




(note 2) 


MMC NORILSK NICKEL ADR (R. 0. 1SHS) 1,343,573.00 16,779,927.05 3.86 

MOBILE TELESYS ADR (R. 5 SHS) 677,087.00 10,529,285.14 2.42 

MOBILE TELESYSTEMS USD 426,622.00 2,562,861.09 0.59 


NOVOLIPETSK STEEL GDR (R. 1 REG-S) 153,142.00 4,038,324.67 0.93 

OAO ROSNEFT OIL COMPANY GDR 2,064,858.00 10,088,356.99 2.32 

PHARMSTANDARD OKTYABR -GDR- (USD) 84,635.00 1,385,581.08 0.32 

POLYUS GOLD (USD) 44,100.00 1,493,151.77 0.34 

POLYUS ZOLOTO ADR (R. 1/2 SHS) 30,245.00 569,365.48 0.13 

RASPADSKAYA OAO (USD) 281,092.00 1,169,499.12 0.27 

RASPADSKAYA OAO (USD) (Titres à recevoir) 283,653.00 1,158,940.14 0.27 

ROSTELECOM PFD (USD) 793,177.00 1,661,711.97 0.38 

RUSHYDRO ADR (R.100 SHS) 2,179,755.00 8,222,792.46 1.89 

SBERBANK (USD) 13,294,768.00 27,410,521.19 6.29 


SURGUTNEFTEGAZ ADR (R. 10 SHS) 1,192,411.00 8,367,503.45 1.92 

SURGUTNEFTEGAZ OIL PFD (USD) 5,749,218.00 2,005,407.27 0.46 

TATNEFT GDR (R. 20 SHS) 223,305.00 5,118,096.00 1.18 

URALKALIY GDR (R. 5 SHS) 263,563.00 4,237,633.41 0.97 

VTB BANK GDR SPONS. REG. S 2,046,035.00 8,625,073.49 1.98 

WGC 4 (USD) 2,356,524.00 940,693.61 0.22 

WGC 4 (USD) (Titres à recevoir) 14,643,476.00 151,382.57 0.03 

TURQUIE 

236,525,881.22 54.34 

AKBANK 1,044,010.00 4,678,940.21 1.07 

ANADOLU EFES BIRACI 367,195.00 4,202,471.38 0.97 

ARCELIK 361,120.00 1,453,845.43 0.33 

ASYA KATILIM BANKASI B 948,854.00 1,672,161.44 0.38 

BIM BIRLESIK MAGAZ 160,367.00 3,390,557.01 0.78 

FORD OTOMOTIV SANAYI 354,528.00 2,226,239.03 0.51 

HACI OMER SABANCI HOLDING 1,803,227.00 6,848,748.71 1.57 

HURRIYET GAZETE 4,701,913.00 3,690,675.43 0.85 

KOC HOLDING 1,605,076.00 5,608,468.15 1.29 

TOFAS TURK OTOMOBIL FABRIKASI 532,657.00 2,023,058.63 0.46 

TUPRAS TURKIY PETROL RAFINERILERI 144,828.00 2,860,333.73 0.66 

TURK HAVA YOLLARI 426,934.00 1,275,593.57 0.29 

TURK TELEKOM 884,638.00 2,911,913.79 0.67 

TURKCELL ILETISIM 1,405,767.00 6,940,927.79 1.59 

TURKIYE GARANTI BANKASI NOM. 4,099,366.00 17,437,954.79 4.01 

TURKIYE HALK BANKASI 546,983.00 3,711,745.53 0.85 

TURKIYE IS BANKASI ’C’ 4,118,717.00 12,827,340.83 2.95 

TURKIYE VAKIFLAR BANKASI TAO 1,211,950.00 2,700,455.01 0.62 

YAPI VE KREDI BANKASI 1,202,314.00 3,044,300.19 0.70 

89,505,730.65 20.55 

TOTAL I. 428,662,116.94 98.48



ACTIONS 

SLOVAQUIE 





(note 2) 


CHIRANA PREMA 21,076.00 0.00 0.00 

0.00 0.00 

TOTAL II. 0.00 0.00 





235



236 





Russie 54.34 

Turquie 20.55 

Pologne 16.44 

Hongrie 4.07 

Pays-Bas 1.28 




Roumanie 0.03 

Slovaquie 0.00 

98.48 













Chimie 0.97 



Electricité-utilities 0.87 






Divers 0.25 



98.48

Pictet - Europe Index 





(note 2) 


ACTIONS 

ALLEMAGNE 


ADIDAS 31,243.00 1,418,744.63 0.20 

ALLIANZ NOM. 67,029.00 5,556,704.10 0.76 

B. M. W. 49,379.00 2,540,055.76 0.35 

B. M. W. PREF 7,689.00 263,079.14 0.04 

BASF REG. 136,185.00 6,299,237.18 0.87 

BAYER NOM. 123,031.00 6,293,035.65 0.87 

BEIERSDORF 14,887.00 668,426.30 0.09 

CELESIO 10,673.00 170,341.08 0.02 

COMMERZBANK 100,744.00 612,523.52 0.08 

CONTINENTAL GUMMIWERKE 7,152.00 407,735.52 0.06 

DAIMLER NOM. (EUR) 133,077.00 6,182,757.42 0.85 

DEUTSCHE BANK NOM. 92,369.00 3,708,153.51 0.51 

DEUTSCHE BOERSE NOM. 29,263.00 1,432,277.54 0.20 

DEUTSCHE LUFTHANSA NOM. 33,890.00 457,006.65 0.06 

DEUTSCHE POST NOM. 126,011.00 1,676,576.36 0.23 

DEUTSCHE POSTBANK 13,125.00 327,665.63 0.05 

DEUTSCHE TELEKOM NOM. 420,713.00 4,221,854.96 0.58 

E.ON AG 266,595.00 5,766,449.85 0.79 

FRAPORT 5,818.00 259,540.98 0.04 

FRESENIUS 4,360.00 256,019.20 0.04 

FRESENIUS MEDICAL CARE 28,323.00 1,283,173.52 0.18 

FRESENIUS PREF 11,821.00 700,276.04 0.10 

GEA GROUP 24,309.00 445,705.52 0.06 

HANNOVER RUECKVERSICHERUNGS NOM. 9,082.00 306,426.68 0.04 

HEIDELBERGCEMENT 21,458.00 758,540.30 0.10 

HENKEL 18,552.00 616,204.68 0.08 

HENKEL PREF N-VTG 26,447.00 1,042,011.80 0.14 

HOCHTIEF 6,893.00 437,843.36 0.06 

INFINEON TECHNOLOGIES NOM. 162,237.00 824,326.20 0.11 

K & S 21,521.00 945,094.72 0.13 

LINDE 24,796.00 2,367,522.08 0.33 

MAN AG 15,791.00 1,262,648.36 0.17 

MERCK 9,590.00 590,935.80 0.08 

METRO 19,150.00 914,412.50 0.13 

MUENCHENER RUECKVER. NOM. 28,027.00 2,847,543.20 0.39 

PORSCHE AUTOMOBILE -NVTG- 12,943.00 470,154.48 0.06 

PUMA 809.00 195,778.00 0.03 

R. W. E. ’A’ 61,701.00 3,057,284.55 0.42 

R. W. E. PREF N-VTG 5,613.00 262,435.82 0.04 

SALZGITTER 6,558.00 311,603.37 0.04 

SAP AG (EUR) 127,241.00 4,616,939.69 0.64 

SIEMENS AG 121,718.00 9,424,624.74 1.29 

SUEDZUCKER 10,264.00 168,380.92 0.02 

THYSSENKRUPP 50,451.00 1,206,787.92 0.17 

TUI 19,762.00 177,363.95 0.02 

UNITED INTERNET NOM. 19,288.00 228,755.68 0.03 

237



238 




(note 2) 


VOLKSWAGEN (EUR) 4,652.00 376,021.16 0.05 

VOLKSWAGEN PREF 25,124.00 2,224,227.72 0.31 

WACKER CHEMIE 2,460.00 332,961.00 0.05 

AUTRICHE 

86,914,168.74 11.96 

ERSTE BANK DER OESTER. SPARKASSEN 28,304.00 831,288.48 0.10 

IMMOFINANZ 151,480.00 414,146.32 0.06 

OESTER. ELEKTR. WIRT. ’A’ 10,176.00 267,628.80 0.04 

OMV 22,559.00 619,470.14 0.09 

RAIFFEISEN INT. BANK-HOLDING 7,820.00 267,444.00 0.04 

TELEKOM AUSTRIA 49,712.00 548,820.48 0.08 

VOEST-ALPINE 16,321.00 440,993.42 0.06 

WIENER STAEDTISCHE VERSICHERUNGS 5,829.00 229,837.47 0.03 

BELGIQUE 

3,619,629.11 0.50 

ANHEUSER-BUSH INBEV 107,189.00 4,625,205.35 0.63 

BELGACOM 22,336.00 638,921.28 0.09 

CNP - CIE NATIONALE A PORTFEUILLE 3,745.00 143,246.25 0.02 

COLRUYT (ETABLISSEMENTS FR.) 2,310.00 447,909.00 0.06 

DEXIA 88,611.00 286,390.75 0.04 

FORTIS 329,133.00 691,179.30 0.10 

GBL (GROUPE BRUXELLES LAMBERT) 11,960.00 730,995.20 0.10 

GROUPE DELHAIZE 15,087.00 802,628.40 0.11 

INBEV -STRIP VVPR 27,085.00 81.26 0.00 

KBC GROUPE 23,605.00 776,722.53 0.11 

MOBISTAR 3,759.00 168,854.28 0.02 

SOLVAY 8,781.00 687,113.25 0.09 

U. C. B. 15,822.00 402,116.13 0.06 

UMICORE 17,297.00 548,487.87 0.08 

BERMUDES 

10,949,850.85 1.51 

SEADRILL 41,300.00 877,671.42 0.12 

CHYPRE 

877,671.42 0.12 

BANK OF CYPRUS HOLDINGS 83,050.00 307,285.00 0.04 

DANEMARK 

307,285.00 0.04 

A. P. MOELLER - MAERSK ’A’ 81.00 483,138.91 0.07 

A. P. MOELLER - MAERSK ’B’ 197.00 1,208,085.46 0.17 

CARLSBERG ’B’ 15,700.00 1,200,852.70 0.17 

COLOPLAST ’B’ 3,150.00 276,230.34 0.04 

DANSKE BANK 66,800.00 1,182,323.95 0.16 

DSV 32,000.00 479,213.90 0.07 

NOVO NORDISK ’B’ 64,400.00 4,688,142.89 0.64 

NOVOZYMES ’B’ 7,007.00 653,949.91 0.09 

TRYGVESTA 3,800.00 167,609.46 0.02 

VESTAS WIND SYSTEMS NOM. 30,220.00 835,366.22 0.11 

WILLIAM DEMANT HOLDING 3,300.00 178,634.39 0.02 

11,353,548.13 1.56


ESPAGNE 





(note 2) 


ABERTIS INFRAESTRUCTURAS 44,089.00 602,696.63 0.08 

ACCIONA 3,654.00 226,401.84 0.03 

ACERINOX 15,005.00 195,890.28 0.03 

ACS 21,016.00 769,711.00 0.11 

BANCO DE SABADELL 144,322.00 530,239.03 0.07 

BANCO DE VALENCIA 32,177.00 134,499.86 0.02 

BANCO POPULAR ESPANOL NOM. 122,620.00 570,183.00 0.08 

BANCO SANTANDER 1,221,986.00 11,385,243.56 1.56 

BANKINTER 43,002.00 219,181.19 0.03 

BCO BILBAO VIZCAYA ARGENT. NOM. 528,792.00 5,237,684.76 0.72 

CINTRA 65,091.00 446,459.17 0.06 

CRITERIA CAIXACORP 127,116.00 489,777.95 0.07 

EDP RENOVAVEIS 31,196.00 129,463.40 0.02 

ENAGAS 27,642.00 410,898.33 0.06 

FOMENTO CONSTRUCCIONES CONTRATAS 5,676.00 115,109.28 0.02 

GAMESA 28,341.00 145,531.04 0.02 

GAS NATURAL SDG (SPLIT) 36,183.00 395,661.11 0.05 

GESTEVISION TELECINCO 14,982.00 121,054.56 0.02 

GRIFOLS ’A’ 20,585.00 216,554.20 0.03 

IBERDROLA 599,123.00 3,380,851.09 0.47 

IBERDROLA RENOVABLES 129,735.00 316,293.93 0.04 

IBERIA 72,012.00 203,865.97 0.03 

INDITEX NOM. 32,635.00 1,901,641.45 0.26 

INDRA SISTEMAS 14,413.00 201,637.87 0.03 

MAPFRE 100,150.00 223,534.80 0.03 

RED ELECTRICA CORP 16,234.00 559,991.83 0.08 

REPSOL YPF 109,222.00 2,063,749.69 0.28 

TELEFONICA 607,785.00 11,040,414.53 1.51 

ZARDOYA OTIS 21,605.00 283,673.65 0.04 

ETATS-UNIS 

42,517,895.00 5.85 

SYNTHES 9,031.00 769,212.36 0.11 

FINLANDE 

769,212.36 0.11 

ELISA ’A’ 21,083.00 355,248.55 0.05 

FORTUM 65,844.00 1,263,546.36 0.17 

KESKO 9,349.00 321,792.58 0.04 

KONE ’B’ 22,623.00 857,411.70 0.12 

METSO 18,260.00 613,901.20 0.08 

NESTE OIL 20,894.00 239,445.24 0.03 

NOKIA 552,514.00 4,072,028.18 0.56 

NOKIAN TYRES 15,760.00 396,994.40 0.05 

ORION ’B’ 12,304.00 180,253.60 0.02 

OUTOKUMPU ’A’ 18,672.00 272,051.04 0.04 

POHJOLA BANK ’A’ 20,813.00 185,756.03 0.03 

RAUTARUUKKI 12,928.00 195,988.48 0.03 

SAMPO OYJ 62,915.00 1,246,346.15 0.17 

SANOMAWSOY 12,884.00 199,959.68 0.03 

239



240 




(note 2) 


STORA ENSO ’R’ 83,829.00 607,760.25 0.08 

UPM-KYMMENE 76,127.00 956,916.39 0.13 

WARTSILA ’B’ 11,516.00 551,270.92 0.08 

FRANCE 

12,516,670.75 1.71 

ACCOR 22,027.00 589,993.20 0.08 

ADP 4,198.00 251,208.32 0.03 

AIR FRANCE - KLM 17,491.00 196,773.75 0.03 

AIR LIQUIDE 42,160.00 3,772,898.40 0.52 

ALCATEL-LUCENT 347,711.00 858,846.17 0.12 

ALSTOM 30,742.00 1,150,365.64 0.16 

ATOS ORIGIN 6,239.00 206,885.24 0.03 

AXA 253,950.00 3,256,908.75 0.45 

BIC 3,424.00 201,639.36 0.03 

BIOMERIEUX 1,694.00 128,760.94 0.02 

BNP PARIBAS 140,896.00 7,350,544.32 1.01 

BOUYGUES 34,347.00 1,081,415.30 0.15 

BUREAU VERITAS 7,140.00 365,710.80 0.05 

CAP GEMINI 21,470.00 790,096.00 0.11 

CARREFOUR 88,570.00 3,490,986.55 0.48 

CASINO GUICHARD 8,088.00 543,190.08 0.07 

CIE GENERALE DE GEOPHYSIQUE 21,453.00 345,393.30 0.05 

CNP ASSURANCES 22,132.00 301,548.50 0.04 

CREDIT AGRICOLE 137,155.00 1,572,482.08 0.22 

DANONE GROUPE 86,068.00 3,776,233.50 0.52 

DASSAULT SYSTEMES 8,858.00 477,977.68 0.07 

DIOR CHRISTIAN 9,442.00 905,298.96 0.12 

EDENRED 22,027.00 320,052.31 0.04 

EIFFAGE 5,497.00 191,735.36 0.03 

ELECTRICITE DE FRANCE 38,625.00 1,222,095.00 0.17 

ERAMET 781.00 169,281.75 0.02 

ESSILOR INTERNATIONAL 29,924.00 1,510,264.28 0.21 

EURAZEO 4,497.00 221,364.83 0.03 

EUTELSAT COMMUNICATIONS 14,051.00 393,428.00 0.05 

FONCIERE DES REGIONS 3,872.00 302,674.24 0.04 

FRANCE TELECOM 272,220.00 4,314,687.00 0.59 

GDF SUEZ 184,045.00 4,833,021.70 0.67 

GECINA 2,538.00 220,806.00 0.03 

GROUPE EUROTUNNEL ’RGPT’ 73,546.00 458,706.40 0.06 

HERMES INTERNATIONAL 7,890.00 1,321,575.00 0.18 

ICADE REITS 3,570.00 275,104.20 0.04 

ILIAD 2,689.00 205,520.27 0.03 

IMERYS 5,172.00 227,257.68 0.03 

IPSEN 3,764.00 91,521.66 0.01 

JC DECAUX 10,298.00 199,420.77 0.03 

KLEPIERRE 13,589.00 384,432.81 0.05 

L.V.M.H. 36,278.00 3,903,512.80 0.54 

LAFARGE 30,070.00 1,262,940.00 0.17 

LAGARDERE 18,195.00 521,377.73 0.07 

LEGRAND 19,360.00 480,321.60 0.07 

L’OREAL 35,526.00 2,930,184.48 0.40 

M6 METROPOLE TV 9,400.00 162,150.00 0.02






(note 2) 


MICHELIN ’B’ NOM. 22,188.00 1,238,312.28 0.17 

NATIXIS 132,948.00 558,381.60 0.08 

NEOPOST 4,774.00 260,612.66 0.04 

PAGES JAUNES 20,690.00 158,919.89 0.02 

PERNOD-RICARD 29,402.00 1,800,872.50 0.25 

PEUGEOT PORT. 22,409.00 552,717.99 0.08 

PPR 10,985.00 1,304,468.75 0.18 

PUBLICIS 17,903.00 623,740.52 0.09 

RENAULT 28,950.00 1,092,717.75 0.15 

SAFRAN 25,463.00 525,047.06 0.07 

SAINT GOBAIN 57,153.00 1,864,902.39 0.26 

SANOFI-AVENTIS 154,905.00 7,570,981.88 1.03 

SCHNEIDER ELECTRIC S.A. 35,549.00 3,306,412.49 0.46 

SCOR SE 24,537.00 430,133.61 0.06 

SOCIETE GENERALE 92,872.00 3,923,842.00 0.54 

SODEXO 13,951.00 664,067.60 0.09 

SUEZ ENVIRONNEMENT 40,298.00 546,037.90 0.08 

TECHNIP (EX TECHNIP-COFLEXIP) 14,534.00 857,360.66 0.12 

TF1 -TELEVISION FRANCAISE 1- 17,224.00 196,698.08 0.03 

THALES (EX-THOMSON CSF) 13,827.00 370,701.87 0.05 

TOTAL 312,950.00 11,831,074.75 1.62 

UNIBAIL-RODAMCO 13,607.00 2,213,178.55 0.30 

VALLOUREC USINES A TUBES 15,816.00 1,152,511.92 0.16 

VEOLIA ENVIRONNEMENT 52,336.00 1,011,131.52 0.14 

VINCI 65,202.00 2,397,477.54 0.33 

VIVENDI 182,747.00 3,664,077.35 0.50 

GRECE 

107,854,973.82 14.84 

ALPHA BANK 73,178.00 336,618.80 0.05 

BANK OF PIRAEUS 46,562.00 169,020.06 0.02 

COCA COLA HBC (REG. SHS) 27,020.00 523,107.20 0.07 

EFG EUROBANK 51,487.00 227,572.54 0.03 

HELLENIC TELECOMM. ORGANIZATIONS 33,841.00 178,680.48 0.02 

NATIONAL BANK OF GREECE REG. 89,849.00 644,217.33 0.09 

OPAP 35,363.00 410,210.80 0.06 

PUBLIC POWER CORP OF GREECE NOM. 17,753.00 202,916.79 0.03 

GUERNESEY 

2,692,344.00 0.37 

RESOLUTION 220,776.00 624,344.41 0.09 

IRLANDE 

624,344.41 0.09 

BANK OF IRELAND (GOV&CO) 503,200.00 311,984.00 0.04 

CRH (EUR) 103,496.00 1,246,091.84 0.17 

ELAN 71,501.00 295,013.13 0.04 

KERRY GROUP ’A’ 21,222.00 546,148.17 0.08 

RYANAIR HOLDINGS 57,427.00 225,171.27 0.03 

ITALIE 

2,624,408.41 0.36 

A2A 165,096.00 185,733.00 0.03 

ASSICURAZIONI GENERALI 174,521.00 2,577,675.17 0.35 

ATLANTIA 35,279.00 536,240.80 0.07 

241



242 




(note 2) 


AUTOGRILL 16,651.00 153,189.20 0.02 

BANCA CARIGE 71,813.00 122,656.60 0.02 

BANCA POPOLARE DI MILANO 61,090.00 213,815.00 0.03 

BANCO POPOLARE 94,873.00 416,492.47 0.06 

ENEL ENTE NAZION. ENERGIA ELETTR. 971,859.00 3,799,968.69 0.52 

ENI 384,323.00 6,083,833.09 0.84 

EXOR 8,644.00 146,948.00 0.02 

FIAT 110,720.00 1,253,350.40 0.17 

FINMECCANICA 59,197.00 515,901.86 0.07 

INTESA SANPAOLO 1,148,488.00 2,736,272.66 0.38 

INTESA SANPAOLO (AZ. DI RISO. ) 148,414.00 280,354.05 0.04 

LUXOTTICA GROUP 17,432.00 349,685.92 0.05 

MEDIASET 99,814.00 519,032.80 0.07 

MEDIOBANCA 72,810.00 496,564.20 0.07 

MEDIOLANUM 29,344.00 95,734.80 0.01 

MONTE PASCHI SIENA 326,822.00 332,051.15 0.05 

PARMALAT 250,599.00 471,627.32 0.06 

PIRELLI & CIE 34,617.00 206,663.49 0.03 

PRYSMIAN 27,546.00 369,116.40 0.05 

SAIPEM 39,214.00 1,152,107.32 0.16 

SNAM RETE GAS 213,484.00 793,093.06 0.11 

T. E. R. N. A 192,372.00 599,719.71 0.08 

TELECOM ITALIA 1,402,251.00 1,437,307.28 0.20 

TELECOM ITALIA RISP 891,860.00 737,122.29 0.10 

UBI BANCA 90,521.00 643,604.31 0.09 

UNICREDITO ITALIANO SPA 1,991,490.00 3,730,060.77 0.51 

JERSEY 

30,955,921.81 4.26 

PETROFAC 38,100.00 603,812.07 0.08 

RANDGOLD RESOURCES 13,300.00 977,906.55 0.13 

SHIRE 83,800.00 1,387,073.42 0.20 

WPP 187,920.00 1,528,129.93 0.21 

LUXEMBOURG 

4,496,921.97 0.62 

ARCELOR MITTAL 126,801.00 3,063,512.16 0.41 

MILLICOM INTL CELLULAR-SDR- 11,300.00 790,757.51 0.11 

SES GLOBAL FDR 43,930.00 774,705.55 0.11 

TENARIS SA (EUR) 70,152.00 987,038.64 0.14 

NORVEGE 

5,616,013.86 0.77 

AKER SOLUTIONS 24,500.00 261,245.61 0.04 

DNB NOR 146,963.00 1,471,491.89 0.20 

NORSK HYDRO NOM. (NOK) 130,351.00 578,803.63 0.08 

ORKLA 112,380.00 761,862.93 0.10 

RENEWABLE ENERGY CORPORATION 76,066.00 189,525.84 0.03 

STATOIL 164,408.00 2,523,225.33 0.34 

TELENOR 124,500.00 1,434,225.73 0.20 

YARA INTERNATIONAL 27,431.00 912,665.86 0.13 

8,133,046.82 1.12


PANAMA 





(note 2) 


CARNIVAL TWIN 3,345.00 93,621.93 0.01 

PAYS-BAS 

93,621.93 0.01 

AEGON 236,808.00 1,040,771.16 0.14 

AKZO NOBEL 34,396.00 1,556,590.98 0.21 

ASML 64,665.00 1,416,810.15 0.19 

BOSKALIS WESTMINSTER 9,700.00 298,614.50 0.04 

CORIO 8,644.00 433,496.60 0.06 

DELTA LLOYD 10,867.00 148,986.57 0.02 

EUROPEAN AERONAUTIC DEFENCE SPACE 61,598.00 1,126,935.41 0.16 

HEINEKEN 38,018.00 1,446,204.72 0.20 

HEINEKEN HOLDING 17,866.00 573,319.94 0.08 

KONINKLIJKE AHOLD 178,602.00 1,766,016.58 0.24 

KONINKLIJKE DSM 22,130.00 831,645.40 0.11 

KONINKLIJKE KPN NV 239,664.00 2,718,988.08 0.37 

KONINKLIJKE VOPAK 10,039.00 351,465.39 0.05 

QIAGEN 35,579.00 466,974.38 0.06 

RANDSTAD HOLDING 16,464.00 548,662.80 0.08 

REED ELSEVIER 100,931.00 933,611.75 0.13 

ROYAL PHILIPS (EUR) 146,445.00 3,376,289.48 0.47 

SBM OFFSHORE 24,744.00 343,941.60 0.05 

STMICROELECTRONICS 92,668.00 520,423.49 0.07 

TNT 56,438.00 1,112,392.98 0.15 

UNILEVER NV (EUR) 240,438.00 5,271,603.15 0.74 

WOLTERS KLUWER 44,059.00 678,508.60 0.09 

PORTUGAL 

26,962,253.71 3.71 

BANCO COMERCIAL PORTUGUES NOM. 383,666.00 245,162.57 0.03 

BANCO ESPIRITO SANTO NOM. 73,107.00 248,198.27 0.03 

BRISA AUTO-ESTRADAS NOM. 25,256.00 119,460.88 0.02 

CIMPOR (CIMENTOS PORTUGAL) NOM. 26,058.00 123,045.88 0.02 

EDP (ELECTRIC. DE PORTUGAL) NOM. 261,319.00 656,955.97 0.09 

GALP ENERGIA ’B’ 33,422.00 423,122.52 0.06 

JERONIMO MARTINS 34,992.00 343,271.52 0.05 

PORTUGAL TELECOM SGPS 87,641.00 858,005.39 0.12 

ROYAUME-UNI 

3,017,223.00 0.42 

3I GROUP 147,123.00 486,532.08 0.07 

ADMIRAL GROUP 29,200.00 561,518.58 0.08 

AGGREKO 36,700.00 665,077.10 0.09 

AMEC 50,800.00 578,158.49 0.08 

ANGLO AMERICAN 195,754.00 5,706,427.42 0.79 

ANTOFAGASTA 58,400.00 833,177.62 0.11 

ARM HOLDINGS 195,400.00 884,582.67 0.12 

ASSOCIATED BRITISH FOODS 50,900.00 616,310.48 0.08 

ASTRAZENECA (GBP) 212,762.00 7,940,963.67 1.09 

AUTONOMY CORPORATION 32,000.00 669,659.54 0.09 

AVIVA 414,134.00 1,906,826.61 0.26 

BABCOCK INTERNATIONAL GROUP 56,400.00 371,073.76 0.05 

BAE SYSTEMS 501,754.00 1,982,458.12 0.27 

243



244 




(note 2) 


BALFOUR BEATTY 106,186.00 327,866.71 0.05 

BARCLAYS 1,692,376.00 5,852,547.49 0.81 

BG GROUP 500,634.00 6,463,423.44 0.89 

BHP BILLITON (GBP) 325,995.00 7,619,776.73 1.05 

BP PLC 2,782,932.00 13,741,990.83 1.89 

BRITISH AIRWAYS 83,164.00 233,072.12 0.03 

BRITISH AMERICAN TOBACCO 296,624.00 8,129,891.33 1.12 

BRITISH LAND 130,060.00 698,076.44 0.10 

BRITISH SKY BROADCASTING GROUP 166,864.00 1,358,832.57 0.19 

BT GROUP 1,139,988.00 1,842,190.74 0.25 

BUNZL 45,944.00 402,510.17 0.06 

BURBERRY GROUP 66,137.00 793,933.47 0.11 

CABLE WIRELESS WORLDWIDE 370,600.00 314,625.83 0.04 

CAIRN ENERGY 210,900.00 1,104,220.75 0.15 

CAPITA GROUP 91,608.00 831,117.12 0.11 

CARNIVAL 22,816.00 658,920.61 0.09 

CENTRICA 759,648.00 2,836,566.46 0.39 

COBHAM 174,300.00 464,745.99 0.06 

COMPASS GROUP 279,300.00 1,710,261.83 0.24 

DIAGEO 370,673.00 4,689,297.50 0.65 

EURASIAN NATURAL RESOURCES 37,600.00 398,633.03 0.05 

EXPERIAN 153,731.00 1,229,705.08 0.17 

FIRSTGROUP 73,200.00 306,538.23 0.04 

FRESNILLO 28,200.00 404,275.09 0.06 

G4S 210,433.00 618,412.88 0.09 

GLAXOSMITHKLINE 770,031.00 11,150,264.12 1.53 

HAMMERSON REIT 101,480.00 461,863.36 0.06 

HOME RETAIL GROUP 130,431.00 310,137.53 0.04 

HSBC HOLDINGS 2,592,965.00 19,304,681.86 2.65 

ICAP 87,000.00 433,317.60 0.06 

IMPERIAL TOBACCO 150,080.00 3,286,218.46 0.45 

INMARSAT 64,400.00 493,211.36 0.07 

INTERCONTINENTAL HOTELS 40,243.00 527,685.26 0.07 

INTERNATIONAL POWER 227,792.00 1,020,179.22 0.14 

INTERTEK GROUP 22,500.00 475,269.44 0.07 

INVENSYS 118,125.00 406,998.16 0.06 

INVESTEC 69,400.00 407,339.67 0.06 

ITV 562,800.00 387,499.21 0.05 

JOHNSON MATTHEY 31,400.00 638,618.99 0.09 

KAZAKHMYS 32,900.00 551,402.58 0.08 

KINGFISHER 353,103.00 954,540.98 0.13 

LAND SECURITIES GROUP 112,221.00 829,658.85 0.11 

LEGAL & GENERAL GROUP 869,787.00 1,039,105.26 0.14 

LIBERTY INTERNATIONAL R.E.I.T. 70,420.00 298,879.36 0.04 

LLOYDS TSB GROUP 6,029,555.00 5,158,541.77 0.71 

LONDON STOCK EXCHANGE GROUP 20,573.00 161,715.27 0.02 

LONMIN 23,544.00 453,568.48 0.06 

MAN GROUP 257,300.00 650,711.44 0.09 

MARKS & SPENCER GROUP 227,184.00 1,017,718.48 0.14 

MORRISON WM. SUPERMARKETS 314,000.00 1,071,734.60 0.15 

NATIONAL GRID (NEW) 510,157.00 3,179,829.91 0.44 

NEXT 28,600.00 731,546.72 0.10






(note 2) 


OLD MUTUAL (GBP) 810,234.00 1,298,094.20 0.18 

PEARSON 120,945.00 1,375,785.82 0.19 

PRUDENTIAL 374,365.00 2,750,425.76 0.38 

RECKITT BENCKISER 91,700.00 3,705,678.40 0.51 

REED ELSEVIER (NEW) GBP 174,967.00 1,086,537.45 0.15 

REXAM 134,579.00 476,894.10 0.07 

RIO TINTO NOM. 214,841.00 9,227,480.05 1.27 

ROLLS-ROYCE GROUP 276,073.00 1,923,124.90 0.26 

ROYAL & SUN ALLIANCE INSUR. GROUP 503,916.00 760,221.27 0.10 

ROYAL BANK OF SCOTLAND GROUP 2,628,110.00 1,432,134.54 0.20 


ROYAL DUTCH SHELL ’B’ 398,959.00 8,551,581.71 1.18 

SABMILLER (GBP) 141,400.00 3,322,207.82 0.46 

SAGE GROUP 198,250.00 632,266.77 0.09 

SAINSBURY J. 179,043.00 807,434.01 0.11 

SCHRODERS 16,939.00 281,159.62 0.04 

SCOTTISH & SOUTHERN ENERGY 136,800.00 1,765,363.65 0.24 

SEGRO 110,954.00 349,632.58 0.05 

SERCO GROUP 73,800.00 523,887.16 0.07 

SEVERN TRENT 36,334.00 549,822.09 0.08 

SMITH & NEPHEW 135,117.00 905,354.16 0.12 

SMITHS GROUP 58,687.00 825,756.30 0.11 

STANDARD CHARTERED PLC 303,782.00 6,402,787.52 0.88 

STANDARD LIFE 340,800.00 909,481.14 0.13 

TESCO 1,185,387.00 5,801,393.13 0.80 

THOMAS COOK GROUP 128,000.00 253,827.93 0.03 

TOMKINS 135,900.00 508,869.69 0.07 

TUI TRAVEL 89,800.00 222,232.41 0.03 

TULLOW OIL 132,500.00 1,948,460.41 0.27 

UNILEVER (GBP) 190,707.00 4,052,534.33 0.56 

UNITED UTILITIES GROUP 100,868.00 667,135.90 0.09 

VEDANTA RESOURCES 17,900.00 447,318.86 0.06 

VODAFONE GROUP AG 7,816,812.00 14,174,643.06 1.95 

WHITBREAD 26,018.00 487,715.11 0.07 

WOLSELEY 43,224.00 797,773.67 0.11 

XSTRATA 303,504.00 4,266,954.26 0.59 

SUEDE 

236,774,184.29 32.58 

ALFA LAVAL 49,900.00 641,363.66 0.09 

ASSA ABLOY ’B’ 47,300.00 875,112.67 0.12 

ATLAS COPCO ’A’ -FRIA- 97,560.00 1,381,347.66 0.19 

ATLAS COPCO ’B’ 57,700.00 744,756.68 0.10 

BOLIDEN AB 39,900.00 443,355.95 0.06 

ELECTROLUX ’B’ -FRIA- 36,340.00 656,518.42 0.09 

ERICSSON TELEFON ’B’ 442,900.00 3,566,903.07 0.49 

GETINGE INDUSTRIER ’B’ 29,133.00 499,366.81 0.07 

HENNES & MAURITZ ’B’ 150,900.00 4,008,768.03 0.55 

HEXAGON ’B’ 27,300.00 429,620.35 0.06 

HOLMEN ’B’ 9,300.00 210,422.10 0.03 

HUSQVARNA ’B’ 57,310.00 311,232.44 0.04 

INVESTOR ’B’ 66,100.00 984,824.43 0.14 

KINNEVIK INVESTMENTS ’B’ 31,800.00 493,861.31 0.07 

245



246 




(note 2) 


MODERN TIMES GROUP ’B’ 7,800.00 426,564.37 0.06 

NORDEA BANK 476,943.00 3,643,824.89 0.49 

RATOS ’B’ 15,400.00 390,173.35 0.05 

SANDVIK 150,215.00 1,688,758.43 0.23 

SCANIA ’B’ 47,500.00 769,219.79 0.11 

SECURITAS ’B’ 44,152.00 348,851.75 0.05 

SKANDINAVISKA ENSKILDA ’A’ 214,470.00 1,166,585.87 0.16 

SKANSKA ’B’ 58,840.00 790,848.93 0.11 

SKF ’B’ 59,200.00 998,636.22 0.14 

SSAB SWEDISH STEEL ’A’ 27,300.00 319,392.72 0.04 

SSAB SWEDISH STEEL ’B’ 10,925.00 112,537.17 0.02 

SVENSKA CELLULOSA ’B’ 85,100.00 949,308.42 0.13 

SVENSKA HANDELSBANKEN ’A’ 72,675.00 1,747,167.99 0.24 

SWEDBANK ’A’ 103,850.00 1,056,184.32 0.15 

SWEDISH MATCH 35,600.00 696,616.24 0.10 

TELE2 ’B’ 47,300.00 728,402.60 0.10 

TELIASONERA (SEK) 333,295.00 1,980,502.29 0.27 

VOLVO ’B’ 163,200.00 1,758,365.91 0.24 

SUISSE 

34,819,394.84 4.79 

ABB LTD 327,918.00 5,091,871.50 0.70 

ACTELION NOM. 15,408.00 454,824.41 0.06 

ADECCO NOM. 18,558.00 714,502.41 0.10 

ARYZTA NOMINATIVE 12,112.00 390,495.83 0.05 

BALOISE-HOLDING AG 7,387.00 490,720.16 0.07 

CIE FINANCIERE RICHEMONT 77,006.00 2,731,552.76 0.38 

CREDIT SUISSE GROUP 166,377.00 5,239,316.80 0.72 

GAM HOLDING NOM. 29,642.00 331,150.83 0.05 

GEBERIT 5,874.00 770,733.21 0.11 

GIVAUDAN NOM. 1,225.00 922,150.66 0.13 

HOLCIM LTD 36,569.00 1,730,113.22 0.24 

JULIUS BAER GROUPE NOM. 29,566.00 792,945.96 0.11 

KUEHNE & NAGEL INTERNATIONAL 7,704.00 681,601.22 0.09 

LINDT & SPRUENGLI 135.00 238,474.05 0.03 

LINDT & SPRUENGLI NOM. 18.00 370,464.79 0.05 

LOGITECH INTERNATIONAL 26,567.00 341,018.83 0.05 

LONZA GROUP 6,797.00 427,828.83 0.06 

NESTLE S.A. 514,158.00 20,181,124.59 2.78 

NOBEL BIOCARE HOLDING 18,149.00 240,175.94 0.03 

NOVARTIS AG 312,448.00 13,200,906.33 1.82 

PARGESA HOLDING 4,338.00 233,369.20 0.03 


S.G.S. S.A. 819.00 975,138.90 0.13 

SCHINDLER HOLDING B. PART. 6,983.00 551,841.98 0.08 

SCHINDLER HOLDING NOM. 3,184.00 250,665.43 0.03 

SIKA FINANZ PORT. 300.00 407,803.68 0.06 

SONOVA HOLDING NOM. 6,735.00 605,969.72 0.08 

STRAUMANN HOLDING NOM. 1,152.00 189,418.85 0.03 

SUISSE REASSURANCE 52,891.00 1,708,796.53 0.24 

SWISS LIFE HLDG NOM. 4,621.00 387,702.08 0.05 

SWISSCOM NOM. 3,517.00 1,045,029.43 0.14 

SYNGENTA AG 14,165.00 2,593,548.17 0.36






(note 2) 

THE SWATCH GROUP 4,657.00 1,290,885.64 0.18 

THE SWATCH GROUP NOM. 6,170.00 314,113.80 0.04 

UBS AG 540,908.00 6,764,746.57 0.93 


86,894,165.32 11.97 

TOTAL ACTIONS 721,384,749.55 99.27 

CERTIFICATS 

PAYS-BAS 

FUGRO CRT 10,355.00 499,473.43 0.07 

ING GROEP (CRT.) 566,178.00 4,308,614.58 0.59 

4,808,088.01 0.66 


DROITS 

ALLEMAGNE 


DEUTSCHE BANK RTS 5.10.10 91,126.00 323,497.30 0.04 

HEIDELBERGCEMENT STRIP VVPR 169.00 1.69 0.00 

CHYPRE 

323,498.99 0.04 

BANK OF CYPRUS RTS 21.10.10 83,050.00 37,372.50 0.01 

FRANCE 

37,372.50 0.01 

FONCIERE DES REGIONS RTS 31.12.10 4,818.00 4,769.82 0.00 

MICHELIN RTS 13.10.10 22,188.00 45,441.02 0.01 

TOTAL STRIP VVPR 2,017.00 2.02 0.00 

GRECE 

50,212.86 0.01 

NATIONAL BANK OF GREECE CV RTS 11.10.10 89,849.00 59,300.34 0.01 

NATIONAL BANK. GREECE RTS 11.10.10 89,849.00 32,345.64 0.00 

91,645.98 0.01 

TOTAL DROITS 502,730.33 0.07 


AVOIRS EN BANQUE 159,230.92 0.02 



247



248 






France 14.85 


Suisse 11.97 

Espagne 5.85 

Suède 4.79 

Pays-Bas 4.37 

Italie 4.26 

Finlande 1.71 

Danemark 1.56 

Belgique 1.51 

Norvège 1.12 


Jersey 0.62 

Autriche 0.50 

Portugal 0.42 

Grèce 0.38 

Irlande 0.36 

Bermudes 0.12 



Chypre 0.05 

Panama 0.01 

100.00 





Pétrole 8.45 






Chimie 3.86 





















Caoutchouc et pneus 0.28 



Divers 0.23 

Industrie horlogère 0.22 

Loisirs 0.20 


Protection de l’environnement et traitement des déchets 0.14 


Droits 0.07 

Industrie d’emballage 0.07 


100.00

Pictet - USA Index 





(note 2) 


ACTIONS 



SCHLUMBERGER 155,774.00 9,597,236.14 0.81 

BERMUDES 

9,597,236.14 0.81 

INVESCO 55,500.00 1,178,265.00 0.10 

ETATS-UNIS 

1,178,265.00 0.10 

3 M 81,700.00 7,084,207.00 0.60 

ABBOTT LABORATORIES 177,200.00 9,256,928.00 0.78 

ABERCROMBIE & FITCH ’A’ 9,600.00 377,472.00 0.03 

ADOBE SYSTEMS 61,800.00 1,616,070.00 0.14 

ADVANCED MICRO DEVICES (USD) 64,400.00 457,884.00 0.04 

AES 80,700.00 915,945.00 0.08 

AETNA 47,800.00 1,510,958.00 0.13 

AFLAC 53,100.00 2,745,801.00 0.23 

AGILENT TECHNOLOGIES 39,789.00 1,327,758.93 0.11 

AIR PRODUCTS & CHEMICALS 24,600.00 2,037,372.00 0.17 

AIRGAS 7,900.00 536,805.00 0.05 

AK STEEL HOLDING 11,300.00 156,053.00 0.01 

AKAMAI TECHNOLOGIES 20,300.00 1,018,654.00 0.09 

ALCOA INC. 118,260.00 1,432,128.60 0.12 

ALLEGHENY ENERGY 18,200.00 446,264.00 0.04 

ALLEGHENY TECHNOLOGIES 10,850.00 503,982.50 0.04 

ALLERGAN 34,500.00 2,295,285.00 0.19 

ALLSTATE 60,900.00 1,921,395.00 0.16 

ALTERA 36,000.00 1,085,760.00 0.09 

ALTRIA GROUP (USD) 237,700.00 5,709,554.00 0.48 

AMAZON. COM 40,400.00 6,345,224.00 0.54 

AMEREN CORPORATION 28,000.00 795,200.00 0.07 

AMERICAN ELECTRIC POWER 54,060.00 1,958,593.80 0.17 

AMERICAN EXPRESS 119,400.00 5,018,382.00 0.42 

AMERICAN INTERNATIONAL GROUP 16,276.00 636,391.60 0.05 

AMERICAN TOWER ’A’ 46,000.00 2,357,960.00 0.20 

AMERIPRISE FINANCIAL W-ISSUED 28,940.00 1,369,730.20 0.12 

AMERISOURCEBERGEN 31,700.00 971,922.00 0.08 

AMGEN 110,312.00 6,079,294.32 0.51 

AMPHENOL ’A’ 19,800.00 969,804.00 0.08 

ANADARKO PETROLEUM 55,920.00 3,190,236.00 0.27 

ANALOG DEVICES 34,000.00 1,066,920.00 0.09 

AON 30,600.00 1,196,766.00 0.10 

APACHE 41,340.00 4,041,398.40 0.34 

APARTMENT INVESTMENT & MGMT ’A’. 13,974.00 298,764.12 0.03 

APOLLO GROUP ’A’ 13,200.00 677,820.00 0.06 

APPLE 104,500.00 29,651,875.00 2.51 

APPLIED MATERIALS 156,236.00 1,824,836.48 0.15 

ARCHER-DANIELS MIDLAND 72,773.00 2,322,914.16 0.20 

ASHLAND 1.00 48.77 0.00 

ASSURANT 13,000.00 529,100.00 0.04 

249



250 




(note 2) 


AT & T 673,910.00 19,273,826.00 1.63 

AUTODESK 26,300.00 840,811.00 0.07 

AUTOMATIC DATA PROCESSING 55,100.00 2,315,853.00 0.20 

AUTONATION 8,500.00 197,625.00 0.02 

AUTOZONE 3,300.00 755,403.00 0.06 

AVALONBAY COMMUNITIES 9,949.00 1,033,999.57 0.09 

AVERY DENNISON 11,700.00 434,304.00 0.04 

AVON PRODUCTS 48,900.00 1,570,179.00 0.13 

BAKER HUGHES 49,770.00 2,120,202.00 0.18 

BALL 9,800.00 576,730.00 0.05 

BANK OF AMERICA 1,142,923.00 14,983,720.53 1.27 

BANK OF NEW YORK MELLON 139,932.00 3,656,423.16 0.31 

BAXTER INTERNATIONAL 65,900.00 3,144,089.00 0.27 

BB & T 76,700.00 1,846,936.00 0.16 

BECTON DICKINSON & CO 26,200.00 1,941,420.00 0.16 

BED BATH & BEYOND 30,741.00 1,334,466.81 0.11 

BEMIS 13,488.00 428,244.00 0.04 

BERKSHIRE HATHAWAY B 197,000.00 16,287,960.00 1.38 

BEST BUY 39,275.00 1,603,598.25 0.14 

BIG LOTS 7,700.00 256,025.00 0.02 

BIOGEN IDEC 27,980.00 1,570,237.60 0.13 

BMC SOFTWARE 21,300.00 862,224.00 0.07 

BOEING 83,200.00 5,536,128.00 0.47 

BOSTON PROPERTIES 15,300.00 1,271,736.00 0.11 

BOSTON SCIENTIFIC 172,933.00 1,060,079.29 0.09 

BRISTOL MYERS SQUIBB CO 194,230.00 5,265,575.30 0.45 

BROADCOM ’A’ 49,825.00 1,763,306.75 0.15 

BROWN FORMAN ’B’ N-VTG 11,700.00 721,188.00 0.06 

C. A. 43,400.00 916,608.00 0.08 

C. H. ROBINSON WORLDWIDE 19,700.00 1,377,424.00 0.12 

CABOT OIL & GAS 10,900.00 328,199.00 0.03 

CAMERON INTERNATIONAL 28,300.00 1,215,768.00 0.10 

CAMPBELL SOUP 23,200.00 829,400.00 0.07 

CAPITAL ONE FINANCIAL 51,688.00 2,044,260.40 0.17 

CARDINAL HEALTH 39,750.00 1,313,340.00 0.11 

CAREFUSION W.I. 27,125.00 673,785.00 0.06 

CARMAX 27,200.00 757,792.00 0.06 

CATERPILLAR 72,000.00 5,664,960.00 0.48 

CB RICHARD ELLIS GROUP ’A’ 33,300.00 608,724.00 0.05 

CBS ’B’ 79,305.00 1,257,777.30 0.11 

CELGENE 51,600.00 2,972,676.00 0.25 

CENTERPOINT ENERGY 50,700.00 797,004.00 0.07 

CENTURYTEL 33,681.00 1,329,052.26 0.11 

CEPHALON 8,000.00 499,520.00 0.04 

CERNER 8,200.00 688,718.00 0.06 

CF INDUSTRIES HOLDINGS 8,600.00 821,300.00 0.07 

CHARLES SCHWAB 116,900.00 1,624,910.00 0.14 

CHESAPEAKE ENERGY 73,000.00 1,653,450.00 0.14 

CHEVRON 229,223.00 18,578,524.15 1.57 

CHUBB 36,400.00 2,074,436.00 0.18 

CIGNA 32,600.00 1,166,428.00 0.10 

CINCINNATI FINANCIAL 17,028.00 491,257.80 0.04






(note 2) 


CINTAS 16,700.00 460,085.00 0.04 

CISCO SYSTEMS (USD) 653,388.00 14,309,197.20 1.21 

CITIGROUP 2,720,636.00 10,610,480.40 0.90 

CITRIX SYSTEMS 20,800.00 1,419,392.00 0.12 

CLIFFS NATURAL RESOURCES 15,900.00 1,016,328.00 0.09 

CLOROX 16,000.00 1,068,160.00 0.09 

CME GROUP ’A’ 7,610.00 1,982,024.50 0.17 

CMS ENERGY 29,300.00 527,986.00 0.04 

COACH 34,600.00 1,486,416.00 0.13 

COCA-COLA 264,350.00 15,469,762.00 1.31 

COCA-COLA ENTERPRISES 36,900.00 1,143,900.00 0.10 

COGNIZANT TECH SOL ’A’ 34,700.00 2,237,109.00 0.19 

COLGATE PALMOLIVE 55,800.00 4,288,788.00 0.36 

COMCAST ’A’ 317,817.00 5,746,131.36 0.49 

COMERICA 20,500.00 761,575.00 0.06 

COMPUTER SCIENCES 18,000.00 828,000.00 0.07 

COMPUWARE 22,900.00 195,337.00 0.02 

CONAGRA FOODS 52,700.00 1,156,238.00 0.10 

CONOCOPHILLIPS 169,411.00 9,729,273.73 0.82 

CONSOL ENERGY 26,000.00 960,960.00 0.08 

CONSOLIDATED EDISON 32,400.00 1,562,328.00 0.13 

CONSTELLATION BRANDS ’A’ 18,400.00 325,496.00 0.03 

CONSTELLATION ENERGY GROUP 23,800.00 767,312.00 0.06 

CORNING (USD) 180,500.00 3,299,540.00 0.28 

COSTCO WHOLESALE 50,000.00 3,224,500.00 0.27 

COVENTRY HEALTH CARE 14,850.00 319,720.50 0.03 

CR BARD 10,500.00 855,015.00 0.07 

CSX 43,600.00 2,411,952.00 0.20 

CUMMINS 22,200.00 2,010,876.00 0.17 

CVS CAREMARK 156,858.00 4,936,321.26 0.42 

DANAHER 61,700.00 2,505,637.00 0.21 

DARDEN RESTAURANTS 16,450.00 703,731.00 0.06 

DAVITA 11,100.00 766,233.00 0.06 

DEAN FOODS 19,300.00 197,053.00 0.02 

DEERE 47,700.00 3,328,506.00 0.28 

DELL 193,600.00 2,509,056.00 0.21 

DENBURY RESOURCES 45,500.00 722,995.00 0.06 

DENTSPLY INTL 16,700.00 533,899.00 0.05 

DEVON ENERGY 50,000.00 3,237,000.00 0.27 

DEVRY 6,500.00 319,865.00 0.03 

DIAMOND OFFSHORE DRILLING 7,900.00 535,383.00 0.05 

DIRECTV 99,500.00 4,142,185.00 0.35 

DISCOVER FINANCIAL SERVICES 61,650.00 1,028,322.00 0.09 

DISCOVERY COMMUNICATIONS -A- 32,700.00 1,424,085.00 0.12 

DOMINION RESOURCES 67,182.00 2,933,166.12 0.25 

DOVER 21,300.00 1,112,073.00 0.09 

DOW CHEMICAL 132,688.00 3,643,612.48 0.31 

DR HORTON 33,500.00 372,520.00 0.03 

DR PEPPER 26,700.00 948,384.00 0.08 

DTE ENERGY COMPANY 18,600.00 854,298.00 0.07 

DU PONT DE NEMOURS 102,700.00 4,582,474.00 0.39 

DUKE ENERGY 148,772.00 2,634,752.12 0.22 

251



252 




(note 2) 


DUN & BRADSTREET 5,400.00 400,356.00 0.03 

E TRADE FINANCIAL 21,900.00 318,426.00 0.03 

EASTMAN CHEMICAL 8,600.00 636,400.00 0.05 

EASTMAN KODAK 37,400.00 157,080.00 0.01 

EATON 19,100.00 1,575,559.00 0.13 

EBAY 132,000.00 3,220,800.00 0.27 

ECOLAB 25,900.00 1,314,166.00 0.11 

EDISON INTERNATIONAL 37,200.00 1,279,308.00 0.11 

EL PASO 82,120.00 1,016,645.60 0.09 

ELECTRONIC ARTS 39,700.00 652,271.00 0.06 

ELI LILLY 116,900.00 4,270,357.00 0.36 

EMC 236,576.00 4,804,858.56 0.41 

EMERSON ELECTRIC 85,200.00 4,486,632.00 0.38 

ENTERGY 21,200.00 1,622,436.00 0.14 

EOG RESOURCES 28,600.00 2,658,942.00 0.22 

EQT 18,300.00 659,898.00 0.06 

EQUIFAX 13,500.00 421,200.00 0.04 

EQUITY RESIDENTIAL (SBI) 32,100.00 1,526,997.00 0.13 

ESTEE LAUDER ’A’ 13,400.00 847,282.00 0.07 

EXELON 74,980.00 3,192,648.40 0.27 

EXPEDIA 23,900.00 674,219.00 0.06 

EXPEDITORS INTL OF WASHINGTON 24,400.00 1,128,012.00 0.10 

EXPRESS SCRIPTS 62,300.00 3,034,010.00 0.26 

EXXON MOBIL 581,024.00 35,901,472.96 3.04 

FAMILY DOLLAR STORE 14,800.00 653,568.00 0.06 

FASTENAL 17,200.00 914,868.00 0.08 

FEDERATED INVESTORS ’B’ 9,600.00 218,496.00 0.02 

FEDEX 36,300.00 3,103,650.00 0.26 

FIDELITY NATIONAL 29,300.00 794,909.00 0.07 

FIFTH THIRD BANCORP 94,060.00 1,131,541.80 0.10 

FIRST HORIZON NATIONAL 24,861.00 283,664.01 0.02 

FIRST SOLAR 5,900.00 869,365.00 0.07 

FIRSTENERGY 35,620.00 1,372,794.80 0.12 

FISERV 16,700.00 898,794.00 0.08 

FLIR SYSTEMS 18,500.00 475,450.00 0.04 

FLOWSERVE 6,700.00 733,114.00 0.06 

FLUOR 20,900.00 1,035,177.00 0.09 

FMC 8,600.00 588,326.00 0.05 

FMC TECHNOLOGIES 13,800.00 942,402.00 0.08 

FORD MOTOR 392,214.00 4,800,699.36 0.41 

FOREST LABORATORIES 34,100.00 1,054,713.00 0.09 

FORTUNE BRANDS 17,300.00 851,679.00 0.07 

FRANKLIN RESOURCES 16,400.00 1,753,160.00 0.15 

FREEPORT MCMORAN COPPER & GOLD’B’ 53,277.00 4,549,323.03 0.38 

FRONTIER COMMUNICATIONS ’B’ 111,266.00 909,043.22 0.08 

GAMESTOP ’A’ 16,900.00 333,099.00 0.03 

GANNETT 26,600.00 325,318.00 0.03 

GAP 51,300.00 956,232.00 0.08 

GENERAL DYNAMICS 43,200.00 2,713,392.00 0.23 

GENERAL ELECTRIC 1,221,612.00 19,851,195.00 1.68 

GENERAL MILLS 75,000.00 2,740,500.00 0.23 

GENUINE PARTS 18,682.00 833,030.38 0.07






(note 2) 


GENWORTH FINANCIAL -A- 58,000.00 708,760.00 0.06 

GENZYME (GENERAL DIVISION) 28,400.00 2,010,436.00 0.17 

GILEAD SCIENCES 96,700.00 3,443,487.00 0.29 

GOLDMAN SACHS 59,000.00 8,530,220.00 0.72 

GOODRICH 13,800.00 1,017,474.00 0.09 

GOODYEAR TIRE & RUBBER 26,700.00 287,025.00 0.02 

GOOGLE ’A’ 28,340.00 14,900,888.60 1.26 

GRAINGER (W. W.) 6,700.00 798,037.00 0.07 

H&R BLOCK 32,100.00 415,695.00 0.04 

H. J. HEINZ 35,900.00 1,700,583.00 0.14 

HALLIBURTON 105,300.00 3,482,271.00 0.29 

HARLEY DAVIDSON 26,900.00 765,036.00 0.06 

HARMAN INTERNATIONAL INDUSTRIES 8,300.00 277,303.00 0.02 

HARRIS 14,600.00 646,634.00 0.05 

HARTFORD FINANCIAL SERVICES GROUP 48,500.00 1,113,075.00 0.09 

HASBRO 15,800.00 703,258.00 0.06 

HCP 35,400.00 1,273,692.00 0.11 

HEALTH CARE REIT 15,800.00 747,972.00 0.06 

HELMERICH & PAYNE 12,300.00 497,658.00 0.04 

HERSHEY 17,100.00 813,789.00 0.07 

HESS 34,251.00 2,024,919.12 0.17 

HEWLETT PACKARD 258,782.00 10,886,958.74 0.92 

HOME DEPOT 189,500.00 6,003,360.00 0.51 

HONEYWELL INTERNATIONAL 88,875.00 3,905,167.50 0.33 

HORMEL FOODS 8,000.00 356,800.00 0.03 

HOSPIRA 19,210.00 1,095,162.10 0.09 

HOST HOTELS & RESORTS 71,280.00 1,032,134.40 0.09 

HUDSON CITY BANCORP 56,000.00 686,560.00 0.06 

HUMANA 19,300.00 969,632.00 0.08 

HUNTINGTON BANCSHARES 83,780.00 475,032.60 0.04 

IBM 144,058.00 19,323,940.12 1.63 

ILLINOIS TOOL WORKS 57,900.00 2,722,458.00 0.23 

INT. FLAVORS & FRAGRANCES 8,400.00 407,568.00 0.03 

INTEGRYS ENERGY GROUP 9,980.00 519,558.80 0.04 

INTEL 635,418.00 12,219,088.14 1.03 

INTERCONTINENTAL EXCHANGE 8,300.00 869,176.00 0.07 

INTERNATIONAL GAME TECHNOLOGY 35,900.00 518,755.00 0.04 

INTERNATIONAL PAPER 50,036.00 1,088,283.00 0.09 

INTERPUBLIC GROUP 51,500.00 516,545.00 0.04 

INTUIT 31,400.00 1,375,634.00 0.12 

INTUITIVE SURGICAL 4,700.00 1,333,578.00 0.11 

IRON MOUNTAIN 22,600.00 504,884.00 0.04 

ITT 21,900.00 1,025,577.00 0.09 

JABIL CIRCUIT 21,200.00 305,492.00 0.03 

JACOBS ENGINEERING GROUP 13,700.00 530,190.00 0.04 

JANUS CAPITAL GROUP 19,700.00 215,715.00 0.02 

JDS UNIPHASE 27,862.00 345,210.18 0.03 

JM SMUCKER CO 13,696.00 829,018.88 0.07 

JOHNSON & JOHNSON 314,180.00 19,466,592.80 1.65 

JOHNSON CONTROLS 76,100.00 2,321,050.00 0.20 

JP MORGAN CHASE 454,332.00 17,296,419.24 1.46 

JUNIPER NETWORKS 58,500.00 1,775,475.00 0.15 

253



254 




(note 2) 


KELLOGG 30,200.00 1,525,402.00 0.13 

KEYCORP 99,000.00 788,040.00 0.07 

KIMBERLY CLARK 46,600.00 3,031,330.00 0.26 

KIMCO REALTY 45,200.00 711,900.00 0.06 

KING PHARMACEUTICALS 25,733.00 256,300.68 0.02 

KLA-TENCOR 17,700.00 623,571.00 0.05 

KOHL’S 34,200.00 1,801,656.00 0.15 

KRAFT FOODS ’A’ 199,477.00 6,155,860.22 0.52 

KROGER 71,500.00 1,548,690.00 0.13 

L-3 COMMUNICATIONS 13,100.00 946,737.00 0.08 

LABORATORY CORP OF AMERICA HLDGS 11,300.00 886,259.00 0.07 

LEGG MASON 19,100.00 578,921.00 0.05 

LEGGETT & PLATT 15,500.00 352,780.00 0.03 

LENNAR CORP ’A’ 17,200.00 264,536.00 0.02 

LEUCADIA NATIONAL 23,300.00 550,346.00 0.05 

LEXMARK INTERNATIONAL ’A’ 7,900.00 352,498.00 0.03 

LIFE TECHNOLOGIES 20,240.00 945,005.60 0.08 

LIMITED BRANDS 29,929.00 801,498.62 0.07 

LINCOLN NATIONAL 36,632.00 876,237.44 0.07 

LINEAR TECHNOLOGY 26,400.00 811,272.00 0.07 

LOCKHEED MARTIN 33,800.00 2,409,264.00 0.20 

LOEWS 36,097.00 1,368,076.30 0.12 

LORILLARD 16,962.00 1,362,218.22 0.12 

LOWE’S COMPANIES 160,400.00 3,575,316.00 0.30 

LSI 78,100.00 356,136.00 0.03 

M & T BANK 9,900.00 809,919.00 0.07 

MACY’S INC 47,524.00 1,097,329.16 0.09 

MARATHON OIL 80,460.00 2,663,226.00 0.23 

MARRIOTT INTERNATIONAL ’A’ 31,826.00 1,140,325.58 0.10 

MARSH & MC LENNAN 61,300.00 1,478,556.00 0.13 

MARSHALL & IISLEY 61,798.00 435,057.92 0.04 

MASCO 43,700.00 481,137.00 0.04 

MASSEY ENERGY 12,600.00 390,852.00 0.03 

MASTERCARD ’A’ 11,000.00 2,464,000.00 0.21 

MATTEL 41,500.00 973,590.00 0.08 

MC AFEE 17,800.00 841,228.00 0.07 

MC GRAW-HILL 36,000.00 1,190,160.00 0.10 

MCCORMICK NON-VTG 15,600.00 655,824.00 0.06 

MCDONALD’S 121,700.00 9,067,867.00 0.77 

MCKESSON 29,400.00 1,816,332.00 0.15 

MEAD JOHNSON NUTRITION ’A’ 23,700.00 1,348,767.00 0.11 

MEADWESTVACO 20,677.00 504,105.26 0.04 

MEDCO HEALTH SOLUTIONS 50,620.00 2,635,277.20 0.22 

MEDTRONIC 122,100.00 4,100,118.00 0.35 

MEMC ELECTRONIC MATERIALS 23,400.00 278,928.00 0.02 

MERCK & CO 351,323.00 12,932,199.63 1.09 

MEREDITH 3,100.00 103,261.00 0.01 

METLIFE 104,600.00 4,021,870.00 0.34 

METROPCS COMMUNICATIONS 34,700.00 362,962.00 0.03 

MICROCHIP TECHNOLOGY 22,500.00 707,625.00 0.06 

MICRON TECHNOLOGY 95,800.00 690,718.00 0.06 

MICROSOFT 867,802.00 21,252,470.98 1.80






(note 2) 


MOLEX 13,800.00 288,834.00 0.02 

MOLSON COORS ’B’ NVTG 18,500.00 873,570.00 0.07 

MONSANTO (NEW) 61,704.00 2,957,472.72 0.25 

MONSTER WORLDWIDE 12,200.00 158,112.00 0.01 

MOODY’S W. I. 22,100.00 552,058.00 0.05 

MORGAN STANLEY 161,100.00 3,975,948.00 0.34 

MOTOROLA 271,560.00 2,316,406.80 0.20 

MURPHY OIL 21,500.00 1,331,280.00 0.11 

MYLAN 36,500.00 686,565.00 0.06 

NABORS INDUSTRIES 34,600.00 624,876.00 0.05 

NASDAQ OMX GROUP 14,600.00 283,678.00 0.02 

NATIONAL OILWELL VARCO 47,300.00 2,103,431.00 0.18 

NATIONAL SEMICONDUCTOR 29,900.00 381,823.00 0.03 

NETAPP INC 40,200.00 2,001,558.00 0.17 

NEW YORK TIMES ’A’ 10,000.00 77,400.00 0.01 

NEWELL RUBBERMAID 30,100.00 536,081.00 0.05 

NEWMONT MINING 55,900.00 3,511,079.00 0.30 

NEWS CORP ’A’ 261,500.00 3,415,190.00 0.29 

NEXTERA ENERGY 48,000.00 2,610,720.00 0.22 

NICOR 4,800.00 219,936.00 0.02 

NIKE ’B’ 44,800.00 3,590,272.00 0.30 

NISOURCE 30,046.00 522,800.40 0.04 

NOBLE ENERGY 20,600.00 1,546,854.00 0.13 

NORDSTROM 19,300.00 717,960.00 0.06 

NORFOLK SOUTHERN 42,300.00 2,517,273.00 0.21 

NORTHEAST UTILITIES 20,600.00 609,142.00 0.05 

NORTHERN TRUST 26,700.00 1,288,008.00 0.11 

NORTHROP GRUMMAN 33,556.00 2,034,500.28 0.17 

NOVELL 47,900.00 285,963.00 0.02 

NOVELLUS SYSTEMS 11,300.00 300,354.00 0.03 

NRG ENERGY 31,100.00 647,502.00 0.05 

NUCOR 36,000.00 1,375,200.00 0.12 

NVIDIA 69,650.00 813,512.00 0.07 

NYSE EURONEXT 29,500.00 842,815.00 0.07 

O REILLY AUTOMOTIVE 15,600.00 829,920.00 0.07 

OCCIDENTAL PETROLEUM 93,000.00 7,281,900.00 0.62 

OFFICE DEPOT 25,200.00 115,920.00 0.01 

OMNICOM GROUP 35,300.00 1,393,644.00 0.12 

ONEOK 12,500.00 563,000.00 0.05 

ORACLE SYSTEMS 441,396.00 11,851,482.60 1.00 

OWENS-ILLINOIS 20,600.00 578,036.00 0.05 

PACCAR 41,062.00 1,977,135.30 0.17 

PACTIV 14,300.00 471,614.00 0.04 

PALL 14,100.00 587,124.00 0.05 

PARKER HANNIFIN 18,000.00 1,261,080.00 0.11 

PATTERSON 10,000.00 286,500.00 0.02 

PAYCHEX 36,050.00 991,014.50 0.08 

PEABODY ENERGY 30,200.00 1,480,102.00 0.13 

PENNEY (J. C) CO 28,200.00 766,476.00 0.06 

PEOPLE’S UNITED FINANCIAL 43,200.00 565,488.00 0.05 

PEPCO HOLDINGS 26,000.00 483,600.00 0.04 

PEPSICO 182,079.00 12,097,328.76 1.02 

255



256 




(note 2) 


PERKINELMER 15,600.00 360,984.00 0.03 

PFIZER INC. 918,952.00 15,778,405.84 1.33 

PG & E 43,700.00 1,984,854.00 0.17 

PHILIP MORRIS WI (USD) 209,100.00 11,713,782.00 0.99 

PINNACLE WEST CAPITAL 12,200.00 503,494.00 0.04 

PIONEER NATURAL RESOURCES 13,000.00 845,390.00 0.07 

PITNEY BOWES 22,700.00 485,326.00 0.04 

PLUM CREEK TIMBER 19,400.00 684,820.00 0.06 

PNC FINANCIAL SERVICES 59,316.00 3,079,093.56 0.26 

POLO RALPH LAUREN ’A’ 7,500.00 673,950.00 0.06 

PPG INDUSTRIES 18,700.00 1,361,360.00 0.12 

PPL 54,500.00 1,484,035.00 0.13 

PRAXAIR 34,600.00 3,122,996.00 0.26 

PRECISION CASTPARTS 16,000.00 2,037,600.00 0.17 

PRICELINE. COM INC 5,600.00 1,950,704.00 0.16 

PRINCIPAL FINANCIAL GROUP 36,500.00 946,080.00 0.08 

PROCTER & GAMBLE (USD) 324,814.00 19,479,095.58 1.65 

PROGRESS ENERGY 32,475.00 1,442,539.50 0.12 

PROGRESSIVE 76,000.00 1,586,120.00 0.13 

PROLOGIS (SBI) 57,400.00 676,172.00 0.06 

PRUDENTIAL FINANCIAL 53,900.00 2,920,302.00 0.25 

PUBLIC SERVICE ENTERPRISE GROUP 57,300.00 1,895,484.00 0.16 

PUBLIC STORAGE 15,500.00 1,504,120.00 0.13 

PULTE HOMES 34,317.00 300,616.92 0.03 

Q LOGIC 11,300.00 199,332.00 0.02 

QEP RESOURCES 20,000.00 602,800.00 0.05 

QUALCOMM 183,040.00 8,258,764.80 0.70 

QUANTA SERVICES 24,400.00 465,552.00 0.04 

QUEST DIAGNOSTICS 17,300.00 873,131.00 0.07 

QWEST COMMUNICATIONS INT. 196,636.00 1,232,907.72 0.10 

RADIOSHACK 16,300.00 347,679.00 0.03 

RANGE RESOURCES 19,000.00 724,470.00 0.06 

RAYTHEON 42,800.00 1,956,388.00 0.17 

RED HAT 22,600.00 926,600.00 0.08 

REGIONS FINANCIAL 141,241.00 1,026,822.07 0.09 

REPUBLIC SERVICES 36,550.00 1,114,409.50 0.09 

REYNOLDS AMERICAN 19,000.00 1,128,410.00 0.10 

ROBERT HALF INTERNATIONAL 19,100.00 496,600.00 0.04 

ROCKWELL AUTOMATION (NEW) 16,800.00 1,037,064.00 0.09 

ROCKWELL COLLINS 17,600.00 1,025,200.00 0.09 

ROPER INDUSTRIES 10,400.00 677,872.00 0.06 

ROSS STORES 14,400.00 786,528.00 0.07 

ROWAN COMPANIES 12,100.00 367,356.00 0.03 

RR DONNELLEY & SONS 21,700.00 368,032.00 0.03 

RYDER SYSTEM 6,000.00 256,620.00 0.02 

SAFEWAY 42,500.00 899,300.00 0.08 

SAIC 33,200.00 530,536.00 0.04 

SALESFORCE. COM 13,200.00 1,475,760.00 0.12 

SANDISK 26,600.00 974,890.00 0.08 

SARA LEE 74,900.00 1,005,907.00 0.09 

SCANA 12,500.00 504,000.00 0.04 

SCRIPPS NETWORKS ’A’ 11,200.00 532,896.00 0.05






(note 2) 


SEALED AIR 16,900.00 379,912.00 0.03 

SEARS HOLDINGS 4,437.00 320,085.18 0.03 

SEMPRA ENERGY 27,500.00 1,479,500.00 0.13 

SHERWIN-WILLIAMS 10,100.00 758,914.00 0.06 

SIGMA-ALDRICH 14,800.00 893,624.00 0.08 

SIMON PROPERTY GROUP 33,834.00 3,137,765.16 0.27 

SLM 54,300.00 627,165.00 0.05 

SNAP-ON 6,400.00 297,664.00 0.03 

SOUTHERN 95,500.00 3,556,420.00 0.30 

SOUTHWEST AIRLINES 83,250.00 1,088,077.50 0.09 

SOUTHWESTERN ENERGY 40,000.00 1,337,600.00 0.11 

SPECTRA ENERGY 75,586.00 1,704,464.30 0.14 

SPRINT NEXTEL 340,834.00 1,578,061.42 0.13 

ST JUDE MEDICAL 37,500.00 1,475,250.00 0.12 

STANLEY BLACK & DECKER 18,787.00 1,151,267.36 0.10 

STAPLES 81,000.00 1,694,520.00 0.14 

STARBUCKS 85,700.00 2,192,206.00 0.19 

STARWOOD HOTELS & RESORTS 21,800.00 1,145,590.00 0.10 

STATE STREET 57,600.00 2,169,216.00 0.18 

STERICYCLE 10,500.00 729,540.00 0.06 

STRYKER 38,400.00 1,921,920.00 0.16 

SUNOCO 13,600.00 496,400.00 0.04 

SUNTRUST BANKS 57,300.00 1,480,059.00 0.13 

SUPERVALU 24,067.00 277,492.51 0.02 

SYMANTEC 87,283.00 1,324,083.11 0.11 

SYSCO 66,200.00 1,888,024.00 0.16 

T ROWE PRICE GROUP 29,500.00 1,476,917.50 0.12 

TARGET 82,300.00 4,398,112.00 0.37 

TECO ENERGY 22,500.00 389,700.00 0.03 

TELLABS 37,200.00 277,140.00 0.02 

TENET HEALTHCARE 50,750.00 239,540.00 0.02 

TERADATA W-ISSUED 20,200.00 778,912.00 0.07 

TERADYNE 23,400.00 260,676.00 0.02 

TESORO 13,200.00 176,352.00 0.01 

TEXAS INSTRUMENTS 135,300.00 3,672,042.00 0.31 

TEXTRON 31,400.00 645,584.00 0.05 

THE WESTERN UNION 77,537.00 1,370,078.79 0.12 

THERMO FISHER SCIENTIFIC INC 47,300.00 2,264,724.00 0.19 

TIFFANY 13,500.00 634,365.00 0.05 

TIME WARNER CABLE 41,280.00 2,228,707.20 0.19 

TIME WARNER 127,146.00 3,897,024.90 0.33 

TITANIUM METALS 11,300.00 225,548.00 0.02 

TJX COS 45,800.00 2,044,054.00 0.17 

TORCHMARK 10,000.00 531,400.00 0.04 

TOTAL SYSTEM SERVICES 20,414.00 311,109.36 0.03 

TRAVELERS COMPANIES 53,593.00 2,792,195.30 0.24 

TYSON FOODS ’A’ 33,300.00 533,466.00 0.05 

UNION PACIFIC 56,300.00 4,605,340.00 0.39 

UNITED PARCEL SERVICE ’B’ 112,400.00 7,495,956.00 0.63 

UNITED TECHNOLOGIES 106,700.00 7,600,241.00 0.64 

UNITEDHEALTH GROUP 129,700.00 4,553,767.00 0.39 

UNUM 37,700.00 835,055.00 0.07 

257



258 




(note 2) 


URBAN OUTFITTERS 15,400.00 484,176.00 0.04 

US BANCORP 218,769.00 4,729,785.78 0.40 

US STEEL 16,300.00 714,592.00 0.06 

VALERO ENERGY 65,200.00 1,141,652.00 0.10 

VARIAN MEDICAL 14,200.00 859,100.00 0.07 

VENTAS REIT 17,900.00 923,103.00 0.08 

VERIGY 2.00 16.26 0.00 

VERISIGN 20,000.00 634,800.00 0.05 

VERIZON COMMUNICATIONS 323,686.00 10,548,926.74 0.89 

VF CORP. 10,500.00 850,710.00 0.07 

VIACOM ’B’ 68,505.00 2,479,195.95 0.21 

VISA ’A’ 56,900.00 4,225,394.00 0.36 

VORNADO REALTY TRUST -SBI- 18,737.00 1,602,575.61 0.14 

VULCAN MATERIALS 14,821.00 547,191.32 0.05 

WALGREEN 111,100.00 3,721,850.00 0.31 

WAL-MART STORES 229,598.00 12,288,084.96 1.04 

WALT DISNEY HOLDING 218,200.00 7,224,602.00 0.61 

WASHINGTON POST ’B’ 673.00 268,802.93 0.02 

WASTE MANAGEMENT 54,200.00 1,937,108.00 0.16 

WATERS 10,500.00 743,190.00 0.06 

WATSON PHARMACEUTICALS 13,000.00 550,030.00 0.05 

WELLPOINT 45,300.00 2,565,792.00 0.22 

WELLS FARGO 599,215.00 15,058,272.95 1.27 

WESTERN DIGITAL 25,700.00 729,623.00 0.06 

WEYERHAEUSER 62,606.00 986,670.56 0.08 

WHIRLPOOL 8,230.00 666,300.80 0.06 

WHOLE FOODS MARKET 16,700.00 619,737.00 0.05 

WILLIAMS COMPANIES 69,700.00 1,331,967.00 0.11 

WINDSTREAM W-ISSUED 52,045.00 639,633.05 0.05 

WISCONSIN ENERGY 13,600.00 786,080.00 0.07 

WYNDHAM WORLDWIDE 21,000.00 576,870.00 0.05 

WYNN RESORTS 8,800.00 763,576.00 0.06 

XCEL ENERGY 51,160.00 1,175,145.20 0.10 

XEROX 160,011.00 1,656,113.86 0.14 

XILINX 28,900.00 769,029.00 0.07 

YAHOO 156,900.00 2,223,273.00 0.19 

YUM BRANDS 53,900.00 2,482,634.00 0.21 

ZIMMER HOLDINGS 23,983.00 1,255,030.39 0.11 

ZIONS BANCORP 20,800.00 444,288.00 0.04 

IRLANDE 

1,162,853,201.67 98.35 

XL GROUP 38,100.00 825,246.00 0.07 

PANAMA 

825,246.00 0.07 

CARNIVAL TWIN 50,200.00 1,918,142.00 0.16 

SUISSE 

1,918,142.00 0.16 

ACE 38,900.00 2,265,925.00 0.19 

TYCO INTERNATIONAL NOM. 56,700.00 2,082,591.00 0.18 

4,348,516.00 0.37






(note 2) 






259



260 







Suisse 0.37 

Panama 0.16 

Bermudes 0.10 

Irlande 0.07 

99.86 





Pétrole 9.75 









Chimie 2.01 
















Loisirs 0.65 




Conglomérats 0.44 


Divers 0.14 






99.86

Pictet - European Sustainable Equities 





(note 2) 


ACTIONS 

ALLEMAGNE 


ALLIANZ NOM. 7,506.00 628,102.08 0.68 

BASF REG. 23,016.00 1,069,323.36 1.16 

BEIERSDORF 5,173.00 230,198.50 0.25 

DAIMLER NOM. (EUR) 20,114.00 930,775.35 1.01 

DEUTSCHE BANK NOM. 14,276.00 560,475.76 0.61 

DEUTSCHE POST NOM. 36,824.00 493,441.60 0.53 

DEUTSCHE TELEKOM NOM. 67,761.00 685,741.32 0.74 

FRESENIUS 2,277.00 135,344.88 0.15 

FRESENIUS MEDICAL CARE 6,920.00 314,929.20 0.34 


LINDE 8,697.00 846,913.86 0.92 

METRO 2,606.00 124,892.55 0.14 

SAP AG (EUR) 26,079.00 951,361.92 1.03 

SIEMENS AG 15,592.00 1,209,627.36 1.30 


VOLKSWAGEN PREF 1,576.00 141,761.20 0.15 

AUTRICHE 

8,592,155.84 9.31 


VOEST-ALPINE 18,860.00 512,897.70 0.56 

BELGIQUE 

800,488.10 0.87 

ANHEUSER-BUSH INBEV 12,150.00 529,497.00 0.57 

BELGACOM 10,560.00 303,494.40 0.33 

COLRUYT (ETABLISSEMENTS FR.) 1,210.00 233,893.00 0.25 

FORTIS 126,410.00 268,621.25 0.29 

MOBISTAR 5,400.00 243,918.00 0.26 

SOLVAY 6,820.00 537,688.80 0.59 

UMICORE 16,330.00 524,111.35 0.57 

DANEMARK 

2,641,223.80 2.86 

COLOPLAST ’B’ 2,900.00 252,378.89 0.27 

NOVO NORDISK ’B’ 14,200.00 1,032,839.11 1.12 

ESPAGNE 

1,285,218.00 1.39 




GRIFOLS ’A’ 28,500.00 305,235.00 0.33 

INDITEX NOM. 4,800.00 280,128.00 0.30 


REPSOL YPF 46,700.00 883,564.00 0.96 

TELEFONICA 88,400.00 1,604,460.00 1.75 

5,914,338.20 6.41 

261


ETATS-UNIS 


262 




(note 2) 


SYNTHES 3,233.00 279,219.40 0.30 

FINLANDE 

279,219.40 0.30 

NOKIA 75,400.00 543,634.00 0.59 

ORION ’B’ 16,200.00 239,274.00 0.26 

UPM-KYMMENE 46,700.00 582,349.00 0.63 

FRANCE 

1,365,257.00 1.48 

AIR LIQUIDE 11,980.00 1,082,033.60 1.17 

AXA 43,140.00 561,682.80 0.61 

BIC 4,105.00 243,057.05 0.26 

BIOMERIEUX 2,650.00 204,368.00 0.22 

BNP PARIBAS 15,890.00 843,917.90 0.91 

BOUYGUES 15,470.00 490,631.05 0.53 


CARREFOUR 16,300.00 643,116.50 0.70 

DANONE GROUPE 19,120.00 840,037.20 0.91 

DIOR CHRISTIAN 6,030.00 566,820.00 0.61 

ESSILOR INTERNATIONAL 12,520.00 629,630.80 0.68 

IPSEN 10,985.00 271,274.58 0.29 

L.V.M.H. 7,215.00 770,562.00 0.83 

LEGRAND 24,115.00 595,761.08 0.65 

L’OREAL 8,045.00 660,977.20 0.72 

NEOPOST 4,070.00 222,425.50 0.24 

RENAULT 16,085.00 594,260.33 0.64 


SCHNEIDER ELECTRIC S.A. 8,745.00 808,912.50 0.88 

SOCIETE GENERALE 12,605.00 544,914.15 0.59 

TOTAL 53,315.00 2,023,304.25 2.20 

VINCI 24,135.00 887,564.63 0.96 

VIVENDI 13,615.00 271,278.88 0.29 

IRLANDE 

15,200,020.15 16.46 

KERRY GROUP ’A’ 9,800.00 250,390.00 0.27 

ITALIE 

250,390.00 0.27 

A2A 453,800.00 509,617.40 0.55 

ASSICURAZIONI GENERALI 56,600.00 830,888.00 0.90 

ATLANTIA 41,200.00 626,240.00 0.68 


ENI 96,000.00 1,525,440.00 1.65 

INTESA SANPAOLO 211,700.00 501,199.75 0.54 

PIRELLI & CIE 100,200.00 591,681.00 0.64 

SNAM RETE GAS 68,100.00 250,267.50 0.27 

T.E.R.N.A. 76,600.00 236,694.00 0.26 

JERSEY 

5,552,722.15 6.01 

WPP 69,000.00 567,534.69 0.61 

567,534.69 0.61


NORVEGE 





(note 2) 


DNB NOR 50,200.00 503,655.01 0.55 

ORKLA 88,280.00 605,429.33 0.65 

TELENOR 42,400.00 495,366.36 0.54 

PAYS-BAS 

1,604,450.70 1.74 

AEGON 98,940.00 441,569.22 0.48 

HEINEKEN 6,630.00 249,851.55 0.27 

KONINKLIJKE AHOLD 60,960.00 612,343.20 0.66 

KONINKLIJKE DSM (NEW) 16,874.00 632,353.15 0.68 

ROYAL PHILIPS (EUR) 33,790.00 779,366.35 0.85 

TNT 18,843.00 374,410.41 0.41 

UNILEVER NV (EUR) 25,780.00 566,644.40 0.61 

PORTUGAL 

3,656,538.28 3.96 


ROYAUME-UNI 

260,487.00 0.28 


ASTRAZENECA (GBP) 30,900.00 1,162,193.17 1.26 

AVIVA 141,200.00 659,433.21 0.71 

BARCLAYS 213,500.00 757,118.08 0.82 

BG GROUP 83,200.00 1,095,607.29 1.19 

BHP BILLITON (GBP) 59,100.00 1,388,285.21 1.50 

BT GROUP 273,100.00 447,988.08 0.49 

BUNZL 28,300.00 252,169.10 0.27 


CAIRN ENERGY 73,100.00 389,034.16 0.42 

CAPITA GROUP 79,300.00 722,730.20 0.78 

CENTRICA 195,400.00 736,175.86 0.80 

DIAGEO 91,100.00 1,159,949.27 1.26 

GLAXOSMITHKLINE 104,000.00 1,511,474.11 1.65 

HSBC HOLDINGS 289,100.00 2,179,730.76 2.37 

INVESTEC 76,400.00 452,217.76 0.49 


MORRISON WM. SUPERMARKETS 85,300.00 299,371.06 0.32 

NATIONAL GRID 120,100.00 759,017.82 0.82 

PEARSON 21,500.00 246,652.56 0.27 

PRUDENTIAL 74,900.00 551,672.25 0.60 

RECKITT BENCKISER 27,800.00 1,120,364.04 1.21 

REXAM 95,300.00 340,999.45 0.37 


ROYAL DUTCH SHELL ’B’ 55,700.00 1,194,853.26 1.29 

SABMILLER (GBP) 31,100.00 731,998.00 0.79 

SAGE GROUP 200,700.00 643,759.79 0.70 

SCOTTISH & SOUTHERN ENERGY 53,900.00 700,068.66 0.76 

SEVERN TRENT (NEW) 15,800.00 243,210.90 0.26 

STANDARD CHARTERED PLC 41,400.00 904,688.77 0.98 

TESCO 206,200.00 1,037,856.47 1.12 

TULLOW OIL 34,800.00 518,699.66 0.56 

UNILEVER NEW (GBP) 35,900.00 769,069.22 0.83 

263



264 




(note 2) 


VODAFONE GROUP AG 1,059,300.00 1,950,555.46 2.11 

SUEDE 

28,389,431.46 30.75 

ASSA ABLOY ’B’ 28,200.00 526,074.14 0.57 

ERICSSON TELEFON ’B’ 59,000.00 471,156.11 0.51 

HENNES & MAURITZ ’B’ 24,850.00 656,873.20 0.71 

NORDEA BANK 84,400.00 636,702.22 0.69 

SKF ’B’ 35,200.00 599,826.19 0.65 

SVENSKA HANDELSBANKEN ’A’ 20,100.00 486,361.66 0.53 

TELIASONERA (SEK) 120,000.00 717,403.58 0.77 

SUISSE 

4,094,397.10 4.43 

ABB LTD 57,529.00 901,790.01 0.98 

ACTELION NOM. 7,823.00 235,529.53 0.26 

ADECCO NOM. 12,498.00 482,713.73 0.52 


CIE FINANCIERE RICHEMONT 16,481.00 581,030.64 0.63 

CREDIT SUISSE GROUP 21,109.00 683,260.14 0.74 

GIVAUDAN NOM. 343.00 259,785.82 0.28 


NESTLE S.A. 61,395.00 2,426,798.71 2.63 

NOVARTIS AG 38,785.00 1,651,457.89 1.78 


S.G.S. S.A. 213.00 254,427.55 0.28 


STRAUMANN HOLDING NOM. 1,185.00 199,059.85 0.22 

SWISSCOM NOM. 826.00 246,507.70 0.27 

ZURICH FINANCIAL SERVICES 5,091.00 887,813.43 0.96 

10,966,996.06 11.88 

TOTAL ACTIONS 91,420,867.93 99.01 

DROITS 

ALLEMAGNE 


DEUTSCHE BANK RTS 5.10.10 14,276.00 43,884.42 0.05 

43,884.42 0.05 

TOTAL DROITS 43,884.42 0.05 











Royaume-Uni 30.75 

France 16.46 

Suisse 11.88 


Espagne 6.41 

Italie 6.01 

Suède 4.43 

Pays-Bas 3.96 

Belgique 2.86 

Norvège 1.74 

Finlande 1.48 

Danemark 1.39 

Autriche 0.87 

Jersey 0.61 

Etats-Unis 0.30 

Portugal 0.28 

Irlande 0.27 

99.06 





Pétrole 8.57 





Chimie 4.76 
























Droits 0.05 

99.06 

265

Pictet - Japan Index 


266 




(note 2) 


ACTIONS 

JAPON 


ABC-MART 6,600.00 16,962,000.00 0.04 

ACOM 9,478.00 11,970,714.00 0.03 

ADVANTEST 39,700.00 65,941,700.00 0.14 

AEON 152,000.00 136,192,000.00 0.30 

AEON CREDIT SERVICE 18,400.00 16,541,600.00 0.04 

AEON MALL 19,900.00 40,377,100.00 0.09 

AIR WATER 35,000.00 34,720,000.00 0.08 

AISIN SEIKI 47,400.00 123,429,600.00 0.27 

AJINOMOTO 168,000.00 137,256,000.00 0.30 

ALFRESA HOLDINGS 10,200.00 36,312,000.00 0.08 

ALL NIPPON AIRWAYS 211,000.00 65,199,000.00 0.14 

AMADA CO 89,000.00 50,908,000.00 0.11 

AOZORA BANK 125,000.00 15,375,000.00 0.03 

ASAHI BREWERIES 96,300.00 160,821,000.00 0.35 

ASAHI GLASS 250,000.00 212,750,000.00 0.46 

ASAHI KASEI 318,000.00 146,280,000.00 0.32 

ASICS CORP 37,000.00 31,487,000.00 0.07 

ASTELLAS PHARMA 112,000.00 337,680,000.00 0.73 

BANK OF KYOTO 80,000.00 54,160,000.00 0.12 

BANK OF YOKOHAMA 312,000.00 121,680,000.00 0.26 

BENESSE 18,200.00 73,164,000.00 0.16 

BRIDGESTONE 161,900.00 246,249,900.00 0.53 

BROTHER INDUSTRIES 60,800.00 62,684,800.00 0.14 

CANON 283,250.00 1,103,258,750.00 2.40 

CANON SALES 13,900.00 15,971,100.00 0.03 

CASIO COMPUTER 58,700.00 36,335,300.00 0.08 

CENTRAL JAPAN RAILWAY 378.00 232,092,000.00 0.50 

CHIBA BANK 190,000.00 92,530,000.00 0.20 

CHIYODA 41,000.00 28,003,000.00 0.06 

CHOU MITSUI TRUST 247,000.00 68,419,000.00 0.15 

CHUBU ELECTRIC POWER 161,400.00 332,968,200.00 0.72 

CHUGAI PHARMACEUTICAL 57,100.00 87,591,400.00 0.19 

CHUGOKU BANK 42,000.00 42,630,000.00 0.09 

CHUGOKU ELECTRIC POWER 73,200.00 120,560,400.00 0.26 

CITIZEN WATCH CO LTD 59,700.00 29,909,700.00 0.06 

COCA-COLA WEST HLDG 14,300.00 20,134,400.00 0.04 

COSMO OIL 156,000.00 34,008,000.00 0.07 

CREDIT SAISON 35,600.00 39,729,600.00 0.09 

DAI NIPPON PRINTING 142,000.00 144,698,000.00 0.31 

DAICEL CHEMICAL INDUSTRIES 68,000.00 38,216,000.00 0.08 

DAIDO STEEL 73,000.00 29,638,000.00 0.06 

DAIHATSU MOTOR 49,000.00 54,733,000.00 0.12 

DAI-ICHI LIFE INSURANCE 2,022.00 203,817,600.00 0.44 

DAIICHI SANKYO 168,384.00 285,916,032.00 0.62 

DAIKIN INDUSTRIES 58,200.00 182,748,000.00 0.40 

DAINIPPON PHARMACEUTICAL 37,000.00 25,863,000.00 0.06 

DAITO TRUST CONSTRUCTION 19,100.00 95,309,000.00 0.21 

DAIWA HOUSE INDUSTRY 119,000.00 99,960,000.00 0.22






(note 2) 


DAIWA SECURITIES GROUP 417,000.00 140,529,000.00 0.30 

DENA 20,200.00 53,105,800.00 0.12 

DENKI KAGAKU KOGYO 125,000.00 44,875,000.00 0.10 

DENSO 121,800.00 301,455,000.00 0.65 

DENTSU 41,500.00 80,261,000.00 0.17 

DOWA HOLDINGS 61,000.00 30,317,000.00 0.07 

EAST JAPAN RAILWAY 84,800.00 427,392,000.00 0.93 

EISAI 62,800.00 183,313,200.00 0.40 

ELECTRIC POWER DEVELOPMENT 29,900.00 75,049,000.00 0.16 

ELPIDA MEMORY 44,900.00 43,104,000.00 0.09 

FAMILYMART 15,500.00 46,391,500.00 0.10 

FANUC 48,100.00 511,303,000.00 1.11 

FAST RETAILING 13,100.00 154,056,000.00 0.33 

FUJI ELECTRIC HOLDINGS 134,000.00 29,346,000.00 0.06 

FUJI HEAVY INDUSTRIES 150,000.00 79,800,000.00 0.17 

FUJI TV NETWORK 109.00 11,586,700.00 0.03 

FUJIFILM 115,200.00 318,528,000.00 0.69 

FUJITSU 469,000.00 274,834,000.00 0.60 

FUKUOKA FINANCIAL GROUP 196,000.00 65,464,000.00 0.14 

FURUKAWA ELECTRIC 157,000.00 49,298,000.00 0.11 

GS YUASA 96,000.00 56,352,000.00 0.12 

GUNMA BANK 104,000.00 45,448,000.00 0.10 

HACHIJUNI BANK 104,000.00 45,344,000.00 0.10 

HAKUHODO DY HOLDINGS 5,510.00 22,260,400.00 0.05 

HAMAMATSU PHOTONICS 16,100.00 43,840,300.00 0.09 

HANKYU HANSHIN 284,400.00 114,044,400.00 0.25 

HINO MOTORS 62,000.00 24,986,000.00 0.05 

HIR0SHIMA BANK 130,000.00 44,200,000.00 0.10 

HIROSE ELECTRIC 8,200.00 68,962,000.00 0.15 

HISAMITSU PHARMACEUTICAL 16,900.00 57,629,000.00 0.12 

HITACHI 1,133,000.00 413,545,000.00 0.90 

HITACHI CHEMICAL 25,000.00 38,950,000.00 0.08 

HITACHI CONSTRUCTION MACHINERY 25,000.00 45,125,000.00 0.10 

HITACHI HIGH-TECHNOLOGIES 18,500.00 28,490,000.00 0.06 

HITACHI METALS 41,000.00 40,303,000.00 0.09 

HOKKAIDO ELECTRIC POWER 45,200.00 75,122,400.00 0.16 

HOKUHOKU FINANCIAL GROUP 315,000.00 48,195,000.00 0.10 

HOKURIKU ELECTRIC POWER 44,300.00 84,435,800.00 0.18 

HONDA MOTOR 413,500.00 1,225,200,500.00 2.66 

HOYA 107,900.00 219,576,500.00 0.48 

IBIDEN 32,600.00 69,079,400.00 0.15 

IDEMITSU KOSAN 5,600.00 40,096,000.00 0.09 

IHI 325,000.00 52,000,000.00 0.11 

INPEX 531.00 208,683,000.00 0.45 

ISETAN MITSUKOSHI 95,600.00 82,885,200.00 0.18 

ISUZU MOTORS 291,000.00 93,702,000.00 0.20 

ITO EN 12,100.00 16,589,100.00 0.04 

ITOCHU 377,000.00 288,028,000.00 0.62 

ITOCHU TECHNO-SCIENCE 6,600.00 17,991,600.00 0.04 

IY0 BANK 62,000.00 41,974,000.00 0.09 

J. FRONT RETAIL 124,000.00 48,112,000.00 0.10 

JAFCO 8,500.00 16,753,500.00 0.04 

267



268 




(note 2) 


JAPAN PETROLEUM EXPLORATION 6,600.00 20,757,000.00 0.04 

JAPAN PRIME REALTY INVESTMENT 171.00 31,429,800.00 0.07 

JAPAN REAL ESTATE INVESTMENT REIT 122.00 92,598,000.00 0.20 

JAPAN STEEL WORKS 79,000.00 62,094,000.00 0.13 

JAPAN TOBACCO 1,133.00 314,860,700.00 0.68 

JFE HOLDINGS 116,100.00 296,403,300.00 0.64 

JGC 52,000.00 75,348,000.00 0.16 

JOYO BANK 163,000.00 59,332,000.00 0.13 

JP RETAIL FUND INVESTMENT 414.00 48,645,000.00 0.11 

JS GROUP 63,800.00 104,440,600.00 0.23 

JSR 45,200.00 64,229,200.00 0.14 

JTEKT 47,700.00 36,681,300.00 0.08 

JUPITER TELECOMMUNICATIONS 610.00 54,900,000.00 0.12 

JX HOLDINGS 563,910.00 272,932,440.00 0.59 

KAJIMA 216,000.00 43,416,000.00 0.09 

KAMIGUMI 64,000.00 39,680,000.00 0.09 

KANEKA 78,000.00 39,078,000.00 0.08 

KANSAI ELECTRIC POWER 189,900.00 384,927,300.00 0.83 

KANSAI PAINT 55,000.00 39,105,000.00 0.08 

KAO 136,000.00 276,624,000.00 0.60 

KAWASAKI HEAVY INDUSTRIES 362,000.00 85,794,000.00 0.19 

KAWASAKI KISEN KAISHA 168,000.00 52,752,000.00 0.11 

KDDI 734.00 293,233,000.00 0.64 

KEIHIN ELECTRIC EXPRESS RAILWAY 117,000.00 94,419,000.00 0.20 

KEIO 148,000.00 84,952,000.00 0.18 

KEISEI ELECTRIC RAILWAY 68,000.00 36,448,000.00 0.08 

KEYENCE 10,291.00 186,884,560.00 0.40 

KIKKOMAN 40,000.00 36,840,000.00 0.08 

KINDEN 33,000.00 24,882,000.00 0.05 

KINTETSU CORP 401,000.00 113,082,000.00 0.25 

KIRIN HOLDINGS 211,000.00 250,035,000.00 0.54 

KOBE STEEL 632,000.00 123,872,000.00 0.27 

KOITO MANUFACTURING 23,000.00 29,440,000.00 0.06 

KOMATSU 237,700.00 460,662,600.00 1.00 

KONAMI 24,200.00 35,670,800.00 0.08 

KONICA MINOLTA 119,500.00 97,273,000.00 0.21 

KUBOTA 287,000.00 219,268,000.00 0.48 

KURARAY 85,000.00 89,590,000.00 0.19 

KURITA WATER INDUSTRIES 28,900.00 66,961,300.00 0.15 

KYOCERA 40,500.00 319,545,000.00 0.69 

KYOWA HAKKO KOGYO 64,000.00 52,928,000.00 0.11 

KYUSHU ELECTRIC POWER 94,600.00 180,307,600.00 0.39 

LAWSON 14,900.00 56,992,500.00 0.12 

MABUCHI MOTOR 6,800.00 29,036,000.00 0.06 

MAKITA 28,600.00 75,704,200.00 0.16 

MARUBENI 413,000.00 194,936,000.00 0.42 

MARUI 55,000.00 34,375,000.00 0.07 

MARUICHI STEEL TUBE 11,500.00 18,400,000.00 0.04 

MATSUI SECURITIES 33,200.00 15,504,400.00 0.03 

MATSUSHITA ELECTRIC INDUSTRIAL 489,000.00 553,059,000.00 1.20 

MATSUSHITA ELECTRIC WORKS 94,000.00 104,058,000.00 0.23 

MAZDA MOTOR 389,000.00 78,189,000.00 0.17






(note 2) 


MCDONALDS 16,300.00 32,763,000.00 0.07 

MEDICEO PALTAC HOLDINGS 37,500.00 39,787,500.00 0.09 

MEIJI HOLDING 16,857.00 66,248,010.00 0.14 

MINEBEA 83,000.00 35,690,000.00 0.08 

MITSUBISHI 339,400.00 672,351,400.00 1.46 

MITSUBISHI CHEMICAL HOLDINGS 320,500.00 135,892,000.00 0.29 

MITSUBISHI ELECTRIC 485,000.00 348,230,000.00 0.75 

MITSUBISHI ESTATE 295,000.00 400,610,000.00 0.87 

MITSUBISHI GAS CHEMICAL 99,000.00 48,015,000.00 0.10 

MITSUBISHI HEAVY INDUSTRIES 760,000.00 234,080,000.00 0.51 

MITSUBISHI LOGISTICS 29,000.00 29,029,000.00 0.06 

MITSUBISHI MATERIALS 289,000.00 69,360,000.00 0.15 

MITSUBISHI MOTORS 987,000.00 107,583,000.00 0.23 

MITSUBISHI TANABE PHARMA 56,000.00 76,160,000.00 0.17 

MITSUBISHI UFJ FINANCIAL GROUP 3,188,120.00 1,240,178,680.00 2.70 

MITSUBISHI UFJ LEASE & FINANCE 14,690.00 43,115,150.00 0.09 

MITSUI & CO 433,000.00 537,786,000.00 1.17 

MITSUI CHEMICALS 212,000.00 47,700,000.00 0.10 

MITSUI ENGINEERING & SHIPBUILDING 175,000.00 33,075,000.00 0.07 

MITSUI FUDOSAN 209,000.00 294,272,000.00 0.64 

MITSUI MINING & SMELTING 145,000.00 34,655,000.00 0.08 

MITSUI O. S. K. LINES 287,000.00 150,675,000.00 0.33 

MITSUMI ELECTRIC 18,900.00 24,192,000.00 0.05 

MIZUHO FINANCIAL GROUP 5,014,400.00 611,756,800.00 1.33 

MIZUHO TRUST & BANKING 386,000.00 27,020,000.00 0.06 

MSIG HOLDINGS 135,741.00 260,215,497.00 0.56 

MURATA MANUFACTURING 51,100.00 224,840,000.00 0.49 

N.T.T. 130,300.00 474,943,500.00 1.03 

NAMCO BANDAI 49,300.00 38,158,200.00 0.08 

NEC 646,000.00 143,412,000.00 0.31 

NGK INSULATORS 62,000.00 85,994,000.00 0.19 

NGK SPARK PLUG 42,000.00 46,914,000.00 0.10 

NHK SPRING 35,000.00 24,185,000.00 0.05 

NIDEC 27,200.00 201,824,000.00 0.44 

NIKON 79,000.00 122,292,000.00 0.26 

NINTENDO 24,900.00 519,414,000.00 1.13 

NIPPON BUILDING FUND 129.00 94,299,000.00 0.20 

NIPPON ELECTRIC GLASS 88,500.00 100,713,000.00 0.22 

NIPPON EXPRESS 211,000.00 66,887,000.00 0.14 

NIPPON MEAT PACKERS 44,000.00 44,968,000.00 0.10 

NIPPON PAPER GROUP 24,600.00 51,389,400.00 0.11 

NIPPON SHEET GLASS 221,000.00 40,222,000.00 0.09 

NIPPON STEEL 1,272,000.00 361,248,000.00 0.78 

NIPPON YUSEN 381,000.00 130,302,000.00 0.28 

NISHI-NIPPON CITY BANK 176,000.00 42,064,000.00 0.09 

NISSAN CHEMICAL INDUSTRIES 36,000.00 33,876,000.00 0.07 

NISSAN MOTOR 622,500.00 453,802,500.00 0.98 

NISSHA PRINTING 5,800.00 11,002,600.00 0.02 

NISSHIN SEIFUN 47,900.00 52,546,300.00 0.11 

NISSHIN STEEL 183,000.00 27,267,000.00 0.06 

NISSHINBO INDUSTRIES 33,000.00 27,621,000.00 0.06 

NISSIN FOOD PRODUCTS 16,000.00 48,240,000.00 0.10 

269



270 




(note 2) 


NITORI CO 9,250.00 64,565,000.00 0.14 

NITTO DENKO 41,100.00 134,191,500.00 0.29 

NKSJ HOLDINGS 350,200.00 183,504,800.00 0.40 

NOK 26,100.00 37,923,300.00 0.08 

NOMURA HOLDINGS 887,900.00 358,711,600.00 0.78 

NOMURA REAL ESTATE HOLDINGS 25,000.00 29,625,000.00 0.06 

NOMURA REAL ESTATE OFFICE FD 66.00 30,591,000.00 0.07 

NOMURA RESEARCH INSTITUTE 25,100.00 39,381,900.00 0.09 

NSK 111,000.00 62,826,000.00 0.14 

NTN 126,000.00 45,360,000.00 0.10 

NTT DATA 316.00 83,392,400.00 0.18 

NTT DOCOMO 3,836.00 533,204,000.00 1.16 

NTT URBAN DEVELOPMENT 272.00 19,094,400.00 0.04 

OBAYASHI 163,000.00 54,116,000.00 0.12 

OBIC 1,630.00 25,721,400.00 0.06 

ODAKYU ELECTRIC RAILWAY 155,000.00 119,660,000.00 0.26 

OJI PAPER 216,000.00 79,704,000.00 0.17 

OLYMPUS 55,000.00 120,230,000.00 0.26 

OMRON 50,100.00 94,989,600.00 0.21 

ONO PHARMACEUTICAL 20,800.00 75,608,000.00 0.16 

ORACLE JAPAN 10,000.00 39,750,000.00 0.09 

ORIENTAL LAND 12,500.00 97,250,000.00 0.21 

ORIX 26,420.00 168,559,600.00 0.37 

OSAKA GAS 485,000.00 145,985,000.00 0.32 

OTSUKA 4,000.00 22,160,000.00 0.05 

RAKUTEN 1,837.00 112,240,700.00 0.24 

RESONA HOLDINGS 151,800.00 113,698,200.00 0.25 

RICOH 169,000.00 198,913,000.00 0.43 

RINNAI 8,900.00 43,699,000.00 0.09 

ROHM 24,700.00 127,205,000.00 0.28 

SANKYO 13,600.00 60,112,000.00 0.13 

SANTEN PHARMACEUTICAL 18,500.00 53,483,500.00 0.12 

SANYO ELECTRIC 473,000.00 65,274,000.00 0.14 

SAPPORO HOKUYO HOLDINGS 80,500.00 31,073,000.00 0.07 

SAPPORO HOLDINGS 64,000.00 25,024,000.00 0.05 

SBI HOLDINGS 5,025.00 52,611,750.00 0.11 

SECOM 52,700.00 198,679,000.00 0.43 

SEGA SAMMY HOLDINGS 50,300.00 64,182,800.00 0.14 

SEIKO EPSON 32,200.00 40,733,000.00 0.09 

SEKISUI CHEMICAL 112,000.00 56,560,000.00 0.12 

SEKISUI HOUSE 142,000.00 106,500,000.00 0.23 

SENCHU IKEDA HOLDINGS 161,000.00 20,125,000.00 0.04 

SEVEN & I HOLDINGS 187,900.00 367,532,400.00 0.80 

SEVEN BANK 144.00 21,528,000.00 0.05 

SEVENTY-SEVEN (77) BANK 87,000.00 36,801,000.00 0.08 

SHARP 252,000.00 209,412,000.00 0.45 

SHIKOKU ELECTRIC POWER 43,900.00 105,140,500.00 0.23 

SHIMADZU 62,000.00 39,804,000.00 0.09 

SHIMAMURA 5,500.00 42,625,000.00 0.09 

SHIMANO 16,600.00 73,372,000.00 0.16 

SHIMIZU 144,000.00 44,496,000.00 0.10 

SHIN-ETSU CHEMICAL 102,300.00 415,849,500.00 0.90






(note 2) 


SHINKO ELECTRIC INDUSTRIES 16,200.00 14,952,600.00 0.03 

SHINKO SECURITIES 136,000.00 25,976,000.00 0.06 

SHINSEI BANK 224,000.00 13,216,000.00 0.03 

SHIONOGI & CO 74,000.00 113,072,000.00 0.24 

SHISEIDO 84,000.00 157,416,000.00 0.34 

SHIZUOKA BANK 150,000.00 107,850,000.00 0.23 

SHOWA DENKO 363,000.00 58,080,000.00 0.13 

SHOWA SHELL SEKIYU 45,200.00 28,837,600.00 0.06 

SMC 13,300.00 146,433,000.00 0.32 

SOFTBANK 202,700.00 553,573,700.00 1.20 

SOJITZ CORPORATION 307,100.00 46,065,000.00 0.10 

SONY 251,000.00 647,831,000.00 1.40 

SONY FINANCIAL 221.00 60,112,000.00 0.13 

SQUARE ENIX 16,200.00 30,310,200.00 0.07 

STANLEY ELECTRIC 35,200.00 46,816,000.00 0.10 

SUMCO 29,400.00 38,278,800.00 0.08 

SUMITOMO 281,600.00 303,001,600.00 0.66 

SUMITOMO CHEMICAL 390,000.00 142,740,000.00 0.31 

SUMITOMO ELECTRIC INDUSTRIES 190,000.00 193,420,000.00 0.42 

SUMITOMO HEAVY INDUSTRIES 141,000.00 60,630,000.00 0.13 

SUMITOMO METAL INDUSTRIES 851,000.00 179,561,000.00 0.39 

SUMITOMO METAL MINING 129,000.00 164,475,000.00 0.36 

SUMITOMO MITSUI FINANCIAL GROUP 335,500.00 815,936,000.00 1.78 

SUMITOMO REALTY & DEVELOPMENT 89,000.00 153,525,000.00 0.33 

SUMITOMO RUBBER INDUSTRIES 44,000.00 35,860,000.00 0.08 

SUMITOMO TRUST & BANKING 354,000.00 147,972,000.00 0.32 

SURUGA BANK 52,000.00 38,272,000.00 0.08 

SUZUKEN 15,700.00 43,379,100.00 0.09 

SUZUKI MOTOR 84,300.00 148,030,800.00 0.32 

SYSMEX 8,500.00 49,215,000.00 0.11 

T&D HOLDINGS 68,500.00 119,190,000.00 0.26 

TAIHEIYO CEMENT 233,000.00 22,834,000.00 0.05 

TAISEI 248,000.00 42,656,000.00 0.09 

TAISHO PHARMACEUTICAL 34,000.00 57,426,000.00 0.12 

TAIYO NIPPON SANSO 63,000.00 44,730,000.00 0.10 

TAKASHIMAYA 69,000.00 44,436,000.00 0.10 

TAKEDA PHARMACEUTICAL 187,600.00 719,446,000.00 1.56 

TDK 31,200.00 145,236,000.00 0.31 

TEIJIN 238,000.00 65,688,000.00 0.14 

TERUMO 42,100.00 186,503,000.00 0.40 

THK 29,700.00 46,450,800.00 0.10 

TOBU RAILWAY 203,000.00 97,643,000.00 0.21 

TOHO 25,800.00 34,649,400.00 0.08 

TOHO GAS 108,000.00 44,604,000.00 0.10 

TOHOKU ELECTRIC POWER 108,000.00 199,368,000.00 0.43 

TOKIO MARINE HOLDINGS 180,400.00 406,260,800.00 0.88 

TOKUYAMA 76,000.00 32,224,000.00 0.07 

TOKYO ELECTRIC POWER 305,400.00 621,794,400.00 1.35 

TOKYO ELECTRON 42,600.00 178,281,000.00 0.39 

TOKYO GAS CO 644,000.00 244,076,000.00 0.53 

TOKYO STEEL MANUFACTURING 25,800.00 25,413,000.00 0.06 

TOKYO TATEMONO 106,000.00 33,920,000.00 0.07 

271



272 




(note 2) 


TOKYU 281,000.00 103,689,000.00 0.22 

TOKYU LAND 110,000.00 38,060,000.00 0.08 

TONENGENERAL SEKIYU 72,000.00 55,656,000.00 0.12 

TOPPAN PRINTING 137,000.00 89,461,000.00 0.19 

TORAY INDUSTRIES 362,000.00 168,330,000.00 0.36 

TOSHIBA 1,007,000.00 406,828,000.00 0.88 

TOSOH 123,000.00 27,675,000.00 0.06 

TOTO 71,000.00 40,612,000.00 0.09 

TOYO SEIKAN KAISHA 38,200.00 57,452,800.00 0.12 

TOYO SUISAN KAISHA 24,000.00 41,304,000.00 0.09 

TOYODA GOSEI 16,800.00 30,912,000.00 0.07 

TOYOTA BOSHOKU 15,400.00 21,390,600.00 0.05 

TOYOTA INDUSTRIES CORPORATION 44,300.00 98,744,700.00 0.21 

TOYOTA MOTOR 690,800.00 2,071,018,400.00 4.50 

TOYOTA TSUSHO CORP 54,000.00 66,420,000.00 0.14 

TREND MICRO 24,500.00 61,029,500.00 0.13 

TSUMURA 15,100.00 39,199,600.00 0.08 

UBE INDUSTRIES 232,000.00 42,920,000.00 0.09 

UNI-CHARM 30,900.00 103,824,000.00 0.22 

UNY 46,000.00 30,360,000.00 0.07 

USHIO 27,400.00 38,497,000.00 0.08 

USS 5,220.00 32,520,600.00 0.07 

WEST JAPAN RAILWAY 428.00 128,143,200.00 0.28 

YAHOO JAPAN 3,582.00 103,304,880.00 0.22 

YAKULT HONSHA 24,600.00 63,418,800.00 0.14 

YAMADA DENKI 20,220.00 104,739,600.00 0.23 

YAMAGUCHI FINANCIAL GROUP 55,000.00 43,285,000.00 0.09 

YAMAHA 39,100.00 37,887,900.00 0.08 

YAMAHA MOTOR 65,600.00 82,196,800.00 0.18 

YAMATO HOLDINGS 101,000.00 102,010,000.00 0.22 

YAMATO KOGYO 10,700.00 21,635,400.00 0.05 

YAMAZAKI BAKING 29,000.00 29,522,000.00 0.06 

YASKAWA ELECTRIC 59,000.00 39,707,000.00 0.09 

YOKOGAWA ELECTRIC 52,600.00 29,876,800.00 0.06 

45,624,609,563.00 98.85 











Japon 98.85 

98.85 







Chimie 5.14 






















Loisirs 0.46 

Pétrole 0.38 





98.85 

273

Pictet - Pacific Ex Japan Index 


274 




(note 2) 


ACTIONS 

AUSTRALIE 


AGL ENERGY 94,854.00 1,487,921.94 0.52 

ALUMINA 515,415.00 905,003.18 0.31 

AMCOR 259,902.00 1,641,364.70 0.57 

AMP 438,319.00 2,172,829.63 0.75 

ANZ BANKING GROUP 537,336.00 12,343,607.79 4.28 

ARISTOCRAT LEISURE 81,517.00 279,149.83 0.10 

ASCIANO GROUP -STAPLED SECURITY- 618,600.00 990,166.75 0.34 

ASX LTD 36,921.00 1,166,556.26 0.40 

AXA ASIA PACIFIC HOLDINGS 220,300.00 1,098,479.85 0.38 

BENDIGO & ADEL 77,000.00 683,480.77 0.24 

BHP BILLITON 711,100.00 26,841,475.60 9.29 

BILLABONG INT 43,754.00 338,291.09 0.12 

BLUESCOPE STEEL 385,380.00 822,481.87 0.28 

BORAL 153,368.00 685,883.19 0.24 

BRAMBLES 301,900.00 1,836,306.33 0.64 

CALTEX AUSTRALIA 29,200.00 339,638.19 0.12 

CFS RETAIL PROPERTY TRUST 446,382.00 820,597.83 0.28 

COCA-COLA AMATIL 120,061.00 1,395,318.18 0.48 

COCHLEAR 11,800.00 804,160.64 0.28 

COMMONWEALTH BANK OF AUSTRALIA 328,100.00 16,286,813.57 5.63 

COMPUTERSHARE 93,900.00 888,146.66 0.31 

CROWN 96,074.00 781,955.99 0.27 

CSL 121,703.00 3,901,999.64 1.35 

CSR 326,462.00 570,058.75 0.20 

DEXUS PROPERTY GROUP 1,031,526.00 855,580.29 0.30 

ENERGY RESOURCES OF AUTRALIA A 14,800.00 190,953.59 0.07 

FAIRFAX MEDIA 448,360.00 637,204.69 0.22 

FORTESCUE METALS 264,100.00 1,334,813.54 0.46 

FOSTER’S GROUP 409,856.00 2,437,284.63 0.84 

GOODMAN FIELDER 281,900.00 356,878.24 0.12 

GOODMAN GROUP-STAPLED SECURITY 1,342,600.00 840,080.37 0.29 

GPT GROUP 377,881.00 1,077,747.10 0.37 

HARVEY NORMAN HOLDINGS 113,100.00 413,636.10 0.14 

INCITEC PIVOT 343,869.00 1,197,572.88 0.41 

INSURANCE AUSTRALIA GROUP 441,600.00 1,559,354.75 0.54 

INTOLL GROUP -STAPLED- 473,900.00 684,995.08 0.24 

JAMES HARDIES INDUSTRIES 92,400.00 501,966.20 0.17 

LEIGHTON HOLDINGS 28,549.00 915,605.15 0.32 

LEND LEASE 113,557.00 838,326.21 0.29 

MACARTHUR COAL 37,700.00 428,996.59 0.15 

MACQUARIE AIRPORTS ’STAPLED SEC. ’ 76,490.00 216,671.60 0.08 

MACQUARIE GROUP 72,600.00 2,554,457.34 0.89 

METCASH 161,000.00 682,530.07 0.24 

MIRVAC GROUP ’STAPLED SECURITIES’ 688,818.00 888,731.57 0.31 

NATIONAL AUSTRALIA BANK 449,300.00 11,044,791.12 3.83 

NEWCREST MINING 161,875.00 6,229,546.90 2.16 

ONESTEEL 278,397.00 791,309.99 0.27 

ORICA 76,436.00 1,906,402.10 0.66






(note 2) 


ORIGIN ENERGY 186,848.00 2,872,977.32 1.00 

OZ MINERALS 665,625.00 939,522.31 0.33 

PALADIN ENERGY 141,100.00 491,400.89 0.17 

QANTAS AIRWAYS 233,100.00 630,900.62 0.22 

QBE INSURANCE GROUP 219,510.00 3,675,442.04 1.27 

RIO TINTO 92,371.00 6,879,259.05 2.37 

SANTOS 176,420.00 2,192,357.76 0.76 

SIMS GROUP 34,800.00 595,514.45 0.21 

SONIC HEALTHCARE 78,700.00 839,811.65 0.29 

SP AUSNET STAPLED SECURITY 304,100.00 253,705.19 0.09 

STOCKLAND 504,241.00 1,878,381.74 0.65 

SUNCORP METWAY 270,476.00 2,361,487.89 0.82 

TABCORP HOLDINGS 130,040.00 883,058.51 0.31 

TATTS GROUP 275,445.00 638,626.99 0.22 

TELSTRA 926,100.00 2,353,822.20 0.82 

TOLL HOLDINGS 143,580.00 919,289.64 0.32 

TRANSURBAN GROUP ’STAPLED SEC. ’ 269,973.00 1,301,640.94 0.45 

WESFARMERS 213,234.00 6,803,537.85 2.36 

WESFARMERS PPS 30.11.07 31,941.00 1,025,320.77 0.36 

WESTFIELD 465,202.00 5,532,819.74 1.92 

WESTPAC BANKING 630,614.00 14,217,204.48 4.93 

WOODSIDE PETROLEUM 115,450.00 4,914,451.28 1.70 

WOOLWORTHS 262,805.00 7,352,640.93 2.55 

WORLEY PARSONS 40,300.00 869,860.36 0.30 

BERMUDES 

188,090,158.93 65.17 

ESPRIT HOLDINGS 247,057.00 1,340,365.51 0.47 

KERRY PROPERTIES 150,000.00 815,732.36 0.28 

MONGOLIA ENERGY 631,000.00 261,835.91 0.09 

NOBLE GROUP 631,745.00 908,399.50 0.31 

NWS HOLDINGS 185,000.00 362,852.71 0.13 

ORIENT OVERSEAS 45,200.00 360,556.28 0.12 

YUE YUEN INDUSTRIAL 154,500.00 571,418.59 0.20 

HONG-KONG 

4,621,160.86 1.60 

BANK OF EAST ASIA 325,200.00 1,368,288.60 0.47 

BOC HONG KONG (HOLDINGS) 784,000.00 2,485,393.48 0.86 

C K INFRASTRUCTURE 98,000.00 388,974.18 0.13 

CATHAY PACIFIC AIRWAYS 253,000.00 686,304.12 0.24 

CHEUNG KONG HOLDINGS 295,000.00 4,470,677.30 1.55 

CLP HOLDINGS 409,000.00 3,265,191.10 1.13 

HANG LUNG GROUP 170,000.00 1,109,615.10 0.38 

HANG LUNG PROPERTIES 442,000.00 2,158,765.48 0.75 

HANG SENG BANK 161,600.00 2,376,134.31 0.82 

HENDERSON LAND DEVELOPMENT 229,424.00 1,633,484.87 0.57 

HONG KONG & CHINA GAS 907,978.00 2,298,056.99 0.80 

HONG KONG EXCHANGES AND CLEARING 217,400.00 4,280,819.14 1.48 

HONGKONG ELECTRIC 292,500.00 1,777,262.40 0.62 

HOPEWELL 120,500.00 389,766.72 0.14 

HUTCHISON WHAMPOA 451,000.00 4,207,838.80 1.46 

HYSAN DEVELOPMENT 134,000.00 480,057.85 0.17 

LI & FUNG 486,100.00 2,734,348.43 0.95 

275



276 




(note 2) 


MTR 305,000.00 1,153,591.19 0.40 

NEW WORLD DEVELOPMENT 536,926.00 1,082,169.20 0.37 

PCCW 825,000.00 298,747.48 0.10 

SHANGRI-LA ASIA 280,000.00 637,224.87 0.22 

SINO LAND 360,000.00 745,061.34 0.26 

SUN HUNG KAI PROPERTIES 300,000.00 5,180,480.44 1.79 

SWIRE PACIFIC ’A’ 163,500.00 2,252,368.52 0.78 

TELEVISION BROADCASTS 62,000.00 353,947.95 0.12 

THE LINK REIT 468,500.00 1,388,613.61 0.48 

WHARF HOLDINGS 289,625.00 1,862,432.66 0.65 

WHEELOCK 197,000.00 658,790.87 0.23 

WING HANG BANK 38,000.00 455,663.20 0.16 

ILE MAURICE 

52,180,070.20 18.08 

GOLDEN AGRI-RESOURCES 1,417,194.00 614,578.60 0.21 

ILES CAIMANS 

614,578.60 0.21 

ASM PACIFIC TECHNOLOGY 41,500.00 370,082.18 0.13 

FOXCONN INTERNATIONAL 453,000.00 332,749.22 0.12 

LIFESTYLE INTERNATIONAL 120,500.00 297,527.11 0.10 

SANDS CHINA 505,600.00 912,176.93 0.31 

WYNN MACAU 328,400.00 567,936.33 0.20 

MALTE 

2,480,471.77 0.86 

BGP HLDGS 1,686,208.00 23.04 0.00 


23.04 0.00 

AUCKLAND INTERNATIONAL AIRPORT 200,101.00 302,978.82 0.10 

CONTACT ENERGY 63,749.00 266,501.06 0.09 

FLETCHER BUILDING 127,684.00 760,117.39 0.26 

SKY CITY ENTERTAINMENT GROUP 127,534.00 266,576.32 0.09 

TELECOM CORP. OF NEW ZEALAND 401,709.00 599,338.36 0.22 

ROYAUME-UNI 

2,195,511.95 0.76 

GENTING INTERNATIONAL PUBLIC 1,291,200.00 1,827,173.26 0.63 

SINGAPOUR 

1,827,173.26 0.63 

ASCENDAS REAL ESTATE 314,666.00 524,284.72 0.18 

CAPITALAND 545,000.00 1,683,432.88 0.58 

CAPITAMALL 477,030.00 780,292.48 0.27 

CAPITAMALLS ASIA 282,000.00 463,421.45 0.16 

CITY DEVELOPMENTS 115,000.00 1,116,405.03 0.39 

COMFORTDELGRO 397,000.00 459,100.08 0.16 

COSCO CORPORATION (SINGAPORE) 219,000.00 294,910.78 0.10 

DBS GROUP HOLDINGS 362,500.00 3,883,147.93 1.35 

FRASER AND NEAVE 206,000.00 1,018,717.69 0.35 

JARDINE CYCLE & CARRIAGE 22,217.00 664,280.09 0.23 

KEPPEL CORP 271,000.00 1,851,479.45 0.64 

KEPPEL LAND 153,000.00 471,432.72 0.16 

NEPTUNE ORIENT LINES 190,000.00 286,214.78 0.10 

OLAM INTERNATIONAL 255,100.00 632,705.09 0.22






(note 2) 


OVERSEA-CHINESE BANKING 516,200.00 3,475,638.03 1.20 

SEMBCORP INDUSTRIES 209,500.00 694,934.36 0.24 

SEMBCORP MARINE 171,800.00 513,675.65 0.18 

SINGAPORE AIRLINES 114,917.00 1,426,847.98 0.49 

SINGAPORE EXCHANGE 183,000.00 1,255,830.13 0.44 

SINGAPORE PRESS HOLDING 318,500.00 1,029,844.46 0.36 

SINGAPORE TECHNOLOGIES ENGINEER. 353,000.00 902,375.41 0.31 

SINGAPORE TELECOMMUNICATIONS 1,685,150.00 4,025,700.69 1.40 

STARHUB 133,000.00 261,062.57 0.09 

UNITED OVERSEAS BANK 258,000.00 3,595,989.75 1.25 

UOL GROUP 97,100.00 342,037.32 0.12 

WILMAR INTERNATIONAL 407,000.00 1,860,981.91 0.64 

YANGZIJIANG SHIPBUILDING 313,000.00 419,112.17 0.15 

33,933,855.60 11.76 



AUTRES PASSIFS NETS -4,569.09 0.00 


277



278 








Bermudes 1.60 




Ile Maurice 0.21 

Malte 0.00 

99.07 










Pétrole 2.88 










Chimie 1.07 







Loisirs 0.41 






99.07

Pictet - Digital Communication 





(note 2) 


ACTIONS 



MTN GROUP 127,526.04 2,275,310.54 2.27 

ALLEMAGNE 

2,275,310.54 2.27 


AUSTRALIE 

1,494,155.51 1.49 

TELSTRA 478,513.14 1,216,212.99 1.21 

AUTRICHE 

1,216,212.99 1.21 

TELEKOM AUSTRIA 142,113.51 2,128,559.23 2.12 

BELGIQUE 

2,128,559.23 2.12 

TELENET GROUP HOLDING 59,104.03 1,971,222.89 1.96 

CANADA 

1,971,222.89 1.96 

RESEARCH IN MOTION 48,899.97 2,372,925.43 2.36 

ROGERS COMMUNICATIONS ’B’ 55,100.71 2,081,243.41 2.07 

TELUS -NVTG- 21,123.73 900,300.76 0.90 

COREE DU SUD 

5,354,469.60 5.33 

NHN 6,109.18 1,050,137.32 1.05 

EGYPTE 

1,050,137.32 1.05 

EGYPTIAN CO MOBILE 18,613.07 574,170.75 0.57 

ETATS-UNIS 

574,170.75 0.57 

AMAZON.COM 7,107.90 1,130,085.67 1.13 

AMERICAN PUBLIC EDUCATION 54,032.12 1,751,180.96 1.74 

APPLE 10,595.60 3,044,856.44 3.03 

ARIBA 68,790.05 1,300,132.04 1.29 

BLACKBOARD 18,552.83 672,911.30 0.67 

CAPELLA EDUCATION 7,348.85 548,150.72 0.55 

COMCAST ’A’ 49,875.80 905,245.80 0.90 

COMSCORE 54,032.12 1,256,246.75 1.25 

CONCUR TECHNOLOGIES 24,998.14 1,240,407.57 1.24 

DIRECTV 46,020.67 1,932,407.82 1.92 

EBAY 23,793.41 594,597.26 0.59 

EQUINIX 15,842.19 1,636,656.96 1.63 

EXPEDIA 96,438.60 2,739,820.55 2.73 

GOOGLE ’A’ 5,332.13 2,813,713.16 2.80 

GRAND CANYON EDUCATION 31,804.86 682,214.23 0.68 

GSI COMMERCE 36,563.54 921,035.59 0.92 

IAC/INTERACTIVECORP W-ISSUED 89,571.64 2,386,188.46 2.38 

INTUIT 34,395.03 1,528,858.97 1.52 

MERCADOLIBRE 35,780.47 2,688,544.25 2.68 

NETFLIX 17,830.00 3,042,332.34 3.02 

279



280 




(note 2) 


NII HOLDINGS ’B’ 41,442.70 1,706,610.18 1.70 

NUANCE COMMUNICATIONS 54,453.77 858,736.01 0.86 

POLYCOM 60,296.71 1,700,970.24 1.69 


RACKSPACE HOSTING 68,609.35 1,788,645.64 1.78 

SALESFORCE. COM 4,698.45 533,649.39 0.53 

SOHU. COM 34,033.61 1,994,029.13 1.99 

TALEO ’A’ 59,694.35 1,756,804.64 1.75 

FRANCE 

45,128,923.54 44.94 

GAMELOFT 143,557.98 696,458.93 0.69 

SELOGER.COM 14,980.21 772,813.43 0.77 

HONG-KONG 

1,469,272.36 1.46 

CHINA MOBILE ADR (R. 5 SHS) 48,918.64 2,507,569.69 2.50 

ILES CAIMANS 

2,507,569.69 2.50 

ALIBABA. COM 511,407.68 1,065,007.30 1.06 

BAIDU. COM ADR ’A’ (R. 1 SHS ’A’) 25,144.51 2,607,988.78 2.60 

CTRIP.COM INTL ADR (R.1/2 SHS) 33,993.25 1,631,336.08 1.62 


NETEASE. COM ADR (R. 25 SHS) 31,593.43 1,254,259.13 1.25 

PERFECT WORLD ADR (R.5 SHS ’B’) 26,220.34 649,739.91 0.65 

SINA 26,383.58 1,365,350.07 1.36 

TECENT HOLDINGS 89,089.75 1,947,141.71 1.94 

INDE 

12,568,737.85 12.52 

RELIANCE COMMUNICATIONS DEMAT. 325,145.65 1,229,235.40 1.22 

ISRAEL 

1,229,235.40 1.22 

BEZEQ ISRAEL TELECOMMUNICATION 753,017.38 1,886,810.83 1.88 

JAPON 

1,886,810.83 1.88 

NINTENDO 6,686.25 1,674,976.13 1.67 

RAKUTEN 1,750.47 1,284,423.25 1.28 

SOFTBANK 26,865.47 881,105.47 0.88 

LUXEMBOURG 

3,840,504.85 3.83 

SES GLOBAL FDR 61,182.79 1,487,041.12 1.48 

PAYS-BAS 

1,487,041.12 1.48 


ROYAUME-UNI 

2,040,050.99 2.03 


INMARSAT 92,205.18 980,365.75 0.98 

TELECITY GROUP 181,076.87 1,492,170.48 1.49 

VODAFONE GROUP AG 855,523.60 2,155,102.67 2.14 

6,079,016.82 6.06


TAIWAN 





(note 2) 

HIGH TECH COMPUTER 72,147.64 1,640,430.18 1.63 

1,640,430.18 1.63 

TOTAL I. 95,941,832.46 95.55 


ACTIONS 

ETATS-UNIS 

IBIQUITY DIGITAL PREF ’A’ REST. 16,244.57 0.00 0.00 

PORTUGAL 

0.00 0.00 

KIWI II VENT. PREF ’A’ 90.35 0.00 0.00 

0.00 0.00 


OBLIGATIONS 

CANADA 


10% HIGHPOINT II N-DEF 00/04 USD 132,815.83 0.01 0.00 

0.01 0.00 

TOTAL OBLIGATIONS 0.01 0.00 

TOTAL II. 0.01 0.00 





281



282 








Canada 5.33 

Japon 3.83 



Autriche 2.12 

Pays-Bas 2.03 

Belgique 1.96 

Israël 1.88 

Taïwan 1.63 



France 1.46 

Inde 1.22 



Egypte 0.57 

Portugal 0.00 

95.55 










Divers 1.49 



95.55

Pictet - Biotech 





(note 2) 


ACTIONS 

AUTRICHE 


INTERCELL 1,471,159.60 34,010,659.00 2.37 

CANADA 

34,010,659.00 2.37 

CARDIOME PHARMA (USD) 2,222,819.02 13,692,565.18 0.95 

DANEMARK 

13,692,565.18 0.95 

NOVO NORDISK ’B’ 671,571.77 66,426,740.44 4.62 

ETATS-UNIS 

66,426,740.44 4.62 

AFFYMAX 908,831.66 5,380,283.43 0.37 

ALEXION PHARMACEUTICALS 711,301.32 45,743,788.00 3.18 

AMAG PHARMACEUTICAL 1,605,785.46 28,695,386.09 2.00 

AMGEN 1,920,339.45 105,503,449.42 7.35 

AUXILIUM PHARMACEUTICALS 1,975,372.26 49,404,060.34 3.44 

BIOMARIN PHARMACEUTICAL 2,602,348.74 58,188,517.89 4.05 

CELGENE 2,069,518.52 118,852,448.60 8.28 

DENDREON 1,430,638.87 59,085,385.15 4.11 

GENZYME (GENERAL DIVISION) 1,008,067.52 71,693,762.18 5.00 

GILEAD SCIENCES 1,607,053.07 57,644,993.76 4.01 

HUMAN GENOME SCIENCES 2,290,610.30 65,809,233.79 4.58 

ILLUMINA 1,014,573.04 50,728,651.77 3.53 

INTERMUNE 2,025,696.24 26,880,989.04 1.87 

LIFE TECHNOLOGIES 1,207,155.36 57,472,666.54 4.00 

LUMINEX 2,742,193.36 43,929,937.58 3.06 

MEDIVATION 2,062,247.65 26,891,709.38 1.87 

MICROMET 2,482,527.72 16,806,712.63 1.17 

MYRIAD GENETICS 1,278,620.33 20,355,635.68 1.42 

ONYX PHARMACEUTICALS 2,432,920.31 64,618,363.38 4.50 

PHARMASSET 601,372.50 17,950,969.15 1.25 

PROGENICS PHARM 1,442,867.32 7,156,621.89 0.50 

SAVIENT PHARMACEUTICALS 1,916,718.37 43,643,677.22 3.04 

TARGACEPT 924,019.16 20,559,426.38 1.43 

UNITED THERAPEUTICS 1,858,261.55 104,192,725.03 7.25 

VERTEX PHARMACEUTICALS 1,143,038.74 39,937,773.64 2.78 

XENOPORT 1,951,356.40 13,815,603.30 0.96 

NORVEGE 

1,220,942,771.26 85.00 

ALGETA 1,499,847.00 24,251,763.64 1.69 

SUEDE 

24,251,763.64 1.69 

ACTIVE BIOTECH 1,109,668.33 19,549,458.13 1.36 

19,549,458.13 1.36 

283


SUISSE 


284 




(note 2) 

BASILEA PHARMACEUTICA NOM. 708,852.19 44,496,230.05 3.10 

44,496,230.05 3.10 

TOTAL I. 1,423,370,187.70 99.09 


ACTIONS 

ETATS-UNIS 

INTARCIA THERAPEUTICS PREF ’AA’ 123,291.91 162,745.32 0.01 

INTARCIA THERAPEUTICS PREF ’BB-1’ 59,790.45 78,923.39 0.01 


METABOLEX PFD ’E1’ 163,257.76 119,178.17 0.01 

METABOLEX PREF ’A1’ 17,393.64 10,192.68 0.00 

METABOLEX PREF ’B1’ 1,469,322.75 861,023.13 0.05 

METABOLEX PREF ’D1’ 217,146.37 127,247.78 0.01 

PTC THERAPEUTICS PREF ’C’ 382,677.24 425,613.63 0.03 

PTC THERAPEUTICS PREF CV ’E-2’ 34,556.71 276,453.69 0.02 

PTC THERAPEUTICS PREF ’D’ 294,366.81 368,812.18 0.03 

2,612,447.35 0.18 

TOTAL ACTIONS 2,612,447.35 0.18 

WARRANTS 

ETATS-UNIS 


INTARCIA THERAP. PFD WTS 02.05.15 56,477.71 0.00 0.00 

INTARCIA THERAP. PFD ’BB-2’ WTS (Titres à recevoir) 26,403.98 0.27 0.00 

METABOLEX ’D1’ (C-0. 38) WTS 12. 4. 12 32,571.57 3.25 0.00 

3.52 0.00 


TOTAL II. 2,612,450.87 0.18 


AVOIRS EN BANQUE 14,068,430.08 0.98 










Danemark 4.62 

Suisse 3.10 

Autriche 2.37 

Norvège 1.69 

Suède 1.36 

Canada 0.95 

99.27 





Chimie 0.03 

Warrants 0.00 

99.27 

285

Pictet - Premium Brands 


286 




(note 2) 


ACTIONS 

ALLEMAGNE 


ADIDAS 111,013.50 5,097,184.81 2.82 

B.M.W. 119,053.91 6,078,892.62 3.36 


BAHAMAS 

16,580,826.55 9.17 

STEINER LEISURE 81,211.12 2,265,315.07 1.25 

BERMUDES 

2,265,315.07 1.25 

MANDARIN ORIENTAL INTERNATIONAL 1,615,023.04 2,020,854.59 1.12 

TRINITY 1,349,712.95 966,022.88 0.53 

CHINE 

2,986,877.47 1.65 

PORTS DESIGN 1,008,349.74 2,039,589.22 1.13 

ETATS-UNIS 

2,039,589.22 1.13 

ALLERGAN 49,431.87 2,413,004.88 1.33 

COACH 102,710.34 3,241,558.47 1.79 

ESTEE LAUDER ’A’ 41,159.21 1,931,472.25 1.07 

HYATT ’A’ 187,286.36 5,161,152.49 2.85 

LIFE TIME FITNESS 84,640.14 2,431,570.69 1.34 


NIKE ’B’ 94,113.94 5,504,577.39 3.05 

NORDSTROM 62,019.54 1,706,383.53 0.94 

PHILLIPS-VAN HEUSEN 81,616.19 3,541,532.52 1.96 

POLO RALPH LAUREN ’A’ 58,296.50 3,843,078.60 2.12 

SAKS 171,865.53 1,089,097.89 0.60 


TEMPUR-PEDIC INTERNATIONAL 84,767.60 1,929,081.29 1.07 

TIFFANY 138,620.06 4,738,012.14 2.62 

WARNACO GROUP ’A’ 99,312.60 3,714,970.96 2.05 

WILLIAMS-SONOMA 80,779.46 1,918,120.47 1.06 

FRANCE 

54,085,631.01 29.90 

DIOR CHRISTIAN 69,646.28 6,546,750.59 3.62 

ESSILOR INTERNATIONAL 36,116.16 1,816,281.70 1.00 

HERMES INTERNATIONAL 25,120.61 4,104,708.23 2.27 

INTER PARFUMS 93,444.55 2,235,193.71 1.24 

L.V.M.H. 95,731.87 10,224,163.79 5.65 

LAURENT PERRIER 42,283.71 3,467,263.99 1.92 

L’OREAL 71,361.18 5,863,034.94 3.24 

PERNOD-RICARD 29,559.18 1,801,927.78 1.00 

PPR 62,222.08 7,429,316.32 4.10 

REMY COINTREAU 66,340.03 3,251,656.75 1.80 

46,740,297.80 25.84


ILES CAIMANS 





(note 2) 

BELLE INTERNATIONAL 1,192,944.49 1,752,636.73 0.97 

WYNN MACAU 3,296,560.49 4,171,745.29 2.31 

XINYU HENGDELI HLGDS 9,103,074.08 3,081,674.36 1.70 

ITALIE 

9,006,056.38 4.98 

BULGARI 260,983.34 1,693,781.89 0.94 

DAVIDE CAMPARI 513,127.08 2,239,799.72 1.24 

LUXOTTICA GROUP 85,228.19 1,696,893.36 0.94 

YOOX 451,779.27 3,338,648.77 1.85 

LUXEMBOURG 

8,969,123.74 4.97 

L’OCCITANE INTL (HKD) 1,323,711.82 2,696,195.73 1.49 

ROYAUME-UNI 

2,696,195.73 1.49 

BURBERRY GROUP 681,085.80 8,079,212.19 4.47 

DIAGEO 138,178.23 1,761,234.58 0.97 

SINGAPOUR 

9,840,446.77 5.44 

BANYAN TREE 3,174,707.84 1,555,320.66 0.86 

SUISSE 

1,555,320.66 0.86 



SONOVA HOLDING NOM. 19,082.09 1,743,075.96 0.96 

THE SWATCH GROUP 30,085.46 8,201,633.05 4.54 

19,464,702.23 10.76 

TOTAL I. 176,230,382.63 97.44 


DROITS 

FRANCE 


REMY COINTREAU RTS 14.9.10 53,563.90 26,112.40 0.01 

26,112.40 0.01 

TOTAL II. 26,112.40 0.01 





287



288 






France 25.85 

Suisse 10.76 




Italie 4.97 

Bermudes 1.65 


Bahamas 1.25 

Chine 1.13 


97.45 











Loisirs 2.82 




Divers 1.70 



Droits 0.01 

97.45

Pictet - Water 





(note 2) 


ACTIONS 

ALLEMAGNE 


JOYOU 343,427.03 3,983,753.52 0.17 

KSB PREF N-VTG 23,909.58 12,552,527.30 0.55 

AUTRICHE 

16,536,280.82 0.72 

ANDRITZ 744,458.67 38,689,517.18 1.68 

BWT 611,164.89 11,621,300.45 0.50 

BERMUDES 

50,310,817.63 2.18 

BEIJING ENTERPRISES WATER 45,014,905.82 11,163,909.68 0.48 

BRESIL 

11,163,909.68 0.48 

CEMIG MINAS GERAIS PREF 5,642,831.36 65,245,151.62 2.83 

CIA SANEAMENTO MG 3,458,667.80 38,591,785.70 1.67 

SABESP 4,141,227.30 66,647,548.26 2.89 

SABESP ADR (R.2 SHS) 453,656.82 14,450,282.62 0.63 

TRACTEBEL ENERGIA 2,345,689.88 25,587,748.01 1.11 

CANADA 

210,522,516.21 9.13 

BIOTEQ ENVIRONMENTAL TECHN. 6,227,394.13 3,535,206.33 0.15 

H2O INNOVATION 3,530,856.06 1,052,319.77 0.05 

IESI-BFC (USD) 820,893.48 13,509,413.48 0.59 

PURE TECHNOLOGIES 2,847,063.95 8,687,285.66 0.38 

SEAIR 523,224.06 256,185.90 0.01 

STANTEC (CAD) 1,462,426.92 29,181,520.34 1.26 

CHILI 

56,221,931.48 2.44 

INVERSIONES AGUAS METROPOL 41,907,390.93 45,963,655.41 1.99 

COREE DU SUD 

45,963,655.41 1.99 

WOONG JIN COWAY 1,390,463.04 39,619,547.95 1.72 

ESPAGNE 

39,619,547.95 1.72 

FLUIDRA 2,355,896.67 6,219,567.21 0.27 

ETATS-UNIS 

6,219,567.21 0.27 

AMERICAN STATES WATER 430,337.09 11,270,176.37 0.49 

AMERICAN WATER WORKS 6,146,819.59 103,721,790.14 4.51 

AQUA AMERICA 2,836,681.77 42,178,832.64 1.83 

CADIZ 701,742.42 5,022,001.31 0.22 

CALGON CARBON 1,175,195.53 12,288,605.27 0.53 

CALIFORNIA WATER SERVICE 580,739.51 15,612,798.77 0.68 

CLARCOR 137,344.36 3,884,369.63 0.17 

CLEAN HARBORS 1,068,565.60 52,677,841.53 2.28 

DANAHER 603,177.40 17,906,483.29 0.78 

DIONEX 381,738.00 23,743,490.08 1.03 

DONALDSON 953,277.00 32,722,372.41 1.42 

289



290 




(note 2) 


ENERGY RECOVERY 291,373.09 763,295.50 0.03 

FLEXIBLE SOLUTIONS 1,046,134.58 995,155.94 0.04 

FLOWSERVE 129,728.21 10,367,094.92 0.45 

FRANKLIN ELECTRIC 862,829.79 20,740,572.39 0.90 

INSITUFORM TECHNOLOGIES ’A’ 1,471,004.27 25,478,416.06 1.10 

ITRON 697,359.69 30,755,179.41 1.33 

ITT 3,015,886.99 103,545,994.05 4.49 

MUELLER WATER PRODUCTS ’A’ 2,318,801.65 5,090,320.06 0.22 

NALCO HOLDING 1,859,066.03 34,321,977.37 1.49 

PALL 1,079,178.04 32,811,369.70 1.42 

PENTAIR 2,665,405.26 65,435,889.28 2.84 

POOL 725,067.05 10,876,577.62 0.47 

REPUBLIC SERVICES 4,061,076.04 90,428,079.62 3.92 

ROPER INDUSTRIES 1,829,324.57 87,370,458.23 3.79 

TETRA TECH 2,001,870.93 30,747,424.60 1.33 

TORO 899,083.14 37,724,003.48 1.64 

WASTE CONNECTIONS 483,320.88 14,037,083.62 0.61 

WASTE MANAGEMENT 2,054,837.07 53,904,719.09 2.34 

FINLANDE 

976,422,372.38 42.35 

FORTUM 3,199,207.46 61,424,783.15 2.66 

KEMIRA 913,345.40 9,188,254.76 0.40 

FRANCE 

70,613,037.91 3.06 

SUEZ ENVIRONNEMENT 6,706,375.38 92,346,789.02 4.00 

VEOLIA ENVIRONNEMENT 3,584,463.01 70,506,387.47 3.06 

HONG-KONG 

162,853,176.49 7.06 

CHINA EVERBRIGHT INTL 54,389,826.78 19,900,024.97 0.86 

GUANGDONG INVESTMENT 111,660,325.35 42,644,019.38 1.85 

ILES CAIMANS 

62,544,044.35 2.71 

CONSOLIDATED WATER 817,041.80 5,679,735.57 0.25 

NEW ENVIRONMENTAL ENERGY HOLDINGS 38,270,899.46 1,768,353.02 0.08 

INDE 

7,448,088.59 0.33 

JAIN IRRIGATION SYSTEMS 392,007.50 7,653,938.58 0.33 

ITALIE 

7,653,938.58 0.33 

HERA 13,603,376.77 19,071,934.23 0.83 

JAPON 

19,071,934.23 0.83 

DAISEKI 1,256,535.31 17,357,983.11 0.75 

KURITA WATER INDUSTRIES 3,121,119.69 63,548,964.53 2.76 

MEXIQUE 

80,906,947.64 3.51 

GROUPO CONTINENTAL 3,429,371.17 7,233,343.10 0.31 

7,233,343.10 0.31


PAYS-BAS 





(note 2) 

AALBERTS INDUSTRIES 263,157.21 3,226,307.35 0.14 

ARCADIS 372,331.73 6,039,220.62 0.26 

PHILIPPINES 

9,265,527.97 0.40 

MANILA WATER COMPANY 36,182,413.40 11,461,300.28 0.50 

ROYAUME-UNI 

11,461,300.28 0.50 

NORTHUMBRIAN WATER 14,225,670.46 55,935,166.21 2.43 

PENNON GROUP 9,742,624.02 66,679,053.76 2.89 

PLANT HEALTH CARE 3,461,247.67 4,166,199.33 0.18 

ROTORK 147,914.66 2,957,018.94 0.13 

SEVERN TRENT 5,509,950.09 84,904,471.10 3.68 

TEG GROUP 4,681,091.65 2,123,140.66 0.09 

UNITED UTILITIES GROUP 12,510,286.27 83,220,494.94 3.61 

SINGAPOUR 

299,985,544.94 13.01 

EPURE INTL 40,377,132.03 19,331,583.23 0.84 

HYFLUX 11,638,305.94 20,150,399.58 0.87 

SUISSE 

39,481,982.81 1.71 

GEBERIT 552,521.67 72,468,662.10 3.14 

72,468,662.10 3.14 

TOTAL I. 2,263,968,127.76 98.18 


ACTIONS 

ETATS-UNIS 

UNDERGROUND SOLUTIONS 55,671,610.11 7,332,743.97 0.32 

7,332,743.97 0.32 

TOTAL ACTIONS 7,332,743.97 0.32 

WARRANTS 

ETATS-UNIS 


FLEXIBLE SOLUTIONS WTS 03. 05. 10 45,855.59 0.33 0.00 

0.33 0.00 


TOTAL II. 7,332,744.30 0.32 

TOTAL DU PORTEFEUILLE-TITRES 2,271,300,872.06 98.50 



TOTAL DES ACTIFS NETS 2,305,958,005.15 100.00 

291



292 







Brésil 9.13 

France 7.06 

Japon 3.51 

Suisse 3.14 

Finlande 3.06 


Canada 2.44 

Autriche 2.18 

Chili 1.99 



Italie 0.83 



Bermudes 0.48 

Pays-Bas 0.40 

Inde 0.33 


Mexique 0.31 

Espagne 0.27 

98.50 


Services publics 

(notamment la production et la distribution d’eau) 98.50 

Warrants 0.00 

98.50

Pictet - Indian Equities 





(note 2) 


ACTIONS 

INDE 


ADANI ENTERPRISES 439,056.00 6,529,194.70 1.26 

AXIS BANK DEMAT. 715,376.00 24,663,368.87 4.77 

BANK OF BARODA DEMAT. 364,701.00 7,139,365.13 1.38 

CAIRN INDIA 1,439,382.00 10,818,774.72 2.09 

COX AND KINGS (INDIA) 376,052.00 4,801,685.28 0.93 

COX AND KINGS GDR (REPR.1 SH.) 364,883.00 4,601,174.63 0.89 

CROMPTON GREAVES DEMAT. 1,066,128.00 7,479,876.62 1.45 

EDUCOMP SOLUTIONS DEMAT. 761,383.00 10,392,353.03 2.01 

GVK POWER & INFRASTRUCTURE 7,133,106.00 7,441,985.75 1.44 

HCL TECHNOLOGIES DEMAT. 1,016,704.00 9,597,892.03 1.86 

HDFC BANK DEMAT. 247,775.00 13,838,870.68 2.68 

HOUSING DEVELOPMENT FINANCE 2,700,410.00 44,423,151.67 8.59 

ICICI BANK ADR (R. 2 SHS) 170,000.00 8,369,100.00 1.62 

ICICI BANK DEMAT. 1,239,067.00 30,940,522.80 5.99 


INFRASTRUCTURE DEV. FIN. DEMAT. 1,622,104.00 7,378,987.27 1.43 

ITC DEMAT. 3,021,356.00 12,086,775.24 2.34 

IVRCL INFRASTR. & PROJECTS DEMAT. 2,713,358.00 9,740,568.04 1.88 


JAIPRAKASH ASSOCIATES 2,662,373.00 7,215,942.06 1.40 

JINDAL STEEL & POWER DEMAT. 900,501.00 14,289,412.01 2.76 

JSW STEEL DEMAT. 304,047.00 9,096,507.07 1.76 

KOTAK MAHINDRA BANK 1,036,204.00 11,073,452.55 2.14 

LARSEN & TOUBRO DEMAT. 392,360.00 18,074,346.69 3.50 

NAGARJUNA CONSTRUCTION DEMAT. 1,213,588.00 4,272,198.47 0.83 


POWER GRID INDIA 2,999,800.00 7,168,018.40 1.39 

PUNJAB NATIONAL BANK 97,234.00 2,821,246.62 0.55 

REI AGRO 10,573,545.00 4,946,339.03 0.96 

RELIANCE INDUSTRIES DEMAT. 1,785,291.00 39,545,162.21 7.65 

SATYAM COMPUTER SERVICES DEMAT. 2,458,515.00 4,978,256.58 0.96 

SHRIRAM TRANSPORT FINANCE DEMAT. 668,937.00 11,643,731.89 2.25 

SINTEX INDUSTRIES DEMAT. 875,821.00 7,551,668.92 1.46 

STERLITE INDUSTRIES (INDIA) 2,776,908.00 10,398,603.80 2.01 

TATA CONSULTANCY SERVICES DEMAT. 525,474.00 10,928,605.37 2.11 

TATA MOTORS DEMAT. 861,050.00 21,214,239.41 4.10 

UNITECH 2,095,030.00 4,150,573.92 0.80 

VIDEOCON INDUSTRIES DEMAT. 1,027,128.00 6,257,942.64 1.21 

WELSPUN GUJARAT STAHL DEMAT. 946,480.00 5,718,801.18 1.11 

WIPRO DEMAT 1,725,180.00 17,396,945.49 3.37 

ROYAUME-UNI 

504,268,802.97 97.57 

DQ ENTERTAINMENT 3,041,576.00 6,187,501.90 1.20 

6,187,501.90 1.20 

293



294 




(note 2) 


TOTAL DU PORTEFEUILLE-TITRES 510,456,304.87 98.77 


AUTRES PASSIFS NETS -2,830,122.46 -0.55 








Inde 97.57 


98.77 





Chimie 7.65 




Pétrole 3.59 








Divers 1.73 






98.77 

295

Pictet - Japanese Equities 130/30 


296 




(note 2) 


ACTIONS 

JAPON 


ADVANCE RESIDENCE 580.00 81,605,930.40 1.70 


AHRESTY 68,199.94 45,148,361.49 0.94 

AIN PHARMACIEZ 23,999.98 69,719,940.54 1.45 

AISIN SEIKI 21,599.98 56,246,352.03 1.17 

ALPINE ELECTRONICS 68,599.94 73,333,337.45 1.52 

ARNEST ONE 51,399.96 47,287,959.67 0.98 

ASAHI BREWERIES 44,099.96 73,646,937.19 1.53 

ASKUL 29,399.97 49,597,757.70 1.03 


BENESSE 21,599.98 86,831,925.94 1.80 

C. UYEMURA 16,399.99 50,347,957.06 1.05 

CANON 29,399.97 114,512,902.33 2.38 

CAPCOM 39,599.97 51,836,355.79 1.08 

CHUGAI PHARMACEUTICAL 19,999.98 30,679,973.83 0.64 

CREDIT SAISON 40,999.97 45,755,960.97 0.95 

DAIICHIKOSHO 63,299.95 82,289,929.81 1.71 

DENSO 19,599.98 48,509,958.63 1.01 

DOSHISHA 31,099.97 64,314,745.15 1.34 


FANUC 4,900.00 52,086,955.57 1.08 

FOSTER ELECTRIC 45,199.96 95,643,118.43 1.99 

FP CORP 10,899.99 49,267,957.98 1.02 

FUJI MACHINE MFG 39,799.97 49,590,757.70 1.03 

FUJI SEAL INTERNATIONAL 43,099.96 74,821,536.18 1.55 

FUJIFILM 36,299.97 100,369,414.39 2.08 

HONDA MOTOR 54,999.95 162,964,861.01 3.38 

ITOCHU 206,199.82 157,536,665.64 3.27 


MICRONICS JAPAN 61,210.95 42,296,764.93 0.88 

MIMASU SEMICONDUCTOR 55,599.95 46,592,760.26 0.97 

MITSUBISHI ESTATE 87,999.92 119,503,898.08 2.48 

MITSUBISHI UFJ FINANCIAL GROUP 190,399.84 74,065,536.83 1.54 

MITSUI & CO 121,499.90 150,902,871.29 3.13 

N.T.T. 50,899.96 185,530,345.76 3.84 

NAFCO 29,399.97 42,306,563.92 0.88 

NEC MOBILING 22,599.98 50,556,156.88 1.05 

NHK SPRING 64,999.94 44,914,961.69 0.93 

NIHON KOHDEN 45,499.96 78,305,433.21 1.63 

NINTENDO 25.00 521,499.56 0.01 


NORITZ 32,699.97 51,338,956.21 1.07 

NTT DOCOMO 1,162.00 161,517,862.24 3.36 

OKINAWA CELLULAR TELEPHONE 241.00 40,921,765.10 0.85 

ROHM 9,799.99 50,469,956.95 1.05 

SAN-A 18,999.98 60,324,948.55 1.25 

SANYO SPECIAL STEEL 150,999.87 61,909,947.20 1.29 

SEKISUI CHEMICAL 94,999.92 47,974,959.08 1.00






(note 2) 


SHIN-ETSU CHEMICAL 20,699.98 84,145,428.23 1.75 

SIIX 55,799.95 49,271,357.98 1.02 

SONY 24,199.98 62,460,146.73 1.30 




SUMITOMO TRUST & BANKING 59,999.95 25,079,978.61 0.52 

SUZUKI MOTOR 27,999.98 49,167,958.06 1.02 

SYSMEX 8,899.99 51,530,956.05 1.07 

TOCALO 58,899.95 77,806,833.64 1.62 



TOKYO OHKA KOGYO 32,699.97 48,624,858.53 1.01 

TOYOTA MOTOR 25,499.98 76,448,934.80 1.59 

TRANCOM 27,199.98 37,563,167.96 0.78 


YAMADA DENKI 16,683.99 86,423,046.29 1.80 

4,491,340,994.33 93.30 

TOTAL DU PORTEFEUILLE-TITRES 4,491,340,994.33 93.30 




297



298 





Japon 93.30 

93.30 





Chimie 7.32 













Loisirs 1.71 




93.30

Pictet - Asian Equities Ex Japan 





(note 2) 


ACTIONS 

BERMUDES 


JARDINE MATHESON HOLDINGS 121,500.03 5,484,511.53 0.79 

KUNLUN ENERGY 2,270,200.63 2,931,405.83 0.42 

CHINE 

8,415,917.36 1.21 

BANK OF CHINA 25,085,465.99 13,157,111.87 1.91 


CHINA LIFE INSURANCE ’H’ 1,668,700.46 6,591,023.37 0.95 

CHINA SHENHUA ENERGY H 795,200.22 3,289,466.82 0.47 

CNOOC 8,010,206.23 15,525,139.79 2.24 

DONGFENG MOTOR GROUP ’H’ 3,780,001.05 7,735,464.62 1.11 

GUANGZHOU R&H PROP. ’H’ (TEMP. TRAD) 268.00 376.45 0.00 

KWEICHOW MOUTAI A 308,518.09 7,778,779.10 1.12 

PETROCHINA ’H’ 7,305,102.03 8,500,765.23 1.22 

SHENZHEN EXPRESS ’A’ 7,059,993.97 5,295,982.61 0.76 

TSINGTAO BREWERY ’A’ 1,193,136.33 7,094,185.06 1.02 

COREE DU SUD 

86,351,069.31 12.44 

CJ 57,997.02 4,669,336.73 0.67 

CJ CHEILJEDANG 16,961.00 3,584,887.08 0.52 

DC CHEMICAL CO LTD 9,130.00 2,830,526.20 0.41 

DONGBU INSURANCE 32,299.01 998,516.35 0.14 

HANJIN HEAVY 1.00 31.48 0.00 

HONAM PETROCHEMICAL 20,181.01 3,761,045.62 0.54 


HYUNDAI MOTOR 74,679.02 10,020,673.42 1.44 

KB FINANCIAL 211,757.06 9,099,988.41 1.31 

KIA MOTORS 121,590.03 3,924,213.80 0.57 

KOREA EXCHANGE BANK 443,490.12 5,367,473.41 0.77 

KOREAN AIR 82,829.02 5,637,040.09 0.81 

KT 110,490.03 4,428,393.02 0.64 

LG CHEMICAL 28,441.01 8,318,551.02 1.20 

LG CORP 122,871.03 8,890,175.32 1.28 

LG DISPLAY CO. 167,130.05 5,775,074.87 0.83 

SAMSUNG CARD 6.00 302.04 0.00 


SAMSUNG ENGINEERING 51,463.01 6,860,340.50 0.99 

SK HOLDINGS 39,019.01 4,055,099.07 0.58 

WOONG JIN COWAY 44,360.01 1,727,354.56 0.25 

HONG-KONG 

122,869,721.65 17.71 

BOC HONG KONG (HOLDINGS) 1,635,900.46 5,186,041.23 0.75 

CHEUNG KONG HOLDINGS 737,200.21 11,172,149.91 1.61 

CHINA MOBILE 2,501,921.70 25,616,016.85 3.69 

CHINA TAIPING INSURANCE HOLDINGS 1,740,300.48 5,842,193.73 0.84 



HONGKONG LAND HOLDINGS 1,431,500.40 8,889,617.48 1.28 

299



300 




(note 2) 


HUTCHISON WHAMPOA 804,400.22 7,505,069.78 1.08 

LENOVO GROUP 7,307,302.04 4,510,623.29 0.65 

LI & FUNG 403,700.11 2,270,842.97 0.33 

MTR 1,361,000.38 5,147,665.72 0.74 

SUN HUNG KAI PROPERTIES 760,100.21 13,125,614.28 1.90 

SWIRE PACIFIC ’A’ 618,500.17 8,520,430.05 1.23 

ILES CAIMANS 

112,600,199.25 16.23 

BELLE INTERNATIONAL 318.00 638.47 0.00 

FUFENG GROUP 2,394,000.67 1,699,886.21 0.24 

LEE & MAN PAPER MANUFACTURING 6,940,701.93 6,126,859.92 0.88 

TECENT HOLDINGS 438,300.12 9,579,468.75 1.39 


INDE 

22,008,698.60 3.17 

ANDHRA BANK DEMAT. 892,428.25 3,197,683.16 0.46 

COX AND KINGS GDR (REPR.1 SH.) 165,757.05 2,090,196.35 0.30 

EXIDE INDUSTRIES DEMAT. 1,313,931.37 4,824,428.70 0.70 

GAIL INDIA 567,744.16 6,083,152.81 0.88 

ICICI BANK DEMAT. 337,279.09 8,422,136.57 1.21 




LIC HOUSING FINANCE DEMAT. 128,320.04 4,136,210.68 0.60 

MAHINDRA & MAHINDRA 624,486.17 9,688,849.62 1.39 

MARUTI SUZUKI 112,355.03 3,632,315.56 0.52 

NAGARJUNA CONSTRUCTION DEMAT. 832,734.23 2,931,477.51 0.42 


RANBAXY LABORATORIES DEMAT. 274,589.08 3,426,047.30 0.49 

SHRIRAM TRANSPORT FINANCE DEMAT. 309,228.09 5,382,523.20 0.78 

SINTEX INDUSTRIES DEMAT. 438,565.12 3,781,478.88 0.54 

STATE BANK OF INDIA DEMAT. 99,323.03 7,221,251.60 1.04 

TATA MOTORS DEMAT. 356,958.10 8,794,604.94 1.27 

UNION BANK OF INDIA DEMAT. 422,175.12 3,683,729.92 0.53 

YES BANK 464,825.13 3,651,749.12 0.53 

INDONESIE 

115,444,561.26 16.63 

ASTRA INTERNATIONAL 831,600.23 5,281,032.83 0.76 

BANK NEGARA INDONESIA 17,908,504.99 7,371,194.70 1.06 

BANK RAKYAT INDONESIA 6,068,101.69 6,796,323.73 0.98 

INDOFOOD CBP SUKSES MAKMUR TBANK 3,034,000.84 1,833,278.11 0.26 

P.T. TELEKOMUNIKASI INDONESIA ’B’ 7,201,002.01 7,419,966.88 1.07 

PERUSAHAAN GAS NEGA ’B’ 11,902,221.31 5,132,275.47 0.74 


PT BUMI SERPONG DAMAI 34,120,009.50 3,668,610.32 0.53 

PT HARUM ENERGY 4,305,001.20 2,507,251.09 0.37 

SEMEN GRESIK 3,561,133.99 3,948,614.32 0.57 

UNITED TRACTORS 1,697,100.47 3,887,067.42 0.56 

58,617,223.56 8.45


MALAISIE 





(note 2) 


AMMB HOLDINGS 2,979,600.83 5,723,689.22 0.82 


GENTING BERHAD 2,694,600.75 8,659,032.37 1.25 

IOI CORPORATION 1,782,760.50 3,158,956.12 0.46 

TENAGA NASIONAL 747,800.21 2,136,571.51 0.31 

ROYAUME-UNI 

26,695,662.81 3.85 

CAIRN ENERGY 335,749.09 2,444,453.86 0.35 

SINGAPOUR 

2,444,453.86 0.35 

OLAM INTERNATIONAL 2,745,600.76 6,809,704.36 0.98 

OVERSEA-CHINESE BANKING 683,000.19 4,598,724.21 0.66 

SEMBCORP MARINE 1,973,200.55 5,899,796.72 0.85 

SINGAPORE AIRLINES 483,000.13 5,997,091.51 0.86 

UNITED OVERSEAS BANK 485,600.14 6,768,267.86 0.98 

TAIWAN 

30,073,584.66 4.33 

ACER 2,494,303.69 6,351,250.49 0.92 

CATHAY FINANCIAL 4,452,066.24 6,817,488.32 0.98 

CHINATRUST FINANCIAL HOLDINGS 5,801,001.62 3,664,870.40 0.53 

CHINATRUST FINANCIAL HLDGS. (PROV) 371,264.10 234,551.71 0.03 


COMPAL ELECTRONICS 5,177,682.44 6,201,766.72 0.89 

FAR EASTERN TEXTILE 3,307,698.92 4,561,249.58 0.66 

FAR EASTERN TEXTILE (PROV.) 67,693.02 93,347.30 0.01 

FORMOSA PLASTICS 1,074,000.30 2,641,734.55 0.38 


HON HAI PRECISION INDUSTRY 466,356.13 1,757,296.18 0.25 

HON HAI PRECISION INDUSTRY (PROV.) 375,402.10 1,414,568.48 0.20 

MEDIATEK 613,446.17 8,636,353.08 1.25 

SILITECH TECHNOLOGY 914,260.25 2,717,934.48 0.39 

SYNNEX TECHNOLOGY INTL 1,496,130.42 3,473,740.95 0.50 

TAIWAN SEMICONDUCTOR 5,993,157.67 11,916,173.06 1.73 

WPG HOLDING 2,208,369.62 4,390,893.07 0.63 

YOUNG FAST OPTOELECTRONICS 258,000.07 2,945,501.40 0.42 

THAILANDE 

80,923,333.98 11.66 

BANGKOK BANK PUBLIC FGN NOM. (THB) 852,400.24 4,536,747.78 0.65 

BANPU PUBLIC NVDR 154,400.04 3,643,250.10 0.52 

KASIKORNBANK PUB. FGN NOM. 1,914,000.53 7,821,540.29 1.14 

SIAM COMMERCIAL BANK PUB. FGN NOM. 1,120,500.31 3,821,913.72 0.55 

19,823,451.89 2.86 

TOTAL ACTIONS 686,267,878.19 98.89 

301


WARRANTS 

HONG-KONG 






(note 2) 

HENDERSON LAND DEV. (58) WTS 1.6.11 158,120.04 45,643.50 0.01 

45,643.50 0.01 


TOTAL I. 686,313,521.69 98.90 


DROITS 

TAIWAN 

YOUNG FAST OPT. RTS 258,000.07 26,906.17 0.00 

26,906.17 0.00 

TOTAL II. 26,906.17 0.00 


ILES CAIMANS 


VIETNAM GROWTH FUND 85,962.02 1,057,332.89 0.15 

VIETNAM RESOURCE INVESTMENTS FD. 431,318.12 539,147.65 0.08 

1,596,480.54 0.23 

TOTAL III. 1,596,480.54 0.23 












Inde 16.63 


Chine 12.44 

Taïwan 11.66 



Malaisie 3.85 



Bermudes 1.21 


99.13 





Pétrole 6.49 







Chimie 2.53 



















Warrants 0.01 

Divers biens d’investissements 0.00 

Droits 0.00 

99.13 


Pictet - Greater China 






(note 2) 


ACTIONS 

BERMUDES 


CHINA YURUN FOOD 1,763,000.00 6,543,178.76 1.64 

HUABAO INTERNATIONAL HOLDINGS 1,298,000.00 2,023,969.89 0.51 

CHINE 

8,567,148.65 2.15 


BANK OF CHINA 22,095,000.00 11,588,638.10 2.91 


CHANGSHA ZOOMLION HEAVY ’A’ 1,092,717.00 1,734,086.35 0.44 



CHINA MERCHANTS BANK ’A’ 1,084,017.00 2,097,704.77 0.53 

CHINA MERCHANTS BANK ’H’ 715,505.00 1,844,109.28 0.46 

CHINA NATIONAL MATERIALS H 2,310,000.00 1,923,040.73 0.48 

CHINA RAILWAY 3,081,000.00 2,414,011.10 0.61 

CHINA RESOURCES POWER HOLDINGS 1,024,800.00 2,202,820.70 0.55 

CHINA SHENHUA ENERGY H 254,500.00 1,052,778.01 0.26 


CHINA VANKE ’A’ 3,103,588.00 3,895,667.24 0.98 

CNOOC 5,904,000.00 11,442,954.49 2.88 

DONGFENG MOTOR GROUP ’H’ 3,267,107.00 6,685,868.67 1.68 

GD MIDEA HOLDING ’A’ 1,999,960.00 4,572,473.99 1.15 

GUANGZHOU AUTOMOBILE ’H’ 1,456,000.00 2,506,754.59 0.63 

IND. & COMM. BANK OF CHINA ’H’ 7,956,243.00 5,926,248.56 1.49 

JIANGXI COPPER ’H’ 1,127,000.00 2,855,297.83 0.72 

KWEICHOW MOUTAI ’A’ 163,456.00 4,121,275.78 1.04 

PETROCHINA ’H’ 3,888,000.00 4,524,368.73 1.14 


PING AN INSURANCE ’A’ 694,500.00 5,488,887.39 1.38 

SHANGHAI INDUSTRIAL HOLDINGS 701,000.00 3,541,180.55 0.89 

WUHAN ZHONGBAI GROUP ’A’ 1,839,989.00 3,656,835.05 0.92 

ZHAOJIN MINING INDUSTRY H 1,306,810.00 4,024,892.97 1.01 

ZTE ’H’ 372,300.00 1,482,502.73 0.37 

HONG-KONG 

124,727,271.80 31.35 

BOC HONG KONG (HOLDINGS) 1,897,500.00 6,015,349.66 1.51 

CHEUNG KONG HOLDINGS 1,059,000.00 16,048,973.77 4.04 

CHINA MOBILE 1,524,800.00 15,611,720.60 3.92 

CHINA RESOURCES CEMENT 6,310,000.00 3,716,118.42 0.93 

CHINA TAIPING INSURANCE HOLDINGS 353,800.00 1,187,707.62 0.30 

CLP HOLDINGS 283,000.00 2,259,288.71 0.57 

HANG SENG BANK 289,037.00 4,249,942.66 1.07 



HUTCHISON WHAMPOA 613,000.00 5,719,301.96 1.44 

LI & FUNG 1,060,000.00 5,962,578.35 1.50 

MTR 1,362,000.00 5,151,446.56 1.29 

SUN HUNG KAI PROPERTIES 910,847.00 15,728,750.24 3.95






(note 2) 


SWIRE PACIFIC ’A’ 175,389.00 2,416,150.83 0.61 

THE LINK REIT 843,500.00 2,500,097.28 0.63 

WHARF HOLDINGS 477,000.00 3,067,347.01 0.77 

WING HANG BANK 103,500.00 1,241,082.67 0.31 

ILES CAIMANS 

104,726,075.01 26.32 

AGILE PROPERTY HOLDINGS 1,298,000.00 1,471,978.10 0.37 


BOSIDENG INTERNATIONAL HOLDINGS 11,220,000.00 4,872,667.12 1.22 

CHINA DONGXIANG 6,951,000.00 3,995,086.00 1.00 

CHINA MENGNIU DAIRY 932,000.00 2,882,512.10 0.72 

CHINA VANADIUM TITANO-MAGN. MINING 2,455,000.00 1,135,768.79 0.29 

CHINA WIRELESS TECHNOLOGIES 4,984,000.00 2,318,618.10 0.58 

EVERGRANDE REAL ESTATE GROUP 7,256,000.00 2,449,867.24 0.62 

GEELY AUTOMOBILE 3,000,000.00 1,488,421.62 0.37 

LANSEN PHARMACEUTICAL HOLDINGS 521,000.00 235,661.60 0.06 

LI NING 764,500.00 2,320,130.36 0.58 

MINTH GROUP 950,000.00 1,895,128.00 0.48 

SANDS CHINA 598,000.00 1,078,880.16 0.27 

SHENGUAN HOLDINGS 8,417,397.00 9,871,046.29 2.49 


TINGYI (CAYMAN ISLANDS) HOLDING 408,000.00 1,125,169.42 0.28 

XINYU HENGDELI HLGDS 12,252,000.00 5,668,203.35 1.43 

TAIWAN 

48,723,185.04 12.24 

ACER 972,923.00 2,477,355.78 0.62 

ADVANCED SEMICONDUCTOR ENGINEER. 3,815,569.00 3,089,655.82 0.78 

ASUSTEK COMPUTER 260,256.00 1,869,554.71 0.47 

AU OPTRONICS 2,080,000.00 2,161,213.91 0.54 


CHINATRUST FINANCIAL HOLDINGS 7,682,849.00 4,853,755.91 1.22 



DELTA ELECTRONICS 1,263,000.00 5,285,709.26 1.33 

E. SUN FINANCIAL 4,159,080.00 2,160,735.95 0.54 

EVA AIRWAYS 1,557,000.00 1,358,147.46 0.34 

FORMOSA INTERNATIONAL HOTELS 190,000.00 3,107,514.66 0.78 

FORMOSA PLASTICS 2,640,000.00 6,493,647.35 1.63 



HON HAI PRECISION INDUSTRY 1,616,893.00 6,092,682.63 1.53 

HON HAI PRECISION INDUSTRY (PROV.) 194,027.00 731,121.31 0.18 

INNOLUX DISPLAY 2,307,000.00 3,144,314.18 0.79 

MEDIATEK 138,617.00 1,951,508.40 0.49 

POWERTECH TECHNOLOGY 1,060,100.00 3,416,664.26 0.86 

PRIME VIEW INTERNATIONAL 1,733,000.00 3,367,910.92 0.85 

QUANTA COMPUTER 2,370,000.00 3,853,414.39 0.97 

TAISHIN FINANCIAL HOLDINGS 6,660,000.00 2,990,141.04 0.75 

TAIWAN MOBILE 1,095,000.00 2,264,974.11 0.57 


TRIPOD TECHNOLOGY 317,000.00 1,214,832.99 0.31 








(note 2) 


UNI-PRESIDENT ENTERPRISES 2,694,000.00 3,503,304.27 0.88 

UNI-PRESIDENT ENTREPRISES (PROV.) 269,400.00 350,330.43 0.09 

WINBOND ELECTRONICS 8,715,000.00 2,316,921.56 0.58 

102,001,708.80 25.63 

TOTAL DU PORTEFEUILLE-TITRES 388,745,389.30 97.69 










Chine 31.35 


Taïwan 25.63 


Bermudes 2.15 

97.69 










Pétrole 4.02 






Chimie 1.63 





Divers 1.43 







97.69 


Pictet - Japanese Equity Selection 






(note 2) 


ACTIONS 

JAPON 


ADVANCE RESIDENCE 1,499.94 211,041,431.01 1.59 



AISIN SEIKI 60,997.52 158,837,550.66 1.20 

ALPINE ELECTRONICS 197,092.00 210,691,345.23 1.59 

ARNEST ONE 150,993.87 138,914,359.61 1.05 

ASAHI BREWERIES 120,995.09 202,061,795.61 1.53 

ASKUL 100,895.90 170,211,388.85 1.28 

ASTELLAS PHARMA 77,996.83 235,160,451.70 1.78 


BENESSE 59,097.60 237,572,353.77 1.79 

CANON 79,396.78 309,250,443.40 2.33 

CAPCOM 108,995.57 142,675,206.91 1.08 

CREDIT SAISON 115,395.31 128,781,171.05 0.97 

DAIICHIKOSHO 169,493.12 220,341,053.42 1.66 

DENSO 61,897.49 153,196,279.72 1.16 


FANUC 14,099.43 149,876,914.50 1.13 

FOSTER ELECTRIC 122,595.02 259,411,067.04 1.96 

FP CORP 44,098.21 199,323,906.78 1.50 

FUJI SEAL INTERNATIONAL 82,996.63 144,082,149.78 1.09 

FUJIFILM 118,795.18 328,468,663.07 2.48 

FUJITSU 370,984.94 217,397,172.95 1.64 

HONDA MOTOR 170,193.09 504,282,124.46 3.81 

ITOCHU 554,377.49 423,544,402.68 3.20 



MITSUBISHI ESTATE 303,987.66 412,815,238.32 3.12 

MITSUBISHI UFJ FINANCIAL GROUP 1,233,849.90 479,967,611.71 3.62 

MITSUI & CO 363,985.22 452,069,644.46 3.41 

MUSASHI SEIMITSU INDUSTRY 81,296.70 159,016,343.40 1.20 

N.T.T. 154,493.73 563,129,635.05 4.24 

NHK SPRING 159,993.50 110,555,511.08 0.83 

NIHON KOHDEN 130,594.70 224,753,474.26 1.70 

NINTENDO 1.00 20,859.15 0.00 


NITTO DENKO 46,898.10 153,122,282.72 1.16 

NORITZ 114,795.34 180,228,682.11 1.36 

NTT DOCOMO 4,368.82 607,266,361.73 4.57 

ROHM 36,398.52 187,452,388.81 1.42 

SEKISUI CHEMICAL 269,989.04 136,344,463.96 1.03 

SHIN-ETSU CHEMICAL 57,397.67 233,321,526.36 1.76 

SIIX 187,192.40 165,290,888.64 1.25 

SONY 126,994.84 327,773,691.29 2.47 




SUMITOMO TRUST & BANKING 359,985.38 150,473,890.26 1.14






(note 2) 


SUZUKI MOTOR 79,996.75 140,474,296.27 1.06 

SYSMEX 30,398.77 176,008,853.45 1.33 



TOKYO OHKA KOGYO 94,296.17 140,218,406.66 1.06 

TOYOTA MOTOR 134,894.52 404,413,779.45 3.05 

TS TECH 126,894.85 176,130,048.53 1.33 


YAMADA DENKI 43,384.24 224,730,355.20 1.70 

13,091,159,312.88 98.82 








310 





Japon 98.82 

98.82 







Chimie 5.85 







Loisirs 1.66 









98.82

Pictet - Generics 





(note 2) 


ACTIONS 



ASPEN PHARMACARE 1,392,862.36 18,801,614.23 4.46 

ALLEMAGNE 

18,801,614.23 4.46 

STADA ARZNEIMITTEL NOM. 225,789.64 6,759,072.23 1.60 

ETATS-UNIS 

6,759,072.23 1.60 

HOSPIRA 322,519.27 18,570,659.83 4.40 

MOMENTA PHARMACEUTICALS 399,808.00 5,909,162.23 1.40 

MYLAN 1,593,551.09 29,958,760.51 7.11 

PERRIGO 326,537.48 21,064,932.58 4.99 

WATSON PHARMACEUTICALS 284,611.71 12,150,074.04 2.88 

GRECE 

87,653,589.19 20.78 

ALAPIS 3,222,074.74 7,177,332.10 1.70 

HONGRIE 

7,177,332.10 1.70 

EGIS 111,108.37 12,204,619.10 2.89 

GEDEON RICHTER 63,004.98 14,427,898.15 3.42 

ILES CAIMANS 

26,632,517.25 6.31 

3SBIO ADR (R.7 SHS) 611,937.84 8,053,101.98 1.91 

SIMCERE PHARMACEUTIC ADR (R.2 SHS) 553,088.75 5,591,727.24 1.33 

INDE 

13,644,829.22 3.24 

DR REDDY’S LAB ADR (R. 1 SHS) 525,429.30 17,113,232.30 4.06 

ISRAEL 

17,113,232.30 4.06 

TEVA PHARMACEUTICAL ADR 613,270.27 32,251,883.46 7.66 

JAPON 

32,251,883.46 7.66 

NICHI-IKO PHARMACEUTICAL 461,426.52 16,058,786.38 3.81 

SAWAI PHARMACEUTICAL 176,291.95 15,899,526.65 3.77 

TOWA PHARMACEUTICAL 278,685.93 15,746,587.93 3.73 

ROYAUME-UNI 

47,704,900.96 11.31 

HIKMA PHARMACEUTICALS 2,060,276.83 23,542,965.80 5.58 

SHIRE ADR (R. 3 SHS) 182,106.18 12,461,526.01 2.95 

RUSSIE 

36,004,491.81 8.53 


SLOVENIE 

21,539,842.49 5.11 

KRKA 147,961.49 12,953,151.92 3.07 

12,953,151.92 3.07 

311


SUISSE 


312 




(note 2) 

ACINO HOLDING 43,585.85 4,362,612.29 1.03 

LONZA GROUP 206,705.14 17,867,336.72 4.24 

22,229,949.01 5.27 

TOTAL ACTIONS 350,466,406.17 83.10 

WARRANTS 



AUROBINDO (ML) LEPO WTS 4.8.15 443,736.33 10,248,041.66 2.43 

BIOCON (ML) LEPO WTS 08.11.10 1,095,136.37 8,863,157.71 2.10 

CIPLA (ML) LEPO WTS 08.11.10 1,235,786.50 8,820,673.29 2.09 

DIVI’S LABO. (ML) LEPO WTS 20.10.14 534,278.75 8,382,459.67 1.99 

LUPIN (ML) LEPO WTS 20.10.14 1,575,473.11 13,652,892.39 3.24 

SUN PHARMA (ML) LEPO WTS 08.11.10 153,198.83 6,850,377.78 1.62 

ROYAUME-UNI 

56,817,602.50 13.47 

SUN PHARMA. (DB) LEPO WTS 06.02.17 175,202.65 7,876,224.54 1.87 

7,876,224.54 1.87 

TOTAL WARRANTS 64,693,827.04 15.34 













Japon 11.31 


Israël 7.66 

Hongrie 6.31 

Suisse 5.27 

Russie 5.11 


Inde 4.06 


Slovénie 3.07 

Grèce 1.70 


98.44 



Warrants 15.34 

Chimie 4.24 



98.44 

313

Pictet - Emerging Markets Index 


314 




(note 2) 


ACTIONS 



ABSA GROUP 105,400.00 2,025,092.50 0.18 

AFRICAN BANK INVESTMENTS 235,770.00 1,211,928.95 0.11 

AFRICAN RAINBOW MINERALS 35,500.00 855,139.74 0.07 

ANGLO PLATINUM NOM. 21,058.00 1,995,804.68 0.17 

ANGLOGOLD ASHANTI 122,071.00 5,659,588.08 0.50 

ARCELOR SOUTH AFRICA 56,673.00 669,093.05 0.06 

ASPEN PHARMACARE 82,213.00 1,108,071.55 0.10 

AVENG 117,166.00 730,786.16 0.06 

BIDVEST GROUP 96,424.00 2,034,578.16 0.18 

DISCOVERY HOLDINGS 81,700.00 458,268.87 0.04 

EXXARO RESOURCES 39,600.00 683,630.02 0.06 

FIRSTRAND 896,452.00 2,758,393.45 0.24 

FOSCHINI 65,300.00 777,031.10 0.07 

GOLD FIELDS 222,700.00 3,371,969.13 0.30 

GROWTHPOINT PROPS 494,400.00 1,215,743.74 0.11 

HARMONY GOLD MINING (ZAR) 124,400.00 1,391,279.67 0.12 

IMPALA PLATINIUM HOLDING 162,800.00 4,201,712.77 0.37 

IMPERIAL HOLDINGS 53,614.00 872,131.89 0.08 

INVESTEC 70,800.00 603,713.17 0.05 

KUMBA IRON ORE 26,200.00 1,363,401.02 0.12 

LIBERTY HLDGS 33,349.00 338,783.40 0.03 

MASSMART HOLDINGS 62,300.00 1,320,267.51 0.12 

MTN GROUP 526,500.00 9,511,924.10 0.82 

MURRAY & ROBERT HOLDINGS 100,810.00 649,007.05 0.06 

NASPERS ’N’ 123,900.00 6,054,389.37 0.53 

NEDBANK 57,100.00 1,207,530.58 0.11 

NETCARE 335,300.00 665,379.01 0.06 

NORTHAM PLATINUM 26,200.00 172,768.34 0.02 

PICK’N PAY STORES 67,200.00 416,441.01 0.04 

PRETORIA PORTLAND CEMENT 169,711.00 777,707.38 0.07 

REDEFINE PROP. -LINKED UNIT. ZAR- 756,100.00 878,139.90 0.08 

REMGRO 139,000.00 2,173,999.22 0.19 

REUNERT 59,640.00 530,272.15 0.05 

RMB HOLDINGS 237,700.00 1,293,422.52 0.11 

SANLAM 613,250.00 2,312,558.68 0.20 

SAPPI 170,700.00 878,183.78 0.08 

SASOL 185,300.00 8,312,902.32 0.72 

SHOPRITE HOLDING (SHP) 131,800.00 1,869,952.88 0.16 

STANDARD BANK GROUP 382,824.00 6,092,865.50 0.53 

STEINHOFF INTERNATIONAL HOLDINGS 375,300.00 1,104,757.53 0.10 

TELKOM 85,900.00 474,191.05 0.04 

TIGER BRANDS 51,620.00 1,403,317.01 0.12 

TRUWORTHS INTERNATIONAL 140,000.00 1,405,159.20 0.12 

VODACOM GROUP 121,600.00 1,207,404.55 0.11 

WOOLWORTHS HOLDINGS 244,668.00 948,600.42 0.08 

85,987,282.16 7.54


BERMUDES 





(note 2) 


CENTRAL EURO MEDIA ’A’ 10,800.00 268,507.26 0.02 

CHINA YURUN FOOD 423,000.00 1,569,203.35 0.14 

CREDICORP 21,584.00 2,458,417.60 0.22 

HOPSON DEVELOPMENT HOLDINGS 200,000.00 223,354.89 0.02 

HUABAO INTERNATIONAL HOLDINGS 517,000.00 805,790.77 0.07 

KUNLUN ENERGY 778,000.00 1,004,138.67 0.09 

NINE DRAGONS PAPER 529,000.00 915,801.42 0.08 

SINOFERT HOLDINGS 660,000.00 380,012.46 0.03 

SKYWORTH DIGITAL HOLDINGS 468,000.00 326,129.05 0.03 

BRESIL 

7,951,355.47 0.70 

AES TIETE PFD 31,673.00 422,319.10 0.04 

ALL AMERICA LATINA LOGIS. 4PREF+1SH 130,874.00 1,321,717.61 0.12 

AMBEV-CIA DE BEBIDAS PREF 47,489.00 5,747,620.54 0.50 

AMBEV PFD -SUBSC. RECEIPTS- 288.00 34,083.34 0.00 

B2W CIA GLOBAL DO VAREJO 16,614.00 306,940.24 0.03 

BANCO BRADESCO PREF 599,136.00 11,995,450.11 1.05 

BANCO DO BRASIL 184,409.00 3,497,261.67 0.31 

BANRISUL PREF ’B’ 56,321.00 566,467.81 0.05 

BCO SANTANDER (55 ORD+50PFD) 178,500.00 2,402,195.54 0.21 

BMF BOVESPA 621,179.00 5,188,101.87 0.45 

BR MALLS PARTICIPACOES 100,200.00 836,281.37 0.07 

BRADESPAR 5,271.00 127,528.20 0.01 

BRADESPAR PREF 67,456.00 1,612,541.49 0.14 

BRASIL TELECOM PFD ADR (R.3 SHS) 1,900.00 37,715.00 0.00 

BRASIL TELECOM PREF 98,278.00 646,794.72 0.06 

BRASKEM ’A’ PREF 47,942.00 486,154.82 0.04 

BRF FOODS 211,408.00 3,213,171.76 0.28 

BROOKFIELD INCORPORACOES 68,300.00 366,454.35 0.03 

CEMIG MINAS GERAIS PREF 116,894.00 1,893,955.88 0.17 

CESP PREF ’B’ 50,500.00 754,131.69 0.07 

CIA BRASILEIRA DISTR. PFD ’A’ 28,473.00 980,639.49 0.09 

CIA SIDERURGICA NACIONAL NOM. 240,632.00 4,165,822.23 0.37 

CIELO 196,500.00 1,708,443.38 0.15 

CONCESSOES RODOVIARIAS 50,675.00 1,305,609.48 0.11 

COPEL PREF ’B’ 32,895.00 723,255.03 0.06 

COSAN 38,354.00 569,129.67 0.05 

CPFL ENERGIA 31,490.00 719,314.67 0.06 

CYRELA BRAZIL REALTY SA EMPREEDI. 93,437.00 1,320,868.84 0.12 

DURATEX SA 80,100.00 867,568.70 0.08 

ELETROBRAS ’B’ PREF 62,885.00 942,792.40 0.08 

ELETROBRAS NOM. 73,960.00 941,197.89 0.08 

ELETROPAULO ’B’ PREF 29,239.00 521,200.41 0.05 

EMBRAER EMPRES. BRASIL. AERONAUTICA 179,511.00 1,251,342.67 0.11 

ENERGIAS DO BRASIL 16,631.00 359,281.40 0.03 

FIBRIA CELULOSE 52,636.00 909,059.88 0.08 

FOSFERTIL PREF 32,454.00 340,975.77 0.03 

GAFISA 119,800.00 922,789.45 0.08 

GERDAU METALURGICA PREF 88,204.00 1,422,342.76 0.12 

GERDAU PREF 210,636.00 2,822,238.72 0.25 

GOL LINHAS AEREAS INTELLIGENTES 34,400.00 526,903.51 0.05 

315



316 




(note 2) 


HYPERMARCAS 86,300.00 1,339,172.96 0.12 

ITAU UNIBANCO PFD (NEW) 730,916.00 17,459,667.26 1.53 

ITAUSA INVESTIMENTOS ITAU PREF 728,372.00 5,554,577.69 0.49 

JBS 165,372.00 713,533.96 0.06 

KLABIN 129,562.00 359,427.07 0.03 

LLX LOGISTICA 83,500.00 456,386.46 0.04 

LOCALIZA RENT A CAR 33,600.00 564,230.86 0.05 

LOJAS AMERICANAS PREF 98,993.00 904,504.50 0.08 

LOJAS RENNER 39,300.00 1,345,181.69 0.12 

MARFRIG ALIMENTOS 43,761.00 445,307.27 0.04 

MMX MINERACAO E METALICOS 56,000.00 424,082.13 0.04 

MRV ENGENHARIA PARTICIPACOES 97,177.00 921,179.61 0.08 

MULTIPLAN EMPR.IMOBILIARIOS 21,800.00 461,940.70 0.04 

NATURA COSMETICOS 54,745.00 1,470,249.86 0.13 

NET SERVICOS DE COMMUNICACAO 65,728.00 857,389.15 0.08 

OGX PETROLEO E GAS 415,700.00 5,410,331.90 0.47 

PDG REALTY SA EMPREENDI. E PARTIC. 168,000.00 1,998,111.05 0.18 

PETROBRAS PREF 1,031,852.00 16,748,865.45 1.47 

PETROLEO BRASILEIRO PETROBRAS NOM 733,267.00 13,157,428.35 1.15 

PORTO SEGURO 37,421.00 479,303.29 0.04 

REDECARD 109,595.00 1,698,069.02 0.15 

ROSSI RESIDENCIAL 57,200.00 546,948.37 0.05 

SABESP 37,485.00 838,555.89 0.07 

SOUZA CRUZ IND. & COMERCIO NOM. 24,067.00 1,201,219.08 0.11 

SUL AMERICA 34,500.00 386,908.25 0.03 

SUZANO PAPEL ’A’ PREF 56,537.00 535,603.11 0.05 

TAM PREF 22,200.00 501,996.18 0.04 

TAM SUB. RECEIPTS 843.00 18,310.94 0.00 

TELE NORTE LESTE 17,798.00 330,390.19 0.03 

TELE NORTE LESTE PARTICIPAC. PREF 79,718.00 1,138,694.05 0.10 

TELEMAR NORTE LESTE PREF ’A’ 9,175.00 243,157.52 0.02 

TIM PARTICIP. PREF (LOT1000) 185,332.00 596,186.59 0.05 

TRACTEBEL ENERGIA 42,581.00 636,377.55 0.06 

TRANSMISSAO ENERGIA PAULISTA PFD 8,793.00 269,623.61 0.02 

ULTRAPAR PARTICIPACOES PREF 23,558.00 1,415,537.85 0.12 

USIMINAS PREF ’A’ 144,418.00 1,935,006.70 0.17 

USIMINAS USINAS SIDER. MIN. GERAIS 56,688.00 862,265.17 0.08 

VALE DO RIO DOCE 416,550.00 12,858,908.84 1.13 

VALE DO RIO DOCE PREF ’A’ 640,226.00 17,496,435.81 1.53 

VIVO PARTICIPACOES PREF 51,575.00 1,406,424.75 0.12 

CHILI 

180,765,154.14 15.85 

AES GENER 734,200.00 414,788.75 0.04 

BANCO DE CREDITO E INVERSIONES 10,582.00 637,208.89 0.06 

BC SANTANDER CL ADR (R. 1039 SHS) 14,218.00 1,372,747.90 0.12 

CAP SA 23,700.00 1,175,906.57 0.10 

CENCOSUD 289,100.00 1,953,905.39 0.17 

CERVEZAS 34,100.00 382,983.49 0.03 

COLBUN 2,236,900.00 649,393.87 0.06 

CONCHATORO 123,000.00 296,269.29 0.03 

COPEC 141,300.00 2,650,471.40 0.23 

EMPRESAS CMPC 35,080.00 1,889,438.96 0.17






(note 2) 


ENDESA (CHILE) ADR (R. 30 SHS) 35,587.00 1,922,765.61 0.17 

ENERSIS ADR (R. 50 SHS) 84,174.00 1,978,930.74 0.17 

ENTEL 33,500.00 544,040.11 0.05 

FALABELLA 90,770.00 890,440.40 0.08 

LAN AIRLINES 44,000.00 1,301,675.38 0.11 

SOC.QUIMICA Y MINERA CHILE B 29,300.00 1,416,951.61 0.12 

CHINE 

19,477,918.36 1.71 


AIR CHINA ’H’ 698,000.00 963,821.44 0.08 

ALUMINIUM CORP CHINA ’H’ 1,292,000.00 1,218,203.85 0.11 

ANGANG NEW STEEL ’H’ 368,000.00 590,625.55 0.05 

ANHUI CONCH CEMENT ’H’ 266,000.00 1,207,778.04 0.11 

BANK OF CHINA 18,233,000.00 9,558,701.81 0.84 


BBMG ’H’ 269,000.00 377,681.01 0.03 

BEIJING CAPITAL INTL AIRPORT NOM. 568,000.00 298,507.24 0.03 

BYD ’H’ 169,500.00 1,361,295.89 0.12 

CHINA BLUECHEMICAL ’H’ 572,000.00 415,548.30 0.04 

CHINA CITIC BANK ’H’ 1,987,000.00 1,266,920.72 0.11 

CHINA COAL ENERGY ’H’ 1,082,000.00 1,789,528.65 0.16 

CHINA COMMUNICATION CONST. ’H’ 1,362,000.00 1,294,731.88 0.11 

CHINA COMMUNICATIONS SERV. ’H’ 536,000.00 317,591.59 0.03 


CHINA COSCO HOLDINGS ’H’ 854,000.00 964,725.67 0.08 

CHINA INTL. MARINE CONTAINERS ’B’ 242,000.00 412,714.50 0.04 


CHINA LONGYUAN POWER GROUP ’H’ 602,000.00 597,081.46 0.05 

CHINA MERCHANTS BANK ’H’ 1,261,182.00 3,249,033.07 0.28 

CHINA MINSENG BANKING ’H’ 1,247,200.00 1,116,521.99 0.10 

CHINA NATIONAL BUILDING MAT. ’H’ 382,000.00 894,547.93 0.08 

CHINA OILFIELD SERVICES 420,000.00 656,771.58 0.06 

CHINA OVERSEAS LAND & INVESTMENT 1,319,440.00 2,790,674.41 0.24 

CHINA PACIFIC INSURANCE ’H’ 268,000.00 1,006,282.05 0.09 

CHINA PETROLEUM & CHEMICAL ’H’ 5,130,000.00 4,546,238.08 0.40 

CHINA RAILWAY 1,275,000.00 998,527.74 0.09 

CHINA RAILWAY CONSTRUCTION ’H’ 611,000.00 821,652.31 0.07 

CHINA RESOURCES POWER HOLDINGS 526,800.00 1,131,848.20 0.10 

CHINA SHENHUA ENERGY H 1,095,000.00 4,527,573.65 0.40 

CHINA SHIPING CONTAINER LINES 1,054,750.00 388,563.44 0.03 

CHINA SHIPPING DEVELOPMENT ’H’ 414,000.00 569,531.78 0.05 

CHINA SOUTH LOCOMOTIVE ’H’ 609,000.00 575,784.18 0.05 

CHINA TELECOM ’H’ 4,490,000.00 2,463,782.20 0.22 


CHINA VANKE ’B’ 388,600.00 491,041.48 0.04 

CNOOC 5,756,500.00 11,151,998.89 0.98 

DATANG INTERNATIONAL POWER GEN ’H’ 984,000.00 410,663.86 0.04 

DONGFANG ELECTRICAL MACHINERY ’H’ 113,000.00 530,545.15 0.05 

DONGFENG MOTOR GROUP ’H’ 876,000.00 1,791,847.22 0.16 

FUJIAN ZIJIN MINING 1,304,000.00 1,108,582.20 0.10 

GOME ELECTRICAL APPLIANCES 3,337,680.00 1,006,020.72 0.09 

GUANGZHOU AUTOMOBILE ’H’ 700,337.00 1,205,202.16 0.11 

317



318 




(note 2) 


GUANGZHOU R&H PROP.’H’ (TEMP.TRAD) 304,000.00 426,821.67 0.04 

HUANENG POWER INTL ’H’ 1,042,000.00 648,277.91 0.06 

IND. & COMM. BANK OF CHINA ’H’ 17,232,000.00 12,829,504.89 1.11 

INNER MONGOLIA YITAI COAL ’B’ 197,000.00 1,119,551.00 0.10 

JIANGSU EXPRESSWAY ’H’ 398,000.00 416,792.59 0.04 

JIANGXI COPPER ’H’ 438,000.00 1,109,185.02 0.10 

LUJIAZUI FINANCE ’B’ 93,000.00 147,312.00 0.01 

MAANSHAN IRON & STEEL ’H’ 526,000.00 328,604.76 0.03 

METALLURGICAL CORP. OF CHINA ’H’ 765,000.00 398,097.25 0.03 

PETROCHINA ’H’ 6,802,000.00 7,911,717.11 0.69 

PICC PROPERTY AND CASUALTY ’H’ 788,000.00 1,065,766.07 0.09 


SHANDONG WEIGAO GROUP H 120,000.00 341,601.60 0.03 

SHANGHAI ELECTRIC GROUP ’H’ 898,000.00 498,539.97 0.04 

SHANGHAI INDUSTRIAL HOLDINGS 169,000.00 853,334.19 0.07 

SHIMAO PROPERTY HOLDING LTD 503,500.00 836,634.09 0.07 

SINOPEC SHANGHAI PETROCHEMICAL’H’ 810,000.00 333,873.05 0.03 

SINOPHARM ’H’ 182,000.00 751,356.06 0.07 

WEICHAI POWER ’H’ 64,000.00 675,989.89 0.06 

YANTAI CHANGYU PIONEER WINE B 50,000.00 637,604.79 0.06 

YANZHOU COAL MINING ’H’ 630,800.00 1,547,052.32 0.14 

ZHEJIANG EXPRESSWAY ’H’ 450,000.00 424,297.01 0.04 

ZTE ’H’ 165,100.00 657,130.95 0.06 

COLOMBIE 

135,647,144.19 11.89 

ALMACENES EXITO 54,600.00 678,297.15 0.06 

BANCOLOMBIA 73,900.00 1,205,212.14 0.11 

BANCOLOMBIA PFD 90,500.00 1,497,035.54 0.13 

CEMARGOS 88,800.00 621,084.62 0.05 

ECOPETROL 1,289,200.00 2,647,825.06 0.22 

GRUPO DE INVERSIONES SURAMERICANA 62,900.00 1,339,357.49 0.12 

INTERCONEXION ELECTRICA 124,600.00 975,224.09 0.09 

INVERSIONES ARGOS 94,800.00 1,199,804.40 0.11 

COREE DU SUD 

10,163,840.49 0.89 

AMOREPACIFIC 1,027.00 1,032,196.02 0.09 

BANK OF PUSAN 48,450.00 597,003.98 0.05 

CELLTRION 16,770.00 328,713.63 0.03 

CHEIL INDUSTRIES 14,720.00 1,288,384.44 0.11 

CJ CHEILJEDANG 2,562.00 541,506.02 0.05 

DAEGU BANK 40,900.00 538,048.83 0.05 

DAELIM INDUSTRIAL 8,910.00 659,518.94 0.06 

DAEWOO ENGINEERING & CONSTRUCTION 35,863.00 353,839.46 0.03 

DAEWOO INTL. 16,040.00 565,506.42 0.05 

DAEWOO SECURITIES 40,440.00 891,982.34 0.08 

DAEWOO SHIPBUILD & MARINE 26,280.00 628,056.89 0.06 

DC CHEMICAL CO LTD 4,800.00 1,488,119.39 0.13 

DONG KUK STEEL MILL 8,930.00 213,806.66 0.02 

DONGBU INSURANCE 13,640.00 421,677.68 0.04 

DOOSAN 3,370.00 450,720.04 0.04 

DOOSAN HEAVY INDUSTRIS & CONSTR. 13,810.00 1,028,273.14 0.09 

DOOSAN INFRACORE 26,890.00 564,811.38 0.05






(note 2) 


GLOVIS 3,810.00 509,567.76 0.04 

GS ENG. & CONSTRUCTION 11,280.00 867,592.55 0.08 

GS HOLDING 16,350.00 791,523.76 0.07 

HANA FINANCIAL HOLDINGS 61,442.00 1,818,637.92 0.16 

HANJIN HEAVY 10,920.00 343,814.52 0.03 

HANKOOK TIRE 23,960.00 692,387.71 0.06 

HANWHA 14,890.00 574,585.28 0.05 

HANWHA CHEMICAL 27,450.00 658,425.74 0.06 

HITE BREWERY (NEW) 2,034.00 226,548.81 0.02 

HONAM PETROCHEMICAL 4,570.00 851,691.39 0.07 

HYNIX SEMICONDUCTOR 156,280.00 3,035,877.57 0.27 

HYOSUNG 7,270.00 784,235.76 0.07 

HYUNDAI DEPARTMENT STORE 3,910.00 473,219.86 0.04 

HYUNDAI DEVELOPMENT CO 17,970.00 475,950.89 0.04 


HYUNDAI HEAVY INDUSTRIES 12,260.00 3,521,347.58 0.31 

HYUNDAI MIPO DOCLYARD 3,430.00 567,038.56 0.05 

HYUNDAI MOBIS 21,960.00 4,949,628.23 0.43 

HYUNDAI MOTOR 49,510.00 6,643,416.45 0.58 

HYUNDAI MOTOR PFD N-VTG 7,920.00 368,135.90 0.03 

HYUNDAI MOTOR PRIV. II 11,790.00 569,734.51 0.05 

HYUNDAI SECURITIES 36,837.00 516,905.75 0.05 

HYUNDAI STEEL 17,640.00 1,810,054.13 0.16 

INDUSTRIAL BANK OF KOREA 51,490.00 704,457.20 0.06 

KANGWON LAND 30,450.00 662,286.80 0.06 

KB FINANCIAL 105,691.00 4,541,938.06 0.40 

KIA MOTORS 76,280.00 2,461,872.88 0.22 

KKC 1,520.00 489,234.16 0.04 

KOREA ELEC. POWER (KEPCO) 83,340.00 2,148,859.14 0.19 

KOREA EXCHANGE BANK 80,580.00 975,244.41 0.09 

KOREA GAS 7,140.00 305,893.25 0.03 

KOREA INVESTMENT 13,110.00 402,418.42 0.04 

KOREA LIFE INSURANCE 50,940.00 340,871.43 0.03 

KOREA ZINC 2,660.00 730,185.32 0.06 

KOREAN AIR 11,425.00 777,544.13 0.07 

KT 38,681.00 1,550,318.80 0.14 

KT & G CORP 35,430.00 2,112,940.10 0.19 

LG CHEMICAL 14,895.00 4,356,557.66 0.38 

LG CORP 30,290.00 2,191,595.21 0.19 

LG DISPLAY CO. 73,830.00 2,551,151.27 0.22 

LG ELECTRONICS 30,310.00 2,554,561.98 0.22 

LG ELECTRONICS N-VOTING 5,950.00 197,771.31 0.02 

LG HOUSEHOLD & HEALTHCARE 2,770.00 1,022,748.82 0.09 

LG INNOTEK 3,450.00 423,598.34 0.04 

LG TELECOM 74,285.00 480,148.68 0.04 

LOTTE CONFECTIONERY 210.00 246,239.56 0.02 

LOTTE SHOPPING 3,350.00 1,395,550.44 0.12 

LS CABLE 5,510.00 565,385.39 0.05 

LS INDUSTRIAL SYSTEMS 4,870.00 399,344.49 0.04 

MIRAEASSET SECURITIES 6,906.00 362,188.69 0.03 

NCSOFT 4,530.00 941,572.29 0.08 

NHN 13,070.00 2,246,667.38 0.20 

319



320 




(note 2) 


POSCO 20,860.00 9,439,981.13 0.82 

S1 CORP 5,790.00 317,877.67 0.03 

SAMSUNG 39,910.00 2,177,104.29 0.19 

SAMSUNG CARD 14,020.00 705,776.23 0.06 

SAMSUNG ELEC. PREF N-VTG ID550 6,530.00 3,189,888.45 0.28 

SAMSUNG ELECTRO-MECHANICS 19,330.00 2,110,611.63 0.19 


SAMSUNG ENGINEERING 9,760.00 1,301,069.59 0.11 

SAMSUNG FIRE & MAR. INSUR. 11,430.00 1,954,735.33 0.17 

SAMSUNG HEAVY INDUSTRIES 53,380.00 1,411,474.40 0.12 

SAMSUNG LIFE INSURANCE 16,280.00 1,484,891.98 0.13 

SAMSUNG SDI 10,860.00 1,485,804.07 0.13 

SAMSUNG SECURITIES 16,540.00 941,428.46 0.08 

SAMSUNG TECHWIN 12,171.00 1,206,179.18 0.11 

SEOUL SEMICONDUCTOR 11,390.00 433,531.42 0.04 

SHINHAN FINANCIAL GROUP 129,626.00 4,962,305.39 0.43 

SHINSEGAE 4,590.00 2,419,325.36 0.21 

SK BROADBAND 51,510.00 245,752.29 0.02 

SK C&C 4,110.00 365,860.05 0.03 

SK ENERGY 19,446.00 2,481,420.67 0.22 

SK HOLDINGS 8,454.00 878,592.95 0.08 

SK NETWORKS 25,250.00 248,019.90 0.02 

SK TELECOM 12,560.00 1,889,125.82 0.17 

S-OIL 14,340.00 886,636.06 0.08 

STX PAN OCEAN 25,880.00 274,635.56 0.02 

STX PAN OCEAN 5,930.00 62,124.45 0.01 

TONG YANG SECURITIES 24,420.00 228,087.97 0.02 

WOONG JIN COWAY 15,700.00 611,349.76 0.05 

WOORI FINANCE HOLDINGS 92,000.00 1,145,732.66 0.10 

WOORI INVEST. & SEC. 27,540.00 503,590.02 0.04 

YUHAN CORP 2,752.00 447,712.75 0.04 

EGYPTE 

152,127,190.39 13.34 

COMMERCIAL INTERNATIONAL BANK 164,000.00 1,235,866.03 0.11 

EFG-HERMES 82,300.00 420,401.73 0.04 

EGYPT KUWAITI HOLDING 193,532.00 307,715.88 0.03 


EL EZZ STEEL REBARS 67,400.00 227,908.69 0.02 

ELSWEDY CABLES 10,600.00 131,791.28 0.01 

ORASCOM CONSTRUCTION INDUST. NOM. 29,377.00 1,291,889.28 0.10 

ORASCOM TELECOM 861,540.00 762,739.57 0.07 

TELECOM EGYPT 106,000.00 325,474.93 0.03 

TMG HOLDING 287,300.00 354,277.03 0.03 

ETATS-UNIS 

5,357,454.70 0.47 

SOUTHERN COPPER 68,300.00 2,398,696.00 0.21 

HONG-KONG 

2,398,696.00 0.21 

BEIJING ENTREPRISES 163,500.00 1,162,527.43 0.10 

CHAODA MODERN AGRICULTURE 803,040.00 665,111.60 0.06 

CHINA AGRI-INDUSTRIES 487,000.00 690,030.07 0.06 

CHINA EVERBRIGHT 256,000.00 609,380.15 0.05






(note 2) 


CHINA MERCHANTS 348,000.00 1,264,080.48 0.11 

CHINA MOBILE 1,930,000.00 19,751,386.29 1.73 

CHINA RESOURCES ENTERPRISE 382,000.00 1,729,557.74 0.15 

CHINA TAIPING INSURANCE HLDGS 243,000.00 815,380.60 0.07 

CHINA TRAVEL INTERNATIONAL 1,014,400.00 239,114.93 0.02 

CITIC PACIFIC 358,000.00 816,211.42 0.07 

COSCO PACIFIC 530,000.00 797,379.53 0.07 

FOSUN INTERNATIONAL 494,000.00 392,607.40 0.03 

FRANSHION PROPERTIES (CHINA) 1,160,000.00 343,662.54 0.03 

FUSHAN INTERNATIONAL ENERGY 946,000.00 640,948.67 0.06 

GUANGDONG INVESTMENT 772,000.00 402,734.37 0.04 

LENOVO GROUP 1,598,000.00 985,958.56 0.09 

POLY (HONG KONG) INVESTMENTS 638,000.00 683,739.04 0.06 

SINO-OCEAN LAND HOLDINGS 1,024,000.00 710,943.51 0.06 

SINOTRUK 235,000.00 239,436.70 0.02 

TSINGTAO BREWERY ’H’ 94,000.00 541,229.86 0.05 

WUMART STORES ’H’ 159,000.00 380,120.65 0.03 

HONGRIE 

33,861,541.54 2.96 


MAGYAR TELEKOM 149,881.00 492,074.84 0.04 


OTP BANK 74,646.00 1,960,564.37 0.17 

ILES CAIMANS 

4,903,122.91 0.42 

AGILE PROPERTY HOLDINGS 474,000.00 537,288.30 0.05 

ALIBABA. COM 397,500.00 827,417.80 0.07 

ANTA SPORTS PRODUCTS 287,000.00 664,688.18 0.06 


CHINA DONGXIANG 923,000.00 530,252.75 0.05 

CHINA HIGH SPEED TRANSMISSION 368,000.00 798,245.13 0.07 


CHINA RESOURCES LAND 652,000.00 1,325,259.62 0.12 

CHINA SHINEWAY PHARMACEUTICAL 119,000.00 419,228.37 0.04 

CHINA ZHONGWANG HOLDINGS 522,400.00 323,664.16 0.03 

COUNTRY GARDEN 1,304,000.00 424,956.51 0.04 

ENN ENERGY HLDGS 230,000.00 660,661.61 0.06 

GEELY AUTOMOBILE 1,160,000.00 575,261.21 0.05 

GOLDEN EAGLE RETAIL 217,000.00 614,934.40 0.05 

GREENTOWN CHINA 208,500.00 226,670.44 0.02 

HENGAN INTERNATIONAL GROUP 234,500.00 2,336,412.59 0.20 

HIDILI INDUSTRY INTL DEVELOPMENT 323,000.00 317,032.56 0.03 

KINGBOARD CHEMICAL HOLDINGS (NEW) 187,000.00 946,630.58 0.08 

KWG PROPERTY 423,000.00 324,193.05 0.03 

LEE & MAN PAPER MANUFACTURING 490,000.00 432,347.57 0.04 

LI NING 216,500.00 656,742.59 0.06 

LONGFOR PROPERTIES 404,000.00 457,421.54 0.04 

PARKSON RETAIL GP 429,500.00 746,867.07 0.07 

RENHE COMMERCIAL 2,454,000.00 458,341.24 0.04 

SEMICONDUCTOR MANUFACTURING INTL 4,617,000.00 333,038.37 0.03 

SHUI ON LAND 940,400.00 460,301.71 0.04 

SOHO CHINA 677,000.00 480,492.53 0.04 

321



322 




(note 2) 



TINGYI (CAYMAN ISLANDS) HOLDING 534,000.00 1,471,978.28 0.13 


INDE 

30,081,938.17 2.64 

ADANI ENTERPRISES 48,200.00 710,959.25 0.06 

ADITYA BIRLA NUVO DEMAT. 12,300.00 234,777.08 0.02 

AMBUJA CEMENTSDEMAT. 206,800.00 647,069.64 0.06 

ASSOCIATED CEMENT DEMAT. 17,100.00 376,687.03 0.03 

AXIS BANK DEMAT. 66,500.00 2,274,037.61 0.20 

BAJAJ AUTO 27,000.00 883,215.58 0.08 

BHARAT HEAVY ELECTRICALS DEMAT. 37,000.00 2,040,825.24 0.18 

BHARAT PETROLEUM DEMAT. 27,000.00 450,380.46 0.04 

CAIRN INDIA 112,300.00 837,220.27 0.07 

CIPLA DEMAT. 106,000.00 760,411.56 0.07 

DLF 132,300.00 1,113,516.19 0.10 

DR REDDY’S LABORATORIES DEMAT. 32,700.00 1,049,150.57 0.09 

GAIL INDIA 121,800.00 1,294,438.16 0.11 

GMR INFRASTRUCTURE 315,900.00 399,312.71 0.04 

HCL TECHNOLOGIES DEMAT. 50,300.00 470,985.22 0.04 

HDFC BANK DEMAT. 88,500.00 4,902,802.54 0.43 

HERO HONDA MOTORS DEMAT. 25,200.00 1,041,984.89 0.09 

HINDALCO INDUSTRIES INDIA DEMAT. 355,671.00 1,559,696.39 0.14 

HINDUSTAN UNILEVER 271,400.00 1,866,610.74 0.16 

HOUSING DEV.& INFRASTRUCTURE 58,100.00 334,946.08 0.03 

HOUSING DEVELOPMENT FINANCE 338,900.00 5,529,797.07 0.48 

ICICI BANK ADR (R. 2 SHS) 128,900.00 6,425,665.00 0.55 

INDIABULLS REAL ESTATE DEMAT. 99,200.00 377,615.59 0.03 


INFRASTRUCTURE DEV. FIN. DEMAT. 297,600.00 1,342,792.66 0.12 

ITC DEMAT. 706,700.00 2,804,152.34 0.25 

JAIPRAKASH ASSOCIATES 311,100.00 836,338.55 0.07 


JSW STEEL DEMAT 26,100.00 774,519.60 0.07 

KOTAK MAHINDRA BANK 78,600.00 833,140.60 0.07 


MAHINDRA & MAHINDRA 85,100.00 1,309,594.71 0.11 

MARUTI SUZUKI 23,400.00 750,351.69 0.07 

NTPC DEMAT. 286,500.00 1,383,246.09 0.12 


PIRAMAL HEALTH 28,800.00 320,142.37 0.03 

RANBAXY LABORATORIES DEMAT. 31,571.00 390,711.69 0.03 

RELIANCE CAPITAL -DEMATERIALISED- 30,400.00 527,966.07 0.05 

RELIANCE COMMUNICATIONS DEMAT. 172,200.00 645,725.92 0.06 

RELIANCE INDUSTRIES DEMAT. 420,134.00 9,230,604.45 0.81 

RELIANCE INFRASTRUCTURE 36,400.00 866,033.88 0.08 

RELIANCE NATURAL RESOURCES DEMAT. 214,900.00 184,842.18 0.02 

RURAL ELECTRIFICATION 82,700.00 630,993.42 0.06 

SATYAM COMPUTER SERVICES DEMAT. 189,400.00 380,401.62 0.03 

SESA GOA DEMAT. 110,000.00 803,427.02 0.07 

SIEMENS INDIA 26,800.00 491,119.52 0.04 

STATE BANK OF INDIA GDR (R. 1 SHS) 10,400.00 1,490,320.00 0.13






(note 2) 


STEEL AUTHORITY OF INDIA DEMAT. 146,500.00 668,680.19 0.06 

STERLITE INDUSTRIES (INDIA) 423,900.00 1,574,471.93 0.14 

SUN PHARMACEUTICAL INDUS. DEMAT. 20,500.00 921,781.28 0.08 

SUZLON ENERGY 164,700.00 192,061.38 0.02 

TATA CONSULTANCY SERVICES DEMAT. 152,500.00 3,145,873.98 0.28 

TATA MOTORS DEMAT. 80,300.00 1,962,332.54 0.17 

TATA POWER DEMAT. 30,500.00 919,852.94 0.08 

TATA STEEL DEMAT. 92,320.00 1,339,240.69 0.12 

UNITECH 381,800.00 750,260.01 0.07 

UNITED PHOSPHORUS DEMAT. 75,700.00 302,227.16 0.03 

UNITED SPIRITS DEMAT 27,100.00 948,876.75 0.08 

WIPRO DEMAT 160,000.00 1,600,355.76 0.14 

ZEE ENTERTAINMENT 73,900.00 493,708.15 0.04 

INDONESIE 

93,252,415.28 8.18 

ADARO ENERGY 3,076,000.00 698,157.07 0.06 

ANEKA TAMBANG 1,087,500.00 289,490.73 0.03 

ASTRA AGRO LESTARI 124,500.00 288,856.06 0.03 

ASTRA INTERNATIONAL 650,500.00 4,134,015.89 0.36 

BANK CENTRAL ASIA 3,970,000.00 2,981,309.69 0.26 

BANK NEGARA INDONESIA 1,208,500.00 497,789.56 0.04 

BANK RAKYAT INDONESIA 1,805,000.00 2,023,107.63 0.18 

BUMI RESOURCES 5,761,500.00 1,372,259.62 0.12 

GUDANG GARAM 180,000.00 1,041,031.78 0.09 

INDO TAMBANGRAY 112,500.00 524,550.90 0.05 

INDOCEMENT TUNGGAL 474,000.00 977,547.67 0.09 

INDOSAT ’B’ 426,500.00 262,919.93 0.02 

INTERNATIONAL NICKEL INDONESIA 806,500.00 440,677.40 0.04 

P.T. TELEKOMUNIKASI INDONESIA ’B’ 3,255,000.00 3,356,453.25 0.29 

PERUSAHAAN GAS NEGA ’B’ (NEW) 3,494,000.00 1,507,736.37 0.13 

PT BANK DANAMON INDONESIA 921,544.00 599,081.42 0.05 


PT INDOFOOD SUKSES MAKMUR 1,415,000.00 864,360.13 0.08 

SEMEN GRESIK 950,000.00 1,054,145.56 0.09 

TAMBANG BATUBARA B 212,500.00 463,255.22 0.04 

UNILEVER INDONESIA 508,000.00 959,412.56 0.08 

UNITED TRACTORS 485,500.00 1,112,818.48 0.10 

ISRAEL 

27,349,061.67 2.40 

KOOR INDUSTRIES 0.86 18.71 0.00 

LUXEMBOURG 

18.71 0.00 

KERNEL HOLDING 10,800.00 244,794.03 0.02 

MALAISIE 

244,794.03 0.02 

AIRASIA 414,000.00 301,749.27 0.03 

ALLIANCE FINANCIAL GROUP 303,000.00 303,294.46 0.03 

AMMB HOLDINGS 597,250.00 1,147,292.67 0.10 

ASIATIC DEVELOPMENT 71,000.00 177,557.50 0.02 

BERJAYA CORP 612,000.00 226,005.83 0.02 

BERJAYA SPORTS TOTO 214,928.00 289,634.10 0.03 

323



324 




(note 2) 


BRITISH AMERICAN TOBACCO MALAYSIA 42,000.00 659,591.83 0.06 


BURSA MALAYSIA 98,000.00 258,095.24 0.02 

DIGI. COM 106,000.00 834,402.32 0.07 

GAMUDA 507,000.00 637,240.03 0.06 

GENTING BERHAD 717,000.00 2,304,062.17 0.19 

HONG LEONG BANK 146,000.00 430,858.43 0.04 

HONG LEONG FINANCIAL GROUP 60,000.00 176,093.29 0.02 

IJM 347,100.00 583,559.76 0.05 

IOI CORPORATION 1,073,600.00 1,902,362.14 0.16 

KUALA LUMPUR KEPONG 159,000.00 875,607.38 0.08 

LAFARGE MALAYAN CEMENT 114,000.00 291,370.26 0.03 

MALAYAN BANKING BHD 1,031,012.00 2,939,068.84 0.25 

MALAYSIAN AIRLINES SYSTEM 253,334.00 191,210.95 0.02 

MAXIS 733,000.00 1,270,343.36 0.11 

MISC 357,400.00 1,011,880.78 0.09 

MMC CORPORATION 254,000.00 246,841.59 0.02 

PARKSON HOLDINGS 148,620.00 280,197.08 0.02 

PETRONAS DAGANGAN 88,000.00 313,573.05 0.03 

PETRONAS GAS 153,000.00 540,233.23 0.05 

PLUS EXPRESSWAYS 474,000.00 640,291.54 0.06 

PPB GROUP 129,000.00 718,756.07 0.06 

PUBLIC BANK 8,698.00 35,389.33 0.00 

PUBLIC BANK BERHAD FGN NOM. 340,500.00 1,372,147.70 0.12 

RESORTS WORLD 950,000.00 1,043,245.86 0.09 

RHB CAPITAL 140,000.00 327,891.15 0.03 

S P SETIA NOM. 179,500.00 261,080.33 0.02 

SIME DARBY BERHAD 867,020.00 2,387,324.24 0.21 

TELEKOM MALAYSIA 322,000.00 356,734.69 0.03 

TENAGA NASIONAL 635,500.00 1,815,714.27 0.16 

TM INTERNATIONAL 811,750.00 1,151,754.12 0.10 

UMW HOLDINGS 189,000.00 414,489.79 0.04 

YTL CORP 212,616.00 516,559.76 0.05 

YTL POWER INTERNATIONAL 723,000.00 536,336.24 0.05 

MAROC 

33,043,663.10 2.90 

ATTIJARIWAFA BANK 8,775.00 349,873.57 0.03 

DOUJA PROMOTION GRO. ADDOHA MAROC 35,476.00 441,595.59 0.04 

MAROC TELECOM 55,260.00 1,002,907.46 0.09 

MEXIQUE 

1,794,376.62 0.16 

ALFA ’A’ 96,700.00 750,529.96 0.07 

AMERICA MOVIL ’L’ (AMX) 6,372,095.00 17,070,289.05 1.50 

CEMEX CPO (R. 2 SHS ’A’ & 1 SHS ’B’) 2,956,127.00 2,543,016.28 0.22 

COCA COLA FEMSA L 86,900.00 684,800.66 0.06 

DESARROLLADOR HOMEX 68,400.00 371,278.69 0.03 

ELEKTRA 23,800.00 838,902.81 0.07 

FOMENTO UNITS (1 ORD’B’&4 ORD’D’) 695,800.00 3,555,846.79 0.31 

GFNORTE ’O’ 454,400.00 1,730,035.57 0.15 

GRUPO AEROPORTUARIO DEL PACIF.B 165,000.00 572,770.30 0.05 

GRUPO BIMBO ’A’ 101,400.00 746,873.32 0.07 

GRUPO CARSO A1 185,900.00 940,537.12 0.08






(note 2) 


GRUPO FINANCIERO INBURSA ’O’ 261,300.00 1,040,512.37 0.09 

GRUPO MEXICO ’B’ 1,231,254.00 3,564,693.74 0.31 

GRUPO MODELO ’C’ 202,601.00 1,119,129.81 0.10 

GRUPO TELEVISA 748,900.00 2,854,272.55 0.25 

INDUSTRIAS PENOLES 30,900.00 758,863.79 0.07 

KIMBERLY CLARK DE MEXICO ’A’ 166,900.00 1,068,696.90 0.09 

MEXICHEM 264,676.00 744,739.13 0.07 

TELEFONOS DE MEXICO ’L’ 1,703,600.00 1,279,276.87 0.11 

URBI DESARROLLOS 152,800.00 319,837.17 0.03 

WAL-MART ’V’ 1,978,956.00 4,987,185.85 0.44 

PEROU 

47,542,088.73 4.17 

MINAS BUENAVENTURA ADR (R. 1 SHS) 61,308.00 2,769,895.44 0.24 

PHILIPPINES 

2,769,895.44 0.24 

AYALA 55,036.00 512,423.77 0.04 

AYALA LAND 1,731,600.00 694,455.28 0.06 

BANCO DE ORO UNIBANK 229,000.00 314,656.59 0.03 

BANK OF PHILIPPINE ISLANDS 458,596.00 569,522.39 0.05 

ENERGY DEVELOPMENT 2,545,250.00 353,209.02 0.03 

GLOBE TELECOM 10,500.00 212,942.99 0.02 

JOLLIBEE FOODS 127,000.00 266,241.40 0.02 

MANILA ELECTRIC 146,000.00 748,547.58 0.07 

METRO BANK & TRUST 175,000.00 278,939.36 0.02 

PHILIPPINE LONG DIST. TEL. (PHP) 15,500.00 923,960.65 0.08 

SM INVESTMENTS 58,000.00 753,332.82 0.07 

SM PRIME HOLDINGS 1,431,911.00 411,774.47 0.04 

POLOGNE 

6,040,006.32 0.53 

ASSECO POLOGNE 21,659.00 390,508.98 0.03 

BANK HANDLOWY 9,630.00 289,875.56 0.03 

BANK MILLENIUM 138,142.00 238,156.64 0.02 

BANK PEKAO 37,999.00 2,244,573.06 0.20 

BANK ZACHODNI 6,770.00 500,338.67 0.04 

BRE BANK 4,205.00 373,157.04 0.03 

CYFROWY POLSAT 28,590.00 147,081.79 0.01 

GETIN 108,050.00 400,757.50 0.04 

GLOBE TRADE CENTRE 41,670.00 319,125.49 0.03 

ING BANK SLASKI (BSK) 1,070.00 303,159.27 0.03 

KGHM 45,470.00 1,831,707.39 0.16 

LOTOS 22,600.00 242,156.52 0.02 

PBG 3,450.00 289,688.39 0.03 

PGE POLSKA GRUPA ENERGETYCZNA 82,700.00 667,431.20 0.06 

PKO BANK POLSKI 199,112.00 3,011,465.23 0.27 

POLISH OIL AND GAZ COMPANY 564,860.00 698,355.33 0.06 

POLISH TELECOM 234,411.00 1,447,440.86 0.13 

POLSKI KONCERN NAFTOWY 103,750.00 1,425,217.77 0.12 

PZU 12,400.00 1,745,977.62 0.15 

TAURON POLSKA ENERGIA 330,400.00 693,289.11 0.06 

TVN 42,530.00 253,996.82 0.02 

17,513,460.24 1.54 

325




326 




(note 2) 


CESKE ENERGETICKE ZAVODY 51,526.00 2,313,524.45 0.20 

KOMERCNI BANKA 4,814.00 1,052,925.10 0.09 

TELEFONICA O2 CR 35,333.00 757,886.42 0.07 

RUSSIE 

4,124,335.97 0.36 

CHEREPOVETS METAL SEVERSTAL (USD) 64,990.00 956,919.26 0.08 

COMSTAR GDR 49,910.00 321,919.50 0.03 

FGC UES (USD) 101,227,660.00 1,224,854.69 0.11 


GAZPROM ’LOCAL’ (USD) 2,934,300.00 15,358,419.63 1.34 

GAZPROM ’LOCAL’ (USD) (Titres à recevoir) 34,000.00 177,959.40 0.02 

INTER RAO UES (USD) 239,000,000.00 406,300.00 0.04 

JFSC SISTEMA GDR (R. 20 SHS) 31,740.00 856,980.00 0.08 

LUKOIL HOLDING ADR (R. 1 SHS) 150,230.00 8,533,064.00 0.74 

MAGNIT GDR 72,170.00 1,818,684.00 0.16 



MOBILE TELESYS ADR (R. 5 SHS) 160,550.00 3,408,476.50 0.30 



PIPE METALL. COMP. GDR (REP 4SHS) 17,090.00 294,802.50 0.03 

POLYMETAL (USD) 29,800.00 452,644.12 0.04 

POLYMETAL (USD) (Titres à recevoir) 3,200.00 48,606.08 0.00 

POLYUS ZOLOTO ADR (R. 1/2 SHS) 29,980.00 770,486.00 0.07 

RASPADSKAYA OAO (USD) 44,400.00 249,914.28 0.02 

ROSNEFT OIL (USD) 505,740.00 3,371,060.54 0.30 

ROSNEFT OIL (USD) (Titres à recevoir) 7,700.00 51,325.12 0.00 

RUSHYDRO OJSC (USD) 37,257,608.00 1,911,315.29 0.17 

SBERBANK (USD) 2,769,270.00 7,794,664.27 0.67 

SBERBANK PFD (USD) 317,150.00 634,363.43 0.06 

SURGUTNEFTEGAZ ADR (R. 10 SHS) 344,475.00 3,300,070.50 0.29 

TATNEFT GDR (R. 20 SHS) 72,679.00 2,274,125.91 0.20 

URALKALIY (USD) 239,790.00 1,046,827.22 0.09 

VNESHTORGBANK (USD) 493,205,910.00 1,430,297.14 0.13 

VNESHTORGBANK (USD) (Titres à recevoir) 26,000,000.00 75,400.00 0.01 

WGC 4 (USD) 4,931,480.00 432,490.80 0.04 

WIMM-BILL-DANN ADR (R. 1 SHS) 20,640.00 466,876.80 0.04 

TAIWAN 

68,943,279.46 6.04 

ACER 831,304.00 2,112,751.48 0.19 

ADVANCED SEMICONDUCTOR ENGINEER. 1,584,350.00 1,280,502.86 0.11 

ASIA CEMENT 497,528.00 507,218.41 0.04 

ASUSTEK COMPUTER 185,522.00 1,330,183.26 0.12 

AU OPTRONICS 2,380,089.00 2,468,347.22 0.22 

AVANTECH 77,301.00 203,387.83 0.02 

CAPITAL SECURITIES 340,375.00 154,163.70 0.01 

CATCHER TECHNOLOGY 159,688.00 368,021.19 0.03 


CHANG HWA COMMERCIAL BANK 1,219,000.00 815,488.86 0.07 

CHENG SHIN RUBBER 360,465.00 793,815.52 0.07 

CHENG UEI PRECISION INDUSTRY 112,899.00 208,874.77 0.02






(note 2) 


CHICONY ELECTRONICS 126,288.00 266,792.78 0.02 

CHINA AIRLINES 639,049.00 460,240.38 0.04 

CHINA DEVELOPMENT FINANCIAL 2,951,249.00 855,858.75 0.08 

CHINA LIFE INSURANCE 328,000.00 283,993.99 0.02 

CHINA STEEL 3,229,821.00 3,339,250.65 0.29 


CHINATRUST FINANCIAL HOLDINGS 2,564,831.00 1,617,309.07 0.14 

CHINESE GAMER INTL. 10,000.00 75,220.45 0.01 

CHUNGHWA PICTURE TUBES 1,215,686.00 175,495.51 0.02 


CLEVO 161,312.00 367,116.85 0.03 

CMC MAGNETICS 856,000.00 227,963.40 0.02 

COMPAL COMMUNICATIONS 109,000.00 100,132.82 0.01 

COMPAL ELECTRONICS 1,309,012.00 1,564,956.53 0.14 

CORETRONIC 220,000.00 338,011.88 0.03 

DELTA ELECTRONICS 580,074.00 2,423,047.65 0.21 

E. SUN FINANCIAL 1,101,946.00 571,404.12 0.05 

EPISTAR 201,179.00 636,220.46 0.06 

ETERNAL CHEMICAL 208,761.00 218,506.90 0.02 

EVA AIRWAYS 522,893.00 455,249.82 0.04 

EVERGREEN INTL STORAGE & TRANSP. 156,000.00 128,828.62 0.01 

EVERGREEN MARINE 379,691.00 268,590.48 0.02 

EVERLIGHT ELECTRONICS 99,065.00 278,725.79 0.02 

FAR EASTERN DEPARTMENT STORES 289,009.00 363,556.54 0.03 

FAR EASTERN TEXTILE 935,299.00 1,287,321.34 0.11 

FAR EASTONE TELECOM 531,470.00 744,260.30 0.07 

FARGLORY LAND 80,000.00 194,612.90 0.02 

FENG HSIN IRON & STEEL 124,180.00 204,704.28 0.02 

FIRST FINANCIAL 1,577,896.00 1,045,482.49 0.09 

FORMOSA CHEMICALS AND FIBER 909,513.00 2,197,980.86 0.19 

FORMOSA INTERNATIONAL HOTELS 10,000.00 163,244.37 0.01 

FORMOSA PETROCHEMICAL 365,220.00 941,062.52 0.08 

FORMOSA PLASTICS 1,284,551.00 3,153,659.20 0.28 

FORMOSA TAFFETA 262,253.00 213,217.19 0.02 

FOXCONN TECHNOLOGY 187,895.00 595,413.20 0.05 


GIANT MANUFACTURE 92,551.00 348,086.38 0.03 

HANNSTAR DISPLAY 1,692,702.00 338,090.63 0.03 


HON HAI PRECISION INDUSTR.(PROV.) 296,710.00 1,115,932.93 0.10 

HON HAI PRECISION INDUSTRY 2,465,591.00 9,273,142.77 0.81 

HUA NAN FINANCIAL 1,230,673.00 799,662.54 0.07 

INNOLUX DISPLAY 1,519,130.00 2,066,578.53 0.18 

INOTERA MEMORIES 565,972.00 317,030.50 0.03 

INVENTEC 589,505.00 306,625.95 0.03 

KGI SECURITIES 896,000.00 402,951.13 0.04 

KINSUS INTERCONNECT 86,030.00 220,296.68 0.02 

LARGAN PRECISION 28,791.00 548,329.69 0.05 

LITE ON TECHNOLOGY 637,460.00 803,928.09 0.07 

MACRONIX INTL 1,075,685.00 669,688.38 0.06 

MEDIATEK 293,724.00 4,127,356.64 0.36 

MEGA FINANCIAL HLDG 2,526,000.00 1,697,933.53 0.15 

327



328 




(note 2) 


MICRO-STAR INTERNATIONAL 313,136.00 168,387.68 0.01 

MITAC INTERNATIONAL 378,279.00 179,807.06 0.02 

MOTECH INDUSTRIES 76,464.00 285,135.30 0.02 

NAN YA PCB 65,400.00 253,297.65 0.02 

NAN YA PLASTICS 1,521,268.00 3,330,656.73 0.29 

NANYA TECHNOLOGY 389,957.00 263,994.66 0.02 

NOVATEK MICROELECTRONICS 147,686.00 418,360.47 0.04 

PEGATRON 477,805.00 624,756.52 0.06 

PHISON ELECTRONICS 42,282.00 205,715.57 0.02 

PIXART IMAGING 34,306.00 168,007.84 0.01 

POLARIS SECURITIES 641,684.00 318,361.80 0.03 

POU CHEN 690,004.00 604,055.69 0.05 

POWERCHIP SEMICONDUCTOR 2,091,361.00 579,046.12 0.05 

POWERTECH TECHNOLOGY 201,755.00 649,020.50 0.06 

PRESIDENT CHAIN STORE 164,632.00 708,768.78 0.06 

PRIME VIEW INTERNATIONAL 253,000.00 490,751.00 0.04 

QISDA CORP 386,566.00 274,072.48 0.02 

QUANTA COMPUTER 777,197.00 1,261,267.25 0.11 

REALTEK SEMICONDUCTOR 120,395.00 278,236.24 0.02 

RICHTEK TECHNOLOGY 42,173.00 313,177.48 0.03 

RUENTEX DEVELOPMENT 156,000.00 261,152.59 0.02 

RUENTEX INDUSTRIES 141,000.00 414,314.22 0.04 

SHIN KONG FINANCIAL HOLDING 1,611,619.00 577,761.30 0.05 

SILICONWARE PRECISION INDUSTRIES 960,326.00 1,008,232.23 0.09 

SIMPLO TECHNOLOGY 65,340.00 372,277.83 0.03 

SINOPAC 1,777,166.00 665,551.86 0.06 

SYNNEX TECHNOLOGY INTL 387,019.00 896,889.41 0.08 

TAISHIN FINANCIAL HOLDINGS 1,304,398.00 584,529.19 0.05 

TAIWAN BUSINESS BANK 711,000.00 216,657.93 0.02 

TAIWAN CEMENT 969,288.00 1,036,256.69 0.09 

TAIWAN COOPERATIVE 1,040,250.00 739,194.53 0.06 

TAIWAN FERTILIZER 241,000.00 752,895.85 0.07 

TAIWAN GLASS IND 291,477.00 295,754.66 0.03 

TAIWAN MOBILE 585,367.00 1,208,525.99 0.11 


TATUNG 1,552,000.00 306,013.42 0.03 

TECO ELECTRIC & MACHINERY 518,000.00 300,107.17 0.03 

TRANSCEND INFORMATION 67,111.00 172,924.94 0.02 

TRIPOD TECHNOLOGY 123,390.00 471,971.65 0.04 

TSRC 157,000.00 242,222.64 0.02 

TUNG HO STEEL ENTERPRISE 234,999.00 219,642.77 0.02 

U-MING MARINE TRANSPORT 129,000.00 253,528.11 0.02 

UNIMICRON TECHNOLOGY 387,480.00 679,669.67 0.06 

UNI-PRESIDENT ENTERPRISES 1,080,703.00 1,402,701.49 0.12 

UNITED MICROELECTRONICS 3,961,703.00 1,756,304.17 0.15 

VANGUARD INTL SEMICONDUCTOR 274,131.00 120,211.71 0.01 

WALSIN LIHWA 782,639.00 465,953.39 0.04 

WAN HAI LINES 305,883.00 212,952.45 0.02 

WINBOND ELECTRONICS 786,000.00 208,566.77 0.02 

WINTEK 363,000.00 568,757.80 0.05 

WISTRON 603,198.00 1,100,532.30 0.10 

WPG HOLDING 251,323.00 498,760.40 0.04






(note 2) 


YANG MING MARINE TRANSPORT 420,933.00 270,144.04 0.02 

YOUNG FAST OPTOELECTRONICS 30,000.00 341,852.92 0.03 

YUANTA FINANCIAL 1,914,223.00 1,164,164.03 0.10 

YULON MOTOR 253,127.00 456,967.82 0.04 

THAILANDE 

120,146,507.35 10.54 

ADVANCED INFO SERV. NOM. FGN. 13,500.00 42,257.06 0.00 

ADVANCED INFO SERVICE PUBL. NVDR 267,400.00 837,002.78 0.07 

BANGKOK BANK PUBLIC CO 4,300.00 22,102.17 0.00 

BANGKOK BANK PUBLIC FGN NOM. (THB) 294,600.00 1,567,642.98 0.14 

BANGKOK BANK PUBLIC NVDR 154,400.00 793,622.16 0.07 

BANK OF AYUDHYA NOM. FGN 437,200.00 363,733.61 0.03 

BANK OF AYUDHYA PUBLIC 176,500.00 146,841.22 0.01 

BANPU PUBLIC FGN NOM. 3,000.00 71,169.78 0.01 

BANPU PUBLIC NVDR 54,400.00 1,283,375.71 0.11 

BEC WORLD 273,100.00 348,686.63 0.03 

BEC WORLD PUBLIC -FGN- 20,800.00 26,556.87 0.00 

C.P.ALL - SHS FOREIGN 710,000.00 988,386.84 0.09 

CHAROEN POKPHAND FOODS-FGN- 988,500.00 822,394.03 0.07 

GLOW ENERGY -FGN- 139,400.00 196,354.47 0.02 

IRPC -NVTG DR- 3,066,600.00 420,331.90 0.04 

KASIKORNBANK PUB. FGN NOM. 65,800.00 268,837.27 0.02 

KASIKORNBANK PUBLIC 166,190.00 640,667.43 0.06 

KASIKORNBANK PUBLIC CO NVDR 305,500.00 1,177,711.65 0.10 

KRUNG THAI BANK FGN 37,600.00 21,060.98 0.00 

KRUNG THAI BANK NVDR 889,900.00 498,461.96 0.04 

PTT AROMATICS & REFINING-FOREIGN 347,900.00 315,231.07 0.03 

PTT CHEMICAL FGN 113,700.00 505,750.27 0.04 

PTT EXPLORATION & PROD. FGN NOM. 22,500.00 114,168.19 0.01 

PTT EXPLORATION & PRODUCTION NVDR 345,400.00 1,752,608.64 0.16 

PTT FGN NOM. 13,500.00 132,108.91 0.01 

PTT PUBLIC NVDR 260,300.00 2,547,255.51 0.22 

SIAM CEMENT PUBLIC FGN 14,500.00 175,815.72 0.02 

SIAM CEMENT PUBLIC NVDR 76,700.00 841,553.04 0.07 

SIAM COMMERCIAL BANK NVDR 491,500.00 1,676,122.54 0.16 

THAI OIL -FGN- 272,400.00 473,447.10 0.04 

TURQUIE 

19,071,258.49 1.67 

AKBANK 383,274.00 2,345,026.63 0.21 

ANADOLU EFES BIRACI 64,210.00 1,003,243.28 0.09 

ARCELIK 59,900.00 329,222.19 0.03 

ASYA KATILIM BANKASI B 140,936.00 339,075.44 0.03 

BIM BIRLESIK MAGAZ 27,261.00 786,852.65 0.07 

COCA COLA ICE SANAYI 22,117.00 270,641.65 0.02 

DOGAN SIRKELTER 286,254.00 207,795.44 0.02 

ENKA INSAAT 88,112.00 383,769.77 0.03 

EREGLI DEMIR VE CE 121,932.00 434,130.28 0.04 

HACI OMER SABANCI HOLDING 191,189.00 991,332.43 0.09 

KOC HOLDING 192,322.00 917,430.57 0.08 

TUPRAS TURKIY PETROL RAFINERILERI 40,332.00 1,087,450.54 0.10 

TURK HAVA YOLLARI 136,999.00 558,810.50 0.05 

TURK TELEKOM 168,299.00 756,292.93 0.07 

329







(note 2) 

TURKCELL ILETISIM 251,346.00 1,694,227.56 0.15 

TURKIYE GARANTI BANKASI NOM. 679,414.00 3,945,562.50 0.34 

TURKIYE HALK BANKASI 90,234.00 835,930.47 0.07 

TURKIYE IS BANKASI ’C’ 514,695.00 2,188,367.29 0.19 

TURKIYE VAKIFLAR BANKASI TAO 236,734.00 720,125.95 0.06 

YAPI VE KREDI BANKASI 275,831.00 953,472.62 0.08 

20,748,760.69 1.82 

TOTAL I. 1,131,306,560.62 99.19 


ACTIONS 

CHINE 

SHANDONG WEIGAO GROUP ’H’ (PROV.) 120,000.00 341,601.60 0.03 

ROYAUME-UNI 

341,601.60 0.03 

TANJONG 73,000.00 515,516.68 0.05 

TAIWAN 

515,516.68 0.05 

CHENG UEI PRECISION INDUS. (PROV.) 1,128.00 2,086.92 0.00 

CHINA LIFE INSUR.(TAIWAN) (PROV.) 53,682.00 46,479.77 0.00 

FOXCONN TECHNOLOGY (PROV.) 26,305.00 83,356.90 0.01 

LITE ON TECHNOLOGY (PROV.) 3,187.00 4,019.26 0.00 

REALTEK SEMICONDUCTOR (PROV.) 1,203.00 2,780.17 0.00 

TAIWAN BUSINESS BANK (PROV.) 28,440.00 8,666.32 0.00 

TAIWAN COOPERATIVE (PROV.) 104,025.00 73,919.45 0.01 

UNI-PRESIDENT ENTREPRISES (PROV.) 103,570.00 134,428.97 0.01 

355,737.76 0.03 

TOTAL ACTIONS 1,212,856.04 0.11 

DROITS 

TAIWAN 


YOUNG FAST OPT. RTS 30,000.00 3,122.71 0.00 

3,122.71 0.00 

TOTAL DROITS 3,122.71 0.00 

TOTAL II. 1,215,978.75 0.11 

TOTAL DU PORTEFEUILLE-TITRES 1,132,522,539.37 99.30 










Brésil 15.85 


Chine 11.92 

Taïwan 10.57 

Inde 8.18 


Russie 6.04 

Mexique 4.17 


Malaisie 2.90 



Turquie 1.82 

Chili 1.71 


Pologne 1.54 

Colombie 0.89 

Bermudes 0.70 


Egypte 0.47 

Hongrie 0.42 


Pérou 0.24 


Maroc 0.16 



Israël 0.00 











Chimie 3.09 




















Divers 0.31 



Divers biens d’investissements 0.13 





Services médicaux 0.06 


Chantiers de construction navales 0.04 


Droits 0.00 


331

Pictet - Japanese Mid-Small Cap 


332 




(note 2) 


ACTIONS 

JAPON 


ABC-MART 5,000.00 12,850,000.00 1.87 

ACCORDIA GOLF 69.00 5,423,400.00 0.79 


ARNEST ONE 11,500.00 10,580,000.00 1.54 

ASAHI 4,700.00 5,898,500.00 0.86 

ASAHI DIAMOND INDUSTRIAL 8,000.00 12,880,000.00 1.88 

CMIC 220.00 5,788,200.00 0.84 

DAIKEN CORP 35,000.00 7,735,000.00 1.13 

DAIKOKUTENBUSSAN 3,000.00 8,361,000.00 1.22 

DENA 4,200.00 11,041,800.00 1.61 

DENKI KAGAKU KOGYO 25,000.00 8,975,000.00 1.31 

EACCESS 137.00 8,768,000.00 1.28 

ELECOM 6,200.00 4,904,200.00 0.72 

FERROTEC 10,400.00 9,588,800.00 1.40 

FUJI ELECTRIC HOLDINGS 24,000.00 5,256,000.00 0.77 

FUJI ELECTRONICS 3,100.00 3,075,200.00 0.45 

FUJI MACHINE MFG 8,900.00 11,089,400.00 1.62 

FUJIMI INC 6,200.00 7,985,600.00 1.16 

FURUKAWA-SKY ALUMINIUM 29,000.00 6,757,000.00 0.99 

FURUYA METAL 2,900.00 15,341,000.00 2.24 

GREE 8,000.00 10,856,000.00 1.58 

H.I.S. 7,400.00 12,121,200.00 1.77 

HARMONIC DRIVE SYSTEMS 23.00 8,142,000.00 1.19 

HISAKA WORKS 13,000.00 11,791,000.00 1.72 

HITACHI METALS 11,000.00 10,813,000.00 1.58 

HITACHI TRANSPORT SYSTEM 10,600.00 13,377,200.00 1.95 

HORIBA 4,400.00 8,971,600.00 1.31 

IBIDEN 1,700.00 3,602,300.00 0.53 

INTERNET INITIATIVE JAPAN 60.00 13,242,000.00 1.93 

ITOCHU TECHNO-SCIENCE 5,300.00 14,447,800.00 2.11 

JFE SHOJI HOLDINGS 18,000.00 6,120,000.00 0.89 

KABU.COM SECURITIES 9,000.00 2,871,000.00 0.42 

KAKAKU.COM 21.00 10,153,500.00 1.48 

KANTO DENKA KOGYO 34,000.00 19,380,002.00 2.82 

KEIYO BANK 16,000.00 6,624,000.00 0.97 

MACNICA 3,600.00 5,878,800.00 0.86 

MAKINO MILLING MACHINE 26,000.00 14,690,000.00 2.14 

MARUHA NICHIRO HOLDINGS 25,000.00 3,475,000.00 0.51 


MARUWA 4,900.00 9,030,700.00 1.32 

MELCO HOLDINGS 2,700.00 7,592,400.00 1.11 

MESSAGE 79.00 15,673,600.00 2.28 


MUSASHI SEIMITSU INDUSTRY 5,900.00 11,540,400.00 1.68 

MUSASHINO BANK 3,800.00 9,777,400.00 1.43 

NICHIHA 12,200.00 8,332,600.00 1.22 


NIPPON CHEMI-CON 20,000.00 6,880,000.00 1.00






(note 2) 


NIPPON SYNTHETIC CHEMICAL 8,000.00 3,984,000.00 0.58 

NISSIN ELECTRIC 26,000.00 10,426,000.00 1.52 

NITTOKU ENGINEERING 9,700.00 6,809,400.00 0.99 

NORITZ 9,100.00 14,287,000.00 2.08 

ONWARD KASHIYAMA 18,000.00 11,790,000.00 1.72 

OTSUKA 2,100.00 11,634,000.00 1.70 

PAL 1,750.00 5,181,750.00 0.76 

ROCK FIELD 6,100.00 7,984,900.00 1.16 

SANEI-INTERNATIONAL 6,600.00 6,276,600.00 0.92 

SANKYU 24,000.00 7,848,000.00 1.14 

SANYO SPECIAL STEEL 12,000.00 4,920,000.00 0.72 

SAWAI PHARMACEUTICAL 1,300.00 9,763,000.00 1.42 

START TODAY 30.00 6,987,000.00 1.02 

SUMITOMO FORESTRY 5,400.00 3,159,000.00 0.46 

TOCALO 11,700.00 15,455,700.00 2.25 

TOKAI CARBON 31,000.00 16,182,000.00 2.35 

TOKYU LIVABLE 7,800.00 6,981,000.00 1.02 

TOSEI CORP 99.00 2,950,200.00 0.43 

TOSHIBA PLANT SYSTEMS & SERVICES 16,000.00 17,824,000.00 2.59 


TOYO ELECTRIC MFG 30,000.00 11,790,000.00 1.72 

TS TECH 9,500.00 13,186,000.00 1.92 

TV ASAHI 107.00 11,984,000.00 1.75 

UNIPRESS 8,000.00 11,048,000.00 1.61 

UNITED ARROWS 12,700.00 14,274,800.00 2.08 

677,440,252.00 98.79 





333



334 





Japon 98.79 

98.79 





Chimie 9.31 




















98.79

Pictet - Euroland Index 





(note 2) 


ACTIONS 

ALLEMAGNE 


ADIDAS 8,804.00 399,789.64 0.41 

ALLIANZ NOM. 19,014.00 1,576,260.60 1.63 

B.M.W. 13,859.00 712,906.96 0.74 

B.M.W. PREF 2,244.00 76,778.46 0.08 

BASF REG. 38,560.00 1,783,592.80 1.83 

BAYER NOM. 34,581.00 1,768,818.15 1.82 

BEIERSDORF 4,226.00 189,747.40 0.20 

CELESIO 3,475.00 55,461.00 0.06 

COMMERZBANK 30,507.00 185,482.56 0.19 

CONTINENTAL GUMMIWERKE 2,165.00 123,426.65 0.13 


DEUTSCHE BANK NOM. 25,876.00 1,038,792.02 1.07 

DEUTSCHE BOERSE NOM. 8,034.00 393,224.13 0.41 

DEUTSCHE LUFTHANSA NOM. 9,164.00 123,576.54 0.13 


DEUTSCHE POSTBANK 3,595.00 89,749.18 0.09 


E.ON AG 75,788.00 1,639,294.44 1.69 

FRAPORT 1,486.00 66,290.46 0.07 

FRESENIUS 1,075.00 63,124.00 0.07 



GEA GROUP 7,054.00 129,335.09 0.13 

HANNOVER RUECKVERSICHERUNGS NOM. 2,574.00 86,846.76 0.09 

HEIDELBERGCEMENT 6,014.00 212,594.90 0.22 

HENKEL 5,427.00 180,257.81 0.19 

HENKEL PREF N-VTG 7,394.00 291,323.60 0.30 

HOCHTIEF 1,948.00 123,736.96 0.13 

INFINEON TECHNOLOGIES NOM. 45,331.00 230,326.81 0.24 

K & S 5,928.00 260,328.12 0.27 

LINDE 7,117.00 679,531.16 0.70 

MAN AG 4,456.00 356,301.76 0.37 

MERCK 2,745.00 169,146.90 0.17 

METRO 5,323.00 254,173.25 0.26 

MUENCHENER RUECKVER. NOM. 7,923.00 804,976.80 0.83 

PORSCHE AUTOMOBILE -NVTG- 3,624.00 131,641.80 0.14 

PUMA 224.00 54,208.00 0.06 

R.W.E. ’A’ 17,515.00 867,868.25 0.90 

R.W.E. PREF N-VTG 1,608.00 75,182.04 0.08 

SALZGITTER 1,819.00 86,429.79 0.09 

SAP AG (EUR) 36,145.00 1,311,521.33 1.36 

SIEMENS AG 34,392.00 2,662,972.56 2.74 

SUEDZUCKER 2,547.00 41,783.54 0.04 

THYSSENKRUPP 13,816.00 330,478.72 0.34 

TUI 6,172.00 55,393.70 0.06 

UNITED INTERNET NOM. 4,686.00 55,575.96 0.06 

335



336 




(note 2) 




WACKER CHEMIE 630.00 85,270.50 0.09 

AUTRICHE 

24,531,411.59 25.35 

ERSTE BANK DER OESTER. SPARKASSEN 8,011.00 235,283.07 0.24 

IMMOFINANZ 42,591.00 116,443.79 0.12 

OESTER. ELEKTR. WIRT. ’A’ 3,200.00 84,160.00 0.09 

OMV 6,137.00 168,522.02 0.17 

RAIFFEISEN INT. BANK-HOLDING 2,304.00 78,796.80 0.08 


VOEST-ALPINE 4,682.00 126,507.64 0.13 

WIENER STAEDTISCHE VERSICHERUNGS 1,718.00 67,740.74 0.07 

BELGIQUE 

1,028,205.26 1.06 

ANHEUSER-BUSH INBEV 30,278.00 1,306,495.70 1.35 

BELGACOM 6,493.00 185,732.27 0.19 

CNP - CIE NATIONALE A PORTFEUILLE 1,175.00 44,943.75 0.05 

COLRUYT (ETABLISSEMENTS FR.) 636.00 123,320.40 0.13 

DEXIA 23,602.00 76,281.66 0.08 

FORTIS 91,166.00 191,448.60 0.20 

GBL (GROUPE BRUXELLES LAMBERT) 3,289.00 201,023.68 0.21 


INBEV -STRIP VVPR 6,755.00 20.27 0.00 

KBC GROUPE 6,549.00 215,494.85 0.22 

MOBISTAR 1,047.00 47,031.24 0.05 

SOLVAY 2,478.00 193,903.50 0.20 

U.C.B. 4,351.00 110,580.67 0.11 

UMICORE 5,005.00 158,708.55 0.16 

CHYPRE 

3,081,351.14 3.18 

BANK OF CYPRUS HOLDINGS 23,849.00 88,241.30 0.09 

ESPAGNE 

88,241.30 0.09 

ABERTIS INFRAESTRUCTURAS 13,070.00 178,666.90 0.18 

ACCIONA 977.00 60,534.92 0.06 

ACERINOX 3,974.00 51,880.57 0.05 

ACS 5,935.00 217,369.38 0.22 

BANCO DE SABADELL 39,475.00 145,031.15 0.15 

BANCO DE VALENCIA 9,266.00 38,731.88 0.04 

BANCO POPULAR ESPANOL NOM. 35,451.00 164,847.15 0.17 

BANCO SANTANDER 344,846.00 3,212,930.18 3.32 

BANKINTER 11,351.00 57,856.05 0.06 


CINTRA 18,474.00 126,713.17 0.13 

CRITERIA CAIXACORP 36,198.00 139,470.89 0.14 


ENAGAS 7,642.00 113,598.33 0.12 

FOMENTO CONSTRUCCIONES CONTRATAS 1,384.00 28,067.52 0.03 

GAMESA 9,402.00 48,279.27 0.05 

GAS NATURAL SDG (SPLIT) 9,584.00 104,801.04 0.11






(note 2) 


GESTEVISION TELECINCO 3,870.00 31,269.60 0.03 

GRIFOLS ’A’ 5,407.00 56,881.64 0.06 

IBERDROLA 169,598.00 957,041.51 1.00 


IBERIA 16,654.00 47,147.47 0.05 

INDITEX NOM. 9,078.00 528,975.06 0.55 

INDRA SISTEMAS 3,911.00 54,714.89 0.06 

MAPFRE 30,980.00 69,147.36 0.07 


REPSOL YPF 30,975.00 585,272.63 0.60 

TELEFONICA 172,302.00 3,129,865.83 3.23 

ZARDOYA OTIS 5,981.00 78,530.53 0.08 

FINLANDE 

11,988,449.63 12.39 

ELISA ’A’ 5,717.00 96,331.45 0.10 

FORTUM 18,756.00 359,927.64 0.37 

KESKO 2,705.00 93,106.10 0.10 

KONE ’B’ 6,557.00 248,510.30 0.26 

METSO 5,247.00 176,404.14 0.18 

NESTE OIL 5,331.00 61,093.26 0.06 

NOKIA 157,686.00 1,162,145.82 1.20 

NOKIAN TYRES 4,640.00 116,881.60 0.12 

ORION ’B’ 3,468.00 50,806.20 0.05 

OUTOKUMPU ’A’ 5,253.00 76,536.21 0.08 

POHJOLA BANK ’A’ 5,435.00 48,507.38 0.05 

RAUTARUUKKI 3,672.00 55,667.52 0.06 

SAMPO OYJ 17,638.00 349,408.78 0.36 

SANOMAWSOY 3,732.00 57,920.64 0.06 

STORA ENSO ’R’ 24,782.00 179,669.50 0.19 

UPM-KYMMENE 21,454.00 269,676.78 0.28 

WARTSILA ’B’ 3,242.00 155,194.54 0.16 

FRANCE 

3,557,787.86 3.68 

ACCOR 6,063.00 162,397.46 0.17 

ADP 1,242.00 74,321.28 0.08 

AIR FRANCE - KLM 5,918.00 66,577.50 0.07 

AIR LIQUIDE 11,823.00 1,058,040.27 1.09 

ALCATEL-LUCENT 96,995.00 239,577.65 0.25 

ALSTOM 8,691.00 325,217.22 0.34 

ATOS ORIGIN 1,759.00 58,328.44 0.06 

AXA 72,231.00 926,362.58 0.96 

BIC 1,054.00 62,070.06 0.06 

BIOMERIEUX 449.00 34,128.49 0.04 

BNP PARIBAS 39,745.00 2,073,496.65 2.14 

BOUYGUES 9,851.00 310,158.74 0.32 


CAP GEMINI 6,209.00 228,491.20 0.24 

CARREFOUR 25,110.00 989,710.65 1.02 

CASINO GUICHARD 2,248.00 150,975.68 0.16 

CIE GENERALE DE GEOPHYSIQUE 5,937.00 95,585.70 0.10 

CNP ASSURANCES 6,367.00 86,750.38 0.09 

CREDIT AGRICOLE 38,584.00 442,365.56 0.46 

337



338 




(note 2) 


DANONE GROUPE 24,324.00 1,067,215.50 1.10 

DASSAULT SYSTEMES 2,566.00 138,461.36 0.14 


EDENRED 6,168.00 89,621.04 0.09 

EIFFAGE 1,529.00 53,331.52 0.06 

ELECTRICITE DE FRANCE 10,705.00 338,706.20 0.35 

ERAMET 239.00 51,803.25 0.05 

ESSILOR INTERNATIONAL 8,595.00 433,789.65 0.45 

EURAZEO 1,325.00 65,223.13 0.07 

EUTELSAT COMMUNICATIONS 4,333.00 121,324.00 0.13 

FONCIERE DES REGIONS 1,082.00 84,579.94 0.09 

FRANCE TELECOM 77,850.00 1,233,922.50 1.27 

GDF SUEZ 52,288.00 1,373,082.88 1.42 

GECINA 718.00 62,466.00 0.06 

GROUPE EUROTUNNEL ’RGPT’ 18,820.00 117,380.34 0.12 

HERMES INTERNATIONAL 2,242.00 375,535.00 0.39 

ICADE REITS 947.00 72,975.82 0.08 

ILIAD 703.00 53,730.29 0.06 

IMERYS 1,472.00 64,679.68 0.07 

IPSEN 1,134.00 27,573.21 0.03 

JC DECAUX 2,884.00 55,848.66 0.06 

KLEPIERRE 4,065.00 114,998.85 0.12 

L.V.M.H. 10,253.00 1,103,222.80 1.14 

LAFARGE 8,361.00 351,162.00 0.36 

LAGARDERE 4,841.00 138,718.86 0.14 

LEGRAND 5,744.00 142,508.64 0.15 

L’OREAL 9,991.00 824,057.68 0.85 

M6 METROPOLE TV 2,918.00 50,335.50 0.05 

MICHELIN ’B’ NOM. 6,142.00 342,785.02 0.35 

NATIXIS 36,907.00 155,009.40 0.16 

NEOPOST 1,217.00 66,436.03 0.07 

PAGES JAUNES 5,600.00 43,013.60 0.04 

PERNOD-RICARD 8,307.00 508,803.75 0.53 

PEUGEOT PORT. 6,350.00 156,622.75 0.16 

PPR 3,206.00 380,712.50 0.39 

PUBLICIS 5,254.00 183,049.36 0.19 

RENAULT 8,065.00 304,413.43 0.31 

SAFRAN 6,757.00 139,329.34 0.14 

SAINT GOBAIN 16,145.00 526,811.35 0.54 



SCOR SE 6,925.00 121,395.25 0.13 

SOCIETE GENERALE 26,241.00 1,108,682.25 1.15 

SODEXO 3,970.00 188,972.00 0.20 


TECHNIP (EX TECHNIP-COFLEXIP) 4,084.00 240,915.16 0.25 

TF1 -TELEVISION FRANCAISE 1- 4,811.00 54,941.62 0.06 

THALES (EX-THOMSON CSF) 3,895.00 104,424.95 0.11 

TOTAL 88,697.00 3,353,190.09 3.45 

UNIBAIL-RODAMCO 3,836.00 623,925.40 0.64 

VALLOUREC USINES A TUBES 4,550.00 331,558.50 0.34 

VEOLIA ENVIRONNEMENT 14,612.00 282,303.84 0.29






(note 2) 


VINCI 18,155.00 667,559.35 0.69 

VIVENDI 51,283.00 1,028,224.15 1.06 

GRECE 

30,506,092.30 31.52 

ALPHA BANK 21,145.00 97,267.00 0.10 

BANK OF PIRAEUS 14,923.00 54,170.49 0.06 

COCA COLA HBC (REG. SHS) 7,700.00 149,072.00 0.15 

EFG EUROBANK 13,118.00 57,981.56 0.06 

HELLENIC TELECOMM. ORGANIZATIONS 9,999.00 52,794.72 0.05 

NATIONAL BANK OF GREECE REG. 24,682.00 176,969.94 0.18 

OPAP 9,559.00 110,884.40 0.11 

PUBLIC POWER CORP OF GREECE NOM. 5,250.00 60,007.50 0.06 

IRLANDE 

759,147.61 0.77 

BANK OF IRELAND (GOV&CO) 148,100.00 91,822.00 0.09 

CRH (EUR) 29,496.00 355,131.84 0.37 

ELAN 20,990.00 86,604.74 0.09 

KERRY GROUP ’A’ 5,888.00 151,527.68 0.16 

RYANAIR HOLDINGS 14,624.00 57,340.70 0.06 

ITALIE 

742,426.96 0.77 

A2A 49,826.00 56,054.25 0.06 

ASSICURAZIONI GENERALI 48,843.00 721,411.11 0.75 

ATLANTIA 10,430.00 158,536.00 0.16 

AUTOGRILL 4,130.00 37,996.00 0.04 

BANCA CARIGE 21,180.00 36,175.44 0.04 

BANCA POPOLARE DI MILANO 16,669.00 58,341.50 0.06 



ENI 108,950.00 1,724,678.50 1.78 

EXOR 2,158.00 36,686.00 0.04 

FIAT 31,635.00 358,108.20 0.37 

FINMECCANICA 16,928.00 147,527.52 0.15 


INTESA SANPAOLO (AZ. DI RISO.) 41,669.00 78,712.74 0.08 


MEDIASET 28,782.00 149,666.40 0.15 

MEDIOBANCA 20,463.00 139,557.66 0.14 

MEDIOLANUM 7,778.00 25,375.73 0.03 

MONTE PASCHI SIENA 94,044.00 95,548.70 0.10 

PARMALAT 71,711.00 134,960.10 0.14 

PIRELLI & CIE 10,809.00 64,529.73 0.07 

PRYSMIAN 7,731.00 103,595.40 0.11 

SAIPEM 11,234.00 330,054.92 0.34 

SNAM RETE GAS 59,938.00 222,669.67 0.23 

T.E.R.N.A. 53,792.00 167,696.56 0.17 

TELECOM ITALIA 389,908.00 399,655.70 0.41 


UBI BANCA 24,863.00 176,775.93 0.18 

UNICREDITO ITALIANO SPA 564,628.00 1,057,548.24 1.09 

8,753,291.42 9.04 

339


LUXEMBOURG 


340 




(note 2) 

ARCELOR MITTAL 35,954.00 868,648.64 0.90 

SES GLOBAL FDR 12,411.00 218,867.99 0.23 

TENARIS SA (EUR) 20,113.00 282,989.91 0.29 

PAYS-BAS 

1,370,506.54 1.42 

AEGON 64,700.00 284,356.50 0.29 

AKZO NOBEL 9,855.00 445,988.03 0.46 

ASML 18,148.00 397,622.68 0.41 

BOSKALIS WESTMINSTER 2,747.00 84,566.40 0.09 

CORIO 2,394.00 120,059.10 0.12 

DELTA LLOYD 3,282.00 44,996.22 0.05 

EUROPEAN AERONAUTIC DEFENCE SPACE 16,900.00 309,185.50 0.32 

HEINEKEN 10,866.00 413,342.64 0.43 

HEINEKEN HOLDING 4,767.00 152,973.03 0.16 


KONINKLIJKE DSM 6,501.00 244,307.58 0.25 

KONINKLIJKE KPN NV 68,185.00 773,558.83 0.80 

KONINKLIJKE VOPAK 2,938.00 102,859.38 0.11 

QIAGEN 10,018.00 131,486.25 0.14 

RANDSTAD HOLDING 4,557.00 151,862.03 0.16 

REED ELSEVIER 28,902.00 267,343.50 0.28 


SBM OFFSHORE 7,117.00 98,926.30 0.10 

STMICROELECTRONICS 26,491.00 148,773.46 0.15 

TNT 16,020.00 315,754.20 0.33 

UNILEVER NV (EUR) 68,187.00 1,494,999.98 1.53 

WOLTERS KLUWER 12,227.00 188,295.80 0.19 

PORTUGAL 

7,620,818.58 7.87 

BANCO COMERCIAL PORTUGUES NOM. 115,627.00 73,885.65 0.08 

BANCO ESPIRITO SANTO NOM. 22,816.00 77,460.32 0.08 

BRISA AUTO-ESTRADAS NOM. 6,643.00 31,421.39 0.03 

CIMPOR (CIMENTOS PORTUGAL) NOM. 7,576.00 35,773.87 0.04 


GALP ENERGIA ’B’ 9,645.00 122,105.70 0.13 


PORTUGAL TELECOM SGPS 24,071.00 235,655.09 0.24 

844,109.63 0.88 

TOTAL ACTIONS 94,871,839.82 98.02 

CERTIFICATS 

PAYS-BAS 


FUGRO CRT 2,724.00 131,392.14 0.14 

ING GROEP (CRT.) 160,443.00 1,220,971.23 1.26 

1,352,363.37 1.40 

TOTAL CERTIFICATS 1,352,363.37 1.40


DROITS 

ALLEMAGNE 





(note 2) 



HEIDELBERGCEMENT STRIP VVPR 42.00 0.42 0.00 

CHYPRE 

92,811.62 0.10 

BANK OF CYPRUS RTS 21.10.10 23,849.00 10,732.05 0.01 

FRANCE 

10,732.05 0.01 

FONCIERE DES REGIONS RTS 31.12.10 1,202.00 1,189.98 0.00 

MICHELIN RTS 13.10.10 6,142.00 12,578.82 0.01 

TOTAL STRIP VVPR 503.00 0.50 0.00 

GRECE 

13,769.30 0.01 

NATIONAL BANK OF GREECE CV RTS 11.10.10 26,147.00 17,257.02 0.02 

NATIONAL BANK GREECE RTS 11.10.10 26,147.00 9,412.92 0.01 

26,669.94 0.03 

TOTAL DROITS 143,982.91 0.15 





341



342 





France 31.53 


Espagne 12.39 

Pays-Bas 9.27 

Italie 9.04 

Finlande 3.68 

Belgique 3.18 


Autriche 1.06 

Portugal 0.88 

Grèce 0.80 

Irlande 0.77 

Chypre 0.10 

99.57 





Chimie 6.69 

Pétrole 6.39 






















Loisirs 0.41 



Articles de bureaux et ordinateurs 0.30 



Divers 0.21 

Droits 0.15 




99.57

Pictet - US Equity Growth Selection 





(note 2) 


ACTIONS 



SCHLUMBERGER 938,090.00 57,711,296.80 4.10 

ETATS-UNIS 

57,711,296.80 4.10 

ABBOTT LABORATORIES 188,600.00 9,899,614.00 0.70 

ALLERGAN 670,400.00 44,722,384.00 3.18 

ALTERA 254,450.00 7,791,259.00 0.55 

AMAZON. COM 93,200.00 14,817,868.00 1.05 

AMERICAN EXPRESS 663,352.00 28,530,769.52 2.03 

APPLE 306,450.00 88,064,536.50 6.27 

BROADCOM ’A’ 194,150.00 6,812,723.50 0.48 

CISCO SYSTEMS (USD) 2,249,000.00 49,185,630.00 3.50 

COCA-COLA 237,000.00 13,926,120.00 0.99 

COGNIZANT TECH SOL ’A’ 734,550.00 47,569,458.00 3.38 

COLGATE PALMOLIVE 133,050.00 10,419,145.50 0.74 

DANAHER 515,550.00 20,915,863.50 1.49 

DISCOVERY COMMUNICATIONS -A- 182,100.00 7,921,350.00 0.56 

ECOLAB 359,335.00 18,171,570.95 1.29 

EMERSON ELECTRIC 923,600.00 48,849,204.00 3.47 

ESTEE LAUDER ’A’ 173,000.00 11,094,490.00 0.79 

FEDEX 122,650.00 10,593,280.50 0.75 

GOOGLE ’A’ 112,850.00 59,549,816.50 4.23 

HALLIBURTON 533,850.00 17,830,590.00 1.27 

HEWLETT PACKARD 337,050.00 14,334,736.50 1.02 

HOME DEPOT 726,950.00 23,124,279.50 1.64 

INTUITIVE SURGICAL 48,300.00 13,861,134.00 0.99 

JP MORGAN CHASE 1,418,250.00 54,474,982.50 3.87 

JUNIPER NETWORKS 192,300.00 5,945,916.00 0.42 

KOHL’S 704,300.00 37,299,728.00 2.65 

LAS VEGAS SANDS 278,800.00 9,607,448.00 0.68 

MICROCHIP TECHNOLOGY 1,806,600.00 57,016,296.00 4.05 

MICROSOFT 1,324,450.00 32,449,025.00 2.31 

MONSANTO 118,160.00 5,671,680.00 0.40 

NATIONAL OILWELL VARCO 308,550.00 13,838,467.50 0.98 

NETAPP INC 1,148,600.00 58,360,366.00 4.15 

NIKE ’B’ 260,900.00 20,853,737.00 1.48 

PEPSICO 316,050.00 21,096,337.50 1.50 

PRAXAIR 311,900.00 27,986,787.00 1.99 

PRECISION CASTPARTS 314,000.00 40,716,380.00 2.89 

QUALCOMM 655,800.00 29,058,498.00 2.07 

STARBUCKS 861,050.00 22,215,090.00 1.58 

STARWOOD HOTELS & RESORTS 665,400.00 34,687,302.00 2.47 

STERICYCLE 147,350.00 10,277,662.50 0.73 

T ROWE PRICE GROUP 571,750.00 28,381,670.00 2.02 

TARGET 384,250.00 20,572,745.00 1.46 

THERMO FISHER SCIENTIFIC INC 478,750.00 22,908,187.50 1.63 

VISA ’A’ 462,715.00 34,430,623.15 2.45 

VMWARE 336,550.00 29,549,090.00 2.10 

343



344 




(note 2) 



WYNN RESORTS 471,200.00 40,749,376.00 2.90 

YUM BRANDS 193,000.00 8,932,040.00 0.63 

ISRAEL 

1,255,942,432.62 89.26 

TEVA PHARMACEUTICAL ADR 671,350.00 35,306,296.50 2.51 

PANAMA 

35,306,296.50 2.51 

CARNIVAL TWIN 586,450.00 22,742,531.00 1.62 

22,742,531.00 1.62 



AUTRES ACTIFS NETS 1,409,528.30 0.10 










Israël 2.51 

Panama 1.62 

97.49 








Pétrole 6.35 





Chimie 2.39 




Loisirs 1.48 



97.49 

345

Pictet - Security 


346 




(note 2) 


ACTIONS 

ALLEMAGNE 


WIRECARD 34,166.08 455,939.46 0.28 

ESPAGNE 

455,939.46 0.28 

PROSEGUR NOM. 21,402.20 1,278,728.63 0.79 

ETATS-UNIS 

1,278,728.63 0.79 

ARUBA NETWORKS 118,869.47 2,616,317.12 1.61 

AUTOLIV 69,043.95 4,509,260.10 2.77 

BRUKER BIOSCIENCES 143,070.44 2,048,768.76 1.26 

BUCKEYE PARTNERS 17,794.83 1,119,650.79 0.69 

CAVIUM NETWORKS 67,620.36 1,983,305.14 1.22 

CLEAN HARBORS 26,471.59 1,783,391.10 1.10 

COMPELLENT TECHNOLOGIES 96,092.09 1,835,358.91 1.13 

DIGITAL REALTY TRUST 25,624.56 1,582,316.41 0.97 

DUPONT FABROS TECHNOLOGY 111,039.75 2,797,091.25 1.72 

ECOLAB 121,716.65 6,155,210.82 3.77 

EMC 306,071.10 6,326,489.64 3.88 

EMERGENCY MEDICAL SERVICES ’A’ 31,176.54 1,625,545.04 1.00 

EQUINIX 27,048.14 2,794,343.73 1.72 

F5 NETWORKS 37,013.25 3,864,553.36 2.37 

FIDELITY NATIONAL 142,358.65 3,896,356.28 2.39 

FORTINET 67,620.36 1,704,709.26 1.05 

GENTEX 113,175.13 2,194,465.73 1.35 


LIFE TECHNOLOGIES 81,856.22 3,897,174.84 2.39 

LITTELFUSE 19,218.42 849,069.70 0.52 

MAGELLAN MIDSTREAM PARTNERS 59,078.84 3,023,655.04 1.86 

NETAPP INC 159,441.69 8,101,232.23 4.97 

PLAINS ALL AMERICA PIPELINE 22,279.13 1,395,119.05 0.86 



STERICYCLE 64,061.39 4,468,282.16 2.74 

SYMANTEC 315,324.41 4,922,214.08 3.02 

THERMO FISHER SCIENTIFIC INC 67,976.26 3,252,663.85 2.00 

TRW AUTOMOTIVE 78,297.26 3,266,561.61 2.01 

VARIAN MEDICAL 96,092.09 5,822,219.70 3.58 

VERIFONE HOLDINGS 136,664.31 3,970,098.06 2.44 

VMWARE 69,755.74 6,124,553.89 3.76 

WABCO HOLDINGS 64,061.39 2,739,905.78 1.68 

WATERS 17,794.83 1,265,568.41 0.78 

ISRAEL 

116,664,248.03 71.65 

CHECK POINT SOFTWARE TECHNOLOGIES 46,978.35 1,710,012.12 1.05 

NICE SYSTEMS ADR (R. 1 SHS) 35,589.66 1,111,109.27 0.68 

RADWARE 44,842.98 1,560,087.10 0.96 

4,381,208.49 2.69


JAPON 





(note 2) 


DENSO 48,401.94 1,438,632.18 0.88 

PAYS-BAS 

1,438,632.18 0.88 

GEMALTO 29,468.24 1,214,577.90 0.75 

SENSATA TECHNOLOGIE 56,943.46 1,139,438.64 0.70 

ROYAUME-UNI 

2,354,016.54 1.45 


EXPERIAN 459,106.65 5,049,244.27 3.10 

G4S 505,373.21 2,036,089.59 1.25 

HALMA 251,489.37 1,231,053.85 0.76 

INTERTEK GROUP 110,327.95 3,219,325.93 1.98 

SMITHS GROUP 165,847.83 3,152,446.12 1.94 

TELECITY GROUP 387,184.92 3,190,611.33 1.96 

SUEDE 

20,367,147.81 12.52 

ASSA ABLOY ’B’ 194,319.56 4,957,655.09 3.04 

SUISSE 

4,957,655.09 3.04 

KABA HOLDING NOM. 3,416.61 1,131,152.82 0.69 

S.G.S. S.A. 2,491.28 4,053,662.95 2.49 


8,357,135.95 5.13 





347



348 







Suisse 5.13 

Suède 3.04 

Israël 2.69 

Pays-Bas 1.45 

Japon 0.88 

Espagne 0.79 


98.43 














Divers 1.96 


Pétrole 1.55 


98.43

Pictet - Clean Energy 





(note 2) 


ACTIONS 

ALLEMAGNE 


ROTH & RAU 122,147.00 3,004,658.59 0.47 

SMA SOLAR TECHNOLOGY 95,962.38 10,235,610.24 1.59 

WACKER CHEMIE 94,090.94 17,365,298.17 2.70 

BELGIQUE 

30,605,567.00 4.76 

HANSEN TRANSMISSIOMS INTER. (GBP) 1,069,672.85 860,217.33 0.13 

BRESIL 

860,217.33 0.13 


CANADA 

12,577,143.38 1.95 

5N PLUS 1,120,128.82 6,256,747.75 0.97 

GENESIS WORLDWIDE CANADA 241,792.39 15,241.03 0.00 

INNERGEX RENEWABLE ENERGY 580,715.66 5,321,738.57 0.83 

MAGMA ENERGY 3,379,642.78 3,900,101.87 0.61 

PLUTONIC POWER 1,292,847.28 2,758,214.89 0.43 

WESTPORT INNOVATIONS 182,842.21 3,196,081.82 0.50 

DANEMARK 

21,448,125.93 3.34 

VESTAS WIND SYSTEMS NOM. 229,085.18 8,456,788.90 1.31 

ESPAGNE 

8,456,788.90 1.31 

ACCIONA 151,684.38 12,903,871.63 2.01 

EDP RENOVAVEIS 2,783,562.81 15,847,476.56 2.46 

IBERDROLA RENOVABLES 7,725,630.32 25,866,629.08 4.02 

ETATS-UNIS 

54,617,977.27 8.49 

AMERICAN SUPERCONDUCTOR 103,459.94 3,201,050.45 0.50 

ARCHER-DANIELS MIDLAND 305,722.14 9,957,370.12 1.55 

BALDOR ELECTRIC 169,206.57 6,825,792.85 1.06 

CHESAPEAKE ENERGY 290,456.04 6,552,688.24 1.02 

COMVERGE 755,390.12 5,665,425.92 0.88 

COVANTA HOLDING 791,707.59 12,508,979.85 1.94 

CREE 361,360.48 19,882,053.52 3.09 

ENERNOC 301,247.25 9,694,136.46 1.51 

FIRST SOLAR 80,162.49 11,965,855.08 1.86 

ICF INTERNATIONAL 270,382.23 6,643,291.27 1.03 

ITC HOLDINGS 222,244.17 13,979,158.52 2.17 

ITRON 200,481.70 12,083,032.30 1.88 

JOHNSON CONTROLS 222,426.04 6,810,685.43 1.06 

MAXWELL TECHNOLOGIES (USD) 493,256.58 7,231,141.40 1.12 

MEMC ELECTRONIC MATERIALS 1,594,552.84 19,023,015.39 2.96 


NORTHWEST NATURAL GAS 135,174.29 6,382,929.96 0.99 

ORMAT TECHNOLOGIES 693,649.16 20,226,809.61 3.14 

PG & E 218,218.50 9,861,293.95 1.53 

349



350 




(note 2) 


PIEDMONT NATURAL GAS CO 227,616.59 6,607,709.61 1.03 

POLYPORE 209,528.79 6,317,292.95 0.98 

QUANTA SERVICES 525,056.41 10,112,586.40 1.57 

REGAL-BELOIT 104,847.60 6,145,117.78 0.96 

SATCON TECHNOLOGY 311,182.76 1,182,494.50 0.18 

SEMPRA ENERGY 174,321.64 9,366,301.55 1.46 

SOUTHWESTERN ENERGY 190,305.21 6,401,867.35 1.00 

SPECTRA ENERGY 546,971.65 12,306,862.05 1.91 

STR HOLDINGS 578,892.42 12,359,353.18 1.92 

SUNPOWER B 347,589.34 4,765,449.88 0.74 


FINLANDE 

294,654,730.83 45.80 

FORTUM 396,803.15 10,411,568.65 1.62 

FRANCE 

10,411,568.65 1.62 

EDF ENERGIES NOUVELLES 381,855.32 14,971,634.66 2.33 

GDF SUEZ 307,855.47 11,073,185.67 1.72 

SAFT GROUPE 255,993.64 9,965,181.92 1.55 

SECHILIENNE-SIDEC 304,791.88 8,428,425.03 1.31 

GRECE 

44,438,427.28 6.91 

TERNA ENERGY 547,766.41 2,058,580.82 0.32 

ILES CAIMANS 

2,058,580.82 0.32 

CATCH THE WIND (CAD) 3,024,575.88 1,319,882.25 0.21 

CHINA HIGH SPEED TRANSMISSION 5,324,101.97 11,554,001.98 1.80 

GCL-POLY ENERGY HOLDINGS 25,964,557.65 7,996,921.16 1.24 

JA SOLAR HOLDINGS ADR (REPR. 3SHS) 1,722,395.07 15,346,540.10 2.39 

TRINA SOLAR ADR (R. 100 SHS) 351,850.54 10,161,443.52 1.58 

WASION GROUP 8,084,878.39 6,199,182.80 0.96 

YINGLI GREEN ADR (R. 1 SHS) 856,099.29 10,992,314.86 1.71 


63,570,286.67 9.89 

RENESOLA ADR (R. 2 SHS) 790,076.22 9,615,227.58 1.49 

ITALIE 

9,615,227.58 1.49 

SNAM RETE GAS 2,028,177.23 10,185,985.98 1.58 

JAPON 

10,185,985.98 1.58 

DISCO 135,765.36 7,826,039.11 1.22 

STELLA CHEMIFA 140,130.23 4,892,024.68 0.76 

UBE INDUSTRIES 1,680,471.49 3,733,487.17 0.58 

NORVEGE 

16,451,550.96 2.56 

RENEWABLE ENERGY CORPORATION 2,153,406.91 7,361,070.36 1.14 

7,361,070.36 1.14


ROYAUME-UNI 





(note 2) 

BG GROUP 749,709.44 13,505,827.73 2.10 

ZENERGY POWER 2,176,910.78 1,418,506.04 0.22 

RUSSIE 

14,924,333.77 2.32 

RUSHYDRO OJSC (USD) 188,736,348.61 9,663,301.05 1.50 

TAIWAN 

9,663,301.05 1.50 

SINO-AMERICAN SILLICON 2,127,757.90 6,393,684.63 0.99 

6,393,684.63 0.99 

TOTAL I. 618,294,568.39 96.10 


WARRANTS 

ETATS-UNIS 


PERFECTENERGY WTS 26.01.10 1,173,056.40 11.73 0.00 

11.73 0.00 

TOTAL II. 11.73 0.00 





351



352 







Espagne 8.49 

France 6.91 


Canada 3.34 

Japon 2.56 


Brésil 1.95 

Finlande 1.62 

Italie 1.58 

Russie 1.50 


Danemark 1.31 

Norvège 1.14 

Taïwan 0.99 

Grèce 0.32 

Belgique 0.13 

96.10 






Chimie 4.04 






Divers 1.32 



Pétrole 1.02 



Warrants 0.00 

96.10

Pictet - Russian Equities 





(note 2) 


ACTIONS 

CHYPRE 


GLOBALTRANS GDR (R. 1 SHS) 154,654.00 2,333,728.86 0.73 

ETATS-UNIS 

2,333,728.86 0.73 

CENTRAL EUROPEAN DISTRIBUTION 35,800.00 799,056.00 0.25 

CTC MEDIA 154,500.00 3,389,730.00 1.06 

ILES CAIMANS 

4,188,786.00 1.31 

EURASIA DRILLING GDR (R. 1 SHS) 119,836.00 2,786,187.00 0.87 

KAZAKHSTAN 

2,786,187.00 0.87 

ZHAIKMUNAI GDR (R. 1 SHS) 566,152.00 4,529,216.00 1.41 

LUXEMBOURG 

4,529,216.00 1.41 

EVRAZ GROUP GDR. 92,256.00 2,753,841.60 0.86 

PAYS-BAS 

2,753,841.60 0.86 

X5 RETAIL GROUP SPONS. GDR REG. S 100,905.00 4,036,200.00 1.26 

ROYAUME-UNI 

4,036,200.00 1.26 

FERREXPO 539,687.00 2,621,906.07 0.82 

PETROPAVLOVSK 92,963.00 1,626,053.22 0.51 

RUSSIE 

4,247,959.29 1.33 

COMSTAR GDR 341,533.00 2,202,887.85 0.69 

FGC UES (USD) 660,690,940.00 7,994,360.37 2.50 


IDGC (USD) 52,671,112.00 8,085,015.69 2.53 


JFSC SISTEMA GDR (R. 20 SHS) 426,759.00 11,522,493.00 3.60 

LUKOIL HOLDING ADR (R. 1 SHS) 427,129.00 24,260,927.20 7.58 

MAGNIT (USD) 5,759.00 674,384.66 0.21 

MAGNIT GDR 531,137.00 13,384,652.40 4.18 


MECHEL-BANK PFD 0 % PERP 383,219.00 3,153,892.37 0.99 


MOBILE TELESYS ADR (R. 5 SHS) 539,767.00 11,459,253.41 3.58 

MOBILE TELESYSTEMS USD 175,899.00 1,442,582.88 0.45 



OAO ROSNEFT OIL COMPANY GDR 1,552,116.00 10,352,613.72 3.23 

PIPE METALL. COMP. GDR (REP 4SHS) 204,280.00 3,523,830.00 1.10 

POLYUS GOLD (USD) 71,900.00 3,323,455.27 1.04 

POLYUS ZOLOTO ADR (R. 1/2 SHS) 61,085.00 1,569,884.50 0.49 

RAO EES (USD) 178,631,075.00 2,375,793.30 0.74 

RASPADSKAYA OAO (USD) 861,222.00 4,847,560.27 1.51 

ROSTELECOM PFD (USD) 456,823.00 1,306,559.46 0.41 

353



354 




(note 2) 

RUSHYDRO ADR (R.100 SHS) 2,135,842.00 10,999,586.30 3.44 

RUSHYDRO OJSC (USD) 31,119,104.00 1,596,410.04 0.50 

SBERBANK (USD) 9,216,727.00 25,942,321.49 8.10 


SURGUTNEFTEGAZ ADR (R. 10 SHS) 893,110.00 8,555,993.80 2.67 

SURGUTNEFTEGAZ OIL PFD (USD) 5,577,350.00 2,655,934.07 0.83 

TAR THIRD GEN. WHOLES. ELEC (USD) 27,505,557.00 1,490,801.19 0.47 

TATNEFT (USD) 312,908.00 1,500,894.51 0.47 

TATNEFT GDR (R. 20 SHS) 314,776.00 9,849,341.04 3.08 

URALKALIY GDR (R. 5 SHS) 423,710.00 9,300,434.50 2.91 

VTB BANK GDR SPONS. REG. S 1,791,813.00 10,311,883.82 3.22 

WGC 4 (USD) 1,439,600.00 126,252.92 0.04 

WGC 4 (USD) (Titres à recevoir) 16,560,400.00 1,452,347.08 0.45 

WHOLESALE ELECT. MARKET WGC2 (USD) 38,620,287.00 2,220,666.50 0.69 

WIMM-BILL-DANN ADR (R. 1 SHS) 109,835.00 2,484,467.70 0.78 

294,768,682.67 92.09 

TOTAL I. 319,644,601.42 99.86 


OPTIONS 

RUSSIE 


CALL GAZPROM ADR (R.4 SHS) 19/11/2010 26 530,000.00 66,366.60 0.02 

66,366.60 0.02 

TOTAL II. 66,366.60 0.02 











Russie 92.11 




Pays-Bas 1.26 



Chypre 0.73 

99.88 










Chimie 2.91 





Divers 0.49 



Options 0.02 

99.88 

355

Pictet - Timber 


356 




(note 2) 


ACTIONS 



SAPPI 233,708.38 1,197,753.78 1.05 

AUSTRALIE 

1,197,753.78 1.05 

TFS CORP 1,938,794.83 1,692,734.48 1.48 

AUTRICHE 

1,692,734.48 1.48 

ANDRITZ 20,292.15 1,441,187.68 1.26 

MAYR-MELNHOF KARTON 13,326.62 1,345,509.02 1.17 

BERMUDES 

2,786,696.70 2.43 

BROOKFIELD INFRASTRUCTURE 85,186.25 1,638,131.59 1.43 


BRESIL 

2,366,400.24 2.07 

DURATEX SA 347,288.13 3,655,663.71 3.19 

FIBRIA ADR (R.1 SHS) 319,506.77 5,661,659.92 4.94 

KLABIN 448,571.31 1,263,543.73 1.10 

SUZANO PAPEL ’A’ PREF 399,187.00 3,814,635.33 3.33 

CANADA 

14,395,502.69 12.56 

ACADIAN TIMBER 139,454.19 818,172.96 0.71 

BORALEX A 177,838.00 1,414,153.65 1.23 

CASCADES 41,407.31 254,580.12 0.22 

SINO FOREST 312,390.61 5,334,767.71 4.66 

TIMBERWEST FOREST CORP 278,954.52 1,079,355.46 0.94 

WEST FRASER TIMBER 22,636.85 833,078.64 0.73 

CHILI 

9,734,108.54 8.49 

COPEC 210,410.04 3,907,914.82 3.41 

EMPRESAS CMPC 108,517.92 5,577,556.49 4.87 

MASISA 7,866,339.36 1,343,492.61 1.17 

ETATS-UNIS 

10,828,963.92 9.45 

DELTIC TIMBER 73,264.02 3,289,554.55 2.87 

FORESTAR REAL ESTATE GP. 118,002.51 1,977,722.01 1.73 

GREIF ’A’ 23,267.58 1,374,183.05 1.20 


KIMBERLY CLARK 44,732.08 2,910,268.84 2.54 

MEADWESTVACO 100,211.46 2,448,166.06 2.14 

PACKAGING CORP OF AMERICA 28,395.42 659,341.58 0.58 

PLUM CREEK TIMBER 183,041.47 6,443,059.80 5.62 

POPE RESOURCES 40,061.89 1,091,686.64 0.95 

POTLATCH 118,196.72 4,003,323.02 3.49 

PULTE HOMES 206,651.97 1,806,138.24 1.58






(note 2) 

RAYONIER 128,901.09 6,443,765.50 5.62 

TEMPLE-INLAND 120,696.55 2,269,095.06 1.98 

WEYERHAEUSER 397,215.34 6,407,083.51 5.59 

FINLANDE 

43,660,739.23 38.10 

STORA ENSO ’R’ 331,710.39 3,266,125.62 2.85 

UPM-KYMMENE 247,284.98 4,214,092.07 3.68 

ILES CAIMANS 

7,480,217.69 6.53 

LEE & MAN PAPER MANUFACTURING 1,122,356.09 990,752.61 0.86 

IRLANDE 

990,752.61 0.86 

SMURFIT KAPPA 132,621.34 1,325,043.14 1.16 

JAPON 

1,325,043.14 1.16 

NIPPON PAPER GROUP 42,881.57 1,075,773.56 0.94 

OJI PAPER 261,519.87 1,158,891.66 1.01 

PORTUGAL 

2,234,665.22 1.95 

PORTUCEL 442,596.09 1,305,870.31 1.14 

ROYAUME-UNI 

1,305,870.31 1.14 

MONDI (GBP) 344,576.14 2,814,848.48 2.46 

SUEDE 

2,814,848.48 2.46 

HOLMEN ’B’ 57,581.80 1,804,990.80 1.58 

SVENSKA CELLULOSA ’B’ 321,561.75 4,931,978.57 4.30 

6,736,969.37 5.88 

TOTAL I. 109,551,266.40 95.61 

II. PARTS D’ORGANISMES DE PLACEMENT COLLECTIF 

ROYAUME-UNI 


PHAUNOS TIMBER FUND 1,396,694.91 998,636.87 0.87 

998,636.87 0.87 

TOTAL II. 998,636.87 0.87 



AUTRES PASSIFS NETS -308,200.73 -0.27 


357



358 






Brésil 12.56 

Chili 9.45 

Canada 8.49 

Finlande 6.53 

Suède 5.88 


Autriche 2.43 

Bermudes 2.07 

Japon 1.95 


Irlande 1.16 

Portugal 1.14 



96.48 





Divers 4.33 

Pétrole 3.41 









96.48

Pictet - Agriculture 





(note 2) 


ACTIONS 

ALLEMAGNE 


ASIAN BAMBOO 33,416.17 1,341,659.15 0.96 

K & S 103,953.99 4,634,788.48 3.33 

KTG AGRAR 42,416.26 636,243.84 0.46 

AUSTRALIE 

6,612,691.47 4.75 

TASSAL GROUP 1,258,777.40 1,250,983.80 0.90 

BELGIQUE 

1,250,983.80 0.90 

SIPEF 26,704.72 1,435,378.51 1.03 

BERMUDES 

1,435,378.51 1.03 

BUNGE 110,570.39 4,950,847.17 3.56 

CHINA GREEN HOLDINGS 817,582.25 578,225.09 0.42 

CHINA YURUN FOOD 934,910.13 2,539,022.63 1.82 

PURECIRCLE (GBP) 504,955.43 907,295.07 0.65 

SINOFERT HOLDINGS 3,193,100.51 1,345,935.76 0.97 

BRESIL 

10,321,325.72 7.42 

ALL AMERICA LATINA LOGIS. 4PREF+1SH 382,652.25 2,790,984.89 2.01 

JBS 842,978.54 2,640,775.02 1.90 

MINERVA 453,643.05 1,348,887.76 0.97 

CANADA 

6,780,647.67 4.88 

AGRIUM (USD) 39,505.34 2,230,329.17 1.60 

BIOEXX SPECIALTY PROTEINS 642,927.08 1,204,436.94 0.87 

MIGAO 211,635.73 1,015,205.86 0.73 

POTASH SASKATCHEWAN (CAD) 51,052.48 5,411,598.30 3.89 

SUNOPTA (CAD) 282,329.49 1,210,637.43 0.87 

CHINE 

11,072,207.70 7.96 

CHINA BLUECHEMICAL ’H’ 2,447,548.67 1,301,711.26 0.94 

CHINA MINZHONG FOOD 1,756,947.86 1,340,025.14 0.96 

DANEMARK 

2,641,736.40 1.90 

AURIGA INDUSTRIES B 95,528.66 1,301,141.89 0.93 

CHRISTIAN HANSEN HOLDING 53,020.32 776,232.90 0.56 

DANISCO 14,851.63 982,729.70 0.71 

ETATS-UNIS 

3,060,104.49 2.20 


CF INDUSTRIES HOLDINGS 63,119.43 4,588,715.85 3.30 

CORN PRODUCTS INTERNATIONAL 69,988.31 1,930,242.46 1.39 

DEAN FOODS 190,694.93 1,407,960.77 1.01 

DEERE 94,976.18 4,985,121.45 3.58 

J&J SNACK FOODS 44,926.18 1,393,223.20 1.00 

MOSAIC 129,951.77 5,796,787.48 4.17 

359



360 




(note 2) 


NEOGEN 29,703.26 744,431.83 0.53 

SMITHFIELD FOODS 227,229.94 2,825,004.69 2.03 

SYSCO 90,854.85 1,926,667.28 1.38 

TREEHOUSE FOODS 47,079.67 1,581,615.52 1.14 

YONGYE INTERNATIONAL 277,725.49 1,457,119.35 1.05 

ZHONGPIN INC 158,318.38 1,881,384.64 1.35 

FRANCE 

35,588,727.43 25.57 

EUROFINS SCIENTIFIC 37,871.66 1,397,464.15 1.00 

HONG-KONG 

1,397,464.15 1.00 

CHAODA MODERN AGRICULTURE 1,410,904.88 855,486.04 0.61 

ILES CAIMANS 

855,486.04 0.61 


DACHAN FOOD ASIA 5,844,116.52 914,810.57 0.66 


INDE 

3,994,812.40 2.88 


MCLEOD RUSSEL INDIA DEMAT. 360,152.03 1,378,010.15 0.99 

UNITED PHOSPHORUS DEMAT. 739,142.62 2,177,048.59 1.57 

INDONESIE 

4,814,272.76 3.46 

BISI INTERNATIONAL 7,797,105.91 1,437,796.41 1.03 

PT SAMPOERNA AGRO 7,782,254.28 1,722,069.29 1.24 

IRLANDE 

3,159,865.70 2.27 

ORIGIN ENTERPRISES 74,258.15 207,922.82 0.15 

ITALIE 

207,922.82 0.15 

PARMALAT 695,336.25 1,307,232.15 0.94 

JAPON 

1,307,232.15 0.94 

NIPPON SUISAN KAISHA 530,277.46 1,281,468.34 0.92 

SAKATA SEED 86,065.20 840,259.92 0.60 

TOYO SUISAN KAISHA 81,683.97 1,235,349.12 0.89 

LITUANIE 

3,357,077.38 2.41 

LINAS AGRO GROUP 1,203,650.38 665,728.61 0.48 

LUXEMBOURG 

665,728.61 0.48 

MHP GDR (R.1 SHS) 104,725.53 1,168,645.09 0.84 

NORVEGE 

1,168,645.09 0.84 

AUSTEVOLL SEAFOOD 260,201.31 1,246,388.26 0.90 

CERMAQ 297,032.61 2,414,696.70 1.74 

YARA INTERNATIONAL 155,645.09 5,372,662.99 3.85 

9,033,747.95 6.49


PAYS-BAS 





(note 2) 

ASTARTA HOLDING (PLN) 31,359.22 598,260.00 0.43 

CNH GLOBAL (USD) 87,698.88 2,491,206.90 1.79 

CSM 77,031.69 1,666,580.69 1.20 

NUTRECO HOLDING 25,990.35 1,389,964.08 1.00 

ROYAUME-UNI 

6,146,011.67 4.42 

ASSOCIATED BRITISH FOODS 127,167.08 1,566,165.64 1.13 

PLANT HEALTH CARE 548,025.16 659,641.34 0.47 

TATE & LYLE 381,447.04 2,091,620.89 1.50 

RUSSIE 

4,317,427.87 3.10 

CHERKIZOVO GP. GDR (R.0.666667SH S) 68,853.64 992,048.43 0.71 

SINGAPOUR 

992,048.43 0.71 

FIRST RESOURCES 2,927,998.91 1,907,173.82 1.37 

INDOFOOD AGRI RESOURCES 1,089,367.08 1,370,617.25 0.98 

OLAM INTERNATIONAL 1,307,686.05 2,373,310.68 1.71 

WILMAR INTERNATIONAL 442,578.58 1,480,806.70 1.06 

SUISSE 

7,131,908.45 5.12 

BUCHER INDUSTRIES 16,454.12 1,823,154.20 1.31 

SYNGENTA AG 19,515.04 3,638,546.78 2.61 

5,461,700.98 3.92 

TOTAL ACTIONS 132,775,155.64 95.41 

WARRANTS 

ROYAUME-UNI 

ALMARAI (DB) LEPO WTS 08.10.12 53,279.48 2,102,175.15 1.51 

ALMARAI (DBL) LEPO WTS 03.12.12 2,227.74 87,897.05 0.06 

2,190,072.20 1.57 


TOTAL I. 134,965,227.84 96.98 


WARRANTS 

ROYAUME-UNI 


EQUATORIAL PAL OIL WTS 26.02.12 594,065.21 0.00 0.00 

0.00 0.00 

TOTAL II. 0.00 0.00 


AVOIRS EN BANQUE 4,750,730.22 3.41 



361



362 






Canada 7.96 

Bermudes 7.42 

Norvège 6.49 


Brésil 4.88 



Pays-Bas 4.42 

Suisse 3.92 

Inde 3.46 


Japon 2.41 


Danemark 2.20 

Chine 1.90 

Belgique 1.03 

France 1.00 

Italie 0.94 



Russie 0.71 


Lituanie 0.48 

Irlande 0.15 

96.98 




Chimie 15.84 


Holdings et sociétés financières 3.30 



Divers 2.47 



Warrants 1.57 









96.98

Pictet - Global Megatrend Selection 





(note 2) 


ACTIONS 



ASPEN PHARMACARE 170,544.49 2,302,102.33 0.48 

MTN GROUP 69,989.11 1,248,740.78 0.26 

SAPPI 107,993.69 553,466.88 0.11 

ALLEMAGNE 

4,104,309.99 0.85 

ADIDAS 25,854.17 1,622,276.09 0.33 

ASIAN BAMBOO 9,486.66 520,521.29 0.11 

B.M.W. 27,726.71 1,934,723.29 0.41 



JOYOU 5,782.39 91,665.26 0.02 

K & S 29,511.94 1,798,151.25 0.37 

KSB PREF N-VTG 402.57 288,830.80 0.06 

KTG AGRAR 12,041.73 246,842.47 0.05 

ROTH & RAU 9,962.69 245,069.42 0.05 

SMA SOLAR TECHNOLOGY 7,826.99 834,848.63 0.17 

STADA ARZNEIMITTEL NOM. 27,646.08 827,592.55 0.17 

WACKER CHEMIE 7,674.35 1,416,368.44 0.29 

WIRECARD 11,490.67 153,340.63 0.03 

AUSTRALIE 

12,520,420.02 2.58 

TASSAL GROUP 357,359.72 485,342.12 0.10 

TELSTRA 262,618.60 667,484.61 0.14 

TFS CORP 895,892.58 782,191.20 0.16 

AUTRICHE 

1,935,017.93 0.40 

ANDRITZ 21,911.43 1,556,191.61 0.32 

BWT 10,290.37 267,403.48 0.06 

INTERCELL 55,430.51 1,281,457.21 0.26 

MAYR-MELNHOF KARTON 6,158.06 621,742.71 0.13 

TELEKOM AUSTRIA 77,995.04 1,168,200.41 0.24 

BAHAMAS 

4,894,995.42 1.01 

STEINER LEISURE 18,913.43 720,979.64 0.15 

BELGIQUE 

720,979.64 0.15 

HANSEN TRANSMISSIOMS INTER. (GBP) 87,245.89 70,162.04 0.01 

SIPEF 7,581.32 556,881.43 0.11 

TELENET GROUP HOLDING 32,437.60 1,081,850.75 0.23 

BERMUDES 

1,708,894.22 0.35 

BEIJING ENTERPRISES WATER 757,929.89 256,879.02 0.05 

BROOKFIELD INFRASTRUCTURE 39,363.49 756,959.90 0.16 

BUNGE 31,390.30 1,920,772.01 0.40 


CHINA YURUN FOOD 265,415.65 985,060.43 0.20 

363



364 




(note 2) 


MANDARIN ORIENTAL INTERNATIONAL 376,126.10 643,175.44 0.13 




TRINITY 314,337.47 307,455.17 0.06 

BRESIL 

6,305,341.00 1.30 

ALL AMERICA LATINA LOGIS. 4PREF+1SH 108,632.79 1,082,813.81 0.22 


CIA SANEAMENTO MG 58,234.66 887,988.22 0.18 

DURATEX SA 160,477.45 1,689,235.99 0.35 

FIBRIA ADR (R.1 SHS) 147,640.04 2,616,181.48 0.54 

JBS 239,316.79 1,024,537.13 0.21 

KLABIN 207,279.13 583,867.58 0.12 

MINERVA 128,786.67 523,325.76 0.11 

SABESP 69,727.12 1,533,544.94 0.32 

SABESP ADR (R.2 SHS) 7,638.36 332,497.72 0.07 

SUZANO PAPEL ’A’ PREF 184,459.27 1,762,694.76 0.36 


CANADA 

15,152,563.22 3.12 

5N PLUS 91,361.24 510,320.06 0.11 


AGRIUM (USD) 11,215.34 865,297.13 0.18 

BIOEXX SPECIALTY PROTEINS 182,523.33 467,283.42 0.10 

BIOTEQ ENVIRONMENTAL TECHN. 104,852.56 81,344.29 0.02 

BORALEX A 82,176.69 653,462.52 0.13 

CARDIOME PHARMA (USD) 83,751.61 515,909.92 0.11 

CASCADES 19,133.80 117,638.26 0.02 

GENESIS WORLDWIDE CANADA 19,721.35 1,243.11 0.00 

H2O INNOVATION 59,450.12 24,213.64 0.00 

IESI-BFC (USD) 13,821.64 310,848.53 0.06 

INNERGEX RENEWABLE ENERGY 47,365.00 434,057.77 0.09 

MAGMA ENERGY 275,654.32 318,104.60 0.07 

MIGAO 60,082.18 393,867.74 0.08 

PLUTONIC POWER 105,448.70 224,968.70 0.05 

POTASH SASKATCHEWAN (CAD) 14,493.51 2,099,528.87 0.43 

PURE TECHNOLOGIES 47,936.90 199,892.47 0.04 

RESEARCH IN MOTION 26,837.39 1,302,313.99 0.27 

ROGERS COMMUNICATIONS ’B’ 30,240.49 1,142,232.44 0.24 

SEAIR 8,809.69 5,894.78 0.00 

SINO FOREST 144,351.75 2,465,128.72 0.51 

STANTEC (CAD) 24,623.33 671,460.15 0.14 

SUNOPTA (CAD) 80,151.73 469,689.01 0.10 

TELUS -NVTG- 11,593.17 494,104.98 0.10 

TIMBERWEST FOREST CORP 128,901.36 498,756.51 0.10 


WESTPORT INNOVATIONS 14,913.19 260,682.51 0.05 

15,291,266.61 3.16


CHILI 





(note 2) 


COPEC 97,227.82 1,805,798.04 0.37 

EMPRESAS CMPC 50,144.76 2,577,318.35 0.53 

INVERSIONES AGUAS METROPOL 705,607.70 1,057,613.27 0.22 

MASISA 3,634,935.98 620,810.95 0.13 

CHINE 

6,061,540.61 1.25 

CHINA BLUECHEMICAL ’H’ 694,845.09 505,022.77 0.10 

CHINA MINZHONG FOOD 498,787.47 519,887.34 0.11 

PORTS DESIGN 234,836.68 649,138.09 0.13 

COREE DU SUD 

1,674,048.20 0.34 

NHN 3,352.86 576,338.60 0.12 


DANEMARK 

1,487,975.39 0.31 

AURIGA INDUSTRIES B 27,120.04 504,801.88 0.10 

CHRISTIAN HANSEN HOLDING 15,052.17 301,153.80 0.06 

DANISCO 4,216.29 381,268.02 0.08 

NOVO NORDISK ’B’ 25,303.55 2,502,833.75 0.52 

VESTAS WIND SYSTEMS NOM. 18,684.91 689,762.35 0.14 

EGYPTE 

4,379,819.80 0.90 


ESPAGNE 

315,117.61 0.06 

ACCIONA 12,371.86 1,052,480.43 0.22 

EDP RENOVAVEIS 227,036.15 1,292,570.13 0.27 

FLUIDRA 39,666.96 143,110.83 0.03 

IBERDROLA RENOVABLES 630,126.75 2,109,763.78 0.43 

PROSEGUR NOM. 7,197.94 430,059.42 0.09 

ETATS-UNIS 

5,027,984.59 1.04 

AFFYMAX 34,243.06 202,718.89 0.04 

ALEXION PHARMACEUTICALS 26,800.49 1,723,539.28 0.36 

ALLERGAN 11,512.29 767,984.73 0.16 

AMAG PHARMACEUTICAL 60,502.95 1,081,187.79 0.22 

AMAZON. COM 3,900.98 620,216.03 0.13 

AMERICAN PUBLIC EDUCATION 29,654.02 961,086.87 0.20 

AMERICAN STATES WATER 7,245.72 259,324.20 0.05 

AMERICAN SUPERCONDUCTOR 8,438.52 261,087.76 0.05 

AMERICAN WATER WORKS 103,495.90 2,386,614.82 0.49 

AMGEN 72,354.75 3,975,170.13 0.82 

APPLE 5,815.10 1,671,084.60 0.34 

AQUA AMERICA 47,762.09 970,525.35 0.20 


ARIBA 37,753.50 713,541.24 0.15 

ARUBA NETWORKS 39,977.94 879,914.46 0.18 

AUTOLIV 23,220.72 1,516,545.20 0.31 

AUXILIUM PHARMACEUTICALS 74,428.29 1,861,451.41 0.38 

BALDOR ELECTRIC 13,801.02 556,733.17 0.11 

365



366 




(note 2) 


BIOMARIN PHARMACEUTICAL 98,051.57 2,192,433.13 0.45 

BLACKBOARD 10,182.21 369,308.62 0.08 

BRUKER BIOSCIENCES 48,117.16 689,037.75 0.14 

BUCKEYE PARTNERS 5,984.72 376,558.68 0.08 

CADIZ 11,815.45 115,555.11 0.02 

CALGON CARBON 19,787.13 282,758.01 0.06 

CALIFORNIA WATER SERVICE 9,778.09 359,246.95 0.07 

CAPELLA EDUCATION 4,033.21 300,837.25 0.06 

CAVIUM NETWORKS 22,741.94 667,021.16 0.14 

CELGENE 77,975.54 4,478,135.24 0.93 

CF INDUSTRIES HOLDINGS 17,919.25 1,780,276.53 0.37 

CHESAPEAKE ENERGY 23,690.51 534,457.90 0.11 

CLARCOR 2,312.51 89,378.46 0.02 

CLEAN HARBORS 26,894.64 1,811,891.63 0.37 

COACH 23,920.43 1,031,687.69 0.21 

COMCAST ’A’ 27,372.94 496,818.93 0.10 

COMPELLENT TECHNOLOGIES 32,317.50 617,264.18 0.13 

COMSCORE 29,654.02 689,456.02 0.14 

COMVERGE 61,612.00 462,089.99 0.10 

CONCUR TECHNOLOGIES 13,719.53 680,763.13 0.14 

CORN PRODUCTS INTERNATIONAL 19,869.28 748,872.99 0.15 

COVANTA HOLDING 64,574.17 1,020,271.82 0.21 

CREE 29,473.70 1,621,642.94 0.33 

DANAHER 10,155.88 412,024.11 0.08 

DEAN FOODS 54,137.20 546,244.22 0.11 

DEERE 26,963.19 1,934,069.35 0.40 

DELTIC TIMBER 33,854.38 1,520,061.57 0.31 

DENDREON 53,903.76 2,226,225.39 0.46 

DIGITAL REALTY TRUST 8,618.00 532,161.44 0.11 

DIONEX 6,427.44 546,332.31 0.11 

DIRECTV 25,257.16 1,060,548.18 0.22 

DONALDSON 16,050.62 752,934.35 0.16 

DUPONT FABROS TECHNOLOGY 37,344.66 940,712.05 0.19 

EBAY 13,058.35 326,328.14 0.07 

ECOLAB 40,935.50 2,070,108.00 0.43 

EMC 102,937.21 2,127,712.15 0.44 

EMERGENCY MEDICAL SERVICES ’A’ 10,485.23 546,700.00 0.11 

ENERGY RECOVERY 4,905.94 17,563.26 0.00 

ENERNOC 24,570.67 790,684.32 0.16 

EQUINIX 17,791.32 1,838,021.57 0.38 

ESTEE LAUDER ’A’ 9,585.65 614,727.81 0.13 

EXPEDIA 52,927.64 1,503,674.15 0.31 

F5 NETWORKS 12,448.22 1,299,718.74 0.27 

FIDELITY NATIONAL 47,877.77 1,310,414.63 0.27 

FIRST SOLAR 6,538.31 975,972.85 0.20 

FLEXIBLE SOLUTIONS 17,614.09 22,898.31 0.00 

FLOWSERVE 2,184.27 238,544.50 0.05 

FORESTAR REAL ESTATE GP.-WHEN IS. 54,527.47 913,880.34 0.19 

FORTINET 22,741.94 573,324.36 0.12 

FRANKLIN ELECTRIC 14,527.73 477,235.86 0.10 

GENTEX 38,062.83 738,038.26 0.15 

GENZYME (GENERAL DIVISION) 37,982.07 2,701,285.15 0.56






(note 2) 


GILEAD SCIENCES 60,550.72 2,171,954.17 0.45 

GOOGLE ’A’ 2,926.39 1,544,228.05 0.32 


GREIF ’A’ 10,751.65 634,992.62 0.13 

GSI COMMERCE 20,066.88 505,484.71 0.10 

HOSPIRA 39,489.82 2,273,823.87 0.47 

HUMAN GENOME SCIENCES 86,305.86 2,479,567.27 0.51 

HYATT ’A’ 43,617.51 1,642,635.02 0.34 

IAC/INTERACTIVECORP W-ISSUED 49,158.90 1,309,593.04 0.27 

ICF INTERNATIONAL 22,053.23 541,847.77 0.11 

ILLUMINA 38,227.19 1,911,359.51 0.39 

INSITUFORM TECHNOLOGIES ’A’ 24,767.75 586,252.56 0.12 

INTERMUNE 76,324.40 1,012,824.75 0.21 


INTUIT 18,876.75 839,071.64 0.17 

ITC HOLDINGS 18,126.94 1,140,184.22 0.23 

ITRON 28,093.58 1,693,199.88 0.35 

ITT 50,779.42 2,382,569.79 0.49 

J&J SNACK FOODS 12,754.29 540,526.51 0.11 

JOHNSON CONTROLS 18,141.77 555,500.97 0.11 


KIMBERLY CLARK 20,670.13 1,344,798.44 0.28 

LIFE TECHNOLOGIES 73,013.05 3,476,151.14 0.72 

LIFE TIME FITNESS 19,712.02 773,893.66 0.16 

LITTELFUSE 6,463.50 285,557.40 0.06 

LUMINEX 103,320.65 1,655,196.83 0.34 

MAGELLAN MIDSTREAM PARTNERS 19,869.28 1,016,909.52 0.21 


MAXWELL TECHNOLOGIES (USD) 40,231.56 589,794.68 0.12 

MEADWESTVACO 46,306.45 1,131,266.59 0.23 

MEDIVATION 77,701.59 1,013,228.67 0.21 

MEMC ELECTRONIC MATERIALS 130,056.75 1,551,577.08 0.32 

MERCADOLIBRE 19,637.11 1,475,532.58 0.30 

MICROMET 93,536.94 633,245.10 0.13 

MOMENTA PHARMACEUTICALS 48,953.19 723,528.09 0.15 

MOSAIC 36,892.56 2,248,970.07 0.46 

MUELLER WATER PRODUCTS ’A’ 39,042.38 117,127.11 0.02 

MYLAN 195,117.17 3,668,202.71 0.76 

MYRIAD GENETICS 48,175.99 766,961.79 0.16 

NALCO HOLDING 31,301.67 789,740.90 0.16 

NEOGEN 8,432.59 288,815.99 0.06 

NETAPP INC 53,623.11 2,724,589.97 0.56 

NETFLIX 9,785.50 1,669,699.32 0.34 


NII HOLDINGS ’B’ 22,744.67 936,625.44 0.19 

NIKE ’B’ 21,918.39 1,751,936.54 0.36 

NORDSTROM 14,443.86 543,089.04 0.11 

NORTHWEST NATURAL GAS 11,025.24 520,611.88 0.11 


ONYX PHARMACEUTICALS 91,667.83 2,434,697.53 0.50 

ORMAT TECHNOLOGIES 56,576.21 1,649,762.33 0.34 

PACKAGING CORP OF AMERICA 13,121.16 304,673.41 0.06 

367



368 




(note 2) 


PALL 18,170.45 754,982.16 0.16 

PENTAIR 44,878.25 1,505,664.94 0.31 

PERRIGO 39,981.82 2,579,226.96 0.53 

PG & E 17,798.59 804,318.21 0.17 

PHARMASSET 22,658.58 676,358.51 0.14 

PHILLIPS-VAN HEUSEN 19,007.76 1,127,160.14 0.23 

PIEDMONT NATURAL GAS CO 18,565.13 538,945.62 0.11 

PLAINS ALL AMERICA PIPELINE 7,492.87 469,203.61 0.10 

PLUM CREEK TIMBER 84,581.15 2,977,256.48 0.61 

POLO RALPH LAUREN ’A’ 13,576.79 1,223,132.92 0.25 

POLYCOM 33,092.17 933,530.11 0.19 

POLYPORE 17,089.83 515,258.32 0.11 

POOL 12,208.18 250,267.58 0.05 

POPE RESOURCES 18,512.10 504,454.59 0.10 

POTLATCH 54,617.21 1,849,884.96 0.38 

PROGENICS PHARM 54,364.51 269,647.96 0.06 


PULTE HOMES 95,491.26 834,593.65 0.17 



RACKSPACE HOSTING 37,654.33 981,648.31 0.20 

RAYONIER 59,563.56 2,977,582.59 0.61 

REGAL-BELOIT 8,551.70 501,215.17 0.10 

REPUBLIC SERVICES 68,377.59 2,080,729.56 0.43 

ROPER INDUSTRIES 30,800.90 2,010,374.39 0.41 

SAKS 40,026.12 346,626.14 0.07 

SALESFORCE. COM 2,578.61 292,878.60 0.06 

SATCON TECHNOLOGY 25,381.05 96,447.98 0.02 

SAVIENT PHARMACEUTICALS 72,218.32 1,644,411.09 0.34 

SEMPRA ENERGY 14,218.22 763,945.07 0.16 

SMITHFIELD FOODS 64,509.28 1,096,012.41 0.23 

SOHU. COM 18,678.40 1,094,367.32 0.23 

SOUTHWESTERN ENERGY 15,521.89 522,156.47 0.11 

SPECTRA ENERGY 44,612.73 1,003,786.45 0.21 



STERICYCLE 21,545.00 1,502,763.58 0.31 

STR HOLDINGS 47,216.29 1,008,067.79 0.21 

SUNPOWER B 28,350.48 388,685.11 0.08 

SYMANTEC 106,049.27 1,655,429.04 0.34 

SYSCO 25,793.17 747,485.93 0.15 

TALEO ’A’ 32,761.58 964,173.26 0.20 

TARGACEPT 34,815.29 774,640.24 0.16 

TEMPLE-INLAND 55,772.35 1,048,520.14 0.22 

TEMPUR-PEDIC INTERNATIONAL 19,741.70 613,966.84 0.13 

TETRA TECH 33,706.12 707,491.25 0.15 

THERMO FISHER SCIENTIFIC INC 22,861.64 1,093,929.30 0.23 

TIFFANY 32,283.51 1,507,962.56 0.31 

TORO 15,138.14 868,020.75 0.18 

TREEHOUSE FOODS 13,365.65 613,616.77 0.13 

TRW AUTOMOTIVE 26,332.77 1,098,603.37 0.23 

UNITED THERAPEUTICS 70,015.78 3,925,784.51 0.81






(note 2) 


VARIAN MEDICAL 32,317.50 1,958,117.11 0.40 

VERIFONE HOLDINGS 45,962.66 1,335,215.32 0.28 

VERTEX PHARMACEUTICALS 43,067.53 1,504,779.66 0.31 

VMWARE 23,460.11 2,059,797.53 0.42 

WABCO HOLDINGS 21,545.00 921,479.55 0.19 

WARNACO GROUP ’A’ 23,129.12 1,182,360.23 0.24 

WASTE CONNECTIONS 8,137.82 322,990.10 0.07 

WASTE MANAGEMENT 34,597.93 1,240,335.34 0.26 

WATERS 5,984.72 425,633.40 0.09 

WATSON PHARMACEUTICALS 34,848.35 1,487,676.18 0.31 

WEYERHAEUSER 183,548.19 2,960,632.30 0.61 


WILLIAMS-SONOMA 18,812.90 610,478.35 0.13 

XENOPORT 73,523.41 520,545.76 0.11 

YONGYE INTERNATIONAL 78,844.68 565,316.19 0.12 

ZHONGPIN INC 44,945.68 729,917.70 0.15 

FINLANDE 

218,435,686.25 45.00 

FORTUM 86,230.56 2,262,570.65 0.47 

KEMIRA 15,378.28 211,419.65 0.04 

STORA ENSO ’R’ 153,279.18 1,509,235.36 0.31 

UPM-KYMMENE 114,267.26 1,947,278.67 0.40 

FRANCE 

5,930,504.33 1.22 

DIOR CHRISTIAN 16,220.07 2,083,628.00 0.43 

EDF ENERGIES NOUVELLES 31,145.32 1,221,133.70 0.25 


EUROFINS SCIENTIFIC 10,751.55 542,171.86 0.11 

GAMELOFT 78,787.80 382,232.07 0.08 

GDF SUEZ 25,109.66 903,163.92 0.19 

HERMES INTERNATIONAL 5,850.39 1,306,401.53 0.27 

INTER PARFUMS 21,762.50 711,392.95 0.15 

L.V.M.H. 22,295.20 3,254,034.75 0.67 

LAURENT PERRIER 9,847.54 1,103,522.76 0.23 

L’OREAL 16,619.46 1,866,022.47 0.38 

PERNOD-RICARD 6,884.10 573,497.82 0.12 

PPR 14,491.03 2,364,521.34 0.49 

REMY COINTREAU 15,450.07 1,034,901.66 0.21 

SAFT GROUPE 20,879.65 812,791.64 0.17 

SECHILIENNE-SIDEC 24,859.79 687,448.91 0.14 

SELOGER.COM 8,221.47 424,137.11 0.09 

SUEZ ENVIRONNEMENT 112,917.32 2,124,878.63 0.44 

VEOLIA ENVIRONNEMENT 60,352.71 1,622,335.95 0.33 

GRECE 

23,596,283.29 4.87 

ALAPIS 394,516.43 878,805.02 0.19 

TERNA ENERGY 44,677.55 167,904.34 0.03 

1,046,709.36 0.22 

369


HONG-KONG 


370 




(note 2) 



CHINA EVERBRIGHT INTL 915,778.33 457,895.05 0.09 

CHINA MOBILE ADR (R. 5 SHS) 26,847.63 1,376,209.74 0.29 

GUANGDONG INVESTMENT 1,880,059.42 981,229.19 0.20 

HONGRIE 

3,147,235.49 0.65 

EGIS 13,604.30 1,494,354.78 0.31 


ILES CAIMANS 

3,260,931.71 0.67 

3SBIO ADR (R.7 SHS) 74,926.73 986,035.80 0.20 

ALIBABA. COM 280,671.85 584,499.58 0.12 

BAIDU. COM ADR ’A’ (R. 1 SHS ’A’) 13,799.86 1,431,321.96 0.30 

BELLE INTERNATIONAL 277,827.34 557,810.00 0.11 

CATCH THE WIND (CAD) 246,693.94 107,653.76 0.02 


CHINA MENGNIU DAIRY 203,646.95 629,844.04 0.13 

CONSOLIDATED WATER 13,756.79 130,689.42 0.03 

CTRIP.COM INTL ADR (R.1/2 SHS) 18,656.25 895,313.34 0.18 

DACHAN FOOD ASIA 1,659,111.31 354,917.55 0.07 


GCL-POLY ENERGY HOLDINGS 2,117,751.14 652,254.09 0.13 

JA SOLAR HOLDINGS ADR (REPR. 3SHS) 140,483.97 1,251,712.17 0.27 


NETEASE. COM ADR (R. 25 SHS) 17,339.17 688,365.17 0.14 

NEW ENVIRONMENTAL ENERGY HOLDINGS 644,378.97 40,689.40 0.01 

PERFECT WORLD ADR (R.5 SHS ’B’) 14,390.30 356,591.64 0.07 

SIMCERE PHARMACEUTIC ADR (R.2 SHS) 67,721.15 684,660.80 0.14 

SINA 14,479.89 749,334.34 0.15 


TRINA SOLAR ADR (R.100 SHS) 28,698.04 828,799.36 0.17 

WANT WANT CHINA 609,043.53 565,099.20 0.12 

WASION GROUP 659,428.16 505,624.88 0.10 

WYNN MACAU 767,742.87 1,327,737.35 0.28 

XINYU HENGDELI HLGDS 2,120,033.98 980,801.52 0.20 

YINGLI GREEN ADR (R. 1 SHS) 69,826.16 896,567.84 0.18 


18,799,093.74 3.87 

RENESOLA ADR (R.2 SHS) 64,441.11 784,248.26 0.16 

INDE 

784,248.26 0.16 

DR REDDY’S LAB ADR (R. 1 SHS) 64,334.48 2,095,373.91 0.43 

JAIN IRRIGATION SYSTEMS 24,909.39 664,650.58 0.14 

MCLEOD RUSSEL INDIA DEMAT. 102,245.11 534,624.33 0.11 


UNITED PHOSPHORUS DEMAT. 209,838.37 844,625.95 0.17 

4,813,906.36 0.99


INDONESIE 





(note 2) 


BISI INTERNATIONAL 2,213,553.84 557,819.50 0.11 

PT SAMPOERNA AGRO 2,209,337.55 668,108.39 0.14 

IRLANDE 

1,225,927.89 0.25 


SMURFIT KAPPA 61,282.64 612,285.68 0.12 

ISRAEL 

692,953.16 0.14 

BEZEQ ISRAEL TELECOMMUNICATION 413,272.61 1,035,523.54 0.21 

CHECK POINT SOFTWARE TECHNOLOGIES 15,799.66 575,107.80 0.12 

NICE SYSTEMS ADR (R. 1 SHS) 11,969.44 373,686.01 0.08 

RADWARE 15,081.50 524,685.33 0.11 


ITALIE 

6,457,979.35 1.33 

BULGARI 60,780.96 539,078.33 0.11 

DAVIDE CAMPARI 119,503.24 712,858.90 0.16 

HERA 229,044.26 438,840.87 0.09 


PARMALAT 197,401.99 507,164.70 0.10 

SNAM RETE GAS 165,424.53 830,801.12 0.17 

YOOX 105,215.82 1,062,588.52 0.22 

JAPON 

4,631,401.05 0.96 

DAISEKI 21,156.67 399,403.25 0.08 

DENSO 16,278.44 483,837.85 0.10 

DISCO 11,073.45 638,316.41 0.13 

KURITA WATER INDUSTRIES 52,551.26 1,462,247.23 0.30 


NINTENDO 3,669.56 919,263.97 0.19 

NIPPON PAPER GROUP 19,815.03 497,101.36 0.10 

NIPPON SUISAN KAISHA 150,542.74 497,169.16 0.10 

OJI PAPER 120,845.02 535,509.19 0.11 

RAKUTEN 960.70 704,919.91 0.15 

SAKATA SEED 24,433.42 325,994.26 0.07 

SAWAI PHARMACEUTICAL 21,585.49 1,946,765.68 0.40 

SOFTBANK 14,744.36 483,570.18 0.10 

STELLA CHEMIFA 11,429.46 399,008.95 0.08 


TOYO SUISAN KAISHA 23,189.61 479,276.36 0.10 

UBE INDUSTRIES 137,064.55 304,514.98 0.06 

LITUANIE 

13,971,204.06 2.88 

LINAS AGRO GROUP 341,709.47 258,281.63 0.05 

LUXEMBOURG 

258,281.63 0.05 

L’OCCITANE INTL (HKD) 308,282.02 858,115.61 0.17 

MHP GDR (R.1 SHS) 29,730.98 453,397.31 0.09 

SES GLOBAL FDR 33,578.47 816,121.08 0.17 

2,127,634.00 0.43 

371


MEXIQUE 


372 




(note 2) 


GROUPO CONTINENTAL 57,741.38 166,437.58 0.03 

NORVEGE 

166,437.58 0.03 

ALGETA 56,511.39 913,760.52 0.19 

AUSTEVOLL SEAFOOD 73,869.66 483,559.20 0.10 

CERMAQ 84,325.86 936,825.90 0.19 


YARA INTERNATIONAL 44,186.75 2,084,423.21 0.43 

PAYS-BAS 

5,018,960.93 1.03 

AALBERTS INDUSTRIES 4,430.86 74,236.60 0.02 


CNH GLOBAL (USD) 24,897.21 966,509.43 0.20 

CSM 21,868.86 646,580.56 0.13 

GEMALTO 9,910.70 408,484.37 0.08 


NUTRECO HOLDING 7,378.51 539,262.07 0.11 

SENSATA TECHNOLOGIE 19,151.11 383,213.69 0.08 

PHILIPPINES 

4,370,017.79 0.90 

MANILA WATER COMPANY 609,214.48 263,721.91 0.05 

PORTUGAL 

263,721.91 0.05 

PORTUCEL 204,518.06 603,426.16 0.12 

ROYAUME-UNI 

603,426.16 0.12 



BG GROUP 61,148.66 1,101,577.87 0.23 

BURBERRY GROUP 158,619.50 2,571,363.07 0.53 

DIAGEO 32,180.62 560,546.43 0.12 

EXPERIAN 154,405.82 1,698,151.58 0.35 

G4S 169,966.09 684,773.52 0.14 

HALMA 84,580.39 414,025.53 0.09 

HIKMA PHARMACEUTICALS 252,263.88 2,882,641.65 0.59 

INMARSAT 50,604.24 538,046.42 0.11 

INTERTEK GROUP 37,105.27 1,082,717.16 0.22 

MONDI (GBP) 159,224.28 1,300,705.90 0.27 

NORTHUMBRIAN WATER 239,522.01 1,287,055.46 0.27 

PENNON GROUP 164,039.57 1,534,269.87 0.32 


ROTORK 2,490.48 68,040.33 0.01 

SEVERN TRENT 92,772.73 1,953,632.58 0.40 

SHIRE ADR (R. 3 SHS) 22,297.40 1,525,810.90 0.31 

SMITHS GROUP 55,777.60 1,060,224.28 0.22 

TATE & LYLE 108,290.64 811,482.71 0.17 

TEG GROUP 78,816.99 48,852.98 0.01 

TELECITY GROUP 229,596.24 1,891,996.10 0.39






(note 2) 


UNITED UTILITIES GROUP 210,639.56 1,914,884.68 0.39 

VODAFONE GROUP AG 469,530.29 1,182,768.04 0.24 

ZENERGY POWER 177,555.70 115,697.82 0.02 

RUSSIE 

28,822,104.96 5.94 



RUSHYDRO OJSC (USD) 15,393,931.35 788,169.29 0.16 

SINGAPOUR 

3,810,428.44 0.79 

BANYAN TREE 739,364.36 495,010.41 0.10 

EPURE INTL 679,842.26 444,815.34 0.09 

FIRST RESOURCES 831,242.17 739,923.08 0.15 

HYFLUX 195,957.76 463,656.11 0.10 

INDOFOOD AGRI RESOURCES 309,265.09 531,756.11 0.11 

OLAM INTERNATIONAL 371,244.60 920,769.43 0.19 

WILMAR INTERNATIONAL 125,645.53 574,506.13 0.12 

SLOVENIE 

4,170,436.61 0.86 

KRKA 18,116.66 1,586,006.44 0.33 

SUEDE 

1,586,006.44 0.33 

ACTIVE BIOTECH 41,810.20 736,586.55 0.15 

ASSA ABLOY ’B’ 65,353.16 1,667,348.49 0.34 

HOLMEN ’B’ 26,607.82 834,063.43 0.17 

SVENSKA CELLULOSA ’B’ 148,589.62 2,279,004.95 0.48 

SUISSE 

5,517,003.42 1.14 

ACINO HOLDING 5,336.73 534,165.83 0.11 

BASILEA PHARMACEUTICA NOM. 26,708.21 1,676,533.66 0.35 

BUCHER INDUSTRIES 4,671.23 707,326.13 0.15 


GEBERIT 9,302.98 1,667,487.45 0.34 

KABA HOLDING NOM. 1,149.07 380,427.02 0.08 


LONZA GROUP 25,309.34 2,187,707.76 0.45 

S.G.S. S.A. 837.86 1,363,319.69 0.28 


SYNGENTA AG 5,540.21 1,411,641.00 0.29 



TAIWAN 

17,190,528.82 3.54 

HIGH TECH COMPUTER 39,596.22 900,304.39 0.18 

SINO-AMERICAN SILLICON 173,546.64 521,489.07 0.11 

1,421,793.46 0.29 

TOTAL ACTIONS 463,701,120.70 95.53 

373


WARRANTS 



374 




(note 2) 

AUROBINDO (ML) LEPO WTS 4.8.15 54,331.85 1,254,788.03 0.26 

BIOCON (ML) LEPO WTS 08.11.10 134,090.40 1,085,220.44 0.22 

CIPLA (ML) LEPO WTS 08.11.10 151,311.85 1,080,018.57 0.22 

DIVI’S LABO. (ML) LEPO WTS 20.10.14 65,418.02 1,026,362.93 0.21 

LUPIN (ML) LEPO WTS 20.10.14 192,903.67 1,671,683.87 0.35 

SUN PHARMA (ML) LEPO WTS 08.11.10 18,757.93 838,772.16 0.17 

ROYAUME-UNI 

6,956,846.00 1.43 

ALMARAI (DB) LEPO WTS 08.10.12 15,125.74 815,577.43 0.17 

ALMARAI (DBL) LEPO WTS 03.12.12 632.44 34,101.27 0.01 

SUN PHARMA. (DB) LEPO WTS 06.02.17 21,452.12 964,378.62 0.20 

1,814,057.32 0.38 


TOTAL I. 472,472,024.02 97.34 


ACTIONS 

ETATS-UNIS 


INTARCIA THERAPEUTICS PREF ’AA’ 4,645.41 6,131.94 0.00 



METABOLEX PFD ’E1’ 6,151.24 4,490.41 0.00 

METABOLEX PREF ’A1’ 655.36 384.04 0.00 

METABOLEX PREF ’B1’ 55,361.30 32,441.72 0.01 

METABOLEX PREF ’D1’ 8,181.66 4,794.46 0.00 


PTC THERAPEUTICS PREF CV ’E-2’ 1,302.03 10,416.25 0.00 


UNDERGROUND SOLUTIONS 937,360.11 168,724.77 0.04 

WORLDCOM-MCI GROUP 220.00 0.00 0.00 

PAYS-BAS 

267,156.84 0.05 

ARCADIS 6,269.06 138,961.09 0.03 

PORTUGAL 

138,961.09 0.03 


0.00 0.00 

TOTAL ACTIONS 406,117.93 0.08 

DROITS 

FRANCE 


REMY COINTREAU RTS 14.9.10 12,474.61 8,310.77 0.00 

8,310.77 0.00 

TOTAL DROITS 8,310.77 0.00


OBLIGATIONS 

CANADA 





(note 2) 

10% HIGHPOINT TEL. II CV 00/04 USD 72,892.27 0.01 0.00 

0.01 0.00 

TOTAL OBLIGATIONS 0.01 0.00 

WARRANTS 

ETATS-UNIS 

FLEXIBLE SOLUTIONS WTS 03. 05. 10 772.08 0.01 0.00 

INTARCIA THERAP. PFD ’BB-2’ WTS (Titres à recevoir) 994.85 0.01 0.00 

INTARCIA THERAP. PFD WTS 02.05.15 2,127.97 0.00 0.00 

METABOLEX ’D1’ (C-0. 38) WTS 12. 4. 12 1,227.24 0.12 0.00 

PERFECTENERGY WTS 26. 01. 10 95,678.18 0.96 0.00 

ROYAUME-UNI 

1.10 0.00 


0.00 0.00 


TOTAL II. 414,429.81 0.08 


ROYAUME-UNI 


PHAUNOS TIMBER FUND 645,395.06 461,457.47 0.10 

461,457.47 0.10 

TOTAL III. 461,457.47 0.10 

TOTAL DU PORTEFEUILLE-TITRES 473,347,911.30 97.52 




375



376 







France 4.87 


Suisse 3.54 

Canada 3.16 

Brésil 3.12 

Japon 2.88 



Israël 1.33 

Bermudes 1.30 

Chili 1.25 

Finlande 1.22 

Suède 1.14 

Espagne 1.04 

Norvège 1.03 

Autriche 1.01 

Inde 0.99 

Italie 0.96 

Pays-Bas 0.93 

Danemark 0.90 



Russie 0.79 

Hongrie 0.67 




Chine 0.34 

Belgique 0.35 



Taïwan 0.29 


Grèce 0.22 


Bahamas 0.15 

Irlande 0.14 

Portugal 0.12 

Egypte 0.06 

Lituanie 0.05 


Mexique 0.03 

97.52 












Chimie 3.19 








Divers 1.57 






Warrants 0.97 



Pétrole 0.66 





Loisirs 0.33 








Droits 0.00 


97.52

Pictet - US Equity Value Selection 





(note 2) 


ACTIONS 

ETATS-UNIS 


AFLAC 61,769.63 3,194,107.34 2.00 


AMERIPRISE FINANCIAL 74,063.58 3,505,429.25 2.20 

ANADARKO PETROLEUM 59,570.71 3,398,508.82 2.13 

APACHE 32,783.88 3,204,952.00 2.01 

AT & T 139,231.53 3,982,021.89 2.50 

BANK OF AMERICA 239,586.19 3,140,974.92 1.97 

BOEING 49,175.82 3,272,158.95 2.05 

BRISTOL MYERS SQUIBB CO 115,843.04 3,140,504.69 1.97 

CATERPILLAR 24,487.96 1,926,712.56 1.21 

CHEVRON 59,570.71 4,828,205.79 3.03 

CISCO SYSTEMS (USD) 144,527.93 3,165,161.67 1.98 

COMCAST ’A’ 179,211.87 3,240,150.69 2.03 

CORNING (USD) 94,553.50 1,728,438.06 1.08 

CUMMINS 13,193.51 1,195,068.34 0.75 

CVS CAREMARK 107,447.16 3,381,362.26 2.12 

DEERE 22,988.70 1,604,151.18 1.01 

DIRECTV 78,261.52 3,258,026.90 2.04 


DU PONT DE NEMOURS 72,164.51 3,219,980.61 2.02 

EBAY 63,468.79 1,548,638.48 0.97 

EMC 155,423.57 3,156,652.75 1.98 

EQT 94,553.50 3,409,599.37 2.14 

EXXON MOBIL 51,374.74 3,174,445.00 1.99 

FRANKLIN RESOURCES 31,384.57 3,355,010.21 2.10 

GAP 172,215.32 3,210,093.47 2.01 

HONEYWELL INTERNATIONAL 73,263.97 3,219,218.99 2.02 

IBM 24,288.06 3,257,999.92 2.04 

INTEL 93,653.95 1,800,965.40 1.13 

ITT 33,983.29 1,591,437.43 1.00 

JOHNSON & JOHNSON 78,361.47 4,855,276.48 3.04 

JP MORGAN CHASE 116,739.59 4,444,276.37 2.79 

MERCK & CO 43,878.42 1,615,164.76 1.01 

METLIFE 82,130.61 3,157,922.08 1.98 

MICROSOFT 131,035.56 3,209,060.98 2.01 

MOTOROLA 199,601.85 1,702,603.76 1.07 

NATIONAL OILWELL VARCO 41,679.50 1,853,487.57 1.16 

NIKE ’B’ 21,289.53 1,706,143.02 1.07 

NUCOR 41,079.80 1,569,248.34 0.98 

OCCIDENTAL PETROLEUM 38,278.18 2,997,181.27 1.88 

ORACLE SYSTEMS 68,566.28 1,841,004.71 1.15 

PFIZER INC. 285,066.82 4,894,597.33 3.07 

PHILIP MORRIS WI (USD) 61,469.77 3,443,536.68 2.16 

RAYTHEON 38,481.08 1,758,970.05 1.10 

SEMPRA ENERGY 58,171.39 3,129,621.05 1.96 

SYSCO 50,775.03 1,448,103.91 0.91 

TJX COS 38,181.22 1,704,028.06 1.07 

TRAVELERS COMPANIES 62,269.38 3,244,234.69 2.03 

377



378 




(note 2) 


UNION PACIFIC 39,748.45 3,251,423.55 2.04 


WELLS FARGO 184,598.23 4,638,953.42 2.91 

XEROX 167,517.63 1,733,807.42 1.09 

IRLANDE 

149,896,110.90 93.97 

COVIDIEN (USD) 79,262.02 3,185,540.74 2.00 

ISRAEL 

3,185,540.74 2.00 


SUISSE 

1,688,224.84 1.06 

ACE 57,171.89 3,330,262.38 2.09 

3,330,262.38 2.09 












Suisse 2.09 

Irlande 2.00 

Israël 1.06 

99.12 


















Chimie 2.02 


Loisirs 1.95 


99.12 

379

Pictet - Middle East And North Africa 


380 



Description Devise Quantité/nominal Valeur d’évaluation 

(note 2) 


ACTIONS 

EGYPTE 


CITADEL CAPITAL 102,409.00 127,722.32 0.47 

COMMERCIAL INTERNATIONAL BANK 103,139.00 777,231.61 2.88 

EFG-HERMES 49,969.00 255,249.83 0.95 

EL EZZ STEEL REBARS 61,328.00 207,376.62 0.77 

GHABBOUR AUTO 29,651.00 228,130.72 0.85 

NATIONAL SOCIETE GENERALE BANK 39,090.00 258,180.70 0.96 

ORASCOM CONSTRUCTION INDUST. NOM. 16,954.00 745,572.77 2.77 

ORASCOM TELECOM 515,202.00 456,119.16 1.69 

TELECOM EGYPT 54,368.00 166,938.00 0.62 

TMG HOLDING 302,322.00 372,800.97 1.38 


3,595,322.70 13.34 

ABU DHABI COMMERCIAL BANK 266,871.00 166,387.94 0.62 

ALDAR PROPERTIES 453,273.00 306,052.90 1.14 

ARAMEX 270,045.00 161,749.82 0.60 

DANA GAS 553,097.00 124,986.86 0.46 

DEPA 209,953.00 134,369.92 0.50 

DP WORLD 813,601.00 422,258.92 1.57 

DRAKE & SCULL INTL 1,159,656.00 292,049.11 1.08 

EMAAR PROPERTIES 1,059,740.00 1,076,200.35 4.00 

FIRST GULF BANK 52,605.00 214,118.01 0.79 

NATIONAL BANK OF ABU DHABI 78,415.00 250,854.55 0.93 

JORDANIE 

3,149,028.38 11.69 

ARAB BANK 12,315.00 182,573.79 0.68 

KOWEIT 

182,573.79 0.68 

BURGAN BANK 324,878.00 541,938.02 2.01 

KUWAIT FINANCE HOUSE 186,129.00 758,241.84 2.81 

KUWAIT INVESTMENT PROJECTS 279,101.00 460,675.34 1.71 

MOBILE TELECOMMUNICATION 501,040.00 2,393,023.80 8.88 

NATIONAL BANK OF KUWEIT 363,023.00 1,912,322.40 7.10 

NATIONAL INDUSTRIES 210,000.00 291,307.79 1.08 

NATIONAL MOBILE TELECOM 50,000.00 330,113.71 1.23 

LIBAN 

6,687,622.90 24.82 

BLOM BANK ’B’ GDR (R. 1 SHS ’B’) 2,973.00 282,435.00 1.05 

LEBANESE CO. DEV. A GDR (R. 10 SHS) 19,550.00 365,976.00 1.36 

MAROC 

648,411.00 2.41 

ATTIJARIWAFA BANK 7,473.00 297,960.71 1.11 

DOUJA PROMOTION GRO. ADDOHA MAROC 22,160.00 275,841.68 1.02 

OMAN 

573,802.39 2.13 

BANKMUSCAT 202,392.00 447,364.72 1.66 

447,364.72 1.66


QATAR 





(note 2) 

COMMERCIAL BANK OF QUATAR 34,556.00 806,930.97 2.99 

DOHA BANK 18,468.00 268,899.34 1.00 

INDUSTRIES OF QATAR 8,060.00 241,133.15 0.89 

QATAR ELECTRICITY AND WATER 17,316.00 521,377.42 1.93 

QATAR GAS TRANS 27,292.00 144,706.15 0.54 

QATAR ISLAMIC BANK 12,665.00 284,959.60 1.06 

QATAR NATIONAL BANK 20,901.00 875,650.84 3.24 

QATAR TELECOM 11,192.00 537,763.51 2.00 

TUNISIE 

3,681,420.98 13.65 

POULINA GROUP 26,397.00 181,016.49 0.67 

TUNISIE PROFILES ALUMINIUM 13,528.00 58,289.41 0.22 

239,305.90 0.89 

TOTAL ACTIONS 19,204,852.76 71.27 

OBLIGATIONS 

PAYS-BAS 

0% MS (SAUDI PETRO) ELN 10/13 USD 29,654.00 194,086.32 0.72 

AL-RAHJI BANK (MS) P.NOTE 04.8.11 USD 61,527.00 1,291,743.98 4.79 

ROYAUME-UNI 

1,485,830.30 5.51 

0% HSBC (SAUDI) ELN 08/11 USD 64,437.00 373,641.17 1.39 

ALMARAI (HSBC) ELN 08/11 USD 6,260.00 337,538.26 1.25 

SAMBA FINANC. (HSBC) ELN 08/11 USD 30,518.00 514,608.25 1.91 

SAUDI BAS. IND (CSI) P. NOTE 19.12.10 USD 71,121.00 1,701,737.06 6.32 

SAUDI ELECTRIC (HSBC) ELN 24.4.12 USD 47,395.00 184,478.40 0.68 

YANBU NTL. PET. (HSBC) ELN 10/13 USD 50,729.00 522,039.96 1.94 

3,634,043.10 13.49 


CERTIFICATS 

ETATS-UNIS 

SAUDI TELECOM (CITI) CRT 01.02.11 24,395.00 251,693.46 0.93 

ROYAUME-UNI 

251,693.46 0.93 

ADVANCED P.(CS)P-NOTE CRT 29.06.11 23,860.00 125,949.30 0.47 

125,949.30 0.47 

TOTAL CERTIFICATS 377,642.76 1.40 

WARRANTS 

ETATS-UNIS 


ETIHAD ETIS (CITI) LEPO WRT 16.2.11 39,863.00 564,061.45 2.10 

564,061.45 2.10 

381


ROYAUME-UNI 


382 




(note 2) 

ALINMA BANK (DB) LEPO WRT 01.10.12 62,973.00 183,881.16 0.68 

AMIANTIT (DB) LEPO WRT 31.03.14 49,936.00 249,680.00 0.93 

SAUDI CEMENT (DB) LEPO WRT 03.01.13 16,006.00 189,030.86 0.70 

622,592.02 2.31 


TOTAL I. 25,889,022.39 96.08 


CERTIFICATS 

BERMUDES 

RIYAD BANK (CLSA) CRT 09/14 69,407.00 523,660.55 1.95 

523,660.55 1.95 


OBLIGATIONS 

BERMUDES 


JARIR (CLSA FIN.) ELN 10/14 USD 5,473.00 231,997.19 0.86 

SAVOLA (CLSA) ELN 09/14 USD 21,638.00 197,289.23 0.73 

429,286.42 1.59 


TOTAL II. 952,946.97 3.54 











Koweït 24.82 


Qatar 13.65 

Egypte 13.34 


Pays-Bas 5.51 

Bermudes 3.54 


Liban 2.41 

Maroc 2.13 

Oman 1.66 

Tunisie 0.89 

Jordanie 0.68 

99.62 







Warrants 3.94 







Pétrole 1.00 




Divers 0.60 


99.62 

383

Pictet - Environmental Megatrend Selection 


384 




(note 2) 


ACTIONS 



SAPPI 1,413.14 5,299.53 0.17 

ALLEMAGNE 

5,299.53 0.17 

ASIAN BAMBOO 123.35 4,952.44 0.16 

JOYOU 152.64 1,770.58 0.06 

K & S 383.72 17,108.29 0.55 

KSB PREF N-VTG 10.63 5,578.99 0.18 

KTG AGRAR 156.57 2,348.55 0.08 

ROTH & RAU 264.07 4,753.24 0.15 

SMA SOLAR TECHNOLOGY 207.46 16,192.28 0.53 

WACKER CHEMIE 203.41 27,471.13 0.89 

AUSTRALIE 

80,175.50 2.60 

TASSAL GROUP 4,646.50 4,617.73 0.15 

TFS CORP 11,723.08 7,489.60 0.24 

AUTRICHE 

12,107.33 0.39 

ANDRITZ 453.57 23,572.22 0.77 

BWT 271.63 5,165.10 0.17 

MAYR-MELNHOF KARTON 80.58 5,953.28 0.19 

BELGIQUE 

34,690.60 1.13 


SIPEF 98.57 5,298.38 0.18 

BERMUDES 

6,659.21 0.22 


BROOKFIELD INFRASTRUCTURE 515.09 7,248.01 0.24 

BUNGE 408.15 18,274.95 0.60 


CHINA YURUN FOOD 3,451.01 9,372.23 0.30 




BRESIL 

53,530.96 1.74 

ALL AMERICA LATINA LOGIS. 4PREF+1SH 1,412.48 10,302.30 0.33 

CEMIG MINAS GERAIS PREF 4,228.74 48,894.76 1.59 


DURATEX SA 2,099.91 16,174.70 0.53 

FIBRIA ADR (R.1 SHS) 1,931.92 25,050.34 0.81 

JBS 3,111.67 9,747.83 0.32 

KLABIN 2,712.32 5,590.62 0.18 

MINERVA 1,674.52 4,979.12 0.16 

SABESP 1,840.57 29,621.58 0.96 

SABESP ADR (R.2 SHS) 201.63 6,422.45 0.21






(note 2) 




CANADA 

202,186.44 6.57 

5N PLUS 2,421.60 9,897.90 0.32 

ACADIAN TIMBER 843.22 3,620.05 0.12 

AGRIUM (USD) 145.83 8,232.76 0.27 


BIOTEQ ENVIRONMENTAL TECHN. 2,767.77 1,571.23 0.05 

BORALEX A 1,075.31 6,257.00 0.20 

CASCADES 250.37 1,126.40 0.04 

GENESIS WORLDWIDE CANADA 522.73 24.11 0.00 

H2O INNOVATION 1,569.29 467.70 0.02 

IESI-BFC (USD) 364.85 6,004.27 0.20 


MAGMA ENERGY 7,306.42 6,169.79 0.20 

MIGAO 781.21 3,747.41 0.12 


POTASH SASKATCHEWAN (CAD) 188.45 19,975.71 0.65 


SEAIR 232.55 113.86 0.00 

SINO FOREST 1,888.89 23,603.99 0.76 

STANTEC (CAD) 649.98 12,969.76 0.42 

SUNOPTA (CAD) 1,042.16 4,468.80 0.15 


WEST FRASER TIMBER 136.88 3,686.00 0.12 

WESTPORT INNOVATIONS 395.29 5,056.06 0.16 

CHILI 

142,857.57 4.64 

COPEC 1,272.26 17,290.80 0.56 

EMPRESAS CMPC 656.16 24,678.22 0.81 

INVERSIONES AGUAS METROPOL 18,625.79 20,428.60 0.66 

MASISA 47,564.44 5,944.36 0.19 

CHINE 

68,341.98 2.22 



COREE DU SUD 

9,751.38 0.32 

WOONG JIN COWAY 617.99 17,608.95 0.57 

DANEMARK 

17,608.95 0.57 

AURIGA INDUSTRIES B 352.62 4,802.87 0.16 

CHRISTIAN HANSEN HOLDING 195.71 2,865.29 0.09 

DANISCO 54.82 3,627.53 0.12 

VESTAS WIND SYSTEMS NOM. 495.26 13,378.26 0.43 

ESPAGNE 

24,673.95 0.80 

ACCIONA 327.93 20,413.35 0.66 


385



386 




(note 2) 


FLUIDRA 1,047.08 2,764.29 0.09 


ETATS-UNIS 

89,167.49 2.90 

AMERICAN STATES WATER 191.26 5,009.04 0.16 

AMERICAN SUPERCONDUCTOR 223.67 5,063.92 0.16 

AMERICAN WATER WORKS 2,731.96 46,099.29 1.50 

AQUA AMERICA 1,260.77 18,746.43 0.61 

ARCHER-DANIELS MIDLAND 1,446.26 34,468.56 1.12 

BALDOR ELECTRIC 365.81 10,798.10 0.35 

CADIZ 311.89 2,232.03 0.07 

CALGON CARBON 522.32 5,461.69 0.18 

CALIFORNIA WATER SERVICE 258.11 6,939.13 0.23 

CF INDUSTRIES HOLDINGS 232.99 16,938.22 0.55 

CHESAPEAKE ENERGY 627.93 10,366.06 0.34 

CLARCOR 61.04 1,726.41 0.06 

CLEAN HARBORS 474.93 23,412.73 0.76 

COMVERGE 1,633.07 8,962.45 0.29 

CORN PRODUCTS INTERNATIONAL 258.35 7,125.06 0.23 

COVANTA HOLDING 1,711.59 19,788.65 0.64 

CREE 781.22 31,452.52 1.02 

DANAHER 268.08 7,958.56 0.26 

DEAN FOODS 703.91 5,197.17 0.17 

DEERE 350.58 18,401.46 0.60 

DELTIC TIMBER 443.00 14,554.82 0.47 

DIONEX 169.66 10,552.82 0.34 

DONALDSON 423.69 14,543.50 0.47 

ENERGY RECOVERY 129.50 339.25 0.01 

ENERNOC 651.26 15,335.69 0.50 

FIRST SOLAR 173.30 18,929.45 0.62 

FLEXIBLE SOLUTIONS 464.96 442.30 0.01 

FLOWSERVE 57.66 4,607.67 0.15 

FORESTAR REAL ESTATE GP.-WHEN IS. 713.51 8,750.55 0.28 

FRANKLIN ELECTRIC 383.49 9,218.17 0.30 

GREIF ’A’ 140.69 6,080.15 0.20 

ICF INTERNATIONAL 584.54 10,509.39 0.34 

INSITUFORM TECHNOLOGIES ’A’ 653.79 11,323.91 0.37 

INTERNATIONAL PAPER 715.93 11,226.66 0.36 

ITC HOLDINGS 480.47 22,114.41 0.72 

ITRON 743.36 32,784.00 1.06 

ITT 1,340.41 46,021.14 1.50 

J&J SNACK FOODS 165.83 5,142.77 0.17 

JOHNSON CONTROLS 480.86 10,774.20 0.35 

KIMBERLY CLARK 270.48 12,876.65 0.42 


MEADWESTVACO 605.94 10,832.05 0.35 

MEMC ELECTRONIC MATERIALS 3,447.25 30,093.56 0.98 

MOSAIC 479.69 21,397.55 0.70 

MUELLER WATER PRODUCTS ’A’ 1,030.59 2,262.40 0.07 

NALCO HOLDING 826.26 15,254.44 0.50 

NEOGEN 109.64 2,747.90 0.09 

NEXTERA ENERGY 595.07 23,805.52 0.77






(note 2) 


NORTHWEST NATURAL GAS 292.23 10,097.51 0.33 

ORMAT TECHNOLOGIES 1,499.59 31,997.91 1.04 

PACKAGING CORP OF AMERICA 171.70 2,917.30 0.09 

PALL 479.64 14,583.05 0.47 

PENTAIR 1,184.64 29,083.06 0.94 

PG & E 471.76 15,600.13 0.51 

PIEDMONT NATURAL GAS CO 492.08 10,453.10 0.34 


POLYPORE 452.98 9,993.68 0.32 

POOL 322.26 4,834.11 0.16 

POPE RESOURCES 242.24 4,830.23 0.16 

POTLATCH 714.69 17,712.93 0.58 

PULTE HOMES 1,249.54 7,991.36 0.26 


RAYONIER 779.41 28,510.81 0.93 

REGAL-BELOIT 226.67 9,721.30 0.32 

REPUBLIC SERVICES 1,804.95 40,190.87 1.31 

ROPER INDUSTRIES 813.05 38,831.90 1.26 

SATCON TECHNOLOGY 672.74 1,870.65 0.06 

SEMPRA ENERGY 376.86 14,817.07 0.48 

SMITHFIELD FOODS 838.77 10,427.87 0.34 

SOUTHWESTERN ENERGY 411.42 10,127.47 0.33 

SPECTRA ENERGY 1,182.49 19,468.91 0.63 

STR HOLDINGS 1,251.50 19,551.95 0.64 

SUNPOWER B 751.45 7,538.73 0.24 

SYSCO 335.37 7,111.86 0.23 

TEMPLE-INLAND 729.80 10,039.74 0.33 

TETRA TECH 889.73 13,665.73 0.44 

TORO 399.60 16,766.48 0.54 

TREEHOUSE FOODS 173.78 5,838.18 0.19 

WASTE CONNECTIONS 214.81 6,238.80 0.20 

WASTE MANAGEMENT 913.27 23,958.02 0.78 

WEYERHAEUSER 2,401.79 28,348.51 0.92 

WILLIAMS COMPANIES 1,763.41 24,594.38 0.80 


ZHONGPIN INC 584.40 6,944.71 0.23 

FINLANDE 

1,224,650.03 39.79 

FORTUM 2,279.74 43,770.96 1.42 

KEMIRA 405.94 4,083.73 0.13 

STORA ENSO ’R’ 2,005.71 14,451.16 0.47 

UPM-KYMMENE 1,495.23 18,645.49 0.61 

FRANCE 

80,951.34 2.63 

EDF ENERGIES NOUVELLES 825.53 23,684.46 0.77 

EUROFINS SCIENTIFIC 139.79 5,158.43 0.17 

GDF SUEZ 665.55 17,517.29 0.57 

SAFT GROUPE 553.43 15,764.47 0.51 

SECHILIENNE-SIDEC 658.93 13,333.39 0.43 


VEOLIA ENVIRONNEMENT 1,593.12 31,336.65 1.02 

147,838.33 4.80 

387


GRECE 


388 




(note 2) 


TERNA ENERGY 1,184.21 3,256.58 0.11 

HONG-KONG 

3,256.58 0.11 




ILES CAIMANS 

30,955.61 1.01 




CONSOLIDATED WATER 363.14 2,524.37 0.08 

DACHAN FOOD ASIA 21,572.25 3,376.82 0.11 

GCL-POLY ENERGY HOLDINGS 56,132.58 12,650.77 0.41 

JA SOLAR HOLDINGS ADR (REPR. 3SHS) 3,723.63 24,277.54 0.80 


NEW ENVIRONMENTAL ENERGY HOLDINGS 17,009.55 785.95 0.03 

TRINA SOLAR ADR (R.100 SHS) 760.66 16,074.95 0.52 


WASION GROUP 17,478.64 9,806.83 0.32 



123,005.27 4.00 


INDE 

15,210.86 0.49 

JAIN IRRIGATION SYSTEMS 412.29 8,049.91 0.26 



INDONESIE 

21,172.62 0.69 

BISI INTERNATIONAL 28,781.27 5,307.30 0.17 

PT SAMPOERNA AGRO 28,726.45 6,356.63 0.21 

IRLANDE 

11,663.93 0.38 

ORIGIN ENTERPRISES 274.11 767.50 0.02 

SMURFIT KAPPA 801.91 5,862.73 0.19 

ITALIE 

6,630.23 0.21 

HERA 6,046.04 8,476.54 0.28 

PARMALAT 2,566.68 4,825.36 0.16 

SNAM RETE GAS 4,384.70 16,113.78 0.52 

JAPON 

29,415.68 0.96 

DAISEKI 558.47 7,714.78 0.25 

DISCO 293.51 12,380.45 0.40 

KURITA WATER INDUSTRIES 1,387.19 28,244.41 0.93 

NIPPON PAPER GROUP 259.29 4,759.82 0.15 

NIPPON SUISAN KAISHA 1,957.40 4,730.25 0.15






(note 2) 


OJI PAPER 1,581.30 5,127.58 0.17 

SAKATA SEED 317.69 3,101.63 0.10 

STELLA CHEMIFA 302.95 7,738.97 0.25 

TOYO SUISAN KAISHA 301.52 4,560.02 0.15 

UBE INDUSTRIES 3,633.00 5,906.21 0.19 

LITUANIE 

84,264.12 2.74 


LUXEMBOURG 

2,457.39 0.08 

MHP GDR (R.1 SHS) 386.57 4,313.79 0.14 

MEXIQUE 

4,313.79 0.14 


NORVEGE 

3,214.87 0.10 

AUSTEVOLL SEAFOOD 960.48 4,600.76 0.15 

CERMAQ 1,096.43 8,913.31 0.29 


YARA INTERNATIONAL 574.53 19,831.99 0.64 

PAYS-BAS 

44,990.95 1.46 

AALBERTS INDUSTRIES 116.96 1,433.94 0.05 

ASTARTA HOLDING (PLN) 115.76 2,208.34 0.07 

CNH GLOBAL (USD) 323.72 9,195.73 0.29 

CSM 284.35 6,151.81 0.20 

NUTRECO HOLDING 95.94 5,130.74 0.17 

PHILIPPINES 

24,120.56 0.78 


PORTUGAL 

5,093.99 0.17 

PORTUCEL 2,676.19 5,777.90 0.19 

ROYAUME-UNI 

5,777.90 0.19 

ASSOCIATED BRITISH FOODS 469.41 5,781.15 0.19 

BG GROUP 1,620.79 21,365.62 0.69 

MONDI (GBP) 2,083.51 12,454.46 0.40 

NORTHUMBRIAN WATER 6,322.62 24,860.45 0.81 

PENNON GROUP 4,330.12 29,635.58 0.96 


ROTORK 65.74 1,314.25 0.04 

SEVERN TRENT 2,448.90 37,735.89 1.23 

TATE & LYLE 1,408.03 7,720.75 0.25 

TEG GROUP 2,080.52 943.63 0.03 


ZENERGY POWER 4,706.25 2,244.01 0.07 

185,329.83 6.01 

389


RUSSIE 


390 




(note 2) 

CHERKIZOVO GP. GDR (R.0.666667SH S) 254.16 3,661.93 0.12 

RUSHYDRO OJSC (USD) 408,027.68 15,286.91 0.50 

SINGAPOUR 

18,948.84 0.62 

EPURE INTL 17,945.66 8,591.94 0.28 


HYFLUX 5,172.66 8,955.87 0.30 

INDOFOOD AGRI RESOURCES 4,021.16 5,059.33 0.16 



SUEDE 

43,873.67 1.43 

HOLMEN ’B’ 348.17 7,986.29 0.26 

SVENSKA CELLULOSA ’B’ 1,944.35 21,821.83 0.71 

SUISSE 

29,808.12 0.97 

BUCHER INDUSTRIES 60.74 6,729.77 0.22 

GEBERIT 245.57 32,208.78 1.04 

SYNGENTA AG 72.04 13,430.88 0.44 

TAIWAN 

52,369.43 1.70 


10,114.52 0.33 

TOTAL ACTIONS 2,956,479.35 96.06 

WARRANTS 

ROYAUME-UNI 

ALMARAI (DB) LEPO WTS 08.10.12 196.67 7,759.71 0.25 

ALMARAI (DBL) LEPO WTS 03.12.12 8.22 324.45 0.01 

8,084.16 0.26 


TOTAL I. 2,964,563.51 96.32 


ACTIONS 

ETATS-UNIS 



PAYS-BAS 

3,259.05 0.11 

ARCADIS 165.48 2,684.14 0.09 

2,684.14 0.09 

TOTAL ACTIONS 5,943.19 0.20


WARRANTS 

ETATS-UNIS 





(note 2) 

FLEXIBLE SOLUTIONS WTS 03.05.10 20.38 0.00 0.00 

PERFECTENERGY WTS 26.01.10 2,536.02 0.02 0.00 

ROYAUME-UNI 

0.02 0.00 


0.00 0.00 


TOTAL II. 5,943.21 0.20 


ROYAUME-UNI 



4,418.53 0.14 

TOTAL III. 4,418.53 0.14 





391



392 






Brésil 6.57 


France 4.80 

Canada 4.64 


Espagne 2.90 

Japon 2.74 

Finlande 2.63 


Chili 2.22 

Bermudes 1.74 

Suisse 1.70 

Norvège 1.46 


Autriche 1.13 


Suède 0.97 

Italie 0.96 

Pays-Bas 0.87 

Danemark 0.80 

Inde 0.69 

Russie 0.62 





Taïwan 0.33 

Chine 0.32 

Belgique 0.22 

Irlande 0.21 

Portugal 0.19 




Grèce 0.11 

Mexique 0.10 

Lituanie 0.08 

96.66 








Chimie 4.63 





Divers 1.86 


Pétrole 0.90 













Warrants 0.26 







96.66

Pictet - High Dividend Selection 





(note 2) 


ACTIONS 

ALLEMAGNE 



E.ON AG 86,955.00 1,892,575.58 2.24 

R.W.E. ’A’ 13,351.00 665,213.58 0.79 

R.W.E. PREF N-VTG 18,690.00 872,542.65 1.03 

AUSTRALIE 

4,128,682.65 4.89 

DUET GROUP QUADRUPLE STAPLED 282,173.00 349,760.89 0.41 

TELSTRA 221,248.00 412,940.22 0.49 

AUTRICHE 

762,701.11 0.90 


BRESIL 

690,710.16 0.82 


SABESP 48,100.00 774,842.44 0.92 


TRANSMISSAO ENERGIA PAULISTA PFD 5,097.00 113,062.50 0.13 

VIVO PARTICIP. ADR (R. 1 PREF. SHS) 4,024.00 81,048.28 0.10 

CANADA 

2,781,740.56 3.29 

ENBRIDGE 22,762.00 864,268.66 1.03 

ROGERS COMMUNICATIONS ’B’ 22,600.00 627,085.90 0.74 

TELUS -NVTG- 14,345.00 449,128.45 0.53 

TRANSALTA 23,990.00 374,441.31 0.44 

TRANSCANADA 20,800.00 568,398.69 0.67 

COREE DU SUD 

2,883,323.01 3.41 

SK TELECOM ADR (R. 1/9 SHS) 26,484.00 340,422.95 0.40 

ESPAGNE 

340,422.95 0.40 

ENAGAS 39,315.00 581,272.28 0.69 

IBERDROLA 203,758.00 1,145,119.96 1.36 


TELEFONICA 73,582.00 1,335,513.30 1.57 

ETATS-UNIS 

4,006,460.04 4.74 

ALLIANT ENERGY 20,520.00 546,989.75 0.65 


AT & T 117,200.00 2,474,312.93 2.93 

CENTERPOINT ENERGY 60,700.00 703,458.89 0.83 

CMS ENERGY 67,071.00 895,169.41 1.06 

CONSOLIDATED EDISON 18,200.00 648,156.20 0.77 


DUKE ENERGY 116,000.00 1,523,467.74 1.80 

ENERGY TRANSFER EQUITY LP 16,820.00 460,358.51 0.54 

ENTERGY 25,395.00 1,442,395.31 1.71 

393



394 




(note 2) 


ENTERPRISE PRODUCTS PARTNERS 44,900.00 1,300,877.44 1.54 

EXELON 58,300.00 1,835,730.98 2.17 

FIRSTENERGY 39,455.00 1,118,169.34 1.32 

FRONTIER COMMUNICATIONS ’B’ 101,708.00 611,041.90 0.72 

MAGELLAN MIDSTREAM PARTNERS 16,650.00 626,625.90 0.74 

NEXTERA ENERGY 27,300.00 1,097,502.56 1.30 

NORTHEAST UTILITIES 18,750.00 411,841.70 0.49 

NSTAR 21,973.00 638,396.07 0.76 

PG & E 56,900.00 1,890,812.34 2.24 

PPL 60,512.00 1,219,675.68 1.44 

PROGRESS ENERGY 31,200.00 1,022,794.72 1.21 

PUBLIC SERVICE ENTERPRISE GROUP 70,200.00 1,701,445.86 2.01 

SOUTHERN 100,300.00 2,759,932.98 3.28 


VERIZON COMMUNICATIONS 46,100.00 1,107,161.37 1.31 

WISCONSIN ENERGY 15,780.00 672,209.04 0.80 

XCEL ENERGY 62,400.00 1,059,503.37 1.25 

FINLANDE 

31,877,537.47 37.74 

FORTUM 89,263.00 1,713,849.60 2.03 

FRANCE 

1,713,849.60 2.03 


GDF SUEZ 98,422.00 2,590,467.04 3.08 



VINCI 9,965.00 366,462.88 0.43 

HONG-KONG 

4,769,801.13 5.65 

CHINA MOBILE 51,100.00 384,810.69 0.46 

HONGKONG ELECTRIC 330,600.00 1,477,463.86 1.74 

INDONESIE 

1,862,274.55 2.20 

P.T. TELEKOMUNIKASI INDONESIA ’B’ 189,000.00 143,096.01 0.17 

ISRAEL 

143,096.01 0.17 

BEZEQ ISRAEL TELECOMMUNICATION 176,964.00 324,597.53 0.38 

ITALIE 

324,597.53 0.38 


SNAM RETE GAS 633,361.00 2,327,601.68 2.76 

T.E.R.N.A. 599,218.00 1,851,583.62 2.19 

TELECOM ITALIA 387,201.00 399,978.63 0.47 


JAPON 

6,909,717.35 8.18 

NTT DOCOMO 549.00 670,915.92 0.79 

670,915.92 0.79


PAYS-BAS 





(note 2) 



PORTUGAL 

1,874,534.48 2.22 

EDP (ELECTRIC. DE PORTUGAL) NOM. 623,865.00 1,577,754.59 1.87 


1,577,754.59 1.87 

CESKE ENERGETICKE ZAVODY 13,010.00 423,305.62 0.50 

ROYAUME-UNI 

423,305.62 0.50 

CENTRICA 765,622.00 2,884,505.81 3.42 

INTERNATIONAL POWER 322,921.00 1,445,082.46 1.71 

NATIONAL GRID 222,845.00 1,408,354.09 1.67 


PENNON GROUP 150,086.00 1,026,116.60 1.21 

SCOTTISH & SOUTHERN ENERGY 106,462.00 1,382,758.98 1.64 

SEVERN TRENT 68,751.00 1,058,290.66 1.25 

UNITED UTILITIES GROUP 163,124.00 1,083,986.70 1.28 

VODAFONE GROUP AG 1,301,552.00 2,396,629.25 2.84 

SUISSE 

13,426,062.01 15.90 

SWISSCOM NOM. 3,677.00 1,097,347.24 1.30 

TURQUIE 

1,097,347.24 1.30 

TURK TELEKOM 33,734.00 106,432.48 0.13 

106,432.48 0.13 





395



396 







Italie 8.18 

France 5.65 


Espagne 4.74 

Canada 3.41 

Brésil 3.29 

Pays-Bas 2.22 


Finlande 2.03 

Portugal 1.87 

Suisse 1.30 


Autriche 0.82 

Japon 0.79 



Israël 0.38 


Turquie 0.13 

97.51 





Pétrole 1.21 




97.51

Pictet - Piclife 





(note 2) 


ACTIONS 


% des actifs 

nets 

ANGLOGOLD ASHANTI 193.37 8,714.04 0.01 

ANGLOGOLD ASHANTI ADR (R. 1 SHS) 732.85 33,194.84 0.03 

FIRSTRAND (NEW) 17,335.36 51,386.91 0.05 

KUMBA IRON ORE 645.86 31,908.32 0.03 

MTN GROUP 3,136.48 54,511.42 0.06 

NASPERS ’N’ 436.19 20,328.89 0.02 

SASOL 1,047.55 45,815.96 0.05 

ALLEMAGNE 

245,860.38 0.25 

ADIDAS 725.84 44,365.03 0.05 

ALLIANZ NOM. 232.37 25,884.78 0.03 

DEUTSCHE BOERSE NOM. 346.37 22,870.12 0.02 


FRESENIUS MEDICAL CARE 805.04 48,771.58 0.05 

HEIDELBERGCEMENT 495.34 23,385.57 0.02 

MAN AG 410.30 44,296.33 0.05 

MUENCHENER RUECKVER. NOM. 220.52 29,855.00 0.03 

STROEER OUT-OF-HOME MEDIA 821.64 23,133.27 0.02 

WINCOR NIXDORF 481.71 30,883.00 0.03 

AUSTRALIE 

321,297.40 0.33 

AFRICAN PETROLEUM CORPORATION 14,545.90 9,621.80 0.01 

BELGIQUE 

9,621.80 0.01 

U.C.B. 602.91 20,582.40 0.02 

BERMUDES 

20,582.40 0.02 



SKYWORTH DIGITAL HOLDINGS 15,292.97 10,385.72 0.01 

BRESIL 

42,360.03 0.04 

ALIANSCE SHOPPING CENTERS 1,444.70 10,799.79 0.01 

AMBEV-CIA DE BEBIDAS PREF 102.95 12,440.70 0.01 

BANCO DO BRASIL 4,953.18 89,603.08 0.10 

BANRISUL PREF ’B’ 2,569.91 24,363.64 0.02 

BR PROPERTIES 315.03 2,849.47 0.00 

BRADESPAR PREF 1,258.93 29,185.09 0.03 

BROOKFIELD INCORPORACOES 2,676.08 13,735.16 0.01 

CIA DE BEBIDAS AMER. ADR (R. 100PFD) 72.92 8,800.62 0.01 

DROGASIL 342.77 8,423.47 0.01 

ECORODOVIAS INFRAS. E LOGISTI. 273.01 1,764.07 0.00 

ENERGIAS DO BRASIL 376.93 7,762.28 0.01 

HYPERMARCAS 1,916.23 28,155.43 0.03 

ITAU UNIBANCO PFD 752.01 17,127.70 0.02 

ITAU UNIBANCO PFD ADR (R. 1 PREF SH) 2,225.49 51,052.89 0.05 

397



398 




(note 2) 

% des actifs 

nets 

MPX ENERGIA 1,241.00 19,904.77 0.02 

OGX PETROLEO E GAS 4,025.29 49,828.64 0.05 

PDG REALTY SA EMPREENDI. E PARTIC. 2,553.94 29,479.00 0.03 

PETROBRAS ADR (R. 2 PREF SHS) 2,020.75 63,186.05 0.06 

PETROLEO BRASIL. ’ADR’ (REPR. 1 SHS) 1,421.55 49,462.64 0.05 

TELESP 338.84 7,987.08 0.01 

TOTVS 111.54 7,960.85 0.01 

VALE ’A’ ADR (R. 1 PFD ’A’) 2,274.86 60,007.57 0.06 

VALE DO RIO DOCE PREF ’A’ 3,353.58 88,559.63 0.10 

VIVO PARTICIP. ADR (R. 1 PREF. SHS) 497.75 13,280.39 0.01 

CANADA 

695,720.01 0.71 

INTEROIL 311.74 21,062.06 0.02 

PACIFIC RUBIALES ENERGY 733.89 19,625.94 0.02 

CHILI 

40,688.00 0.04 

EMPRESAS LA POLAR 2,728.32 19,774.09 0.02 

CHINE 

19,774.09 0.02 

AGRICULTURAL BANK OF CHINA ’H’ 64,786.37 32,693.18 0.03 

BANK OF CHINA 43,525.08 22,237.27 0.02 

BANK OF COMMUNICATIONS ’H’ 27,164.79 28,643.96 0.03 

BBMG ’H’ 13,077.85 17,894.11 0.02 

CHINA COAL ENERGY ’H’ 18,530.09 29,866.88 0.03 

CHINA CONSTRUCTION BANK ’H’ 106,715.69 91,092.91 0.09 

CHINA NATIONAL BUILDING MAT. ’H’ 7,679.44 17,525.52 0.02 

CHINA OVERSEAS LAND & INVESTMENT 8,959.35 18,467.03 0.02 

CHINA PETROLEUM & CHEMICAL ’H’ 40,737.30 35,182.61 0.04 

CHINA UNICOM (HK) 25,517.75 36,388.83 0.04 

CITIC SECURITIES ’A’ 11,973.76 18,544.46 0.02 

CNOOC 31,958.10 60,335.95 0.06 

KWEICHOW MOUTAI A 962.41 23,637.05 0.02 

PING AN INSURANCE (GROUP) 994.30 9,885.31 0.01 

SHANGHAI INDUSTRIAL HOLDINGS 8,454.47 41,602.56 0.04 

YANZHOU COAL MINING ’H’ 6,800.54 16,253.90 0.02 

COREE DU SUD 

500,251.53 0.51 

CELLTRION 451.99 8,630.19 0.01 

DAELIM INDUSTRIAL 404.12 29,137.90 0.03 

HYUNDAI ENGIN. & CONSTR. 453.51 28,088.93 0.03 

HYUNDAI MOTOR 310.76 40,618.68 0.04 

KB FINANCIAL 736.66 30,837.12 0.03 

KIA MOTORS 846.61 26,615.81 0.03 

KOREAN AIR 262.25 17,385.45 0.02 

LG CHEMICAL 69.71 19,860.50 0.02 

LG DISPLAY CO. 609.20 20,505.32 0.02 

LG ELECTRONICS 130.53 10,715.93 0.01 

NHN 112.95 18,912.27 0.02 

POSCO 112.10 49,416.54 0.05 

SAMSUNG ELECTRONICS 185.31 123,004.69 0.12 

SAMSUNG HEAVY INDUSTRIES 875.56 22,551.80 0.02






(note 2) 

% des actifs 

nets 

SHINHAN FINANCIAL GROUP 952.26 35,510.02 0.04 

SHINSEGAE 61.77 31,713.74 0.03 

SK TELECOM 100.68 14,751.48 0.02 

SK TELECOM ADR (R. 1/9 SHS) 678.93 11,560.37 0.01 

YUHAN CORP 10.61 1,681.84 0.00 

DANEMARK 

541,498.58 0.55 


EGYPTE 

26,991.14 0.03 

ORASCOM TELECOM GDR (R. 5 SHS) 581.07 2,518.79 0.00 

ESPAGNE 

2,518.79 0.00 

AMADEUS IT HOLDING ’A’ 2,811.41 50,430.93 0.05 

BANCO SANTANDER 3,861.39 47,568.13 0.05 

TELEFONICA 2,843.14 68,694.01 0.07 

ETATS-UNIS 

166,693.07 0.17 

AFLAC 30.47 1,534.97 0.00 

AMERICAN ELECTRIC POWER 44.72 1,578.38 0.00 

AMERIPRISE FINANCIAL 36.54 1,684.58 0.00 

ANADARKO PETROLEUM 29.39 1,633.20 0.00 

APACHE 16.17 1,540.18 0.00 

AT & T 68.69 1,913.61 0.00 

BANK OF AMERICA 118.20 1,509.44 0.00 

BOEING 24.26 1,572.48 0.00 

BRISTOL MYERS SQUIBB CO 57.15 1,509.21 0.00 

CATERPILLAR 12.08 925.91 0.00 

CHEVRON 29.39 2,320.26 0.01 

CISCO SYSTEMS (USD) 71.30 1,521.06 0.00 

COMCAST ’A’ 88.41 1,557.10 0.00 

CORNING (USD) 46.65 830.62 0.00 

CTC MEDIA 391.78 8,388.36 0.02 

CUMMINS 6.51 574.31 0.00 

CVS CAREMARK 53.01 1,624.96 0.00 

DEERE 11.34 770.90 0.00 

DIRECTV 38.61 1,565.69 0.00 

DOMINION RESOURCES 36.00 1,530.89 0.00 

DU PONT DE NEMOURS 35.60 1,547.40 0.00 

EBAY 31.31 744.22 0.00 

EMC 76.68 1,516.97 0.00 

EQT 46.65 1,638.53 0.00 

EXXON MOBIL 25.35 1,525.52 0.00 

FRANKLIN RESOURCES 15.48 1,612.29 0.00 

GAP 84.96 1,542.65 0.00 

HONEYWELL INTERNATIONAL 36.14 1,547.04 0.00 

IBM 11.98 1,565.68 0.00 

INTEL 46.20 865.48 0.00 

ITT 16.77 764.79 0.00 

JOHNSON & JOHNSON 38.66 2,333.27 0.00 

JP MORGAN CHASE 57.59 2,135.76 0.00 

399



400 




(note 2) 

% des actifs 

nets 

MERCK & CO 21.65 776.19 0.00 

METLIFE 40.52 1,517.58 0.00 

MICROSOFT 64.65 1,542.16 0.00 

MOTOROLA 98.47 818.21 0.00 

NATIONAL OILWELL VARCO 20.56 890.72 0.00 

NIKE ’B’ 10.50 819.91 0.00 

NUCOR 20.27 754.12 0.00 

OCCIDENTAL PETROLEUM 18.88 1,440.34 0.00 

ORACLE SYSTEMS 33.83 884.72 0.00 

PFIZER INC. 140.64 2,352.16 0.01 

PHILIP MORRIS WI (USD) 30.33 1,654.84 0.00 

RAYTHEON 18.98 845.30 0.00 

SEMPRA ENERGY 28.70 1,503.98 0.00 

SYNTHES 1,700.00 194,820.00 0.23 

SYSCO 25.05 695.91 0.00 

TJX COS 18.84 818.89 0.00 

TRAVELERS COMPANIES 30.72 1,559.06 0.00 

UNION PACIFIC 19.61 1,562.51 0.00 

WALT DISNEY HOLDING 46.45 1,498.12 0.00 

WELLS FARGO 91.07 2,229.31 0.01 

XEROX 82.64 833.20 0.00 

FINLANDE 

275,242.94 0.28 

NOKIA 2,528.44 24,267.87 0.02 

FRANCE 

24,267.87 0.02 

BNP PARIBAS 1,178.29 83,305.08 0.09 

ELECTRICITE DE FRANCE 480.28 20,180.85 0.02 

L.V.M.H. 162.66 23,125.80 0.02 

TOTAL 923.45 46,651.64 0.05 

VINCI 963.60 47,172.89 0.05 

HONG-KONG 

220,436.26 0.23 

CHINA MOBILE 3,491.45 34,821.52 0.03 

CITIC PACIFIC 12,679.87 28,173.15 0.03 

LENOVO GROUP 41,726.07 25,089.41 0.03 

HONGRIE 

88,084.08 0.09 

MOL MAGYAR OLAY ’A’ 77.34 7,602.04 0.01 

ILES CAIMANS 

7,602.04 0.01 


COMBA TELECOM SYSTEMS HOLDINGS 11,259.61 12,268.47 0.01 

EURASIA DRILLING GDR (R. 1 SHS) 1,064.09 24,061.82 0.02 

FOCUS MEDIA ADR (R.5 SHS) 680.02 15,904.48 0.02 


SANDS CHINA 11,050.87 19,421.02 0.02 

SINA 196.66 9,913.32 0.01 


146,932.94 0.15


INDE 





(note 2) 

% des actifs 

nets 

BANK OF BARODA DEMAT. 1,500.04 28,604.19 0.03 

BHARAT HEAVY ELECTRICALS DEMAT. 496.66 26,903.58 0.03 

EDUCOMP SOLUTIONS DEMAT. 1,198.48 15,934.80 0.02 

HOUSING DEVELOPMENT FINANCE 2,240.51 35,902.90 0.04 

INFOSYS TECHNOLOG ADR (R. 1 SHS) 302.07 19,753.05 0.02 

INFOSYS TECHNOLOGIES DEMAT. 412.06 27,472.21 0.03 

OIL & NATURAL GAS DEMAT. 657.04 20,162.70 0.02 

RELIANCE INDUSTRIES DEMAT. 913.61 19,712.80 0.02 

SHRIRAM TRANSPORT FINANCE DEMAT. 1,702.55 28,867.50 0.03 

TATA STEEL DEMAT. 1,658.67 23,630.27 0.02 

YES BANK 2,707.40 20,718.94 0.02 

INDONESIE 

267,662.94 0.28 

ADARO ENERGY 71,316.37 15,755.74 0.02 

INDO TAMBANGRAY 3,802.40 17,257.39 0.02 

INDOFOOD CBP SUKSES MAKMUR TBANK 18,018.95 10,605.85 0.01 

INTILAND DEVELOPMENT 138,014.37 7,378.11 0.01 

P.T. TELEKOMUNIKASI INDONESIA ’B’ 24,811.25 24,903.54 0.03 

PT BANK MANDIRI (PERSERO) 58,548.89 45,991.31 0.05 

PT BUMI SERPONG DAMAI 228,863.06 23,970.19 0.02 

PT HARUM ENERGY 26,831.36 15,221.96 0.02 

SEMEN GRESIK 18,499.40 19,981.01 0.02 

TELKOM INDONESIA ADR (R. 20 SHS) 218.52 8,878.43 0.01 

IRLANDE 

189,943.53 0.21 

COVIDIEN (USD) 39.10 1,530.85 0.00 

ISRAEL 

1,530.85 0.00 

TEVA PHARMACEUTICAL ADR 15.79 811.30 0.00 

ITALIE 

811.30 0.00 

ASTALDI 3,283.00 22,813.10 0.02 

BUZZI UNICEM RISP 1,716.82 10,130.17 0.01 


ENI 1,508.20 31,902.68 0.04 


PRYSMIAN 1,297.33 23,193.61 0.02 

UNICREDITO ITALIANO SPA 11,516.47 28,223.87 0.03 

JAPON 

157,903.26 0.16 

ADVANCE RESIDENCE 0.06 100.24 0.00 

AEON CREDIT SERVICE 5.92 62.30 0.00 

AIN PHARMACIEZ 2.44 82.79 0.00 

AISIN SEIKI 2.48 75.44 0.00 

ALPINE ELECTRONICS 8.00 100.07 0.00 

ARNEST ONE 6.13 65.98 0.00 

ASAHI BREWERIES 4.91 95.98 0.00 

ASKUL 4.10 80.85 0.00 

ASTELLAS PHARMA 3.17 111.70 0.00 

BANK OF YOKOHAMA 19.29 87.99 0.00 

401



402 




(note 2) 

% des actifs 

nets 

BENESSE 2.40 112.84 0.00 

CANON 3.22 146.89 0.00 

CAPCOM 4.43 67.77 0.00 

CREDIT SAISON 4.69 61.17 0.00 

DAIICHIKOSHO 6.88 104.66 0.00 

DENSO 2.51 72.77 0.00 

EAST JAPAN RAILWAY 1.60 94.56 0.00 

FANUC 0.57 71.19 0.00 

FOSTER ELECTRIC 4.98 123.22 0.00 

FP CORP 1.79 94.68 0.00 

FUJI SEAL INTERNATIONAL 3.37 68.44 0.00 

FUJIFILM 4.82 156.02 0.00 

FUJITSU 15.06 103.26 0.00 

HONDA MOTOR 6.91 239.52 0.00 

ITOCHU 22.51 201.18 0.00 

MARUICHI STEEL TUBE 5.25 98.34 0.00 

MICRONICS JAPAN 5.98 48.31 0.00 

MITSUBISHI ESTATE 12.34 196.08 0.00 

MITSUBISHI UFJ FINANCIAL GROUP 50.10 227.98 0.00 

MITSUI & CO 14.78 214.72 0.00 

MUSASHI SEIMITSU INDUSTRY 3.30 75.53 0.00 

N.T.T. 6.27 267.48 0.00 

NHK SPRING 6.50 52.51 0.00 

NIHON KOHDEN 5.30 106.75 0.00 

NINTENDO 0.00 0.01 0.00 

NISSAN CHEMICAL INDUSTRIES 5.53 60.83 0.00 

NITTO DENKO 1.90 72.73 0.00 

NORITZ 4.66 85.61 0.00 

NTT DOCOMO 0.18 288.44 0.00 

ROHM 1.48 89.04 0.00 

SEKISUI CHEMICAL 10.96 64.76 0.00 

SHIN-ETSU CHEMICAL 2.33 110.82 0.00 

SIIX 7.60 78.51 0.00 

SONY 5.16 155.69 0.00 

STANLEY ELECTRIC 4.15 64.56 0.00 

SUMITOMO ELECTRIC INDUSTRIES 8.97 106.81 0.00 

SUMITOMO MITSUI FINANCIAL GROUP 7.09 201.57 0.00 

SUMITOMO TRUST & BANKING 14.62 71.47 0.00 

SUZUKI MOTOR 3.25 66.72 0.00 

SYSMEX 1.23 83.60 0.00 

TOKIO MARINE HOLDINGS 4.51 118.73 0.00 

TOKYO ELECTRON 2.35 114.89 0.00 

TOKYO OHKA KOGYO 3.83 66.60 0.00 

TOYOTA MOTOR 5.48 192.09 0.00 

TS TECH 5.15 83.66 0.00 

UBE INDUSTRIES 30.05 65.02 0.00 

YAMADA DENKI 1.76 106.74 0.00 

6,218.11 0.00


LUXEMBOURG 





(note 2) 

% des actifs 

nets 

ARCELOR MITTAL 535.12 17,327.90 0.02 

MILLICOM INTL CELLULAR-SDR- 266.21 25,091.16 0.03 

TERNIUM ’ADR’ (R. 10 SHS) 534.52 17,338.34 0.02 

MALAISIE 

59,757.40 0.07 

BUMIPUTRA-COMMERCE HOLDINGS BHD 17,936.55 46,241.05 0.05 

GENTING BERHAD 7,198.24 22,532.26 0.02 

TENAGA NASIONAL 8,208.16 22,844.47 0.02 

MEXIQUE 

91,617.78 0.09 

EMPRESAS ICA 9,947.10 23,705.31 0.02 

GENOMMA LAB INTERNACIONAL ’B’ 7,926.41 14,876.28 0.02 

GRUPO MEXICO ’B’ 21,579.83 60,323.51 0.06 

MEXICHEM 2,418.67 6,623.73 0.01 

URBI DESARROLLOS 5,648.07 11,452.54 0.01 

WAL-MART ’V’ 17,202.94 41,866.71 0.04 

PEROU 

158,848.08 0.16 

MINAS BUENAVENTURA ADR (R. 1 SHS) 248.76 10,727.29 0.01 

PHILIPPINES 

10,727.29 0.01 

METRO PACIFIC INVESTMENTS 126,705.64 10,584.42 0.01 

PHILIPPINE LONG DIST. TEL. (PHP) 205.29 11,931.52 0.01 

POLOGNE 

22,515.94 0.02 

PKO BANK POLSKI 2,230.32 32,553.91 0.03 

QATAR 

32,553.91 0.03 

COMMERCIAL BANK OF QUATAR 991.61 22,554.42 0.02 

ROYAUME-UNI 

22,554.42 0.02 

AUTONOMY CORPORATION 832.39 23,210.11 0.02 

BG GROUP 2,504.61 43,905.06 0.04 

BP PLC 3,093.39 20,140.48 0.02 

BRITISH AMERICAN TOBACCO 1,344.57 49,500.11 0.06 

CAIRN ENERGY 3,077.82 21,828.00 0.02 

CARNIVAL 869.74 34,178.20 0.03 

COMPASS GROUP 2,510.21 21,409.58 0.02 

INTERNATIONAL POWER 5,919.68 35,264.48 0.04 

MAN GROUP 8,331.59 27,470.62 0.03 

MITIE 12,585.21 37,369.31 0.04 

NATIONAL GRID 4,495.54 37,821.11 0.04 

RIO TINTO NOM. 826.78 48,101.72 0.06 

ROYAL DUTCH SHELL ’A’ 1,045.38 30,845.17 0.03 

SOCO INTERNATIONAL 3,318.20 22,163.57 0.02 


403



404 




(note 2) 

% des actifs 

nets 

TULLOW OIL 2,064.94 40,971.97 0.04 

VEDANTA RESOURCES 398.59 13,359.52 0.01 

VODAFONE GROUP AG 24,450.58 59,933.80 0.06 

RUSSIE 

602,666.22 0.62 

GAZPROM ADR (R. 4 SHS) 2,469.38 49,792.30 0.05 

GAZPROM ’LOCAL’ (USD) 2,935.42 14,851.98 0.02 

IDGC (USD) 146,556.92 21,171.46 0.02 

INTER RAO UES (USD) 5,451,684.66 8,496.77 0.01 

JFSC SISTEMA GDR (R. 20 SHS) 1,050.18 26,290.59 0.03 

LUKOIL HOLDING ADR (R. 1 SHS) 617.03 33,779.12 0.03 

MAGNIT GDR 872.34 20,648.74 0.02 

MECHEL ADR (R. 3 SHS) 1,057.24 25,344.69 0.03 

MMC NORILSK NICKEL ADR (R. 0. 1SHS) 1,061.66 17,415.27 0.02 

NOVATEK -GDR SPONS. - REG. S 112.80 9,142.28 0.01 

OAO ROSNEFT OIL COMPANY GDR 2,566.88 16,365.11 0.02 

SBERBANK (USD) 18,248.69 49,065.44 0.04 

SEVERSTAL GDR (R. 1 SHS) 967.09 14,215.38 0.01 

THIRD GEN. WHOLES. ELEC (USD) 115,898.37 6,118.99 0.01 

SUEDE 

312,698.12 0.32 

MODERN TIMES GROUP ’B’ 393.74 28,876.88 0.03 

SUISSE 

28,876.88 0.03 

ABB LTD 35,200.00 732,160.00 0.75 

ACE 28.21 1,600.40 0.00 

ACTELION NOM. 524.30 21,013.54 0.02 

ADECCO NOM. 7,400.00 379,250.00 0.39 

CIE FINANCIERE RICHEMONT 2,400.00 112,272.00 0.11 

CREDIT SUISSE GROUP 17,000.00 730,150.00 0.75 


HOLCIM LTD 3,000.00 190,350.00 0.19 


KUONI REISEN HOLDING NOM. ’B’ 350.00 140,087.50 0.14 


NESTLE S.A. 54,811.95 2,875,193.35 2.94 

NOVARTIS AG 35,200.00 1,988,800.00 2.03 

PARTNERS GROUP HOLDING NOM. 700.00 114,310.00 0.12 


S.G.S. S.A. 210.00 332,850.00 0.34 

SONOVA HOLDING NOM. 2,300.00 279,680.00 0.29 

STRAUMANN HOLDING NOM. 600.00 133,740.00 0.14 

SUISSE REASSURANCE 5,800.00 253,750.00 0.26 

SYNGENTA AG 1,000.00 248,200.00 0.25 

TECAN GROUP NOM. 1,400.00 93,450.00 0.10 

TEMENOS GROUP NOM. 6,500.00 195,975.00 0.20 

THE SWATCH GROUP 800.00 290,320.00 0.30 

THE SWATCH GROUP NOM. 4,600.00 306,820.00 0.31 

TRANSOCEAN 4,000.00 253,501.79 0.26 

UBS AG 65,622.54 1,119,642.84 1.14 


13,206,188.13 13.49


TAIWAN 





(note 2) 

CHUNGHWA TELECOM 16,063.38 35,125.93 0.04 

FAR EASTERN TEXTILE 26,841.39 36,055.06 0.04 

FAR EASTERN TEXTILE (PROV.) 536.83 721.10 0.00 

FUBON FINANCIAL 29,535.35 35,475.73 0.04 

HIGH TECH COMPUTER 891.54 19,746.04 0.02 

HON HAI PRECISION INDUSTRY (PROV.) 1,902.64 6,983.73 0.01 

HON HAI PRECISION INDUSTRY 15,127.49 55,526.13 0.05 

LARGAN PRECISION 804.75 14,957.88 0.02 

TAIWAN SEMICONDUCTOR 25,354.20 49,105.98 0.05 

TAIWAN SEMICONDUCTOR ADR (R. 5 SHS) 1,415.06 14,170.00 0.01 

UNIMICRON TECHNOLOGY 11,359.86 19,446.72 0.02 

WISTRON 13,232.83 23,562.44 0.02 

YOUNG FAST OPTOELECTRONICS 1,801.76 20,037.30 0.02 

THAILANDE 

330,914.04 0.34 

BANGKOK BANK PUBLIC FGN NOM. (THB) 4,326.42 22,430.18 0.02 

KASIKORNBANK PUBLIC FGN NOM. 4,820.53 19,188.81 0.02 

PTT FGN NOM. 1,707.55 16,280.28 0.02 

QUALITY HOUSES PUBLIC FGN 232,402.03 19,695.90 0.02 

TURQUIE 

77,595.17 0.08 

KOC HOLDING 5,872.65 26,638.36 0.03 

TURKIYE GARANTI BANKASI NOM. 7,185.72 41,211.32 0.04 

67,849.68 0.07 

TOTAL ACTIONS 19,045,856.40 19.46 

CERTIFICATS 

PAYS-BAS 

ING GROEP (CRT.) 4,624.48 47,469.70 0.05 

47,469.70 0.05 


OBLIGATIONS 


% des actifs 

nets 

2.6% AFRIQUE DU SUD (INFLATION) 07/28 ZAR 2,395.08 420.12 0.00 


7% AFRIQUE DU SUD 10/31 ZAR 4,844.06 622.58 0.00 


7.625% CONSOL GLASS 07/14 EUR 1,138.66 1,515.78 0.00 




8.875% FOODCORP 05/12 EUR 3,226.19 4,359.12 0.00 


13.5% AFRIQUE DU SUD S157 91/15 ZAR 66,579.97 11,775.23 0.02 

13.5% TRANSNET 98/28 ZAR 4,669.62 815.54 0.00 

FRN EDCON HOLDINGS (SUB) 07/15 EUR 2,846.64 3,069.45 0.00 

52,554.48 0.05 

405


ALLEMAGNE 


406 




(note 2) 

% des actifs 

nets 

1.375% NORDRHEIN-WESTF. 10/14 CHF 61,043.96 62,203.79 0.06 

1.86% K.F.W. 09/12 SGD 24,246.71 18,251.80 0.02 


1.9% K.F.W. 09/11 SGD 1,589.95 1,185.50 0.00 

2% DEPFA 05/12 CHF 87,205.65 89,036.97 0.09 

2% DEUTSCHE BANK 10/15 CHF 87,205.65 88,818.95 0.09 

2% LANDW. RENTENBANK 05/15 CHF 84,589.48 88,522.89 0.09 

2.125% K.F.W. 06/16 CHF 43,602.83 46,022.78 0.05 

2.25% DEUTSCHE TELEKOM 10/16 CHF 113,367.35 114,784.44 0.12 

2.5% DEPFA 05/17 CHF 52,323.39 53,657.64 0.05 

2.5% DEUTSCHE HYPOTHE. BANK 06/18 CHF 87,205.65 91,914.76 0.09 

2.5% K.F.W. 05/25 CHF 174,411.30 188,538.62 0.19 

2.5% WL BANK 06/12 CHF 26,161.70 27,090.44 0.03 

2.50% PB.BAYERISCHE LDBANK 07/12 CHF 30,521.98 31,147.68 0.03 


2.75% K.F.W. 09/18 CHF 87,205.65 95,664.60 0.10 

2.75% LANDESBANK RHEIN. 07/12 CHF 261,616.95 267,241.72 0.28 

2.875% K.F.W. 08/14 CHF 182,259.81 196,020.42 0.20 

2.875% K.F.W. 08/14 CHF 87,205.65 93,528.06 0.10 

3% ALLEMAGNE 10/20 EUR 12,340.78 17,523.80 0.02 



3% DEPFA 03/15 CHF 82,845.37 87,650.40 0.09 

3% DEUTSCHE PFANDBRFBANK 02/12 CHF 43,602.83 45,281.53 0.05 

3% L.B.W. FOERDERBANK 03/13 CHF 61,043.96 65,011.81 0.07 


3.125% DEPFA 06/23 CHF 8,720.57 9,152.23 0.01 

3.125% LAND HESSEN 08/15 CHF 43,602.83 47,963.11 0.05 

3.25% DEUTSCHE BANK 07/12 CHF 174,411.30 181,823.78 0.19 

3.25% DG DT HYPOBANK 05/15 EUR 71,239.97 100,481.10 0.10 


3.25% LANDW. RENTENBANK 02/12 CHF 30,521.98 32,185.43 0.03 

3.25% NORDRHEIN-WESTFALEN 07/15 CHF 87,205.65 96,100.63 0.10 

3.375% K.F.W. 07/17 CHF 95,926.22 108,876.25 0.11 

3.5% ALLEMAGNE 05/16 EUR 6,506.96 9,506.92 0.01 

3.5% K.F.W. 06/21 EUR 71,239.97 101,928.27 0.10 

3.625% DEUTSCHE BANK 05/17 EUR 37,302.39 48,877.32 0.05 

3.625% K.F.W. 02/12 CHF 87,205.65 91,783.95 0.09 

3.75% ALLEMAGNE 06/17 EUR 13,462.67 20,025.40 0.02 

3.75% ALLEMAGNE 08/19 EUR 12,004.22 17,986.62 0.02 

3.75% DEUTSCHE TELEKOM 09/14 CHF 209,293.56 224,571.99 0.24 

4% ALLEMAGNE 05/37 EUR 13,462.67 21,550.79 0.02 

4% ALLEMAGNE 06/16 EUR 20,194.01 30,325.88 0.03 

4% ALLEMAGNE 07/18 EUR 6,731.34 10,202.45 0.01 


4.25% ALLEMAGNE 07/17 EUR 14,696.75 22,542.98 0.02 

4.25% ALLEMAGNE 07/39 EUR 16,828.34 28,455.10 0.03 

4.25% EUROHYPO 07/12 EUR 71,239.97 100,287.63 0.10 

4.5% I.K.B. 03/13 EUR 4,602.06 5,360.48 0.01 

4.5% MERCK FINANC. SERV. 10/20 EUR 15,986.74 23,225.83 0.02 

4.75% ALLEMAGNE 03/34 EUR 41,509.90 72,619.48 0.07






(note 2) 

% des actifs 

nets 

4.75% ALLEMAGNE 08/40 EUR 19,857.44 36,308.20 0.04 

4.75% ALLEMAGNE 98/28 EUR 3,926.61 6,628.94 0.01 

4.75% COMMERZBANK 09/15 EUR 22,647.88 32,489.46 0.03 

5% BAYER AG 05/05 EUR 5,328.91 6,958.63 0.01 



5.25% EWE 09/21 EUR 6,661.14 10,176.17 0.01 

5.375% HENKEL 05/04 EUR 7,993.37 10,707.54 0.01 

5.625% ALLEMAGNE 98/28 EUR 21,876.84 40,240.38 0.04 

5.625% K.F.W. 10/17 PEN 1,958.92 701.69 0.00 

5.767% MUENCHENER RUECK. 07/49 EUR 5,328.91 6,727.80 0.01 

6% ALLEMAGNE 86/16 EUR 4,824.12 7,924.40 0.01 

6.125% COMMERZBANK SUB. 01/11 EUR 10,924.27 14,853.16 0.02 


6.25% ALLEMAGNE 94/24 EUR 14,360.18 27,110.13 0.03 

6.352% HT1 FUNDING GMBH 06/PE EUR 2,609.42 2,417.07 0.00 

6.5% ALLEMAGNE 97/27 EUR 16,828.34 33,569.89 0.03 

6.75% HEIDELBERGCEMENT 10/15 EUR 948.88 1,301.04 0.00 

7.25% MAN 09/16 EUR 9,325.60 15,111.85 0.02 

7.5% HEIDELBERGCEMENT 10/20 EUR 920.41 1,232.91 0.00 

7.625% METRO 09/15 EUR 16,277.16 25,930.29 0.03 

7.875% BERTELSMANN 09/14 EUR 13,322.28 20,623.95 0.02 

8% HEIDELBERG CEMENT 09/17 EUR 1,399.60 1,974.93 0.00 

8.125% UPC GERMANY 09/17 EUR 8,777.13 12,239.11 0.01 

8.5% HEIDELBERG CEMENT 09/19 EUR 1,874.04 2,663.14 0.00 

8.625% TUI 05/PE EUR 1,660.54 2,182.17 0.00 

9.625% IESY 09/19 EUR 4,696.95 6,737.16 0.01 

9.75% NORDENIA 10/17 EUR 2,941.53 4,140.95 0.00 

FRN COGNIS 07/13 EUR 759.10 1,005.47 0.00 

FRN K.F.W. 09/14 USD 794.97 775.71 0.00 

4,231,633.45 4.32 


8.5% HERTZ HOLDINGS 10/15 EUR 1,660.54 2,321.03 0.00 

2,321.03 0.00 

AUSTRALIE 

2% ANZ BANKING GROUP 10/16 CHF 218,014.13 219,649.23 0.23 


2.125% COMMONWEAL. BANK AUST. 06/11 CHF 52,323.39 53,055.92 0.05 

2.2% COMMONWEAL. BANK AUST. 09/12 HKD 7,949.74 1,009.23 0.00 

2.25% NAT. AUSTRALIA BANK 10/17 CHF 174,411.30 176,417.03 0.19 

2.25% SPI (AUSTR.) ASS. PTY. 10/16 CHF 156,970.17 158,539.87 0.17 

2.375% SPI ELEC. & GAS AUS. 10/15 CHF 87,205.65 89,124.17 0.09 

2.5% TELSTRA 05/13 CHF 61,043.96 63,119.45 0.06 

2.625% AUSTRALIAN N.Z. BANK 07/12 CHF 3,488.23 3,573.69 0.00 

2.875% COMMONWEAL. BANK AUST. 10/15 SGD 1,589.95 1,206.76 0.00 

3% BMW AUSTRALIA FIN. 07/12 CHF 69,764.52 72,171.40 0.07 


3.5% OPTUS FINANCE 10/20 EUR 23,980.11 32,379.44 0.03 


3.875% TELSTRA 05/15 EUR 13,322.28 18,830.17 0.02 


4% NAT. AUSTRALIA BANK 10/20 EUR 24,246.55 33,473.35 0.03 

407



408 




(note 2) 

% des actifs 

nets 

4% TELSTRA 08/12 CHF 87,205.65 92,743.21 0.09 

4.25% NAT. AUSTRALIA BANK 08/15 CHF 69,764.52 77,787.44 0.08 

4.25% TELSTRA 10/20 EUR 7,993.37 11,441.12 0.01 



5.5% COMMONWEAL. BANK AUST. 09/19 EUR 15,986.74 23,909.28 0.02 

6.375% BHP BILLITON FIN. 09/16 EUR 1,865.12 2,937.17 0.00 

9.75% FMG FINANCE PTY 06/13 EUR 4,644.76 6,677.76 0.01 

1,385,402.49 1.42 

AUTRICHE 

1.5% VORARLBERGER LAND. 10/14 CHF 56,683.67 57,420.56 0.06 

2.125% BIG M.B.H. 05/18 CHF 56,683.67 57,562.27 0.06 


2.125% HYPO TIROL BANK 04/11 CHF 43,602.83 44,126.06 0.05 




2.25% NIEDEROESTERR. LBANK 05/17 CHF 21,801.41 22,291.94 0.02 


2.25% PFBST. OEST. L-HYPO. 05/13 CHF 174,411.30 180,079.67 0.18 

2.375% HYPO TIROL BANK 05/17 CHF 174,411.30 180,341.29 0.18 

2.375% KOMMUNALKR AUSTRIA 05/17 CHF 130,808.48 129,827.41 0.13 

2.375% KOMMUNALKR AUSTRIA 05/20 CHF 43,602.83 41,204.67 0.04 

2.375% VORARLBERGER LHYBANK 06/17 CHF 95,926.22 99,043.82 0.10 

2.5% BIG M.B.H. 05/15 CHF 87,205.65 91,653.14 0.09 

2.5% ERSTE BANK 06/13 CHF 91,565.93 95,091.22 0.10 

2.5% O.K.B. 04/12 CHF 204,061.22 211,917.58 0.22 

2.5% OBEROEST LANDESBANK 06/17 CHF 122,087.91 127,154.56 0.13 


2.5% VORALBERGER LHYBANK 05/16 CHF 130,808.48 136,629.45 0.14 

2.625% HYPO INVESTMENT BANK 06/17 CHF 200,573.00 210,902.51 0.22 

2.625% O.K.B. 06/24 CHF 65,404.24 69,361.19 0.07 

2.625% VORARLBERGER LANDES 06/15 CHF 87,205.65 91,740.34 0.09 

2.75% ERSTE BANK 07/15 CHF 8,720.57 9,195.84 0.01 

2.75% O.K.B. 05/20 CHF 261,616.95 281,238.22 0.29 

2.75% VORALBERGER LHYBANK 06/14 CHF 43,602.83 45,957.38 0.05 

2.875% O.K.B. 05/30 CHF 174,411.30 192,637.28 0.20 


3% HYPO TIROL BANK 02/12 CHF 130,808.48 136,629.45 0.14 

3% KOMMUNALKR AUSTRIA 04/14 CHF 191,852.43 200,006.16 0.20 

3% O.K.B. 03/15 CHF 130,808.48 141,992.60 0.15 

3% O.K.B. 08/16 CHF 87,205.65 95,054.16 0.10 

3% O.K.B. 07/13 CHF 87,205.65 93,004.83 0.09 

3.125% BIG M.B.H. 06/31 CHF 43,602.83 49,053.18 0.05 

3.25% O.K.B. 06/36 CHF 113,367.35 136,777.70 0.14 

3.250% BIG M.B.H. 07/19 CHF 87,205.65 96,493.05 0.10 

3.4% AUTRICHE 09/14 EUR 15,773.76 22,446.90 0.02 

3.50% AUTRICHE 04/15 EUR 18,174.61 26,048.02 0.03 

3.9% AUTRICHE 04/20 EUR 6,731.34 9,817.13 0.01 

4% VORARLB. LAND. & HYPBANK 01/13 CHF 89,385.79 95,598.10 0.10 

4.15% AUTRICHE 06/37 EUR 5,609.45 8,536.09 0.01 

4.30% AUTRICHE 03/14 EUR 17,882.92 26,202.73 0.03






(note 2) 

% des actifs 

nets 

4.50% BANK AUSTRIA 00/10 CHF 8,720.57 8,792.07 0.01 

4.50% OEST. POSTSPARKASSE 00/15 CHF 62,352.04 70,894.27 0.07 

5% AUTRICHE 02/12 EUR 33,656.68 47,974.31 0.05 

6.25% AUTRICHE 97/27 EUR 17,950.23 33,450.61 0.03 


11.75% SAPPI PAPIER HLDGS 09/14 EUR 4,269.96 6,565.21 0.01 

BELGIQUE 

4,660,507.43 4.77 

3.25% BELGELEC FINANCE 07/14 CHF 43,602.83 46,633.22 0.05 

3.5% BELGIQUE OLO 09/15 EUR 15,706.45 22,157.08 0.02 

3.75% BELGIQUE 10/20 EUR 8,975.11 12,579.82 0.01 



4.625% FORTIS BANQUE 04/PE EUR 7,993.37 9,629.90 0.01 




6.57% ANHEUSER-BUSH INBEV 09/14 EUR 10,657.82 16,048.69 0.02 

8% KBC BANK CV 08/PE EUR 4,744.40 6,189.42 0.01 

307,087.59 0.32 

BERMUDES 

7.75% BACARDI 09/14 EUR 18,651.19 28,803.00 0.03 

11.625% CENTRAL EURO MEDIA 09/16 EUR 759.10 1,000.41 0.00 

FRN CENTRAL EURO MEDIA 07/14 EUR 806.55 826.73 0.00 

BRESIL 

30,630.14 0.03 

4.375% VALE 10/18 EUR 3,197.35 4,415.94 0.00 







10% BRESIL 10/21 BRL 19.37 10,223.71 0.02 

CANADA 

48,185.10 0.05 


2.125% SASKATCHEWAN (PROV.) 05/16 CHF 19,185.24 20,067.76 0.02 

2.25% MANITOBA (PROV.) 09/14 CHF 43,602.83 45,848.37 0.05 






2.75% BANK NOVA SCOTIA 07/11 CHF 87,205.65 89,359.63 0.09 

2.875% BRITISH COLUMBIA 09/17 CHF 87,205.65 95,839.01 0.10 

2.875% PROV.NEW BRUNSWICK 09/16 CHF 130,808.48 141,927.20 0.14 


3% COCA-COLA 09/13 CHF 52,323.39 55,044.21 0.06 



409



410 




(note 2) 

% des actifs 

nets 

3.375% ONTARIO (PROV.) 09/19 CHF 52,323.39 59,308.56 0.06 




4.5% VW CREDIT CANADA 09/13 CHF 264,233.12 283,390.02 0.29 

4.875% TORONTO DOMINION BANK 08/13 EUR 15,986.74 22,847.65 0.02 


7.25% BOMBARDIER 06/16 EUR 948.88 1,345.25 0.00 

CHILI 

1,844,963.15 1.88 

5.5% CHILI 10/20 CLP 277.52 595.93 0.00 

6.5% BCO SANTANDER CL. 10/20 CLP 1,498.99 3,016.92 0.00 

3,612.85 0.00 

COLOMBIE 

7.75% COLOMBIE (DUAL CUR.) 10/21 COP 7,321.88 4,678.29 0.00 

9.75% BOGOTA D. C. 07/28 COP 803.57 603.18 0.00 

9.85% COLOMBIE 07/27 COP 8,699.28 6,773.18 0.01 

12% COLOMBIE 05/15 COP 2,323.65 1,661.89 0.00 

13,716.54 0.01 

COREE DU SUD 

2.25% HYUNDAI CAP. SERV. 10/14 CHF 113,367.35 113,367.35 0.13 

2.25% KOREA GAS CORP. 10/15 CHF 43,602.83 43,624.63 0.04 

2.5% EXP. IMP. BANK KOR. 09/12 CHF 174,411.30 177,027.47 0.19 

2.75% EXPORT-IM. BANK KOREA 07/12 CHF 68,892.46 69,891.40 0.07 

3% HYUNDAI CAP. SERV. 10/15 CHF 52,323.39 53,579.15 0.05 

4.125% KOREA DEV. BANK 08/13 CHF 191,416.40 203,188.51 0.22 

4.25% COREE 04/14 KRW 3,726.77 3,253.04 0.00 

4.25% IND. BANK OF KOREA 08/12 CHF 81,101.25 84,629.16 0.09 

4.5% COREE 10/15 KRW 12,743.80 11,271.21 0.01 


4.75% COREE 03/13 KRW 1,987,435.25 1,752.54 0.00 

4.75% COREE 09/14 KRW 1,589,948.20 1,407.05 0.00 

4.875% KOREA NATIONAL 09/14 USD 923.58 954.94 0.00 

5% COREE 06/16 KRW 1,589,948.20 1,431.64 0.00 

5% COREE 10/20 KRW 41,411.31 38,361.96 0.04 

5% NATIONAL AGR.COOP. 09/14 USD 97.35 101.69 0.00 

5.25% COREE 07/12 KRW 1,589,948.20 1,408.71 0.00 

5.5% COREE 08/11 KRW 3,179.90 2,814.21 0.00 

5.5% COREE 08/28 KRW 1,589,948.20 1,524.67 0.00 

5.5% COREE 09/29 KRW 3,179,896.40 3,146.91 0.00 

5.75% COREE 08/18 KRW 25,677.66 24,391.31 0.02 

5.75% COREE 08/18 KRW 937.49 893.51 0.00 

7% WOORI BANK 09/15 USD 97.35 108.29 0.00 

FRN EXP-IMP BANK KOREA 06/11 USD 822.80 792.11 0.00 

FRN KOREA DEV. BANK 06/11 USD 794.97 765.22 0.00 

FRN KOREA NATIONAL 06/11 USD 1,192.46 1,142.70 0.00 

FRN WOORI BANK 06/11 USD 794.97 764.93 0.00 

841,862.71 0.86 


2.5% COTE D’IVOIRE 09/32 USD 743.39 422.98 0.00 

422.98 0.00


CROATIE 





(note 2) 

% des actifs 

nets 

10% AGROKOR DD 09/16 EUR 1,186.10 1,673.67 0.00 

1,673.67 0.00 

DANEMARK 






2.75% KOMMUNEKREDIT 03/13 CHF 161,330.45 170,203.63 0.17 

3% DANSKE BANK 07/12 CHF 87,205.65 90,170.64 0.09 

3.125% DANEMARK 09/14 EUR 24,681.57 34,744.34 0.04 


8.875% FS FUNDING 06/16 EUR 2,134.98 2,984.19 0.00 

FRN DANSKE BANK 05/18 EUR 23,980.11 31,443.48 0.03 

EGYPTE 

882,796.37 0.90 

0% EGYPTE 10/11 EGP 4,943.05 819.73 0.00 

0% EGYPTE 10/11 EGP 3,571.41 563.20 0.00 

0% EGYPTE 10/11 EGP 4,943.05 839.69 0.00 

8.75% EGYPTE 07/12 EGP 223.21 38.53 0.00 

2,261.15 0.00 


2.75% ABU DHABI COM. BANK 06/11 CHF 170,051.02 170,527.16 0.17 

170,527.16 0.17 

ESPAGNE 

2% I.C.O. 05/16 CHF 174,411.30 162,376.92 0.18 

2.125% GENE. DE CATALUNYA 09/14 CHF 95,926.22 90,842.13 0.09 

2.125% GENERALIT.VALENCIA 06/13 CHF 52,323.39 51,146.11 0.05 

2.25% I.C.O. 09/17 CHF 87,205.65 80,970.45 0.08 

2.625% BANESTO 09/13 EUR 47,119.35 61,850.57 0.06 

2.75% GENERAL CATALUNYA 10/16 CHF 52,323.39 49,445.60 0.05 

2.75% GENERALIT.VALENCIA 09/12 CHF 61,043.96 60,769.26 0.06 

3% CAIXA CATALUNYA 09/12 EUR 78,532.25 104,772.64 0.11 

3% COMUNIDAD DE MADRID 08/13 CHF 61,043.96 61,074.48 0.06 

3% COMUNIDAD DE MADRID 09/14 CHF 125,140.11 125,140.11 0.13 

3% F.R.O.B. 09/14 EUR 29,169.12 38,060.13 0.04 

3% I.C.O. 08/15 CHF 128,628.33 129,335.79 0.14 

3% VALENCIA Y ALICANTE 09/12 EUR 67,313.36 89,716.41 0.09 

3.15% ESPAGNE 05/16 EUR 8,414.17 11,054.99 0.01 



3.5% COMUNIDAD DE MADRID 08/15 CHF 30,521.98 30,827.20 0.03 

3.5% RED ELECTRIC. ESPANA 10/16 EUR 16,386.41 21,837.69 0.02 

4% ESPAGNE 10/20 EUR 13,462.67 17,753.22 0.02 

4.1% ESPAGNE 08/18 EUR 7,292.28 9,792.33 0.01 

4.2% ESPAGNE 03/13 EUR 48,241.24 66,891.84 0.07 

4.20% ESPAGNE 05/37 EUR 30,739.77 36,227.16 0.04 

4.3% ESPAGNE 09/19 EUR 18,511.17 25,039.30 0.03 

4.375% BBVA 04/19 EUR 22,647.88 30,174.03 0.03 

4.6% ESPAGNE 09/19 EUR 18,511.17 25,589.56 0.03 

411



412 




(note 2) 

% des actifs 

nets 

4.625% ABERTIS INFRASTR. 09/16 EUR 18,651.19 24,689.43 0.03 


4.8% ESPAGNE 08/24 EUR 19,072.12 26,232.73 0.03 

5% ESPAGNE 02/12 EUR 11,218.89 15,642.12 0.02 


5.25% GAS NATURAL FINANCE 09/14 EUR 15,986.74 22,495.66 0.02 

5.5% ESPAGNE 02/17 EUR 15,706.45 23,043.59 0.02 

5.58% TELEFONICA EMISSION 08/13 EUR 14,121.62 20,216.96 0.02 

5.75% ESPAGNE 01/32 EUR 8,189.79 12,109.89 0.01 

6.5% SANTANDER ISSUANCE 09/19 EUR 7,993.37 11,563.65 0.01 

7.375% HUARTE LAIN 10/15 EUR 3,131.30 3,991.65 0.00 


8.25% CAMPOFRIO ALIMENT. 09/16 EUR 3,178.75 4,379.73 0.00 

8.5% ABENGOA 10/16 EUR 2,467.09 3,255.45 0.00 

8.5% BBVA INT. PREF. 09/PE EUR 9,325.60 12,879.77 0.01 

FRN SANTANDER ISSUANCES 07/19 EUR 7,726.92 10,446.96 0.01 

1,700,562.59 1.74 

ETATS-UNIS 




1.875% MCDONALD’S 10/16 CHF 49,707.22 50,676.51 0.05 

2% GENERAL ELEC. CAP 10/14 CHF 87,205.65 88,818.95 0.09 

2% METROPOLITAN LIFE 05/11 CHF 193,596.54 194,661.32 0.20 

2% MORGAN STANLEY 05/11 CHF 191,852.43 192,427.99 0.20 

2% TOYOTA MOTOR CREDIT 06/12 CHF 130,808.48 132,574.39 0.14 


2.375% CITIGROUP 05/15 CHF 148,249.61 144,913.99 0.15 



2.5% MERRILL LYNCH 06/11 CHF 87,205.65 88,130.03 0.09 

2.5% ROCHE HOLDINGS 09/12 CHF 374,984.30 384,358.90 0.39 


2.625% BEAR STEARNS 06/11 CHF 97,670.33 99,672.57 0.10 


2.75% CITIGROUP 06/12 CHF 43,602.83 44,213.26 0.05 

2.75% PACIFIC LIFE GLOBAL 06/12 CHF 61,043.96 62,020.66 0.06 




2.875% CITIGROUP 07/11 CHF 60,171.90 60,623.19 0.06 






3% BMW US CAPITAL LLC 08/11 CHF 43,602.83 44,043.21 0.04 

3% CITIGROUP 04/14 CHF 212,781.79 215,441.56 0.22 

3% CITIGROUP 07/19 CHF 170,051.02 161,633.49 0.17 


3% GENERAL ELEC. CAP. 06/13 CHF 174,411.30 181,823.78 0.19 

3% NESTLE HOLDINGS 07/12 CHF 329,201.33 345,990.60 0.36






(note 2) 

% des actifs 

nets 


3.125% METROPOLITAN LIFE 06/16 CHF 218,014.13 222,483.42 0.23 





3.25% I.B.M. 08/11 CHF 107,698.98 109,691.41 0.11 

3.25% MCDONALD’S 07/12 CHF 69,764.52 73,601.57 0.08 

3.25% PHILIP MORRIS 09/13 CHF 284,290.42 298,220.65 0.30 




3.5% ZURICH FINANCE 08/11 CHF 130,808.48 134,615.00 0.14 

3.625% BMW US CAPITAL 08/15 CHF 22,237.44 24,005.32 0.02 

3.625% CITIGROUP 05/17 EUR 50,757.89 65,301.63 0.07 

3.625% TOYOTA MOTOR CRED. 08/12 CHF 174,411.30 182,608.63 0.19 




4% MORGAN STANLEY 05/15 EUR 28,776.13 38,881.38 0.04 

4% PHILIP MORRIS 08/12 CHF 94,182.10 99,597.57 0.10 

4% SWISS RE AMERICA H. 01/15 CHF 90,257.85 98,245.67 0.10 

4% TOYOTA MOTOR CREDIT 09/12 CHF 313,940.34 326,717.71 0.34 

4.25% NOVARTIS 09/16 EUR 7,993.37 11,738.10 0.01 



4.375% JP MORGAN 06/21 EUR 66,611.41 89,458.29 0.09 


4.375% WELLS FARGO 06/18 EUR 5,328.91 7,486.31 0.01 


4.5% HSBC FINANCE 06/16 EUR 39,966.84 56,887.42 0.06 


4.625% AMERICAN GENERAL 04/11 EUR 1,736.45 2,222.96 0.00 

4.625% JP MORGAN CHASE 07/17 EUR 23,980.11 32,461.48 0.03 




4.75% CITIGROUP 04/19 EUR 15,986.74 20,962.32 0.02 

4.75% CITIGROUP 07/17 EUR 11,723.61 15,216.31 0.02 

4.75% PFIZER 07/14 EUR 39,966.84 58,821.66 0.06 




5.5% GE CAPITAL TRUST II 10/67 EUR 18,651.19 21,709.39 0.02 

5.625% ROCHE HOLDINGS 09/16 EUR 33,305.70 51,546.78 0.05 

5.75% KRAFT FOODS 08/12 EUR 13,988.40 19,645.99 0.02 


5.983% DEUTSCHE POSTBANK 07/PE EUR 2,372.20 2,638.40 0.00 



6.25% CARGILL 08/17 EUR 9,325.60 14,413.86 0.01 

6.25% CHESAPEAKE ENERGY 06/17 EUR 1,613.09 2,174.19 0.00 

413



414 




(note 2) 

% des actifs 

nets 


6.375% TRW AUTOMOTIVE REG. S 7/14 EUR 820.78 1,103.55 0.00 

6.50% KRONOS INT. 06/13 EUR 1,608.35 2,004.54 0.00 

6.875% AGCO 04/14 EUR 284.66 378.94 0.00 

7% SWISS RE TREASURY 09/14 EUR 9,325.60 14,245.09 0.01 

7.375% CITIGROUP 09/19 EUR 47,960.21 75,265.15 0.08 


7.75% LEVI STRAUSS 10/18 EUR 1,897.76 2,576.82 0.00 

7.875% HERTZ 07/14 EUR 1,344.56 1,807.78 0.00 

8% AMERICAN INTL GROUP 08/38 EUR 1,897.76 2,298.93 0.00 

8% LBI ESCROW CORP 10/17 EUR 2,514.53 3,615.13 0.00 


8.875% CEDC FINANCIAL INTL 09/16 EUR 1,043.77 1,493.67 0.00 

9% NALCO 03/13 EUR 1,423.32 1,927.88 0.00 

9% NIELSEN FIN. (VNU) 06/14 EUR 2,182.42 3,006.92 0.00 

10.875% TRAVELPORT LLC 07/16 EUR 2,277.31 3,107.34 0.00 

11% CLN INDONESIE (CITI) 08/14 USD 111.54 130.71 0.00 

8,403,610.29 8.58 

FINLANDE 

1.75% MUNICIPALITY FIN. 10/17 CHF 174,411.30 178,945.99 0.18 




3% POHJOLA BANK 10/17 EUR 33,305.70 44,048.58 0.04 

4% FINLANDE 09/25 EUR 5,385.07 8,174.43 0.01 

FRN METSO 09/14 EUR 16,780.75 25,671.99 0.03 

STEP M-REAL 06/13 EUR 1,186.10 1,669.72 0.00 

FRANCE 

470,516.36 0.48 


0.81% BNP PARIBAS 10/11 SGD 11,924.61 8,823.98 0.01 


1.5% CADES 09/12 CHF 26,161.70 26,632.61 0.03 


1.75% C.F.F. 09/14 CHF 87,205.65 89,211.38 0.09 

1.75% C.F.F. 10/15 CHF 174,411.30 177,986.73 0.18 


1.75% S.N.C.F. 05/12 CHF 87,205.65 88,670.71 0.09 

1.875% C.F.F. 05/12 CHF 43,602.83 44,387.68 0.05 

2% BPCE 10/15 CHF 43,602.83 44,453.08 0.05 

2.125% DEXIA C.L.F. 09/12 CHF 30,958.01 31,097.32 0.03 

2.125% TOTAL CAPITAL 05/12 CHF 130,808.48 133,293.84 0.14 

2.25% E.D.F. 10/17 CHF 43,602.83 44,736.50 0.05 

2.375% C.F.F. 05/18 CHF 239,815.54 248,209.08 0.25 


2.375% DEXIA MUNICIPAL AG. 05/15 CHF 97,234.30 101,852.93 0.10 



2.5% AEROPORTS DE PARIS 10/17 CHF 61,043.96 63,607.80 0.06 

2.5% C.F.F. 06/31 CHF 105,954.87 109,504.35 0.11 

2.5% C.F.F. 09/13 CHF 87,205.65 90,650.27 0.09 

2.5% CREDIT AGRICOLE 06/13 CHF 43,602.83 45,085.32 0.05






(note 2) 

% des actifs 

nets 

2.5% DEXIA MUNICIPAL 09/18 CHF 87,205.65 91,217.11 0.09 

2.5% TOTAL CAPITAL 06/13 CHF 87,205.65 91,086.30 0.09 

2.625% CADES 09/12 EUR 13,462.67 18,371.43 0.02 


2.625% S.N.C.F. 06/21 CHF 69,764.52 75,345.68 0.08 


2.75% BNP PARIBAS HOME LN 09/14 CHF 86,333.59 90,909.27 0.09 


2.75% S.N.C.F. 09/18 CHF 43,602.83 47,461.68 0.05 

2.875% RESEAU FERRE France 09/21 CHF 13,080.85 14,447.80 0.01 

3% B.F.C.M 06/13 CHF 69,764.52 71,822.57 0.07 

3% CIF EUROMORTGAGE 03/14 CHF 117,727.63 125,968.56 0.13 

3% RATP 07/14 CHF 122,087.91 132,526.43 0.14 

3% REG. ILE DE FRANCE 08/14 CHF 87,205.65 94,618.13 0.10 

3% RESEAU FERRE FRANCE 09/19 CHF 87,205.65 97,321.51 0.10 

3% SOCIETE GENERALE 10/15 EUR 32,772.81 44,340.47 0.05 

3.125% C.F.F. 03/14 CHF 174,411.30 187,666.56 0.19 



3.25% C.F.F. 08/12 CHF 29,649.92 31,087.94 0.03 

3.25% LA POSTE 07/14 CHF 102,902.67 110,414.56 0.11 

3.25% O.A.T. 05/16 EUR 28,047.23 40,022.27 0.04 

3.25% RATP 07/17 CHF 69,764.52 78,206.03 0.08 


3.25% S. F. E. F. 09/14 EUR 71,239.97 99,896.44 0.10 

3.375% A.P. HOPITAUX PARIS 08/14 CHF 17,441.13 19,098.04 0.02 

3.375% E.D.F. 08/13 CHF 298,243.32 318,971.24 0.33 



3.375% LVMH MOET-HENNESSY 07/13 CHF 87,205.65 92,743.21 0.11 

3.375% S. F. R. 05/12 EUR 2,664.46 3,630.03 0.00 

3.375% SANOFI-AVENTIS 07/15 CHF 52,323.39 56,404.61 0.06 

3.375% UNIBAIL-RODAMCO 10/15 EUR 12,789.39 17,537.01 0.02 



3.5% GDF SUEZ 08/12 CHF 131,244.50 138,200.46 0.15 

3.5% O.A.T. 04/15 EUR 10,321.38 14,865.32 0.02 

3.5% O.A.T. 10/20 EUR 30,739.77 43,917.40 0.04 

3.625% EDENRED 10/17 EUR 16,253.18 21,589.61 0.02 

3.625% L.V.M.H. 08/11 CHF 148,249.61 153,067.72 0.17 

3.625% TOTAL 08/12 CHF 4,360.28 4,584.84 0.00 

3.75% AUCHAN 08/15 CHF 75,868.92 82,848.86 0.08 

3.75% C.I.F. 10/15 EUR 10,657.82 14,538.84 0.01 

3.75% SOCIETE GENERALE 09/14 EUR 7,993.37 11,133.54 0.01 

4% B.T.A.N. 02/13 EUR 29,169.12 42,102.32 0.04 

4% BOUYGUES 10/18 EUR 25,312.33 35,819.79 0.04 

4% CARREFOUR 10/20 EUR 18,651.19 26,463.91 0.03 

4% E.D.F. 09/17 CHF 130,808.48 148,794.64 0.16 

4% O.A.T. 05/38 EUR 19,072.12 28,919.88 0.03 

4% O.A.T. 03/14 EUR 21,989.03 32,178.63 0.03 

4% O.A.T. 03/14 EUR 22,437.79 32,666.87 0.03 

4% O.A.T. 04/55 EUR 11,779.84 18,369.41 0.02 

415



416 




(note 2) 

% des actifs 

nets 

4% O.A.T. 09/60 EUR 4,038.80 6,345.56 0.01 

4% SAINT GOBAIN 10/18 EUR 16,852.69 22,583.93 0.02 

4% VIVENDI 10/17 EUR 15,986.74 22,012.56 0.02 

4.125% ALSTOM 10/17 EUR 5,595.36 7,772.99 0.01 

4.125% DANONE FINANCE 08/16 CHF 74,560.83 84,067.34 0.09 

4.13% CREDIT AGRICOLE 05/PE EUR 23,980.11 28,207.35 0.03 

4.196% SOCIETE GENERALE 05/PE EUR 27,446.56 31,878.41 0.03 

4.25% KLEPIERRE 06/16 EUR 7,993.37 11,131.47 0.01 

4.25% O.A.T. 03/19 EUR 21,876.84 33,128.10 0.03 

4.25% O.A.T. 06/17 EUR 17,950.23 27,055.38 0.03 

4.25% O.A.T. 06/23 EUR 9,648.25 14,734.09 0.02 

4.375% AIR LIQUIDE 09/15 EUR 13,322.28 19,493.72 0.02 

4.375% L.V.M.H. 09/14 EUR 13,322.28 19,096.64 0.02 

4.375% RCI BANQUE 10/15 EUR 16,024.04 21,827.79 0.02 

4.375% THALES 09/13 EUR 2,797.68 3,929.13 0.00 


4.5% AXA 09/15 EUR 13,322.28 19,119.78 0.02 

4.5% B.T.A.N. 08/13 EUR 11,218.89 16,312.75 0.02 

4.5% CREDIT AGRICOLE CB 09/16 EUR 71,800.92 105,359.34 0.11 

4.5% GECINA 10/14 EUR 2,514.53 3,339.81 0.00 

4.5% NATIXIS 07/19 EUR 26,644.56 35,200.21 0.04 

4.5% O.A.T. 09/41 EUR 10,097.00 16,620.23 0.02 

4.625% AGF 05/PE EUR 8,526.26 10,044.89 0.01 

4.625% C.N.C.E.P. 04/PE EUR 7,415.49 7,946.46 0.01 

4.75% AUCHAN 09/15 EUR 13,322.28 19,648.27 0.02 

4.75% O.A.T. 03/35 EUR 25,466.89 42,420.63 0.04 


4.875% WENDEL 06/16 EUR 1,565.65 1,912.25 0.00 

5% BNP PARIBAS 08/13 EUR 13,322.28 19,345.80 0.02 

5% CRH 02/13 EUR 71,239.97 103,749.10 0.11 

5% CRH 09/19 EUR 24,681.57 37,944.85 0.04 

5% FRANCE TELECOM 09/14 EUR 21,315.65 30,988.05 0.03 

5% IMERYS 07/17 EUR 6,927.59 9,551.73 0.01 

5% O.A.T. 00/16 EUR 7,853.23 12,240.47 0.01 

5% S.N.C.F. 95/15 CHF 43,602.83 51,800.16 0.05 


5.25% BPCE 03/PE EUR 3,833.47 4,506.05 0.00 

5.375% C.F.C.M. 09/14 EUR 8,526.26 12,362.76 0.01 

5.375% DEXIA C.L.F. 09/14 EUR 17,318.97 24,977.22 0.03 


5.50% O.A.T. 97/29 EUR 22,998.73 40,619.96 0.04 

5.625% A.S.F. 07/22 EUR 18,651.19 29,216.40 0.03 

5.625% RENAULT 10/15 EUR 10,247.90 14,077.72 0.01 

5.75% NEXANS 07/17 EUR 616.77 812.84 0.00 

5.75% O.A.T. 00/32 EUR 21,876.84 40,787.15 0.04 

5.777% AXA 06/PE EUR 17,318.97 20,753.65 0.02 

5.9% C.N.A. 97/11 EUR 3,365.67 4,626.08 0.00 

6% CNP ASSURANCE 10/20 EUR 25,312.33 34,554.18 0.04 

6% O.A.T. 94/25 EUR 22,213.41 40,376.43 0.04 


6.117% C.N.C.E.P. 07/PE EUR 31,973.47 37,136.29 0.04 

6.125% LAFARGE 08/15 EUR 21,315.65 30,065.14 0.03






(note 2) 

% des actifs 

nets 


6.154% SCOR ASSISTANCE 06/PE EUR 13,322.28 15,429.12 0.02 

6.25% SODEXHO 09/15 EUR 7,993.37 12,197.78 0.01 


6.25% VINCI 06/PE EUR 9,325.60 12,584.92 0.01 

6.375% TEREOS EUROPE 07/14 EUR 1,945.20 2,654.19 0.00 

6.50% B.F.C.M. 01/13 EUR 22,647.88 33,184.69 0.03 


6.875% GDF SUEZ 08/19 EUR 13,322.28 22,802.20 0.02 

7% RHODIA 10/18 EUR 1,375.87 1,907.08 0.00 

7.125% CROWN EURO HOLDINGS 10/18 EUR 2,134.98 2,984.19 0.00 

7.5% ACCOR 09/14 EUR 5,328.91 8,014.77 0.01 

7.75% VIVENDI 09/14 EUR 5,328.91 8,166.22 0.01 

8.125% EUROPCAR GROUPE 06/14 EUR 996.32 1,309.73 0.00 


8.25% REXEL 09/16 EUR 2,324.75 3,334.55 0.00 

8.25% SAINT GOBAIN 09/14 EUR 37,302.39 59,407.32 0.06 


8.50% O.A.T. 89/19 EUR 23,671.86 46,905.27 0.05 

8.625% PPR 09/14 EUR 9,325.60 14,776.66 0.02 

9% PICARD BONDCO 10/18 EUR 853.99 1,182.31 0.00 

FRN AXA 10/20 EUR 10,657.82 14,104.34 0.01 

FRN BNP PARIBAS 06/PE EUR 37,302.39 44,894.08 0.05 

FRN CNP ASSURANCES 06/PE EUR 15,986.74 18,142.52 0.02 

FRN CREDIT LOGEMENT 07/17 EUR 2,131.56 2,668.65 0.00 

FRN LA POSTE 06/16 EUR 5,328.91 6,879.26 0.01 

STEP A.P.R.R. 09/15 EUR 10,657.82 16,359.26 0.02 

GHANA 

7,307,283.28 7.48 

14% REPUBLIC GHANA 08/11 GHS 28.57 19.80 0.00 

14.47% GHANA 06/11 GHS 424.10 299.39 0.00 

15% GHANA 07/12 GHS 44.64 32.12 0.00 

351.31 0.00 

GUERNESEY 

3.625% CS GROUP FIN. GUERN. 06/18 EUR 58,618.04 79,387.74 0.08 

HONG-KONG 

79,387.74 0.08 

1.6% HSBC SINGAPORE 10/13 SGD 11,924.61 8,855.00 0.01 

1.69% HONG KONG 09/14 HKD 43,723.58 5,653.83 0.01 

1.75% HONG KONG 10/15 HKD 39,748.71 5,147.33 0.01 

2.07% HK SAR GOVERNMENT 09/14 HKD 337,863.99 44,223.05 0.05 

2.16% HONG KONG 09/19 HKD 31,003.99 3,976.38 0.00 

2.66% HONG KONG 07/12 HKD 15,899.48 2,088.07 0.00 

3.52% HONG KONG 07/17 HKD 39,748.71 5,639.21 0.01 

4.65% KCRC 03/13 HKD 7,949.74 1,092.56 0.00 

4.74% HONG KONG 06/13 HKD 9,539.69 1,326.73 0.00 

4.83% HONG KONG 06/16 HKD 9,539.69 1,426.96 0.00 

9.75% CLN INDONESIE (HSBC) 07/37 USD 64.32 69.27 0.00 

79,498.39 0.09 

417


HONGRIE 


418 




(note 2) 

% des actifs 

nets 

5.5% HONGRIE 03/14 HUF 457,586.65 2,130.07 0.00 

5.5% HONGRIE 05/16 HUF 263,391.34 1,201.71 0.00 

6% HONGRIE 07/12 HUF 271,873.43 1,300.07 0.00 

6.5% HONGRIE 08/19 HUF 655.62 3,080.70 0.00 

6.75% HONGRIE ’B’ 06/17 HUF 962.49 4,630.50 0.01 

6.75% HONGRIE ’C’ 08/11 HUF 16,964.19 81.84 0.00 

6.75% HONGRIE ’D’ 02/13 HUF 243,302.17 1,179.39 0.00 

7.25% HONGRIE ’B’ 06/12 HUF 12,276.72 59.93 0.00 

7.5% HONGRIE 09/13 HUF 131,832.72 651.40 0.00 

7.5% HONGRIE ’A’ 04/20 HUF 624,166.94 3,137.25 0.00 

8% HONGRIE ’A’ 04/15 HUF 1,173.65 5,924.14 0.01 

23,377.00 0.02 

ILES CAIMANS 




2.5% LGT FINANCE 10/17 CHF 174,411.30 176,504.24 0.18 

4.5% SANTANDER ISSUANCES 04/19 EUR 41,032.63 55,130.34 0.06 

4.75% HUTCHISON WHAMP.INTL 9/16 EUR 53,688.79 76,265.47 0.08 

6.25% BCP FINANCE BANK 01/11 EUR 3,197.35 4,286.49 0.00 

8% TELEMOVIL FINANCE 10/17 USD 427.23 415.09 0.00 

8.836% UBS CAPITAL SEC. 08/PE EUR 948.88 1,313.69 0.00 

INDE 

580,868.38 0.59 

6.05% EXP. IMP. BANK INDIA 10/13 INR 119,246.12 2,589.94 0.00 

6.07% INDE 09/14 INR 79,497.41 1,658.75 0.00 

6.35% INDE 03/20 INR 635,979.28 12,387.36 0.02 

6.9% POWER FINANCE 09/12 INR 79,497.41 1,712.61 0.00 

7% INDIAN OIL CORP 09/12 INR 158,994.82 3,413.64 0.00 

7.4% INDE 02/12 INR 39,748.71 874.98 0.00 

7.56% INDE 08/14 INR 39,748.71 865.75 0.00 

7.6% RURAL ELECTRIFIC. 10/13 INR 198,743.53 4,300.09 0.01 

7.8% INDE 10/20 INR 158,994.82 3,462.75 0.01 

8.28% INDE 07/32 INR 158,994.82 3,448.61 0.00 

8.3% INDE 08/14 INR 158,994.82 3,461.01 0.00 

8.95% POWER FINANCE 10/15 INR 79,497.41 1,760.54 0.00 

9.25% EXP. IMP. BANK INDIA 07/12 INR 79,497.41 1,780.72 0.00 

9.25% EXP. IMP. BANK INDIA 07/12 INR 39,748.71 888.49 0.00 

42,605.24 0.04 

INDONESIE 

0% INDONESIE 08/13 IDR 361,605.06 33.02 0.00 

0% INDONESIE 10/10 IDR 52,233.43 5,694.73 0.01 

0% INDONESIE 10/11 IDR 18,578.04 1,956.85 0.00 

0% INDONESIE 10/11 IDR 7,502.48 794.26 0.00 

0% INDONESIE 10/11 IDR 3,143.85 336.05 0.00 

7.375% INDONESIE 10/16 IDR 43.75 4.81 0.00 

8.25% INDONESIE 10/21 IDR 7,807.79 888.30 0.00 

9% INDONESIE 07/13 IDR 3,894.18 446.90 0.00 

9% INDONESIE 07/18 IDR 44,928.93 5,297.45 0.01 

9.25% INDONESIE 09/15 IDR 7,745.51 914.56 0.00






(note 2) 

% des actifs 

nets 

9.35% INDONESIE 09/12 IDR 267,855.60 30.44 0.00 

9.4% INDONESIE 07/11 IDR 11,620.70 1,307.15 0.00 

9.5% INDONESIE 07/23 IDR 115,306.15 14,082.79 0.02 

9.5% INDONESIE 08/12 IDR 125,358.08 14,214.52 0.02 

9.5% INDONESIE 04/15 IDR 32,312.95 3,853.65 0.00 

9.5% INDONESIE 10/31 IDR 39,830.36 4,762.79 0.00 

9.75% INDONESIE 07/37 IDR 17,081.17 2,044.26 0.00 

10% INDONESIE 05/17 IDR 11,521.15 1,431.04 0.00 

10% INDONESIE 07/24 IDR 48,347.98 6,117.92 0.01 

10% INDONESIE 07/28 IDR 97,752.88 12,153.27 0.01 

10.25% INDONESIE 07/22 IDR 48,873.08 6,257.54 0.02 

10.25% INDONESIE 07/27 IDR 66,394.47 8,461.64 0.01 


10.5% INDONESIE 08/38 IDR 80,768.46 10,391.31 0.01 


10.75% INDONESIE 05/16 IDR 8,154.09 1,031.06 0.00 

11% INDONESIE 03/12 IDR 3,894.18 461.77 0.00 

11% INDONESIE 04/14 IDR 446.43 55.35 0.00 

11% INDONESIE 05/20 IDR 24,372.98 3,287.80 0.00 

11% INDONESIE 06/25 IDR 12,875.27 1,752.19 0.00 

11.45% INDONESIE 08/13 IDR 3,143.85 379.88 0.00 

11.5% INDONESIE 06/19 IDR 5,554.13 760.66 0.00 

12.5% INDONESIE 06/13 IDR 446.43 55.11 0.00 

12.8% INDONESIE 05/21 IDR 21,819.76 3,248.46 0.00 

12.9% INDONESIE 05/22 IDR 3,349.03 503.85 0.00 

14.25% INDONESIE 02/13 IDR 1,339.28 173.00 0.00 

14.275% INDONESIE 02/13 IDR 20,097.57 2,640.65 0.00 

IRLANDE 

138,441.47 0.15 

2.25% AEGON GLOBAL INST. 06/11 CHF 30,521.98 30,628.80 0.03 

2.375% DEPFA ACS BANK 06/19 CHF 43,602.83 34,446.23 0.04 

2.625% UNICREDITO ITALIA 06/11 CHF 87,205.65 88,103.87 0.10 

2.875% GE CAP. EUROP. FUND. 10/15 EUR 29,309.02 39,131.26 0.04 

4% IRLANDE 09/14 EUR 8,975.11 11,404.65 0.01 

4.4% IRLANDE 08/19 EUR 11,218.89 12,831.05 0.01 

4.5% BANK MOSCOW CAP. -LPN- 10/13 CHF 56,683.67 57,760.66 0.06 

4.50% IRLANDE 04/20 EUR 21,315.90 24,053.96 0.02 

4.6% IRLANDE 99/16 EUR 7,853.23 9,718.03 0.01 

4.75% GE CAP.UK FUNDING 09/14 EUR 18,651.19 26,642.80 0.03 

5% IRLANDE 02/13 EUR 10,097.00 13,428.16 0.01 

5.125% CATERPILLAR 09/12 EUR 5,328.91 7,488.30 0.01 

5.4% IRLANDE 09/25 EUR 7,067.90 8,085.40 0.01 

7.25% SMURFIT KAPPA ACQUI. 09/17 EUR 948.88 1,313.67 0.00 

7.5% CLOVERIE 09/39 EUR 31,973.47 50,126.54 0.05 

7.75% JSG FUNDING 05/15 EUR 3,178.75 4,326.76 0.00 

7.75% SMURFIT KAPPA ACQUI. 09/19 EUR 806.55 1,121.99 0.00 


9.25% ARDAGH GLASS FIN. 09/16 EUR 853.99 1,233.46 0.00 

10.75% ARDAGH GLASS -PIK- 05/15 EUR 3,835.59 5,131.46 0.01 

428,857.56 0.44 

419


ITALIE 


420 




(note 2) 

% des actifs 

nets 

2.5% ITALIE 06/18 CHF 152,609.89 154,822.73 0.16 

2.5% ITALIE 09/12 EUR 44,875.57 60,368.60 0.06 

2.50% ITALIE 05/15 CHF 329,201.33 336,772.96 0.34 

2.75% ITALIE 04/11 CHF 109,007.06 110,674.87 0.11 

3% ITALIE 09/13 EUR 48,241.24 65,294.40 0.07 

3.375% ATLANTIA 10/17 EUR 11,590.38 15,317.72 0.02 


3.75% ITALIE 05/15 EUR 11,218.89 15,568.56 0.02 

3.75% ITALIE 06/16 EUR 20,754.95 28,755.42 0.03 

3.75% ITALIE 06/21 EUR 22,437.79 29,655.61 0.03 

3.75% SANPAOLO IMI 05/20 EUR 77,269.23 101,636.75 0.10 

4% ITALIE 06/17 EUR 76,288.47 106,546.64 0.11 


4.125% UNICREDIT 06/16 EUR 29,841.91 39,750.77 0.04 

4.25% EDISON 09/14 EUR 7,993.37 11,199.47 0.01 

4.25% ITALIE 03/13 EUR 100,970.04 141,572.74 0.14 

4.25% ITALIE 04/14 EUR 26,925.34 37,958.83 0.04 

4.25% ITALIE 04/15 EUR 12,901.73 18,241.33 0.02 

4.25% ITALIE 08/13 EUR 20,754.95 28,992.48 0.03 

4.25% ITALIE 09/20 EUR 10,433.57 14,370.43 0.01 

4.5% ITALIE 07/18 EUR 40,388.02 57,576.43 0.06 

4.5% ITALIE 08/18 EUR 51,606.91 73,360.34 0.07 

4.75% MONTE PASCHI SIENA 09/14 EUR 21,315.65 29,548.43 0.03 

4.875% TERNA 09/19 EUR 10,657.82 16,014.50 0.02 

4.875% UNICREDIT 08/13 EUR 31,973.47 44,501.84 0.05 

5% ENI 09/16 EUR 31,973.47 47,449.33 0.05 

5% ITALIE (BTP) 07/39 EUR 31,973.85 44,259.74 0.05 


5.25 % TELECOM ITALIA 05/55 EUR 15,986.74 17,855.53 0.02 

5.25% ITALIE (BTP) 02/17 EUR 51,831.29 77,203.02 0.08 

5.25% ITALIE 98/29 EUR 33,656.68 48,236.18 0.05 


5.6% MONTE PASCHI SIENA 10/20 EUR 15,587.07 21,366.80 0.02 

5.625% ATLANTIA 09/16 EUR 19,983.42 29,785.11 0.03 

5.75% ITALIE 02/33 EUR 29,169.12 44,164.78 0.05 


6.50% ITALIE 97/27 EUR 2,243.78 3,655.27 0.00 

6.7% UNICREDITO ITALIANO 08/18 EUR 10,657.82 15,082.65 0.02 

6.756% BANCO POPOLARE 07/PE EUR 901.44 936.59 0.00 

6.9% ASSICURAZIONI GEN. 00/22 EUR 47,421.99 67,815.41 0.07 

7% PIAGGIO 09/16 EUR 474.44 659.99 0.00 

7.25% ITALIE 96/26 EUR 17,950.23 31,200.15 0.03 

8.047% INTESA SANPAOLO 08/PE EUR 15,986.74 21,374.65 0.02 

8.25% LOTTOMATICA ’S’ 06/66 EUR 2,894.08 3,833.34 0.00 


9% ITALIE 93/23 EUR 30,851.96 60,426.47 0.06 

10.5% SEAT PAGINE GIALLE 10/17 EUR 3,321.08 4,144.70 0.00 

12.25% WIND ACQUISIT.-PIK- 09/17 EUR 1,033.62 1,465.39 0.00 

2,214,416.26 2.26


JAPON 





(note 2) 

% des actifs 

nets 

2.25% N.T.T. 06/13 CHF 144,761.38 149,755.65 0.15 

2.625% KYUSHU ELECTR. POWER 06/13 CHF 43,602.83 45,499.55 0.05 

2.75% KANSAI ELECTRIC 07/12 CHF 34,882.26 35,841.52 0.04 

2.75% TOKYO ELECT. POWER 07/12 CHF 47,963.11 49,306.07 0.05 

7.75% SOFTBANK 06/13 EUR 1,423.32 1,973.84 0.00 

FRN D.B.J 09/14 USD 556.48 541.52 0.00 

JERSEY 

282,918.15 0.29 



4% UBS JERSEY BRANCH 08/12 CHF 87,205.65 90,911.89 0.10 

4.28% UBS PREF. FUNDING 05/PE CHF 4,772.86 5,559.43 0.01 

4.5% UBS JERSEY BRANCH 04/19 EUR 58,618.04 81,864.88 0.08 


5.294% ERSTE CAP.FIN. 06/PE EUR 2,277.31 2,290.34 0.00 

5.3687% HSBC CAP. FUNDING 03/PE EUR 8,070.64 10,357.78 0.01 

5.75% MAIN CAPITAL FD II 06/PE EUR 2,556.28 2,382.04 0.00 

7.627% HBOS EURO FIN. 09/PE EUR 3,321.08 4,014.46 0.00 

LIBERIA 

372,528.98 0.38 

5.625% ROYAL CARIBBEAN CR. 07/14 EUR 3,321.08 4,354.70 0.00 

LUXEMBOURG 

4,354.70 0.00 

2% NESTLE FINANCE 09/14 CHF 130,808.48 136,564.05 0.14 


2.125% NESTLE FINANCE 09/15 CHF 67,148.35 70,673.64 0.07 




2.5% HYPO PFD. BANK INTL 06/14 CHF 130,808.48 132,443.58 0.14 


2.75% EUROP. HYPO. BANK 05/20 CHF 122,087.91 123,430.88 0.13 

2.75% LG ERSTE EUROP. KBANK 05/20 CHF 61,043.96 59,578.90 0.06 

2.875% ERSTE EUROPAEISC 05/25 CHF 34,882.26 33,068.38 0.03 


3.5% EUROHYPO BANK 07/13 CHF 30,521.98 32,460.12 0.03 

4% EUROP. HYPO. BANK 02/14 CHF 43,602.83 47,047.45 0.05 

4.375% SES GLOBAL 06/13 EUR 7,993.37 11,256.24 0.01 

4.5% BRANDBREW 09/14 CHF 69,764.52 75,694.50 0.08 

5% ENEL FIN.INT. 09/22 EUR 29,109.18 42,905.12 0.04 

5% HANNOVER FINANCE 05/PE EUR 9,059.15 11,275.67 0.01 

5.75% FINMECCANICA FIN. 03/18 EUR 18,099.65 26,836.18 0.03 


6.875% OLIVETTI FINANCE 03/13 EUR 18,651.19 27,067.37 0.03 

7.125% GLENCORE FINANCE 08/15 EUR 61,282.49 89,537.30 0.09 

7.4075% HSH NORDBANK LUX. 02/PE EUR 1,897.76 1,144.41 0.00 

7.5% RSHB CAPITAL 10/13 RUB 134.33 4,378.57 0.00 

7.5% VTB CAPITAL 09/11 CHF 87,205.65 90,388.66 0.09 

7.625% FIAT FIN & TRADE 09/14 EUR 1,897.76 2,732.19 0.00 

8% BEVERAGE PACKAGING 07/16 EUR 1,186.10 1,480.25 0.00 

421



422 




(note 2) 

% des actifs 

nets 

8% LIGHTHOUSE INTL 04/14 EUR 2,846.64 2,273.67 0.00 



8.25% CODERE FINANCE (LUX) 05/15 EUR 4,175.07 5,530.06 0.01 


8.75% CIRSA FUNDING 10/18 EUR 5,503.50 7,472.78 0.01 

9% FIAT FIN & TRADE 09/12 EUR 1,280.99 1,845.95 0.00 



9.375% SUB.UNICREDITO 10/PE EUR 5,328.91 7,209.13 0.01 

9.5% BEVERAGE PACKAGING 07/17 EUR 4,981.62 6,299.95 0.01 

9.625% OXEA FINANCE 10/17 EUR 1,186.10 1,701.30 0.00 

11.75% WIND AQUISITION 09/17 EUR 9,607.40 14,260.15 0.01 

FRN LECTA (UNSEC.) 07/14 EUR 2,609.42 3,117.61 0.00 

FRN SIGN. LUX. CLN (ISS DC 2D) 07/15 EUR 3,321.08 4,111.55 0.00 

1,954,503.76 1.99 

MALAISIE 


2.711% MALAISIE 09/12 MYR 23,668.97 7,441.76 0.01 

3.21% MALAISIE 09/13 MYR 10,788.84 3,413.17 0.00 

3.7% MALAISIE 07/13 MYR 1,746.20 558.07 0.00 


3.741% MALAISIE 09/15 MYR 48,727.77 15,648.08 0.02 

3.756% MALAISIE 05/11 MYR 74,727.57 23,691.03 0.02 

3.82% MALAISIE 06/16 MYR 1,328.97 426.19 0.00 

3.833% MALAISIE 01/11 MYR 8,610.45 2,741.39 0.00 

3.835% MALAISIE 10/15 MYR 33,346.93 10,812.50 0.01 

4.02% CAGAMAS MBS 07/19 MYR 1,214.78 363.66 0.00 

4.25% PETRONAS GLOB. SUK. 09/14 USD 238.49 245.93 0.00 

4.262% MALAISIE 06/16 MYR 11,322.82 3,724.36 0.00 

4.378% MALAISIE 09/19 MYR 92,324.54 30,868.25 0.04 

4.498% MALAISIE 10/30 MYR 3,724.20 1,254.07 0.00 

5.094% MALAISIE 04/14 MYR 108,676.16 36,486.12 0.05 

5.248% MALAISIE 08/28 MYR 1,677.35 613.58 0.00 

5.734% MALAISIE 04/19 MYR 3,757.86 1,372.96 0.00 

MEXIQUE 

147,355.55 0.15 

3.5% PEMEX 09/14 CHF 43,602.83 45,128.92 0.05 

4.75% AMERICA MOVIL 10/22 EUR 11,057.49 15,860.07 0.02 

6% MEXIQUE 10/15 MXN 161.27 1,287.69 0.00 

7.5% MEXIQUE 06/27 MXN 214.28 1,827.19 0.00 

7.75% MEXIQUE 08/17 MXN 283.84 2,456.14 0.00 

8% MEXICO 09/20 MXN 414.73 3,695.99 0.00 

8% MEXIQUE 05/15 MXN 197.95 1,711.00 0.00 

9.5% MEXIQUE 04/14 MXN 223.21 2,016.11 0.00 

10% MEXIQUE 04/24 MXN 579.55 6,077.13 0.01 

10% MEXIQUE 06/36 MXN 502.01 5,337.53 0.01 

85,397.77 0.09 

NORVEGE 


2% KOMMUNALBANKEN 09/14 CHF 130,808.48 136,302.43 0.14 

2.25% DNB NOR BOLIGKRED. 10/18 CHF 43,602.83 44,976.31 0.05






(note 2) 

% des actifs 

nets 


2.625% STATNETT 08/12 CHF 47,963.11 49,545.89 0.05 



3% DNB NOR BOLIGKREDITT 7/12 CHF 65,404.24 67,726.09 0.07 

3% STATNETT SF 08/11 CHF 34,882.26 35,782.22 0.04 

3.125% TERRA BOLIGKREDITT 07/13 CHF 78,485.09 81,546.00 0.08 

3.625% DNB NOR BANK 08/11 CHF 152,609.89 156,119.92 0.16 

4.125% TELENOR 10/20 EUR 7,993.37 11,431.65 0.01 


5.5% STATKRAFT 09/15 EUR 5,062.47 7,618.55 0.01 

5.625% STATOIL 09/21 EUR 13,855.17 22,691.94 0.02 


7% NORSKE SKOGINDUSTR. 07/17 EUR 1,328.43 1,304.20 0.00 

814,942.49 0.83 


2% B.N.Z. INTL FDG. 10/15 CHF 279,058.08 282,825.37 0.29 

3.375% TRANSPOWER FINANCE 07/14 CHF 122,087.91 131,610.77 0.13 

PAKISTAN 

414,436.14 0.42 

7.875% PAKISTAN -REG.S- 06/36 USD 769.05 593.89 0.00 

PAYS-BAS 

593.89 0.00 

1.75% ENERGIE BEHEER NED. 05/12 CHF 23,109.50 23,721.90 0.02 



2% E. ON INTL FINANCE 09/11 CHF 87,205.65 87,824.81 0.09 

2% ING VERZEKERINGEN 05/11 CHF 148,249.61 148,694.35 0.15 

2% RABOBANK 10/21 CHF 174,411.30 171,533.51 0.18 

2.1% RABOBANK 09/12 SGD 3,179.90 2,406.82 0.00 

2.125% B.N.G. 10/18 CHF 174,411.30 180,951.72 0.18 

2.125% DEUTSCHE BAHN 04/11 CHF 43,602.83 44,431.28 0.05 

2.125% ENERGIE BEHEER NED. 10/20 CHF 117,727.63 122,731.05 0.13 

2.125% RABOBANK 05/17 CHF 87,205.65 89,342.19 0.09 

2.125% RABOBANK 06/12 CHF 87,205.65 89,473.00 0.09 

2.25% B.N.G. 05/20 CHF 279,058.08 290,638.99 0.31 


2.375% ABN AMRO BANK 04/10 CHF 30,521.98 30,537.24 0.03 

2.375% BANK NED.GEMEENTEN 10/19 CHF 130,808.48 137,610.52 0.14 

2.375% NED. WATERSCHAPSBANK 05/20 CHF 174,411.30 184,003.92 0.19 



2.5% B.N.G. 02/25 CHF 65,404.24 69,459.30 0.07 

2.5% RABOBANK 09/13 CHF 87,205.65 90,563.07 0.09 


2.625% B.N.G. 07/17 CHF 87,205.65 93,571.66 0.10 

2.625% NED. WATERSCHAPSBANK 07/22 CHF 130,808.48 140,749.92 0.14 

2.75% B.N.G. 09/16 CHF 156,970.17 169,527.78 0.18 

2.75% ENERGIE BEHEER NED. 06/13 CHF 174,411.30 184,701.57 0.20 

2.75% RABOBANK 07/15 CHF 43,602.83 46,371.60 0.05 

2.875% FMO-NEDERLANDSE 09/16 CHF 69,764.52 75,764.27 0.08 

3.125% B.N.G. 07/18 CHF 87,205.65 96,841.87 0.10 

423



424 




(note 2) 

% des actifs 

nets 

3.125% ENBW INT. FINANCE 08/13 CHF 78,485.09 82,291.61 0.08 

3.125% RABOBANK 06/26 CHF 87,205.65 96,275.04 0.10 

3.25% PAYS-BAS 05/15 EUR 16,828.34 24,125.82 0.02 

3.25% RABOBANK 08/11 CHF 109,879.12 112,626.10 0.13 

3.375% ABN AMRO 06/31 CHF 69,764.52 77,578.15 0.08 

3.375% ING BANK 10/15 EUR 15,986.74 21,835.40 0.02 


3.625% BASF FINANCE 08/15 CHF 26,161.70 28,542.41 0.03 

3.625% E.ON INTL FINANCE 08/13 CHF 87,205.65 92,568.80 0.09 

3.625% RABOBANK 09/19 CHF 130,808.48 148,598.43 0.15 

3.625% SNS BANK 10/13 EUR 13,322.28 18,009.51 0.02 

3.75% DEUTSCHE BAHN 10/25 EUR 10,657.82 14,879.35 0.02 

3.75% ING BANK 08/12 CHF 30,521.98 32,002.29 0.03 



3.875% E. ON INTL FINANCE 08/12 CHF 104,646.78 111,291.85 0.12 

4% ABN AMRO BANK 02/12 CHF 117,727.63 121,965.82 0.13 

4% FORTIS BANK NED. 10/15 EUR 15,986.74 22,151.43 0.02 

4% ING BANK 08/15 CHF 30,521.98 33,589.44 0.03 

4% NEDERLAND GASUNIE 08/11 CHF 110,751.18 115,148.00 0.13 

4% PAYS-BAS 05/37 EUR 17,950.23 28,473.69 0.03 

4% PAYS-BAS 08/18 EUR 44,875.57 67,322.74 0.07 


4.125% RABOBANK 10/20 EUR 26,644.56 37,719.22 0.04 

4.176% ING GROEP 05/PE EUR 4,630.53 5,150.16 0.01 

4.25% COCA COLA HBC FIN. 09/16 EUR 9,325.60 13,259.40 0.01 

4.25% DEUTSCHE TEL. FIN. 10/22 EUR 13,322.28 18,240.59 0.02 

4.25% PAYS-BAS 03/13 EUR 26,925.34 39,022.11 0.04 

4.25% RABOBANK 00/12 CHF 165,690.74 176,874.86 0.19 

4.31% ABN AMRO 06/PE EUR 4,269.96 4,462.01 0.00 

4.375% RABOBANK 09/14 EUR 26,644.56 38,055.48 0.04 

4.375% RABOBANK 09/16 EUR 66,611.41 96,715.75 0.10 

4.5% PORTUGAL TELE. INTL 05/25 EUR 15,986.74 18,512.60 0.02 


4.625% B.N.G. 02/12 EUR 4,487.56 6,348.10 0.01 


4.625% ING BANK 04/19 EUR 44,182.01 60,180.48 0.06 

4.625% SHELL INTERNAT. FIN. 07/17 EUR 16,519.63 24,782.35 0.03 



4.75% RABOBANK 08/18 EUR 31,973.47 47,298.02 0.05 




5.252% ELM 06/PE EUR 10,657.82 12,739.70 0.01 

5.317% GENERALI FINANCE 06/PE EUR 13,322.28 16,107.47 0.02 





5.50% PAYS-BAS 98/28 EUR 11,218.89 20,274.15 0.02 

5.75% E. ON INTL FINANCE 08/20 EUR 18,651.19 30,074.60 0.03






(note 2) 

5.875% TELEFONICA EUROPE 03/33 EUR 7,993.37 12,107.12 0.01 


6% DEUTSCHE TEL. FIN. 09/17 EUR 38,634.61 59,821.52 0.06 

6% PORTUGAL TEL. INT. 09/13 EUR 7,993.37 11,326.62 0.01 

6.125% ALLIANZ FINANCE 02/22 EUR 18,651.19 25,882.32 0.03 


6.25% ING VERZEKERINGEN 01/21 EUR 4,507.18 5,729.95 0.01 

6.258% SNS REAAL 07/PE EUR 3,495.67 3,639.64 0.00 


6.5% ALLIANZ FIN. II 02/25 EUR 47,960.21 71,825.20 0.07 

6.5% CONTI-GUMMI FINANCE 10/16 EUR 948.88 1,250.20 0.00 

6.5% REPSOL INTL FINANCE 09/14 EUR 18,651.19 27,705.47 0.03 

6.625% RWE FINANCE 08/19 EUR 31,973.47 53,712.28 0.05 

6.655% TENNET HOLDING BV 10/PE EUR 21,741.96 30,803.05 0.03 

6.75% MUNICH RE FINANCE 03/23 EUR 47,960.21 69,003.91 0.07 

6.75% OI EUROP GROUP 10/20 EUR 1,328.43 1,805.99 0.00 


7% AEGON 09/12 EUR 5,328.91 7,600.56 0.01 


7.25% MAJAPAHIT BV 07/17 USD 79.50 89.25 0.00 

7.375% EUREKO 09/14 EUR 9,325.60 14,043.30 0.01 

7.375% LINDE FINANCE 06/66 EUR 15,986.74 23,460.03 0.02 


7.5% GMAC INTERNAT.FIN. 10/15 EUR 4,412.29 6,020.48 0.01 


7.625% ADECCO INT. FIN. 09/14 EUR 20,681.51 31,448.50 0.03 

7.75% LANXESS FINANCE 09/14 EUR 5,328.91 8,268.06 0.01 

7.875% DAIMLER INTL 09/14 EUR 26,644.56 41,437.47 0.04 

7.875% NEW WORLD RESOURCES 10/18 EUR 948.88 1,310.52 0.00 

8% CLONDALKIN BV 04/14 EUR 3,102.83 3,800.05 0.00 

8% ZIGGO BOND 10/18 EUR 8,065.47 11,246.75 0.01 

8.5% CONTI-GUMMI FINANCE 10/15* EUR 2,372.20 3,390.79 0.00 

8.875% BMW FINANCE 08/13 EUR 42,631.30 67,596.70 0.07 

9% DAIMLER INTL FIN. 08/12 EUR 7,993.37 11,625.52 0.01 

9.25% IMPRESS METAL 06/14 EUR 948.88 1,321.57 0.00 

9.5% INTERXION HOLDING 10/17 EUR 664.22 959.36 0.00 

9.5% MAGYAR TELECOM 09/16 EUR 1,707.98 2,228.42 0.00 


10% IFCO 09/16 EUR 664.22 999.15 0.00 

11.25% SNS BANK 09/PE EUR 2,507.89 3,405.27 0.00 

FRN CARLSON WAGONLIT 06/15 EUR 3,321.08 4,133.65 0.00 

FRN ELM 07/PE EUR 6,831.93 7,048.37 0.01 


STEP NIELSEN FIN. (VNU) 07/16 EUR 1,897.76 2,501.03 0.00 

PEROU 

6,121,914.40 6.25 

5.375% CREDITO DEL PEROU 10/20 USD 551.34 547.12 0.00 


6.95% PEROU (DUAL CUR.) 09/31 PEN 0.43 159.28 0.00 


% des actifs 

nets 

425



426 




(note 2) 

% des actifs 

nets 



6,678.46 0.01 

PHILIPPINES 

4.95% PHILIPPINES 10/21 PHP 85,311.42 1,946.05 0.00 

5.875% NATIONAL POWER 06/16 PHP 39,748.71 926.09 0.00 

7.79% POWER SECTOR ASS. 09/24 USD 500.04 601.55 0.00 

FRN NATIONAL POWER 05/11 USD 11,318.84 11,301.32 0.01 

14,775.01 0.01 

POLOGNE 

0% POLOGNE 09/12 PLN 2,232.13 705.71 0.00 

2.125% POLOGNE 10/14 CHF 104,646.78 105,379.31 0.11 

2.625% POLOGNE 05/15 CHF 87,205.65 88,775.35 0.09 

2.875% POLOGNE 07/12 CHF 47,963.11 49,138.20 0.05 

3% POLOGNE (INFLATION) 04/16 PLN 223.21 87.55 0.00 

3% POLOGNE 09/14 CHF 104,646.78 108,257.09 0.11 

3.25% POLOGNE 07/19 CHF 130,808.48 134,209.50 0.14 

3.625% POLOGNE 08/17 CHF 348,822.60 370,275.19 0.38 

4.25% POLOGNE 05/11 PLN 593.75 199.12 0.00 

5% POLOGNE 02/13 PLN 580.35 194.90 0.00 

5.25% POLOGNE 06/17 PLN 2,907.13 970.97 0.00 

5.25% POLOGNE 07/13 PLN 10,568.24 3,581.04 0.00 

5.25% POLOGNE 09/20 PLN 6,502.64 2,138.13 0.00 

5.5% POLOGNE 08/19 PLN 27,769.30 9,339.91 0.01 

5.5% POLOGNE 09/15 PLN 24,107.00 8,206.56 0.01 

5.75% POLOGNE 01/22 PLN 7,979.42 2,719.84 0.00 

5.75% POLOGNE 08/29 PLN 789.19 266.66 0.00 

6.25% POLOGNE 04/15 PLN 21,765.50 7,641.09 0.01 

892,086.12 0.91 

PORTUGAL 

3.35% PORTUGAL 05/15 EUR 5,160.69 6,251.93 0.01 

3.85% PORTUGAL 05/21 EUR 22,437.79 24,098.60 0.03 

4.2% PORTUGAL 06/16 EUR 3,926.61 4,843.46 0.00 

4.375% PORTUGAL 03/14 EUR 15,706.45 20,392.82 0.02 

4.8% PORTUGAL 10/20 EUR 10,097.00 11,881.62 0.01 

5% PORTUGAL 02/12 EUR 17,950.23 24,131.91 0.02 

5.625% B.C.P. 09/14 EUR 7,993.37 10,404.66 0.01 

5.625% BCO ESPIRITO SANTO 09/14 EUR 24,246.55 31,375.99 0.04 


133,380.99 0.14 

2.875% REPUBLIQUE TCHEQUE 09/16 CHF 87,205.65 90,737.48 0.09 

ROYAUME-UNI 

90,737.48 0.09 

1.625% BP CAPITAL MARKETS 09/11 CHF 183,131.87 183,040.30 0.20 

1.75% C.I.B.C. 10/17 CHF 91,565.93 92,893.64 0.09 

1.875% WESTPAC SECURITIES 10/15 CHF 187,492.15 189,367.07 0.20 

2.125% BMW (UK) CAPITAL 10/15 CHF 87,205.65 88,557.34 0.09 



2.375% ROYAL BANK SCOTLAND 05/15 CHF 235,455.26 216,030.20 0.23 

2.5% HBOS TREASURY SERV. 06/11 CHF 65,404.24 65,992.88 0.07






(note 2) 

% des actifs 

nets 

2.50% LLOYDS TSB BANK 10/15 CHF 130,808.48 130,023.62 0.13 






2.75% HSBC BANK 07/17 CHF 87,205.65 92,743.21 0.09 

2.75% NETWORK RAIL INFRA. 06/21 CHF 52,323.39 56,404.61 0.06 


3% BANK OF SCOTLAND PLC 06/16 CHF 161,330.45 161,491.78 0.17 

3% BP CAPITAL MARKETS 08/13 CHF 78,049.06 79,649.06 0.08 

3% CSFB LONDON 07/12 CHF 130,808.48 135,190.56 0.15 


3.5% UBS LONDON 10/15 EUR 27,177.45 37,208.26 0.04 

3.625% HSBC HOLDINGS 05/20 EUR 39,966.84 54,230.95 0.06 


3.75% TESCO 08/11 CHF 112,059.26 115,196.92 0.12 


3.875% UBS LDN 09/19 EUR 35,900.46 51,131.02 0.05 



4.375% REXAM 06/13 EUR 10,657.82 14,784.72 0.02 

4.5% OLD MUTUAL 07/17 EUR 17,851.86 22,665.28 0.02 

4.625% RENTOKIL INITIAL 07/14 EUR 27,976.79 39,044.50 0.04 

4.7291% AVIVA 04/PE EUR 7,993.37 9,151.06 0.01 


4.8% E.B.R.D. (DUAL) 10/15 PHP 79,497.41 1,849.20 0.00 

4.875% BARCLAYS BANK 04/PE EUR 7,993.37 8,938.25 0.01 


5% OLD MUTUAL 05/PE EUR 2,799.19 2,943.77 0.00 

5% OTE PLC 03/13 EUR 15,986.74 21,280.80 0.02 


5.125% ROYAL BANK SCOTLAND 04/PE EUR 476.34 507.29 0.00 

5.125% TESCO 09/15 EUR 19,450.53 29,004.18 0.03 

5.25 % AVIVA 03/23 EUR 15,986.74 21,623.00 0.02 

5.25 % BARCLAYS BANK 09/14 EUR 15,986.74 23,202.42 0.02 

5.375% BAT INTL FINANCE 07/17 EUR 19,983.42 30,471.85 0.03 

5.375% VODAFONE 07/22 EUR 9,325.60 14,363.51 0.01 

5.5% ROYAL BANK SCLOTLAND 10/20 EUR 23,980.11 33,339.34 0.03 





6% BARCLAYS BANK 10/21 EUR 29,309.02 41,697.74 0.04 

6.25% LLOYDS TSB BANK 09/14 EUR 42,631.30 62,304.41 0.06 

6.25% VODAFONE 09/16 EUR 21,315.65 33,277.09 0.03 

6.35% LLOYDS TSB BANK 02/PE EUR 2,846.64 3,410.50 0.00 


6.375% S.L. FINANCE 02/22 EUR 32,000.12 42,673.11 0.04 

6.467% RBS CAP. TRUST A 02/PE EUR 1,423.32 1,459.88 0.00 


6.625% NATIONAL GRID ELEC. 08/14 EUR 15,986.74 24,257.77 0.02 

427



428 




(note 2) 

% des actifs 

nets 

6.625% WPP GROUP 08/16 EUR 20,782.76 32,038.06 0.03 

6.934% R. B. S. 08/18 EUR 21,315.65 30,740.19 0.03 

7.25% FCE BANK 10/13 EUR 1,138.66 1,595.36 0.00 

7.25% INTERNATIONAL POWER 10/17 EUR 2,941.53 4,649.96 0.00 

7.875% INEOS GROUP REG. S 06/16 EUR 8,797.06 9,719.83 0.01 

8% ONO FINANCE 06/14 EUR 2,799.19 3,223.24 0.00 

8.375% IMPERIAL TOBACCO FR/RATG .9/16 EUR 26,644.56 44,640.70 0.05 

8.5% CEVA GROUP ’REG. S’ 06/14 EUR 2,938.68 3,305.61 0.00 

9.125% INFINIS 09/14 GBP 948.88 1,535.32 0.00 

9.25% INEOS FINANCE 10/15 EUR 1,091.21 1,539.78 0.00 

9.375% FCE BANK 09/14 EUR 6,642.15 9,836.76 0.01 

9.5% VIRGIN MEDIA 09/16 EUR 948.88 1,458.94 0.00 

9.75% EC FINANCE 10/17 EUR 3,415.97 4,911.12 0.01 

10% CEVA GROUP ’SUB’ 06/16 EUR 1,219.31 1,314.75 0.00 

10.5% ONO FINANCE 04/14 EUR 759.10 929.68 0.00 

10.75% TVN FINANCE 09/17 EUR 3,795.52 5,633.64 0.01 

18.75% REP. GHANA (STANDARD) CLN 10/13 USD 345.53 387.80 0.00 

REP. GHANA (STANDARD) CLN 10/10 USD 303.28 292.51 0.00 

REP. GHANA (STANDARD) CLN 10/10 USD 535.71 514.70 0.00 

RUSSIE 

3,580,495.19 3.66 

STEP ROSSELHOZBANK 10/20 RUB 29,017.69 969.08 0.00 

969.08 0.00 

SINGAPOUR 

2.875% SINGAPOUR 08/15 SGD 1,192.46 965.48 0.00 


3.125% SINGAPOUR 07/22 SGD 1,192.46 965.04 0.00 

3.25% SINGAPOUR 05/20 SGD 41,518.95 34,127.28 0.04 

3.265% TEMASEK FINANCIAL 10/20 SGD 794.97 618.20 0.00 

3.50% SINGAPOUR 07/27 SGD 23,912.84 19,725.93 0.02 

3.595% PUBLIC UTILIT. BOARD 06/11 SGD 1,589.95 1,208.00 0.00 

3.75% SINGAPOUR 01/16 SGD 16,694.46 14,166.23 0.01 

3% SINGAPOUR 10/24 SGD 10,334.66 8,198.98 0.01 

4.2% TEMASEK FINANCIAL I 10/50 SGD 397.49 314.61 0.00 

4% SINGAPOUR 03/18 SGD 1,589.95 1,378.03 0.00 

91,918.68 0.09 

SRI LANKA 


7.2% SRI LANKA 06/10 LKR 37,559.54 327.00 0.00 

7.4% SRI LANKA 09/15 USD 6,111.77 6,532.06 0.01 

8.25% SRI LANKA 07/12 USD 1,971.30 2,096.21 0.00 

SUEDE 

10,376.38 0.01 



1.875% SWEDBANK 09/13 CHF 69,764.52 71,962.10 0.07 


2% STADSHYPOTEK 10/16 CHF 87,205.65 89,734.61 0.09 

2.125% SWEDBANK MORTGAGE 10/16 CHF 87,205.65 90,170.64 0.09 


2.25% AKADEMISKA HUS 06/14 CHF 90,693.88 94,276.28 0.10






(note 2) 

% des actifs 

nets 

2.25% NORDEA BANK 10/16 CHF 202,317.11 208,285.46 0.22 

2.375% SWEDISH COVERED BD 06/12 CHF 72,380.69 75,167.35 0.08 








3% SWEDISH EXPORT 09/18 CHF 261,616.95 286,993.80 0.30 

3.125% SWEDBANK 10/13 EUR 10,657.82 14,492.80 0.01 

3.125% VATTENFALL TREASURY 09/13 CHF 87,205.65 91,522.33 0.09 

3.75% SVENSKA HANDELSBANK 10/17 EUR 7,993.37 11,190.10 0.01 





4.875% INVESTOR 09/21 EUR 5,328.91 7,968.23 0.01 

5.5% SKANDINAV. ENSKILDA 09/14 EUR 13,322.28 19,571.48 0.02 

7.75% AKZO NOBEL SWEDEN 08/14 EUR 7,993.37 12,404.43 0.01 

7.875% STENA 10/20 EUR 1,375.87 1,804.09 0.00 

9.875% VOLVO TREASURY 09/14 EUR 9,059.15 14,606.88 0.01 

FRN CORRAL PETR. HLDG 10/11 EUR 1,005.63 1,224.90 0.00 

SUISSE 

1,865,796.03 1.91 

2% BANQUE SARASIN 10/15 CHF 78,485.09 79,422.98 0.08 

2% COOP 10/16 CHF 87,205.65 88,077.71 0.09 

2% UBS 10/14 CHF 235,455.26 237,692.08 0.25 

2.25% CANTON DE BERNE 10/23 CHF 87,205.65 91,129.90 0.09 

2.625% SWISSCOM 10/22 CHF 122,087.91 122,759.39 0.13 

2.875% BALOISE-HOLDING 10/20 CHF 392,425.43 397,458.28 0.41 

3.125% IMPLENIA 10/16 CHF 17,877.16 18,377.72 0.02 

3.25% SUISSE REASSURANCE 09/14 CHF 130,808.48 137,675.92 0.14 

3.375% AFG ARBONIA-FORSTER 10/16 CHF 104,646.78 104,856.07 0.11 

4% HOLCIM 09/13 CHF 65,404.24 69,949.83 0.07 

4.125% UBS 07/17 CHF 69,764.52 75,101.51 0.08 

4.875% CREDIT SUISSE NY 08/18 CHF 130,808.48 146,505.49 0.15 


1,596,470.27 1.65 

SUPRANATIONAL 

1.1% I.F.C. 09/12 SGD 27,824.09 20,783.33 0.02 

1.43% WORLDBANK 09/14 SGD 794.97 596.32 0.00 

1.875% DEV. CONSEIL EUROPE 09/14 CHF 43,602.83 45,281.53 0.05 

2% E.I.B. 05/16 CHF 117,727.63 123,260.83 0.13 

2% E.I.B. 09/12 CHF 34,882.26 36,434.52 0.04 

2% E.I.B. 10/22 CHF 261,616.95 266,980.10 0.27 

2.28% DEV. CONSEIL EUROPE 09/14 HKD 19,874.35 2,598.86 0.00 

2.375% E.I.B. 05/20 CHF 174,411.30 185,573.62 0.19 

2.5% E.I.B. 03/15 CHF 148,249.61 158,849.45 0.16 

2.5% E.I.B. 07/19 CHF 183,131.87 196,958.32 0.20 

2.75% WORLDBANK 09/19 CHF 61,043.96 67,148.35 0.07 

3.125% E.I.B. 06/36 CHF 113,367.35 141,822.55 0.14 

429







(note 2) 

% des actifs 

nets 

3.25% E.I.B. 08/18 CHF 213,653.84 241,215.19 0.25 

3.27% ASIAN DEV. BANK 07/12 SGD 1,987.44 1,521.35 0.00 

3.50% E.I.B. 99/14 CHF 112,059.26 122,424.74 0.13 

3.875% WORLDBANK 09/19 EUR 71,239.97 105,050.70 0.11 

4.75% E.I.B. 07/17 EUR 71,239.97 109,643.07 0.11 

5.375% E.I.B. 02/12 EUR 3,365.67 4,870.17 0.00 

5.5% WORLDBANK TR. A 86/11 CHF 26,161.70 27,652.91 0.03 

FRN WORLDBANK 09/11 USD 1,192.46 1,162.91 0.00 

TAIWAN 

1,859,828.82 1.90 

0.25% TAIWAN M.O.F. 09/11 TWD 278,240.94 8,684.06 0.01 

0.25% TAIWAN M.O.F. 10/12 TWD 1,351,455.97 42,293.60 0.04 

1.375% TAIWAN M.O.F. 09/19 TWD 39,748.71 1,266.88 0.00 

1.75% TAIWAN M.O.F. 06/11 TWD 39,748.71 1,246.24 0.00 

1.875% TAIWAN M.O.F. 07/12 TWD 158,994.82 5,080.05 0.01 

1.875% TAIWAN M.O.F. 10/30 TWD 357,738.35 11,659.38 0.01 

2.125% TAIWAN M.O.F. 09/29 TWD 79,497.41 2,691.32 0.00 

2.125% TAIWAN M.O.F. 09/29 TWD 39,748.71 1,344.29 0.00 

2.25% TAIWAN M.O.F. 10/40 TWD 198,743.53 6,849.63 0.01 

81,115.45 0.08 

THAILANDE 








5% THAILAND GOV. 07/17 THB 6,029.27 218.34 0.00 

5% THAILAND GOV. 09/40 THB 47,541.46 1,839.56 0.00 

5.125% M.O.F. (THAILAND) 02/22 THB 3,571.41 136.09 0.00 




5.25% THAILAND GOV. 08/38 THB 4,464.26 188.04 0.00 


5.5% M.O.F. (THAILAND) 07/23 THB 892.85 35.31 0.00 



6.15% M.O.F. (THAILAND) 06/26 THB 9,910.66 421.28 0.00 

90,503.34 0.09 

TURQUIE 

0% TURQUIE 10/12 TRY 21,651.66 13,166.37 0.02 

0% TURQUIE 10/11 TRY 16,482.05 10,195.55 0.01 

0% TURQUIE 10/12 TRY 2,065.84 1,229.07 0.00 

4% TURQUIE (INFLATION) 10/20 TRY 1,004.46 706.34 0.00 

4.5% TURQUIE (INFLATION) 10/15 TRY 922.32 689.92 0.00 


10.5% TURQUIE 10/20 TRY 6,225.72 4,627.37 0.00 

11% TURQUIE 09/14 TRY 3,800.42 2,762.13 0.00 

12% TURQUIE (INFLATION) 08/13 TRY 663.84 647.88 0.00 

14% TURQUIE 07/12 TRY 654.46 487.74 0.00






(note 2) 

16% TURQUIE 07/12 TRY 6,700.85 4,991.55 0.01 

16% TURQUIE 08/13 TRY 89.29 72.64 0.00 

40,689.71 0.04 

VENEZUELA 

5% CORP ANDINA FOMENTO 08/13 CHF 34,446.23 36,444.11 0.04 

36,444.11 0.04 


OPTIONS 

ALLEMAGNE 





191.29 0.00 


TOTAL I. 75,634,662.50 77.27 


ACTIONS 

ALLEMAGNE 

AIST MEDIALAB 60.16 0.00 0.00 

ARGENTINE 

0.00 0.00 

GENERAL FABRIL ’B’ 2,499,389.53 0.00 0.00 

ROYAUME-UNI 

0.00 0.00 

ALUDEL NOM. 839.10 0.00 0.00 

0.00 0.00 


DROITS 

TAIWAN 

YOUNG FAST OPT. RTS 1,801.76 183.03 0.00 

183.03 0.00 

TOTAL DROITS 183.03 0.00 

OBLIGATIONS 

ALLEMAGNE 

% des actifs 

nets 

10% CLN INDONESIE (DB) 08/28 USD 4.46 9.48 0.00 

9.48 0.00 


2.9% SOCIETE GEN. ACCEPT. 09/12 SGD 993.72 750.62 0.00 

750.62 0.00 

431


AUSTRALIE 


432 




(note 2) 

% des actifs 

nets 

4.5% ANZ BANKING GROUP 10/20 HKD 27,824.09 3,870.92 0.01 

FRN ANZ BANKING GROUP 06/11 HKD 7,949.74 994.74 0.00 

FRN COMMONWEAL. BANK AUST. 09/14 HKD 7,949.74 982.96 0.00 

CHINE 

5,848.62 0.01 

1.9% CHINA DEVELOP. BANK 09/12 HKD 15,899.48 2,030.38 0.00 

2,030.38 0.00 

COREE DU SUD 

5% COREE 09/14 KRW 5,589.04 5,020.67 0.01 

5.25% COREE 05/10 KRW 45,711.01 39,897.66 0.04 

5.75% COREE 07/10 KRW 36,568.81 31,995.88 0.03 

EGYPTE 

76,914.21 0.08 

0% EGYPTE 10/11 EGP 2,516.73 407.87 0.00 

407.87 0.00 

ETATS-UNIS 

5.28% I.F.C. 03/18 HKD 9,539.69 1,401.46 0.00 

11.5% CLN INDONESIE (CITI) 07/19 USD 59.40 61.80 0.00 

STEP MOMENTIVE PERF. 07/14 EUR 1,518.21 1,990.72 0.00 

FRANCE 

3,453.98 0.00 

1.925% BNP PARIBAS 10/13 HKD 27,824.09 3,526.67 0.00 




14,056.73 0.00 

HONG-KONG 

0% HONG KONG 10/10 HKD 47,698.45 5,986.81 0.01 

2% KCRC 09/12 HKD 6,359.79 814.29 0.00 

2.25% ICBC ASIA ’HK’ 10/12 CNY 13,912.05 2,028.07 0.00 

2.25% ICBC ASIA 10/12 CNY 39,748.71 5,794.50 0.01 

2.8% KOWLOON CANTON RAIL. 10/15 HKD 23,849.22 3,153.27 0.00 

3.80% HONG KONG MTG. 05/11 HKD 4,769.84 608.04 0.00 

18,384.98 0.02 

ILES CAIMANS 

2.38% MTR CORP. (CI) 08/11 HKD 4,769.84 610.75 0.00 

INDE 

610.75 0.00 

7.27% INDE 02/13 INR 39,748.71 869.16 0.00 

869.16 0.00 

LUXEMBOURG 

0% SIGNUM (COGNIS)-PKI-07/15 EUR 1,423.32 2,672.19 0.01 

8.875% CEMEX LUXEMBOURG 10/17 EUR 1,394.85 1,634.03 0.00 

MALAISIE 

4,306.22 0.01 

3.582% MALAISIE 08/11 MYR 223.21 71.28 0.00 

3.814% MALAISIE 07/17 MYR 10,360.95 3,329.40 0.01 

3.90% SILTERRA CAPITAL 07/14 MYR 1,310.25 417.74 0.00 

3.92% MALAISIE 07/13 MYR 1,562.99 500.22 0.00






(note 2) 

4.012% MALAISIE 10/17 MYR 7,983.27 2,604.62 0.00 

4.24% MALAISIE 03/18 MYR 357.14 117.80 0.00 

7,041.06 0.01 

PAYS-BAS 

3% RABOBANK 09/14 HKD 14,309.53 1,893.78 0.00 

PEROU 

1,893.78 0.00 



1,066.11 0.00 

PHILIPPINES 

5.25% NATIONAL POWER 06/11 PHP 198,743.53 4,463.77 0.01 


8.75% PHILIPPINES 10/30 PHP 375,076.73 8,989.74 0.01 

16,814.54 0.02 

SRI LANKA 

0% GOVT OF SRI LANKA 10/10 LKR 26,785.56 233.10 0.00 

0% GOVT OF SRI LANKA 10/11 LKR 4,464.26 37.33 0.00 

0% SRI LANKA 10/11 LKR 162,343.02 1,369.71 0.00 

0% SRI LANKA 10/11 LKR 22,321.30 190.42 0.00 


6.85% SRI LANKA 06/12 LKR 456,415.28 3,934.66 0.01 

7% SRI LANKA 06/11 LKR 35,222.60 306.81 0.00 

7.5% SRI LANKA 03/13 LKR 4,464.26 38.76 0.00 

11.75% GOVT OF SRI LANKA 08/14 LKR 4,464.26 43.34 0.00 

SUISSE 

9,043.66 0.01 

1.65% EUROFIMA 10/13 HKD 59,623.06 7,643.15 0.01 

7,643.15 0.01 

SUPRANATIONAL 

4.18% EUROFIMA 05/15 HKD 26,234.15 3,679.38 0.00 

3,679.38 0.00 


OPTIONS 

ETATS-UNIS 

% des actifs 

nets 


FRANCE 

73.38 0.00 


PUT USD/KRW SPOT CROSS RATES 26/11/2010 1130 499.46 59.01 0.00 

INDE 

150.07 0.00 

CALL USD/INR SPOT CROSS RATES 03/11/2010 44 855.43 298.50 0.00 

PUT USD/INR SPOT CROSS RATES 06/10/2010 46.7 30,998.18 0.00 0.00 

298.50 0.00 

433


INDONESIE 


434 




(note 2) 



JAPON 

-125.67 0.00 

CALL EUR/JPY CROSS-RATES 27/10/2010 113.75 499.46 121.42 0.00 

ROYAUME-UNI 

121.42 0.00 


CALL EUR / USD 12/10/2010 1.3525 499.46 128.46 0.00 


CALL EUR/CHF SPOT CROSS RATES 21/10/2010 1.345 684.35 223.43 0.00 

CALL USD/JPY SPOT CROSS RATES 28/10/2010 82.68 832.43 66.46 0.00 

CALL USD/JPY SPOT CROSS RATES 29/10/2010 82 508.34 163.63 0.00 

CALL USD/KRW SPOT CROSS RATES 13/10/2010 1185 512.83 25.80 0.00 

CALL USD/MYR SPOT CROSS RATES 05/10/2010 3.15 542.05 8.17 0.00 

PUT AUD/JPY SPOT CROSS RATES 20/10/2010 80 683.34 161.70 0.00 

TAIWAN 

1,085.35 0.00 

PUT USD/TWD SPOT CROSS RATE 29/12/2010 31.4 17,108.55 23.68 0.00 

PUT USD/TWD SPOT CROSS RATE 29/12/2010 30.8 3,654.89 33.17 0.00 



100.00 0.00 


WARRANTS 

ROYAUME-UNI 

ALUDEL WRT (C-0. 68) 1,678.20 0.00 0.00 

0.00 0.00 


TOTAL II. 176,710.76 0.17 


ETATS-UNIS 

% des actifs 

nets 

ISHARES MSCI PACIFIC EX-JAP. INDEX 32,000.00 1,392,417.50 1.42 

SPDR S&P DIVIDEND 6,000.00 293,282.03 0.30 

ILES CAIMANS 

1,685,699.53 1.72 

VIETNAM GROWTH FUND 374.04 4,481.57 0.01 

VIETNAM RESOURCE INVESTMENTS FD. 3,525.16 4,292.32 0.00 


8,773.89 0.01 

TURQUOISE PARTNERS ’C’ 31.75 48,399.10 0.05 

48,399.10 0.05


SUISSE 





(note 2) 

% des actifs 

nets 

PICTET (CH) SWISS MID-SMALL CAP I 630.00 1,931,579.66 1.97 

1,931,579.66 1.97 

TOTAL III. 3,674,452.18 3.75 



AUTRES ACTIFS NETS 828,605.04 0.84 


435



436 



Répartition géographique Répartition géographique (suite) 


Suisse 17.12 


France 7.71 

Pays-Bas 6.30 

Autriche 4.77 



Italie 2.42 


Canada 1.92 

Suède 1.94 

Espagne 1.91 




Pologne 0.94 

Danemark 0.93 

Norvège 0.83 


Brésil 0.76 

Chine 0.51 

Finlande 0.50 

Irlande 0.44 

Taïwan 0.42 


Jersey 0.38 

Belgique 0.34 

Russie 0.32 


Japon 0.29 

Afrique du Sud 0.30 

Inde 0.32 

Mexique 0.25 

Malaisie 0.25 




Portugal 0.14 

Turquie 0.11 


Bermudes 0.07 







Qatar 0.02 

Hongrie 0.03 

Chili 0.02 


Colombie 0.01 

Pérou 0.02 




Pakistan 0.00 

Ghana 0.00 

Croatie 0.00 

Israël 0.00 

Liberia 0.00 

Egypte 0.00 

81.19


Répartition économique 
















Pétrole 0.77 





Chimie 0.31 











Divers 0.08 





Loisirs 0.05 






Options 0.00 

Warrants 0.00 



81.19 

437

Pictet - Absolute Return Global Diversified 


438 




(note 2) 


ACTIONS 


% des actifs 

nets 

ASPEN PHARMACARE 32,695.83 322,953.08 0.05 

MTN GROUP 13,281.99 173,406.37 0.03 

SAPPI 20,118.87 75,449.61 0.01 

ALLEMAGNE 

571,809.06 0.09 

ADIDAS 19,864.15 912,062.37 0.13 

ALLIANZ NOM. 7,444.46 622,952.54 0.09 

ASIAN BAMBOO 1,847.12 74,161.67 0.01 

B.M.W. 5,113.15 261,077.35 0.04 

BASF REG. 5,709.41 265,259.21 0.04 

BEIERSDORF 3,949.84 175,767.95 0.03 


DEUTSCHE BANK NOM. 3,480.50 136,644.33 0.02 

DEUTSCHE BOERSE NOM. 7,366.19 365,363.17 0.06 



FRESENIUS 1,738.84 103,356.35 0.02 



HEIDELBERGCEMENT 11,222.41 398,002.93 0.06 

HENKEL 6,900.00 230,011.50 0.04 

JOYOU 1,064.82 12,351.90 0.00 

K & S 5,746.17 256,192.97 0.04 

KSB PREF N-VTG 74.13 38,919.97 0.01 

KTG AGRAR 2,344.60 35,169.07 0.01 

LINDE 3,500.29 340,858.14 0.05 

MAN AG 8,740.95 708,891.45 0.10 

METRO 1,990.47 95,393.34 0.02 

MUENCHENER RUECKVER. NOM. 4,652.04 473,112.31 0.08 

ROTH & RAU 1,824.66 32,843.83 0.01 

SAP AG (EUR) 17,127.21 624,800.56 0.10 

SIEMENS AG 4,059.17 314,910.15 0.05 

SMA SOLAR TECHNOLOGY 1,433.51 111,885.14 0.02 

STADA ARZNEIMITTEL NOM. 5,300.15 116,099.78 0.02 

STROEER OUT-OF-HOME MEDIA 15,466.77 327,122.21 0.05 



WACKER CHEMIE 1,405.55 189,819.54 0.03 

WINCOR NIXDORF 9,982.62 480,762.76 0.08 

WIRECARD 2,192.54 21,410.19 0.00 

AUSTRALIE 

10,984,684.17 1.74 

TASSAL GROUP 69,580.29 69,149.49 0.01 

TELSTRA 49,837.71 92,690.24 0.01 

TFS CORP 166,901.85 106,629.73 0.02 

268,469.46 0.04


AUTRICHE 





(note 2) 

% des actifs 

nets 

ANDRITZ 4,055.10 210,743.65 0.03 

AUSTRIAMICROSYSTEMS 70,612.48 1,856,547.95 0.30 

BWT 1,894.96 36,032.64 0.01 

INTERCELL 10,449.05 176,763.27 0.03 

MAYR-MELNHOF KARTON 1,147.23 84,757.10 0.01 


VOEST-ALPINE 4,391.85 119,436.48 0.02 

BAHAMAS 

2,866,104.98 0.46 

STEINER LEISURE 3,487.87 97,291.15 0.02 

BELGIQUE 

97,291.15 0.02 

ANHEUSER-BUSH INBEV 2,827.37 123,216.96 0.02 

BELGACOM 6,682.03 192,041.46 0.03 


FORTIS 97,638.65 207,482.13 0.03 



MOBISTAR 4,118.54 186,034.52 0.03 

SIPEF 1,476.13 79,342.11 0.01 

SOLVAY 1,762.40 138,947.34 0.02 

TELENET GROUP HOLDING 6,155.75 150,231.19 0.02 

U.C.B. 12,117.82 310,761.62 0.05 

UMICORE 4,665.17 149,728.54 0.02 

BERMUDES 

2,072,731.33 0.33 


BROOKFIELD INFRASTRUCTURE 7,333.29 103,190.15 0.02 

BUNGE 6,111.90 273,663.46 0.04 

CATLIN GROUP 36,000.00 142,322.81 0.02 







TRINITY 57,967.71 41,488.92 0.01 

BRESIL 

1,334,720.83 0.21 

ALL AMERICA LATINA LOGIS. 4PREF+1SH 21,151.52 154,274.72 0.02 



DURATEX SA 29,896.42 230,279.73 0.04 

FIBRIA ADR (R. 1 SHS) 27,504.86 356,642.63 0.07 

JBS 46,596.55 145,971.71 0.02 

KLABIN 38,615.42 79,593.89 0.01 

MINERVA 25,075.61 74,561.24 0.01 

SABESP 12,840.16 206,645.28 0.03 

439



440 




(note 2) 

% des actifs 

nets 

SABESP ADR (R.2 SHS) 1,406.59 44,804.09 0.01 



CANADA 

2,071,837.51 0.33 

5N PLUS 16,732.72 68,392.32 0.01 


AGRIUM (USD) 2,183.70 123,283.87 0.02 


BIOTEQ ENVIRONMENTAL TECHN. 19,308.46 10,961.15 0.00 

BORALEX A 15,309.25 89,081.20 0.01 


CASCADES 3,564.56 16,036.66 0.00 

GENESIS WORLDWIDE CANADA 3,611.94 166.60 0.00 

H2O INNOVATION 10,947.66 3,262.79 0.00 

IESI-BFC (USD) 2,545.24 41,886.86 0.01 


MAGMA ENERGY 50,485.81 42,631.89 0.01 

MIGAO 11,698.40 56,116.61 0.01 

PLUTONIC POWER 19,312.82 30,149.96 0.00 

POTASH SASKATCHEWAN (CAD) 2,821.98 299,131.98 0.05 


RESEARCH IN MOTION 5,092.99 180,845.81 0.03 

ROGERS COMMUNICATIONS ’B’ 5,738.80 158,616.09 0.03 

SEAIR 1,622.29 794.32 0.00 

SINO FOREST 26,892.26 336,050.84 0.06 

STANTEC (CAD) 4,534.35 90,479.30 0.01 

SUNOPTA (CAD) 15,606.07 66,919.30 0.01 

TELUS -NVTG- 2,200.06 68,613.88 0.01 



WESTPORT INNOVATIONS 2,731.33 34,936.27 0.01 

CHILI 

2,113,213.80 0.34 

COPEC 18,113.22 246,169.68 0.04 

EMPRESAS CMPC 9,341.80 351,344.74 0.06 


MASISA 677,176.66 84,630.08 0.01 

CHINE 

824,657.96 0.13 



PORTS DESIGN 43,306.78 87,596.64 0.02 

COREE DU SUD 

233,621.49 0.04 

NHN 636.28 80,033.25 0.01 


DANEMARK 

202,876.37 0.03 

AURIGA INDUSTRIES B 5,280.45 71,922.03 0.01 

CHRISTIAN HANSEN HOLDING 76,085.22 1,113,959.37 0.18






(note 2) 

% des actifs 

nets 

COLOPLAST ’B’ 2,214.78 192,745.79 0.03 

DANISCO 820.94 54,321.45 0.01 

NOVO NORDISK ’B’ 10,047.66 729,118.07 0.12 

VESTAS WIND SYSTEMS NOM. 3,422.12 92,440.90 0.01 

EGYPTE 

2,254,507.61 0.36 


ESPAGNE 

43,758.80 0.01 

ACCIONA 2,265.89 141,051.82 0.02 

AMADEUS IT HOLDING ’A’ 59,426.58 800,773.16 0.13 


BCO BILBAO VIZCAYA ARGENT. NOM. 25,257.87 248,284.91 0.04 


FLUIDRA 7,304.62 19,284.19 0.00 

GRIFOLS ’A’ 21,770.78 233,165.05 0.04 


INDITEX NOM. 3,675.59 214,507.21 0.03 

PROSEGUR NOM. 1,373.45 60,047.06 0.01 


REPSOL YPF 11,497.99 217,541.93 0.03 

SOL MELIA 47,078.00 310,479.41 0.05 

TELEFONICA 92,725.40 1,682,965.99 0.27 

ETATS-UNIS 

5,837,672.33 0.93 

AFFYMAX 6,455.06 27,962.90 0.00 

ALEXION PHARMACEUTICALS 5,052.08 237,743.75 0.04 

ALLERGAN 2,123.01 103,634.16 0.02 

AMAG PHARMACEUTICAL 11,405.24 149,138.26 0.02 

AMAZON.COM 740.30 86,126.29 0.01 

AMERICAN PUBLIC EDUCATION 5,627.51 133,461.31 0.02 

AMERICAN STATES WATER 1,334.29 34,943.95 0.01 

AMERICAN SUPERCONDUCTOR 1,545.51 34,990.58 0.01 

AMERICAN WATER WORKS 19,058.63 321,596.51 0.05 

AMGEN 13,639.39 548,332.07 0.09 

APPLE 1,103.54 232,055.14 0.04 

AQUA AMERICA 8,795.33 130,778.36 0.02 


ARIBA 7,164.57 99,085.89 0.02 

ARUBA NETWORKS 7,628.23 122,858.09 0.02 

AUTOLIV 4,430.77 211,747.68 0.03 

AUXILIUM PHARMACEUTICALS 14,030.26 256,767.25 0.04 

BALDOR ELECTRIC 2,527.64 74,612.53 0.01 

BIOMARIN PHARMACEUTICAL 18,483.42 302,422.63 0.05 

BLACKBOARD 1,932.30 51,284.04 0.01 

BRUKER BIOSCIENCES 9,181.28 96,206.92 0.02 

BUCKEYE PARTNERS 1,141.95 52,577.02 0.01 

CADIZ 2,175.80 15,571.06 0.00 

CALGON CARBON 3,643.77 38,101.66 0.01 

CALIFORNIA WATER SERVICE 1,800.62 48,408.55 0.01 

CAPELLA EDUCATION 765.39 41,775.76 0.01 

CAVIUM NETWORKS 4,339.41 93,132.86 0.01 

441



442 




(note 2) 

% des actifs 

nets 

CELGENE 14,698.94 617,710.70 0.10 

CF INDUSTRIES HOLDINGS 3,489.00 253,646.25 0.04 

CHESAPEAKE ENERGY 4,338.89 71,627.23 0.01 

CLARCOR 425.85 12,043.75 0.00 

CLEAN HARBORS 5,011.93 247,076.46 0.04 

COACH 4,411.22 139,219.03 0.02 

COMCAST ’A’ 5,194.62 68,990.75 0.01 

COMPELLENT TECHNOLOGIES 6,166.53 86,185.54 0.01 

COMSCORE 5,627.51 95,741.30 0.02 

COMVERGE 11,284.17 61,928.60 0.01 

CONCUR TECHNOLOGIES 2,603.59 94,534.16 0.02 

CORN PRODUCTS INTERNATIONAL 3,868.68 106,696.25 0.02 

COVANTA HOLDING 11,826.69 136,735.27 0.02 

CREE 5,398.08 217,330.11 0.03 

DANAHER 1,870.19 55,520.28 0.01 

DEAN FOODS 10,540.87 77,826.56 0.01 

DEERE 5,249.91 275,558.00 0.04 

DELTIC TIMBER 6,306.96 207,217.57 0.03 

DENDREON 10,161.24 307,083.91 0.05 

DIGITAL REALTY TRUST 1,644.41 74,303.06 0.01 

DIONEX 1,183.60 73,618.32 0.01 

DIRECTV 4,793.11 147,273.01 0.02 

DONALDSON 2,955.70 101,457.95 0.02 

DUPONT FABROS TECHNOLOGY 7,125.77 131,346.96 0.02 

EBAY 2,478.11 45,315.55 0.01 

ECOLAB 7,810.94 289,038.91 0.05 

EMC 19,641.54 297,081.89 0.05 

EMERGENCY MEDICAL SERVICES ’A’ 2,000.70 76,333.01 0.01 

ENERGY RECOVERY 903.42 2,366.65 0.00 

ENERNOC 4,500.09 105,966.31 0.02 

EQUINIX 3,385.75 255,951.13 0.04 

ESTEE LAUDER ’A’ 1,767.71 82,953.21 0.01 

EXPEDIA 10,044.19 208,807.69 0.03 

F5 NETWORKS 2,375.26 181,473.28 0.03 

FIDELITY NATIONAL 9,135.60 182,966.70 0.03 

FIRST SOLAR 1,197.48 130,798.39 0.02 

FLEXIBLE SOLUTIONS 3,243.61 3,085.55 0.00 

FLOWSERVE 402.23 32,143.89 0.01 

FORESTAR REAL ESTATE GP. 10,158.29 124,581.84 0.02 

FORTINET 4,339.41 80,050.44 0.01 

FRANKLIN ELECTRIC 2,675.26 64,307.56 0.01 

GENTEX 7,262.80 103,048.62 0.02 

GENZYME (GENERAL DIVISION) 7,159.89 372,613.31 0.06 

GILEAD SCIENCES 11,414.24 299,597.78 0.05 

GOOGLE ’A’ 555.35 214,439.21 0.03 


GREIF ’A’ 2,003.00 86,563.35 0.01 

GSI COMMERCE 3,808.14 70,194.13 0.01 

HOSPIRA 7,570.77 318,986.01 0.05 

HUMAN GENOME SCIENCES 16,269.27 342,029.70 0.05 

HYATT ’A’ 8,043.61 221,662.09 0.04 

IAC/INTERACTIVECORP 9,328.99 181,856.62 0.03






(note 2) 

% des actifs 

nets 

ICF INTERNATIONAL 4,039.03 72,617.61 0.01 

ILLUMINA 7,206.10 263,651.54 0.04 

INSITUFORM TECHNOLOGIES ’A’ 4,560.95 78,997.57 0.01 

INTERMUNE 14,387.69 139,708.31 0.02 

INTERNATIONAL PAPER 10,192.66 159,834.34 0.03 

INTUIT 3,582.28 116,517.67 0.02 

ITC HOLDINGS 3,319.93 152,805.75 0.02 

ITRON 5,157.05 227,437.79 0.04 

ITT 9,350.96 321,051.44 0.05 

J&J SNACK FOODS 2,483.34 77,011.93 0.01 

JOHNSON CONTROLS 3,322.65 74,447.39 0.01 

JUNIPER NETWORKS 11,419.50 258,372.77 0.04 

KIMBERLY CLARK 3,850.78 183,325.38 0.03 

LIFE TECHNOLOGIES 13,826.90 481,707.27 0.08 

LIFE TIME FITNESS 3,635.14 104,431.53 0.02 

LITTELFUSE 1,233.31 39,870.96 0.01 

LUMINEX 19,476.68 228,316.65 0.04 

MAGELLAN MIDSTREAM PARTNERS 3,791.27 141,986.03 0.02 

MARRIOTT INTERNATIONAL ’A’ 8,338.95 218,878.54 0.03 


MEADWESTVACO 8,626.74 154,216.33 0.02 

MEDIVATION 14,647.30 139,764.03 0.02 


MERCADOLIBRE 3,726.58 204,899.81 0.03 

MICROMET 17,632.38 87,349.37 0.01 

MOMENTA PHARMACEUTICALS 9,385.03 101,500.97 0.02 

MOSAIC 7,183.23 320,423.72 0.05 

MUELLER WATER PRODUCTS ’A’ 7,189.60 15,782.89 0.00 

MYLAN 37,406.76 514,598.05 0.08 

MYRIAD GENETICS 9,081.52 105,794.15 0.02 

NALCO HOLDING 5,764.16 106,417.64 0.02 

NEOGEN 1,641.88 41,149.28 0.01 

NETAPP INC 10,231.87 380,420.99 0.06 

NETFLIX 1,857.02 231,862.77 0.04 

NEXTERA ENERGY 4,111.81 164,491.01 0.03 

NII HOLDINGS ’B’ 4,316.31 130,064.48 0.02 

NIKE ’B’ 4,042.02 236,411.56 0.04 

NORDSTROM 2,663.63 73,286.06 0.01 

NORTHWEST NATURAL GAS 2,019.26 69,771.61 0.01 


ONYX PHARMACEUTICALS 17,280.04 335,840.41 0.05 

ORMAT TECHNOLOGIES 10,361.88 221,098.63 0.04 

PACKAGING CORP OF AMERICA 2,444.43 41,533.63 0.01 

PALL 3,346.07 101,733.90 0.02 

PENTAIR 8,264.27 202,888.45 0.03 

PERRIGO 7,665.09 361,829.83 0.06 

PG & E 3,259.79 107,793.50 0.02 

PHARMASSET 4,271.30 93,296.40 0.01 

PHILLIPS-VAN HEUSEN 3,505.27 152,102.36 0.02 

PIEDMONT NATURAL GAS CO 3,400.18 72,228.67 0.01 

PLAINS ALL AMERICA PIPELINE 1,429.72 65,512.57 0.01 


443



444 




(note 2) 

% des actifs 

nets 

POLO RALPH LAUREN ’A’ 2,503.73 165,053.22 0.03 

POLYCOM 6,279.97 129,634.65 0.02 

POLYPORE 3,129.98 69,054.13 0.01 

POOL 2,248.12 33,723.57 0.01 

POPE RESOURCES 3,448.74 68,768.17 0.01 

POTLATCH 10,175.01 252,179.69 0.04 

PROGENICS PHARM 10,248.10 37,195.04 0.01 

PUBLIC STORAGE 3,471.53 246,457.54 0.04 

PULTE HOMES 17,789.71 113,773.33 0.02 


QWEST COMMUNICATIONS INT. 32,736.17 150,434.57 0.02 

RACKSPACE HOSTING 7,145.74 136,316.58 0.02 

RAYONIER 11,096.50 405,909.49 0.06 

REGAL-BELOIT 1,566.24 67,172.09 0.01 

REPUBLIC SERVICES 12,591.64 280,378.45 0.04 

ROPER INDUSTRIES 5,671.95 270,898.08 0.04 

SAKS 7,381.31 46,774.77 0.01 

SALESFORCE.COM 489.35 40,670.58 0.01 

SATCON TECHNOLOGY 4,648.51 12,925.81 0.00 

SAVIENT PHARMACEUTICALS 13,613.67 226,828.87 0.04 

SEMPRA ENERGY 2,604.05 102,382.75 0.02 

SMITHFIELD FOODS 12,560.38 156,155.20 0.02 

SOHU.COM 3,544.64 151,969.30 0.02 

SOUTHWESTERN ENERGY 2,842.82 69,978.61 0.01 


STANLEY BLACK & DECKER 4,202.38 186,810.53 0.03 

STARWOOD HOTELS & RESORTS 6,559.08 250,202.19 0.04 

STERICYCLE 4,111.02 209,823.43 0.03 

STR HOLDINGS 8,647.62 135,099.71 0.02 

SUNPOWER B 5,192.36 52,090.98 0.01 

SYMANTEC 20,235.35 231,139.35 0.04 

SYNTHES 7,696.34 663,128.26 0.11 

SYSCO 5,022.10 106,498.63 0.02 

TALEO ’A’ 6,217.24 133,889.91 0.02 

TARGACEPT 6,562.93 106,853.31 0.02 

TEMPLE-INLAND 10,390.21 142,936.18 0.02 

TEMPUR-PEDIC INTERNATIONAL 3,640.61 82,850.52 0.01 

TETRA TECH 6,206.94 95,334.49 0.02 

THERMO FISHER SCIENTIFIC INC 4,362.25 152,739.92 0.02 

TIFFANY 5,953.48 203,488.98 0.03 

TORO 2,787.67 116,965.85 0.02 

TREEHOUSE FOODS 2,602.38 87,425.52 0.01 

TRW AUTOMOTIVE 5,024.58 153,392.54 0.02 

UNITED THERAPEUTICS 13,198.47 541,519.86 0.09 

VARIAN MEDICAL 6,166.53 273,402.18 0.04 

VERIFONE HOLDINGS 8,770.18 186,429.49 0.03 

VERTEX PHARMACEUTICALS 8,118.54 207,568.21 0.03 

VMWARE 4,476.44 287,599.31 0.05 

WABCO HOLDINGS 4,111.02 128,661.62 0.02 

WARNACO GROUP ’A’ 4,265.30 159,551.23 0.03 

WASTE CONNECTIONS 1,498.57 43,522.94 0.01 

WASTE MANAGEMENT 6,371.16 167,135.27 0.03






(note 2) 

% des actifs 

nets 

WATERS 1,141.95 59,429.08 0.01 

WATSON PHARMACEUTICALS 6,680.93 208,700.37 0.03 

WEYERHAEUSER 34,194.43 403,598.80 0.06 

WILLIAMS COMPANIES 12,184.77 169,941.83 0.03 

WILLIAMS-SONOMA 3,469.33 82,379.78 0.01 

XENOPORT 13,859.69 71,803.70 0.01 


ZHONGPIN INC 8,751.22 103,995.58 0.02 

FINLANDE 

30,720,792.87 4.88 

FORTUM 15,846.89 304,260.27 0.05 

KEMIRA 2,831.89 28,488.81 0.00 

NOKIA 66,598.49 480,175.09 0.08 

ORION ’B’ 12,440.45 183,745.38 0.03 

STORA ENSO ’R’ 28,555.41 205,741.72 0.03 

UPM-KYMMENE 32,314.38 402,960.26 0.06 

FRANCE 

1,605,371.53 0.25 

AIR LIQUIDE 4,528.51 409,015.09 0.06 

AXA 10,319.92 134,365.29 0.02 

BIC 3,161.95 187,218.86 0.03 

BIOMERIEUX 2,026.28 156,267.08 0.02 

BNP PARIBAS 29,685.79 1,576,612.32 0.26 

BOUYGUES 4,024.30 127,630.54 0.02 


CARREFOUR 3,883.93 153,240.34 0.02 

DANONE GROUPE 7,332.32 322,145.62 0.05 


EDF ENERGIES NOUVELLES 5,704.23 163,654.47 0.03 



EUROFINS SCIENTIFIC 2,093.40 77,246.35 0.01 

GAMELOFT 14,951.73 53,078.65 0.01 

GDF SUEZ 4,598.81 121,040.65 0.02 

HERMES INTERNATIONAL 1,078.88 176,289.73 0.03 

INTER PARFUMS 4,013.27 95,997.49 0.02 

IPSEN 6,960.05 171,878.50 0.03 

L.V.M.H. 9,446.71 1,008,908.62 0.16 

LAURENT PERRIER 1,816.01 148,912.67 0.02 

LEGRAND 5,772.56 142,610.98 0.02 

L’OREAL 6,448.26 529,788.79 0.08 

NEOPOST 3,105.40 169,710.06 0.03 

PERNOD-RICARD 1,269.51 77,389.51 0.01 

PPR 2,672.32 319,075.59 0.05 

REMY COINTREAU 2,849.18 139,652.73 0.02 

RENAULT 18,807.53 694,844.21 0.11 

SAFT GROUPE 3,824.09 108,929.09 0.02 

SANOFI-AVENTIS 8,793.13 434,952.33 0.07 


SECHILIENNE-SIDEC 4,553.04 92,130.85 0.01 

SELOGER.COM 1,560.21 58,897.79 0.01 

SOCIETE GENERALE 18,297.02 790,980.02 0.13 

445



446 




(note 2) 

% des actifs 

nets 


TOTAL 35,807.27 1,358,886.01 0.22 


VINCI 25,917.84 953,128.65 0.15 

VIVENDI 10,395.31 207,126.59 0.03 

GRECE 

13,772,279.27 2.19 

ALAPIS 75,634.46 123,284.18 0.02 

NATIONAL BANK OF GREECE REG. 1.00 7.23 0.00 

TERNA ENERGY 8,182.65 22,502.28 0.00 

GUERNESEY 

145,793.69 0.02 

GOTTEX FUND MANAGEMENT HOLDINGS 530.36 1,952.20 0.00 

HONG-KONG 

1,952.20 0.00 

CHAODA MODERN AGRICULTURE 77,989.30 47,287.92 0.01 


CHINA MOBILE ADR (R. 5 SHS) 5,094.93 191,107.35 0.03 


HONGRIE 

432,317.36 0.07 

EGIS 2,608.14 209,637.29 0.03 

GEDEON RICHTER 1,478.97 247,826.28 0.04 

ILES CAIMANS 

457,463.57 0.07 

3SBIO ADR (R.7 SHS) 14,364.53 138,327.17 0.02 

ALIBABA.COM 53,263.71 81,166.52 0.01 

BAIDU.COM ADR ’A’ (R. 1 SHS ’A’) 2,618.83 198,760.50 0.03 





CONSOLIDATED WATER 2,533.29 17,610.41 0.00 

CTRIP.COM INTL ADR (R. 1/2 SHS) 3,540.44 124,327.67 0.02 


EURASIA DRILLING GDR (R. 1 SHS) 20,034.11 340,310.87 0.06 

FOCUS MEDIA ADR (R.5 SHS) 8,883.50 156,076.05 0.02 




NETEASE.COM ADR (R. 25 SHS) 3,290.49 95,589.82 0.02 

NEW ENVIRONMENTAL ENERGY HOLDINGS 118,661.54 5,482.90 0.00 

PERFECT WORLD ADR (R.5 SHS ’B’) 2,730.88 49,518.09 0.01 

SIMCERE PHARMACEUTIC ADR (R.2 SHS) 12,983.12 96,048.43 0.02 

SINA 2,747.88 104,056.30 0.02 

TECENT HOLDINGS 9,278.80 148,395.91 0.02 

TRINA SOLAR ADR (R. 100 SHS) 5,256.02 111,074.42 0.02 


WASION GROUP 120,773.59 67,763.08 0.01






(note 2) 

% des actifs 

nets 

WYNN MACAU 141,581.26 179,168.85 0.03 

XINYU HENGDELI HLGDS 390,960.43 132,352.29 0.02 



2,920,576.83 0.46 


INDE 

105,103.75 0.02 

DR REDDY’S LAB ADR (R. 1 SHS) 12,333.84 293,951.95 0.06 

JAIN IRRIGATION SYSTEMS 4,780.34 93,335.98 0.01 


RELIANCE COMMUNICATIONS DEMAT. 33,864.30 93,682.71 0.01 


INDONESIE 

677,480.38 0.11 

BISI INTERNATIONAL 430,993.50 79,475.76 0.01 

PT SAMPOERNA AGRO 430,172.56 95,189.25 0.02 

IRLANDE 

174,665.01 0.03 

KERRY GROUP ’A’ 7,445.42 190,230.44 0.04 


SMURFIT KAPPA 11,416.76 83,467.90 0.01 

ISRAEL 

285,191.50 0.05 


CHECK POINT SOFTWARE TECHNOLOGIES 3,014.75 80,299.45 0.01 

NICE SYSTEMS ADR (R. 1 SHS) 2,283.90 52,175.92 0.01 

RADWARE 2,877.71 73,259.21 0.01 

TEVA PHARMACEUTICAL ADR 14,395.81 553,986.75 0.09 

ITALIE 

903,519.29 0.14 

A2A 106,403.51 119,491.14 0.02 

ASSICURAZIONI GENERALI 13,854.13 203,378.67 0.03 

ASTALDI 168,437.71 879,244.83 0.14 

ATLANTIA 9,895.81 150,416.30 0.02 


BULGARI 11,208.76 72,744.84 0.01 

BUZZI UNICEM 56,000.00 432,600.00 0.07 

BUZZI UNICEM RISP 34,510.53 152,967.92 0.02 



ENI 56,579.74 899,052.02 0.14 

HERA 42,178.20 59,133.84 0.01 




PARMALAT 38,435.47 72,258.68 0.01 

PIRELLI & CIE 124,287.09 733,915.25 0.12 

PRYSMIAN 26,194.94 351,798.06 0.06 

SNAM RETE GAS 82,321.01 302,529.73 0.05 

T.E.R.N.A. 58,526.64 180,847.32 0.03 

447



448 




(note 2) 

% des actifs 

nets 

UNICREDITO ITALIANO SPA 659,436.94 1,214,023.41 0.19 

YOOX 19,403.10 143,388.88 0.02 

JAPON 

8,275,956.40 1.31 

DAISEKI 3,895.97 53,819.61 0.01 

DENSO 3,106.10 67,555.88 0.01 

DISCO 2,028.09 85,546.19 0.01 

KURITA WATER INDUSTRIES 9,677.25 197,037.91 0.03 

NICHI-IKO PHARMACEUTICAL 10,831.45 275,839.86 0.05 

NINTENDO 696.38 127,653.58 0.02 

NIPPON PAPER GROUP 3,691.48 67,765.76 0.01 


OJI PAPER 22,513.03 73,001.59 0.01 

RAKUTEN 182.31 97,888.69 0.02 

SAKATA SEED 4,757.35 46,446.28 0.01 

SAWAI PHARMACEUTICAL 4,138.25 273,104.27 0.04 

SOFTBANK 2,798.07 67,150.97 0.01 

STELLA CHEMIFA 2,093.29 53,474.57 0.01 

TOWA PHARMACEUTICAL 6,541.83 270,477.26 0.04 

TOYO SUISAN KAISHA 4,515.17 68,285.26 0.01 


JERSEY 

1,936,692.86 0.31 

WPP 16,493.02 135,657.37 0.02 

LITUANIE 

135,657.37 0.02 


LUXEMBOURG 

36,798.87 0.01 

ARCELOR MITTAL 10,752.37 261,551.41 0.04 

L’OCCITANE INTL (HKD) 56,851.01 115,796.69 0.02 

MHP GDR (R. 1 SHS) 5,788.82 64,598.13 0.01 

MILLICOM INTL CELLULAR-SDR- 8,905.21 630,508.04 0.10 

SES GLOBAL FDR 6,372.26 113,330.64 0.02 

MEXIQUE 

1,185,784.91 0.19 


NORVEGE 

22,427.48 0.00 

ALGETA 10,652.80 126,043.46 0.02 

AUSTEVOLL SEAFOOD 14,382.91 68,895.47 0.01 

CERMAQ 16,418.80 133,474.98 0.02 

DNB NOR 11,686.48 117,250.08 0.02 

ORKLA 22,864.03 156,802.84 0.02 


TELENOR 10,932.51 127,726.39 0.02 

YARA INTERNATIONAL 8,603.45 296,979.78 0.06 

PAYS-BAS 

1,107,636.63 0.18 

AALBERTS INDUSTRIES 815.94 10,003.39 0.00 

AEGON 22,986.55 102,588.98 0.02






(note 2) 

% des actifs 

nets 

ARCADIS 1,154.44 18,725.02 0.00 


CNH GLOBAL (USD) 4,847.65 137,704.17 0.02 

CSM 4,258.01 92,122.06 0.01 

GEMALTO 1,891.07 57,034.65 0.01 

HEINEKEN 5,061.00 190,723.76 0.03 


KONINKLIJKE DSM 4,035.61 151,234.30 0.02 

KONINKLIJKE KPN NV 13,644.29 155,476.73 0.02 

NUTRECO HOLDING 1,436.65 76,831.77 0.01 


SENSATA TECHNOLOGIE 3,654.24 53,506.23 0.01 

TNT 5,485.11 108,989.05 0.02 

UNILEVER NV (EUR) 9,226.66 202,802.07 0.03 

PHILIPPINES 

1,860,244.42 0.29 


PORTUGAL 

35,536.55 0.01 

EDP (ELECTRIC. DE PORTUGAL) NOM. 63,521.67 160,646.30 0.03 


PORTUCEL 38,101.04 82,260.16 0.01 

ROYAUME-UNI 

302,053.62 0.05 

ASSOCIATED BRITISH FOODS 30,779.24 378,763.68 0.06 

ASTRAZENECA (GBP) 10,838.27 407,642.72 0.06 


AVIVA 37,038.60 172,977.92 0.03 

BARCLAYS 52,306.42 185,490.10 0.03 

BG GROUP 82,097.31 1,081,241.82 0.17 

BHP BILLITON (GBP) 23,996.59 563,690.55 0.09 

BP PLC 63,970.65 312,876.48 0.05 


BT GROUP 63,615.92 104,354.35 0.02 

BUNZL 21,582.29 192,310.47 0.03 


CAIRN ENERGY 19,037.65 101,317.33 0.02 

CAPITA GROUP 34,776.70 316,950.45 0.05 

CARNIVAL 18,024.55 532,082.86 0.08 

CENTRICA 80,297.42 302,523.15 0.05 

COMPASS GROUP 56,386.65 361,270.00 0.06 

DIAGEO 37,695.34 480,043.09 0.07 

EXPERIAN 29,462.31 237,104.48 0.04 

G4S 32,431.38 95,611.53 0.02 

GLAXOSMITHKLINE 34,588.21 502,684.44 0.08 

HALMA 16,138.86 57,808.33 0.01 

HIKMA PHARMACEUTICALS 48,362.61 404,394.71 0.06 

HOME RETAIL GROUP 87,000.00 208,814.01 0.03 

HSBC HOLDINGS 72,003.79 542,887.85 0.09 

INMARSAT 9,603.28 74,715.81 0.01 


INTERTEK GROUP 7,080.09 151,174.43 0.02 

449



450 




(note 2) 

% des actifs 

nets 

INVESTEC 17,623.96 104,317.67 0.02 


MAN GROUP 178,757.23 442,752.35 0.07 

MEGGITT 124,000.00 429,287.27 0.07 

MITIE 260,711.48 581,529.09 0.09 

MONDI (GBP) 29,662.96 177,314.60 0.03 

MORRISON WM. SUPERMARKETS 54,285.58 190,522.06 0.03 

NATIONAL GRID 149,393.51 944,149.33 0.15 

NORTHUMBRIAN WATER 44,107.66 173,430.81 0.03 

PEARSON 16,398.77 188,130.16 0.03 

PENNON GROUP 30,207.67 206,742.97 0.03 


PRUDENTIAL 19,508.88 143,691.70 0.02 

RECKITT BENCKISER 10,272.79 414,002.40 0.07 

REXAM 24,786.65 88,690.79 0.01 

RIO TINTO NOM. 17,587.09 768,639.67 0.12 

ROTORK 458.62 9,168.44 0.00 

ROYAL DUTCH SHELL ’A’ 38,146.06 845,507.32 0.13 

ROYAL DUTCH SHELL ’B’ 14,513.85 311,345.15 0.05 

SABMILLER (GBP) 7,539.66 177,460.42 0.03 

SAGE GROUP 47,782.62 153,266.21 0.02 


SEVERN TRENT 29,147.44 448,946.14 0.07 

SHIRE ADR (R. 3 SHS) 4,274.73 214,050.15 0.03 

SMITHS GROUP 10,642.97 148,033.86 0.02 


STANDARD CHARTERED PLC 10,838.27 236,841.99 0.04 

TATE & LYLE 21,084.90 115,616.62 0.02 

TEG GROUP 14,514.05 6,582.94 0.00 

TELECITY GROUP 43,706.24 263,547.60 0.04 

TESCO 78,883.73 397,041.67 0.06 


TULLOW OIL 52,503.58 782,574.44 0.12 

UNILEVER NEW (GBP) 12,534.69 268,524.94 0.04 


VODAFONE GROUP AG 956,365.88 1,761,189.09 0.28 

WH SMITH (NEW ISSUE) 100,000.00 520,577.04 0.08 

WHITBREAD 18,450.85 349,821.62 0.06 

ZENERGY POWER 32,519.15 15,505.65 0.00 

RUSSIE 

24,110,781.89 3.81 


PHARMSTANDARD OKTYABR -GDR- (USD) 22,633.07 369,987.30 0.05 

RUSHYDRO OJSC (USD) 2,819,382.75 105,629.24 0.02 

SINGAPOUR 

530,453.09 0.08 

BANYAN TREE 136,347.91 66,798.19 0.01 

EPURE INTL 125,192.06 59,938.90 0.01 


HYFLUX 36,085.36 62,477.69 0.01 

INDOFOOD AGRI RESOURCES 60,215.95 75,762.36 0.01






(note 2) 

% des actifs 

nets 



SLOVENIE 

583,438.77 0.09 

KRKA 3,473.22 222,494.74 0.04 

SUEDE 

222,494.74 0.04 

ACTIVE BIOTECH 7,881.52 101,604.21 0.02 

ASSA ABLOY ’B’ 19,821.27 369,940.54 0.06 

ERICSSON TELEFON ’B’ 15,079.33 120,418.94 0.02 

HENNES & MAURITZ ’B’ 6,408.71 169,404.94 0.03 

HOLMEN ’B’ 4,956.95 113,701.05 0.02 

MODERN TIMES GROUP ’B’ 9,474.41 521,969.67 0.08 

NORDEA BANK 20,357.09 153,571.17 0.02 

SKF ’B’ 9,047.60 154,175.72 0.02 


SVENSKA HANDELSBANKEN ’A’ 5,277.76 127,706.59 0.02 

TELIASONERA (SEK) 50,421.50 301,438.06 0.05 

SUISSE 

2,444,609.00 0.39 

ABB LTD 149,276.93 2,333,162.50 0.37 

ACINO HOLDING 14,108.21 1,033,316.35 0.16 

ACTELION NOM. 15,906.66 478,906.96 0.08 

ADECCO NOM. 31,780.55 1,223,885.29 0.19 

AFFICHAGE HOLDING 2,193.08 243,492.75 0.04 


BALOISE-HOLDING AG 25,413.40 1,689,517.59 0.27 

BANQUE SARASIN NOM ’B’ 14,118.56 403,023.66 0.06 

BASILEA PHARMACEUTICA NOM. 5,034.69 231,259.83 0.04 

BELIMO HOLDING 432.97 513,890.51 0.08 

BOBST GROUP 17,412.88 568,351.74 0.09 


BURCKHARDT COMPRESSION HOLDING 4,329.69 697,655.16 0.11 


COMET HOLDING NOM. 4,235.57 512,264.28 0.08 

CREDIT SUISSE GROUP 60,153.66 1,941,379.02 0.31 

DUFRY 3,139.40 218,380.58 0.03 

GAM HOLDING NOM. 195,618.84 2,182,196.29 0.34 

GEBERIT 22,865.46 2,999,030.57 0.48 

GIVAUDAN NOM. 2,144.48 1,619,628.18 0.26 

GOLDBACH MEDIA 16,001.03 420,700.13 0.07 

HELVETIA PATRIA NOM. 7,625.28 1,938,970.44 0.31 

HOLCIM LTD 11,775.31 561,255.69 0.09 

INFICON HOLDING 14,592.33 1,496,283.38 0.24 


KABA HOLDING NOM. 219.25 53,117.14 0.01 

KARDEX NOM. 57,431.22 1,104,446.48 0.18 

KUDELSKI 34,825.77 640,949.02 0.10 

KUEHNE & NAGEL INTERNATIONAL 16,942.27 1,497,975.29 0.24 


LIFEWATCH 102,021.31 797,041.50 0.13 

LINDT & SPRUENGLI 752.99 1,313,998.53 0.21 

451



452 




(note 2) 

LOGITECH INTERNATIONAL 265,493.45 3,262,825.15 0.52 

LONZA GROUP 4,852.16 306,905.11 0.05 

MEYER BURGER TECHNOLOGY 89,382.39 2,084,828.06 0.33 

NESTLE S.A. 268,029.07 10,568,215.26 1.68 

NOBEL BIOCARE HOLDING 149,187.60 2,041,915.57 0.32 

NOVARTIS AG 151,555.01 6,434,161.07 1.03 

ORIOR 3,251.69 112,973.69 0.01 

PARGESA HOLDING 7,529.90 409,528.60 0.07 

PARTNERS GROUP HOLDING NOM. 26,004.55 3,190,010.85 0.51 


S.G.S. S.A. 1,264.94 1,506,737.20 0.24 

SCHINDLER HOLDING B. PART. 23,530.93 1,856,029.99 0.29 

SCHINDLER HOLDING NOM. 9,412.37 738,876.70 0.12 

SCHULTHESS GROUP NOM. 31,907.93 837,727.09 0.13 

SCHWEITER TECHNOLOGIES 1,553.55 767,323.66 0.12 

SIKA FINANZ PORT. 941.24 1,284,019.22 0.20 

SONOVA HOLDING NOM. 40,353.34 3,686,674.82 0.59 

STRAUMANN HOLDING NOM. (NEW) 10,545.05 1,766,182.59 0.28 

SUISSE REASSURANCE 13,018.79 427,863.48 0.07 

SWISSCOM NOM. 630.50 188,164.88 0.03 

SWISSLOG HOLDING NOM. 1,873,526.55 1,125,917.40 0.18 

SYNGENTA AG 4,554.79 849,232.45 0.13 

TECAN GROUP NOM. 44,247.60 2,218,695.13 0.35 

TEMENOS GROUP NOM. 129,261.23 2,927,603.79 0.46 


THE SWATCH GROUP NOM. 57,429.64 2,877,521.83 0.46 

TRANSOCEAN 15,656.46 744,791.17 0.12 

TYCO INTERNATIONAL NOM. 5,481.36 148,967.11 0.02 

UBS AG 293,752.50 3,766,565.96 0.60 

VALORA HOLDING NOM. 7,061.25 1,326,105.68 0.21 

VZ HOLDING NOM. 9,887.32 705,600.69 0.11 

WINTERTHUR TECHNOLOGIE 19,012.99 695,562.26 0.11 


TAIWAN 

101,362,935.52 16.10 

HIGH TECH COMPUTER 7,514.26 125,020.75 0.02 


TURQUIE 

194,909.92 0.03 

KOC HOLDING 110,569.22 376,759.62 0.06 

376,759.62 0.06 

TOTAL ACTIONS 228,705,635.76 36.32 

CERTIFICATS 

PAYS-BAS 

% des actifs 

nets 

ING GROEP (CRT.) 170,634.41 1,315,761.97 0.21 

1,315,761.97 0.21 

TOTAL CERTIFICATS 1,315,761.97 0.21


DROITS 

ALLEMAGNE 





(note 2) 

DEUTSCHE BANK RTS 5.10.10 -15,000.00 -46,110.00 -0.01 


GRECE 

-35,410.95 -0.01 

NATIONAL BANK GREECE CV RTS 11.10.10 1.00 0.69 0.00 

NATIONAL BANK GREECE RTS 11.10.10 1.00 0.39 0.00 

1.08 0.00 

TOTAL DROITS -35,409.87 -0.01 

OBLIGATIONS 


% des actifs 

nets 



5.5% AFRIQUE DU SUD 10/20 USD 406,375.00 332,303.33 0.05 

5.875% AFRIQUE DU SUD 07/22 USD 260,080.00 220,286.62 0.03 




985,622.58 0.16 

ALLEMAGNE 

1.25% ALLEMAGNE 09/11 EUR 4,052,974.37 4,066,308.65 0.65 

1.5% ALLEMAGNE 09/11 EUR 4,048,763.05 4,074,027.33 0.65 

2.25% ALLEMAGNE 08/10 EUR 3,773,342.72 3,786,247.55 0.60 

2.375% VOLKSWAGEN BANK 10/13 EUR 680,515.20 686,231.53 0.12 

2.5% ALLEMAGNE 05/10 EUR 4,287,966.02 4,288,995.14 0.68 

3.5% ALLEMAGNE 06/11 EUR 4,607,184.08 4,742,727.44 0.75 

3.5% BAYERISCHE LDBANK 09/13 EUR 1,020,772.80 1,062,389.71 0.17 

3.50% ALLEMAGNE 06/11 EUR 5,083,063.24 5,159,919.16 0.82 

4% ALLEMAGNE 07/12 EUR 4,295,546.40 4,512,278.19 0.72 

4% BAYERISCHE LDBANK 04/11 EUR 850,644.00 864,586.06 0.14 

4.875% DEUTSCHE BANK 07/12 EUR 850,644.00 902,303.61 0.14 

5% ALLEMAGNE 01/11 EUR 6,436,581.49 6,648,087.56 1.06 

5% ALLEMAGNE 02/12 EUR 6,765,906.71 7,136,475.42 1.13 

5% ALLEMAGNE 02/12 EUR 7,300,744.35 7,838,882.22 1.24 

5.25% ALLEMAGNE 00/11 EUR 6,217,592.85 6,293,727.27 1.00 

5.375% HENKEL 05/04 EUR 170,128.80 171,196.36 0.03 

5.5% LBANK HESSEN-THUERING.02/12 EUR 1,684,275.12 1,783,849.47 0.28 

6% BAYER AG. 02/12 EUR 425,322.00 453,469.81 0.07 

64,471,702.48 10.25 

ARGENTINE 

2% PROV. BUENOS AIRES 06/35 USD 32,510.00 10,229.29 0.00 

8.28% ARGENTINE 05/33 USD 390,284.01 304,554.27 0.05 

STEP ARGENTINE 05/38 USD 985,053.00 293,368.97 0.05 

608,152.53 0.10 

453


AUSTRALIE 


454 




(note 2) 

% des actifs 

nets 




BELGIQUE 

1,526,273.10 0.24 

4.125% BELGACOM 06/11 EUR 297,725.40 306,417.49 0.05 

4.875% S.N.C.B. 01/11 EUR 340,257.60 353,401.75 0.05 

BELIZE 

659,819.24 0.10 

STEP GOV. OF BELIZE 07/29 USD 189,143.18 119,720.07 0.02 

119,720.07 0.02 

BIELORUSSIE 

8.75% BIELORUSSIE 10/15 USD 284,998.92 215,845.86 0.03 

BRESIL 

215,845.86 0.03 

4.875% BRESIL 10/21 USD 270,011.81 216,942.81 0.03 

5.5% BNDES 10/20 USD 178,805.00 140,979.87 0.02 

5.625% BRESIL 09/41 USD 272,271.25 220,152.81 0.03 

5.875% BRESIL 09/19 USD 381,992.50 328,577.36 0.05 



6% BRESIL 06/17 USD 81,275.00 69,553.24 0.01 

6.5% BCO DESENVOLVIMENTO 09/19 USD 151,171.50 127,211.96 0.02 

7.125% BRESIL 06/37 USD 362,649.05 350,284.28 0.06 

7.875% BRESIL 05/15 USD 65,020.00 58,640.01 0.01 

8% BRESIL 05/18 USD 98,749.13 72,259.24 0.01 

8.75% BRESIL 05/25 USD 296,653.75 318,829.06 0.05 

10% BRESIL 10/21 BRL 1,293.90 510,608.03 0.09 

11% BRESIL 00/40 USD 205,463.20 208,343.09 0.03 

CANADA 

3,138,477.61 0.50 

4.125% ROYAL BANK OF CANADA 07/12 EUR 425,322.00 440,178.50 0.07 

CHILI 

440,178.50 0.07 

3.875% CHILI 10/20 USD 158,161.15 120,540.17 0.02 

5.25% ENAP 10/20 USD 143,856.75 108,950.89 0.02 

5.625% CODELCO 05/35 USD 190,996.25 154,416.28 0.02 

6.15% CODELCO 06/36 USD 16,255.00 14,043.84 0.00 

397,951.18 0.06 

COLOMBIE 

6.125% COLOMBIE 09/41 USD 383,618.00 320,712.11 0.04 

7.375% COLOMBIE 06/17 USD 146,295.00 131,672.40 0.02 

7.375% COLOMBIE 06/37 USD 230,821.00 223,373.25 0.04 

7.375% COLOMBIE 09/19 USD 75,585.75 69,966.58 0.01 

8.125% COLOMBIE 04/24 USD 99,155.50 98,676.99 0.02 

8.25% COLOMBIE 04/14 USD 48,765.00 43,801.59 0.01 

888,202.92 0.14


COREE DU SUD 





(note 2) 

% des actifs 

nets 

4.25% COREE 04/14 KRW 60,956.25 39,840.19 0.01 

4.5% COREE 10/15 KRW 91,840.75 60,806.11 0.01 



5% COREE 10/20 KRW 438,072.25 304,308.42 0.05 

5% NATIONAL AGR.COOP. 09/14 USD 17,880.50 14,017.60 0.00 

5.75% COREE 08/18 KRW 260,080.00 184,524.41 0.03 

7% WOORI BANK 09/15 USD 13,004.00 10,856.10 0.00 

655,944.57 0.10 


2.5% COTE D’IVOIRE 09/32 USD 722,193.40 307,168.48 0.05 

CROATIE 

307,168.48 0.05 

6.625% CROATIE 10/20 USD 196,360.40 155,899.18 0.03 

6.75% CROATIE 09/19 USD 190,996.25 153,037.95 0.02 

EGYPTE 

308,937.13 0.05 

0% EGYPTE 10/11 EGP 183,275.13 22,203.03 0.00 

0% EGYPTE 10/11 EGP 564,861.25 70,023.30 0.01 

0% EGYPTE 10/11 EGP 564,861.25 71,728.38 0.01 

163,954.71 0.02 

EQUATEUR 

9.375% EQUATEUR REG-S 05/15 USD 138,167.50 92,004.16 0.01 

ESPAGNE 

92,004.16 0.01 



5.625% SANTANDER INTL 08/12 EUR 680,515.20 708,719.15 0.11 

ETATS-UNIS 

1,911,522.11 0.30 


3.625% PFIZER 09/13 EUR 382,789.80 401,020.16 0.06 



4% I.B.M. 06/11 EUR 297,725.40 306,363.90 0.05 




4.875% ZURICH FINANCE 09/12 EUR 255,193.20 266,351.52 0.04 


5.25 % JP MORGAN CHASE 08/13 EUR 850,644.00 915,573.66 0.15 


6% SWISS RE TREASURY US 9/12 EUR 935,708.40 993,984.32 0.16 



6.625% PEMEX PROJ.FDG MSTR 05/35 USD 147,107.75 118,140.89 0.02 

6.75% MERRILL LYNCH 08/13 EUR 850,644.00 924,288.50 0.15 

7.375% CITIGROUP 09/14 EUR 552,918.60 624,974.95 0.10 


11,499,137.07 1.83 

455


FRANCE 


456 




(note 2) 

% des actifs 

nets 

2.625% BPCE 09/12 EUR 510,386.40 517,965.64 0.08 

3.125% SANOFI-AVENTIS 09/14 EUR 255,193.20 264,227.04 0.04 

3.25% BNP PARIBAS 09/12 EUR 595,450.80 610,465.09 0.10 

3.75% C.I.F. 10/15 EUR 340,257.60 348,678.98 0.06 


4.375% GDF SUEZ 09/12 EUR 595,450.80 616,243.94 0.10 

4.375% THALES 09/13 EUR 297,725.40 314,101.79 0.05 

5.25 % SOCIETE GENERALE 08/13 EUR 637,983.00 686,182.62 0.11 

5.25 % VEOLIA ENVIRON. 09/14 EUR 765,579.60 842,669.64 0.13 

5.625% E.D.F. 08/13 EUR 637,983.00 693,178.10 0.11 

5.75% HSBC FRANCE 08/13 EUR 595,450.80 653,450.69 0.10 

6% AXA 01/13 EUR 340,257.60 375,675.01 0.06 

7.25% FRANCE TELECOM 03/13 EUR 893,176.20 1,002,143.70 0.16 

GABON 

7,554,105.78 1.20 

8.2% GABON 07/17 USD 16,255.00 13,827.39 0.00 

13,827.39 0.00 

GEORGIE 

7.5% GEORGIE 08/13 USD 104,032.00 78,218.40 0.01 

9.875% GEORGIAN RAILWAY 10/15 USD 287,713.50 221,586.10 0.04 

GHANA 

299,804.50 0.05 

8.5% GHANA 07/17 USD 92,165.85 77,389.65 0.01 


14.47% GHANA 06/11 GHS 8,127.50 4,288.87 0.00 

16% GHANA 08/11 GHS 14,629.50 7,683.08 0.00 

97,783.76 0.01 

GUERNESEY 

2.875% CS GROUP FIN.GUERN. 10/15 EUR 510,386.40 511,636.85 0.08 

6.5% ABB INTL. FINANCE 03/11 EUR 340,257.60 359,349.45 0.06 

870,986.30 0.14 

HONGRIE 

4.75% HONGRIE 05/15 USD 260,080.00 191,026.09 0.03 

6.25% HONGRIE 10/20 USD 269,833.00 205,840.72 0.03 

396,866.81 0.06 

ILES CAIMANS 

5.25% NILE FINANCE 10/15 USD 333,227.50 251,050.51 0.04 

5.875% HUTCHISON WHAMPOA 03/13 EUR 935,708.40 1,015,795.68 0.16 


1,299,902.08 0.21 

INDONESIE 

5.875% INDONESIE 10/20 USD 8,127.50 6,888.05 0.00 

6.625% INDONESIE 07/37 USD 182,056.00 163,858.99 0.03 

6.75% INDONESIE 04/14 USD 16,255.00 13,544.89 0.00 

6.875% INDONESIE 08/18 USD 48,765.00 43,310.94 0.01 

7.25% INDONESIE 05/15 USD 29,259.00 25,397.79 0.00 

7.50% INDONESIE 05/16 USD 16,255.00 14,496.45 0.00 

7.75% INDONESIE 08/38 USD 329,163.75 330,284.97 0.06 

8.5% INDONESIE 05/35 USD 205,625.75 220,056.17 0.04






(note 2) 

% des actifs 

nets 

8.8% PERUSA. PEN. INDO. 09/14 USD 52,828.75 46,533.62 0.01 

9.5% INDONESIE 08/12 IDR 243,825.00 20,746.23 0.00 

10.375% INDONESIE 09/14 USD 32,510.00 30,182.36 0.00 


11.625% INDONESIE 09/19 USD 44,701.25 50,823.08 0.01 

IRAK 

986,821.22 0.16 

STEP IRAK 06/28 USD 560,797.50 352,397.64 0.06 

IRLANDE 

352,397.64 0.06 

3.25% ALLIED IRISH BANK 10/13 EUR 127,596.60 118,555.74 0.02 

4.75% GE CAP.UK FUNDING 09/14 EUR 425,322.00 456,402.41 0.07 


5.25% GE CAP. EUROP. FUND. 09/13 EUR 850,644.00 908,062.47 0.15 

6.902% VEB FINANCE S.1 10/20 USD 232,446.50 185,825.21 0.03 

ITALIE 

1,938,229.05 0.31 


3.75% BANCO POPOLARE 09/12 EUR 212,661.00 215,430.91 0.03 

4.375% MEDIOBANCA 09/12 EUR 425,322.00 437,216.13 0.07 

4.875% UNICREDIT 08/13 EUR 510,386.40 533,634.50 0.08 


5.25 % UNICREDIT 09/14 EUR 595,450.80 637,465.81 0.10 

5.875% ENI 08/14 EUR 255,193.20 284,706.29 0.05 

KAZAKHSTAN 

3,377,189.17 0.54 

7% KAZMUNAIGAZ FINANCE 10/20 USD 284,462.50 227,971.53 0.04 

8.375% KAZMUNAIGAZ F.REG.S.08/13 USD 396,622.00 321,607.17 0.05 

9.125% KAZMUNAIGAZ F.REG.S.08/18 USD 335,665.75 300,579.88 0.05 

LIBAN 

850,158.58 0.14 

4% LIBAN 02/17 USD 253,578.00 136,730.55 0.02 

6.375% LIBAN 10/20 USD 183,518.95 139,660.77 0.02 

8.25% LIBAN 06/21 USD 217,817.00 186,482.38 0.03 

462,873.70 0.07 

LITUANIE 

5.125% LITUANIE 10/17 USD 341,355.00 247,817.99 0.04 

6.75% LITUANIE 09/15 USD 307,219.50 244,055.61 0.04 

7.375% LITUANIE 10/20 USD 267,394.75 219,633.91 0.03 

LUXEMBOURG 

711,507.51 0.11 

2.875% NORD/LB G-MTN’S.3’ 09/13 EUR 850,644.00 878,502.59 0.13 

4.125% SYNGENTA LUX FIN. 06/11 EUR 425,322.00 435,918.90 0.07 


6.299% RSHB CAPITAL 07/17 USD 308,845.00 236,165.82 0.04 


9% RSHB CAPITAL 09/14 USD 87,777.00 73,865.01 0.01 

2,673,643.01 0.42 

457


MALAISIE 


458 




(note 2) 

% des actifs 

nets 




5.25% PETRONAS CAPITAL 09/19 USD 296,653.75 243,406.94 0.04 

7.625% PETROLIAM NASIONAL 96/26 USD 222,270.87 221,539.11 0.03 

MEXIQUE 

837,368.92 0.13 

5.125% MEXIQUE 10/20 USD 195,060.00 159,006.03 0.03 

5.5% PEMEX 10/21 USD 248,538.95 195,052.68 0.03 

5.625% MEXIQUE 06/17 USD 163,687.85 137,594.84 0.02 

5.875% MEXIQUE 03/14 USD 18,595.72 15,461.34 0.00 

5.95% MEXIQUE 08/19 USD 199,936.50 171,722.76 0.03 

6% PEMEX 10/20 USD 261,705.50 213,524.59 0.03 

6.05% MEXIQUE 08/40 USD 74,773.00 62,032.93 0.01 

6.625% MEXIQUE 03/15 USD 40,637.50 35,051.68 0.01 

6.625% PEMEX 10/35 USD 330,789.25 265,653.83 0.04 

6.75% MEXIQUE 04/34 USD 149,546.00 135,692.75 0.02 

7.50% MEXIQUE 03/33 USD 155,885.45 152,566.63 0.02 

8% PEMEX 09/19 USD 4,876.50 4,478.29 0.00 

8.125% MEXIQUE 01/19 USD 32,510.00 32,234.17 0.01 

NORVEGE 

1,580,072.52 0.25 


PAKISTAN 

468,356.08 0.07 

6.875% PAKISTAN 07/17 USD 48,765.00 32,472.06 0.01 


PANAMA 

200,460.15 0.04 

5.2% PANAMA 09/20 USD 438,885.00 358,084.71 0.06 

6.7% PANAMA 06/36 USD 397,694.83 359,399.17 0.06 

7.25% PANAMA 04/15 USD 20,318.75 17,786.03 0.00 

8.875% PANAMA 97/27 USD 161,737.25 172,791.78 0.03 

PAYS-BAS 

908,061.69 0.15 

3% SHELL INTL FINANCE 09/13 EUR 680,515.20 704,163.10 0.11 

3.50% RABOBANK 05/12 EUR 340,257.60 350,448.32 0.06 

3.75% NED. WATERSCHAPSBANK 06/12 EUR 723,047.40 747,016.42 0.12 

3.75% PORTUGAL TEL. INTL 05/12 EUR 297,725.40 301,652.40 0.05 

4% B.N.G. 07/12 EUR 1,701,288.00 1,766,532.39 0.28 



4.25% RABOBANK 03/13 EUR 255,193.20 271,234.64 0.04 

4.375% RABOBANK 09/14 EUR 340,257.60 365,067.48 0.06 

4.875% IBERDROLA INT. 03/13 EUR 510,386.40 539,521.81 0.09 

5.125% E. ON INTL FINANCE 07/12 EUR 1,063,305.00 1,134,280.61 0.18 


5.375% INTL. ENDESA 03/13 EUR 255,193.20 273,134.56 0.04 

5.625% ALLIANZ FINANCE II 02/12 EUR 680,515.20 735,994.20 0.12 

5.625% VOLKSWAGEN 09/12 EUR 510,386.40 535,862.34 0.09






(note 2) 

% des actifs 

nets 




7% AEGON 09/12 EUR 255,193.20 273,421.65 0.04 


7.75% MAJAPAHIT HLDG 06/16 USD 81,275.00 69,657.32 0.01 

7.75% MAJAPAHIT HLDG BV 09/20 USD 113,785.00 100,226.25 0.02 


8% MAJAPAHIT BV 09/19 USD 209,689.50 185,661.66 0.03 

8.875% BMW FINANCE 08/13 EUR 850,644.00 1,013,214.83 0.16 

PEROU 

12,060,500.43 1.94 


6.55% PEROU 07/37 USD 352,522.19 314,707.04 0.05 

7.125% PEROU 09/19 USD 84,526.00 77,623.68 0.01 

7.35% PEROU 05/25 USD 380,367.00 363,223.15 0.05 

8.75% PEROU 03/33 USD 157,104.58 171,866.09 0.03 

973,240.65 0.15 

PHILIPPINES 


6.375% PHILIPPINES 07/32 USD 100,781.00 86,467.26 0.01 



6.875% NATIONAL POWER 06/16 USD 265,687.98 228,438.84 0.04 



9% PHILIPPINES 02/13 USD 43,888.50 37,775.53 0.01 

9.5% PHILIPPINES 05/30 USD 158,486.25 179,248.65 0.03 



POLOGNE 

1,098,705.14 0.18 

5% POLOGNE 05/15 USD 325,100.00 260,936.17 0.05 

5.25% POLOGNE 09/20 PLN 360,861.00 88,696.63 0.01 

5.5% POLOGNE 08/19 PLN 177,277.03 44,571.08 0.01 

5.75% POLOGNE 01/22 PLN 831,605.80 211,891.33 0.03 

5.75% POLOGNE 08/29 PLN 88,638.52 22,388.10 0.00 

6.375% POLOGNE 09/19 USD 216,191.50 187,463.68 0.03 

PORTUGAL 

815,946.99 0.13 

2.375% B.C.P. 10/12 EUR 127,596.60 122,113.14 0.02 


122,113.14 0.02 

3.75% REPUBLIQUE DE SERBIE 05/24 USD 100,781.00 70,218.54 0.01 

70,218.54 0.01 


7.5% REP. DOMINICAINE 10/21 USD 97,530.00 81,001.72 0.01 

8.625% REP. DOMINICAINE 06/27 USD 24,382.50 21,142.52 0.00 


122,255.92 0.01 

459




460 




(note 2) 

% des actifs 

nets 

6% CEZ 08/14 EUR 255,193.20 287,618.05 0.05 

287,618.05 0.05 

ROYAUME-UNI 


4.5% MORGAN STANLEY 09/14 EUR 0.00 0.00 0.00 

4.5% OLD MUTUAL 07/17 EUR 552,918.60 527,346.11 0.08 

4.625% UBS LONDON 09/12 EUR 1,105,837.20 1,155,561.17 0.18 



5.625% BANK OF SCOTLAND PLC 08/13 EUR 1,531,159.20 1,627,239.44 0.27 

5.625% TESCO 08/12 EUR 510,386.40 547,210.78 0.09 

6.375% S.L. FINANCE 02/22 EUR 595,450.80 596,492.84 0.09 

8.375% BIZ FIN 10/15 USD 217,817.00 165,762.12 0.03 

18.75% REP. GHANA (STANDARD) CLN 10/13 USD 163,200.20 136,916.69 0.02 



RUSSIE 

6,642,761.97 1.05 

3.625% RUSSIE 10/15 USD 81,275.00 59,963.28 0.01 

5% RUSSIE 10/20 USD 876,144.50 667,560.95 0.10 

5.739% RUSSIAN RAILWAYS 10/17 USD 63,394.50 48,824.06 0.01 

7.175% RUSSIAN AGRI. BANK 06/13 USD 73,147.50 57,539.77 0.01 

12.75% RUSSIE NOM. ’S’ 98/28 USD 89,402.50 118,573.56 0.02 

STEP RUSSIE REG-S 00/30 USD 1,633,627.50 1,313,810.22 0.21 

2,266,271.84 0.36 

SALVADOR 

7.375% EL SALVADOR 09/19 USD 135,729.25 110,865.16 0.02 


7.75% EL SALVADOR (REP.) 02/23 USD 81,275.00 67,501.44 0.01 


413,347.06 0.07 

SINGAPOUR 


3.25% SINGAPOUR 05/20 SGD 150,358.75 92,595.60 0.01 

3.50% SINGAPOUR 07/27 SGD 65,020.00 40,131.68 0.01 

6% SINGAPORE TELECOM. 01/11 EUR 510,386.40 535,913.38 0.09 

759,749.61 0.12 

SRI LANKA 


6.85% SRI LANKA 06/12 LKR 2,438,250.00 15,828.46 0.00 

7.2% SRI LANKA 06/10 LKR 2,763,350.00 18,072.67 0.00 

7.4% SRI LANKA 09/15 USD 306,813.13 246,258.51 0.04 

8.25% SRI LANKA 07/12 USD 370,792.81 296,084.54 0.05 

SUEDE 

595,430.15 0.09 



4,875 % SVENSKA HANDELSBANK 09/14 EUR 340,257.60 369,387.05 0.06 


1,510,732.68 0.24


SUISSE 





(note 2) 

% des actifs 

nets 



1,151,607.17 0.18 

TURQUIE 

5.625% TURQUIE 10/21 USD 376,628.35 297,988.36 0.04 

6.75% TURQUIE 10/40 USD 195,060.00 160,219.27 0.03 

6.875% TURQUIE 06/36 USD 400,685.75 336,080.58 0.05 

7% TURQUIE 06/16 USD 199,123.75 170,296.16 0.03 

7% TURQUIE 08/19 USD 48,765.00 42,374.25 0.01 

7.375% TURQUIE 05/25 USD 325,100.00 292,010.62 0.04 

7.5% TURQUIE 09/17 USD 130,040.00 114,306.40 0.02 

7.5% TURQUIE 09/19 USD 97,530.00 87,781.60 0.01 

8% TURQUIE 04/34 USD 130,040.00 122,394.67 0.02 

9.5% TURQUIE 03/14 USD 40,637.50 36,018.11 0.01 

1,659,470.02 0.26 

UKRAINE 

6.58% UKRAINE 06/16 USD 292,590.00 210,087.07 0.03 

6.75% UKRAINE 07/17 USD 238,948.50 171,571.11 0.03 

7.65% UKRAINE 03/13 USD 56,892.50 43,400.15 0.01 

7.75% UKRAINE 10/20 USD 114,110.10 83,917.07 0.01 

508,975.40 0.08 

URUGUAY 

6.875% URUGUAY 09/25 USD 99,155.50 86,977.24 0.01 

7.5% URUGUAY 03/15 USD 43,751.96 38,738.52 0.01 

7.625% URUGUAY 06/36 USD 318,305.41 301,629.60 0.05 

7.875% URUGUAY 03/33 USD 81,519.43 78,441.71 0.01 

8% URUGUAY 05/22 USD 121,912.50 115,191.05 0.02 

9.25% URUGUAY 05/17 USD 48,765.00 47,102.32 0.01 

668,080.44 0.11 

VENEZUELA 

5.25% PETROLEOS VENEZUELA 07/17 USD 464,080.25 198,659.40 0.03 

5.75% VENEZUELA 05/16 USD 52,828.75 26,673.47 0.00 

7% VENEZUELA 03/18 USD 121,912.50 59,546.97 0.01 

7% VENEZUELA 07/38 USD 589,243.75 243,614.76 0.04 

7.65% VENEZUELA 05/25 USD 357,610.00 162,241.34 0.03 

8.5% VENEZUELA 04/14 USD 812.75 499.57 0.00 

9.25% VENEZUELA 97/27 USD 855,013.00 455,161.89 0.07 

9.375% VENEZUELA 04/34 USD 73,147.50 36,263.44 0.01 

10.75% VENEZUELA 04/13 USD 32,510.00 22,480.65 0.00 

FRN VENEZUELA 04/11 USD 8,452.60 5,991.87 0.00 

1,211,133.36 0.19 

VIETNAM 

6.75% VIETNAM 10/20 USD 32,510.00 26,331.51 0.00 

6.875% VIETNAM 05/16 USD 249,611.78 203,314.89 0.03 

229,646.40 0.03 


461


OPTIONS 

ALLEMAGNE 


462 




(note 2) 





2,246.84 0.00 


WARRANTS 


AUROBINDO (ML) LEPO WRT 4.8.15 10,416.20 176,029.39 0.03 

BIOCON (ML) LEPO WRT 08.11.10 25,707.06 152,241.40 0.02 

CIPLA (ML) LEPO WRT 08.11.10 29,008.65 151,511.65 0.02 

DIVI’S LABO. (ML) LEPO WRT 20.10.14 12,541.57 143,984.51 0.02 

LUPIN (ML) LEPO WRT 20.10.14 36,982.40 234,514.10 0.05 

SUN PHARMA (ML) LEPO WRT 08.11.10 3,596.16 117,668.12 0.02 

ROYAUME-UNI 

975,949.17 0.16 

ALMARAI (DB) LEPO WRT 08.10.12 2,945.08 116,200.02 0.02 

ALMARAI (DBL) LEPO WRT 03.12.12 123.14 4,858.60 0.00 

SUN PHARMA. (DB) LEPO WRT 06.02.17 4,112.68 135,288.97 0.02 

256,347.59 0.04 


TOTAL I. 378,659,366.58 60.14 


ACTIONS 

ETATS-UNIS 

% des actifs 

nets 


INTARCIA THERAPEUTICS PREF ’AA’ 875.69 845.83 0.00 

INTARCIA THERAPEUTICS PREF ’BB-1’ 424.67 410.19 0.00 


METABOLEX PFD ’E1’ 1,159.55 619.40 0.00 


METABOLEX PREF ’B1’ 10,436.00 4,474.99 0.00 

METABOLEX PREF ’D1’ 1,542.30 661.34 0.00 


PTC THERAPEUTICS PREF CV ’E-2’ 245.44 1,436.81 0.00 



PORTUGAL 

36,313.30 0.00 


0.00 0.00 

TOTAL ACTIONS 36,313.30 0.00


DROITS 

FRANCE 





(note 2) 

REMY COINTREAU RTS 14.9.10 2,300.47 1,121.48 0.00 

1,121.48 0.00 

TOTAL DROITS 1,121.48 0.00 

OBLIGATIONS 

CANADA 

10% HIGHPOINT TEL. II CV 00/04 USD 13,832.93 0.00 0.00 

0.00 0.00 

COREE DU SUD 

5% COREE 09/14 KRW 91,840.75 61,774.99 0.01 

61,774.99 0.01 

PHILIPPINES 




8.6% CENTRAL BANK PHILIP. 97/27 USD 2,113.15 1,998.58 0.00 


SRI LANKA 

492,885.31 0.09 

0% SRI LANKA 10/11 LKR 2,844,625.00 18,031.37 0.00 


6.85% SRI LANKA 06/12 LKR 2,031,875.00 13,127.92 0.00 

7% SRI LANKA 06/11 LKR 3,474,506.25 22,724.13 0.01 

7.5% SRI LANKA 03/13 LKR 3,251,000.00 21,097.03 0.00 

101,619.36 0.01 


OPTIONS 

ETATS-UNIS 

% des actifs 

nets 


FRANCE 

890.58 0.00 


INDE 

1,711.22 0.00 


PUT USD/INR SPOT CROSS RATES 06/10/2010 46.7 493,875.67 0.00 0.00 

INDONESIE 

3,180.34 0.00 

CALL USD/IDR SPOT CROSS RATES 26/04/2011 9800 -166,662.52 -2,019.57 0.00 


JAPON 

-2,211.04 0.00 


1,263.54 0.00 

463


ROYAUME-UNI 


464 




(note 2) 

CALL AUD/JPY SPOT CROSS RATES 25/11/2010 82 385,475.72 1,806.22 0.00 






CALL USD/KRW SPOT CROSS RATES 13/10/2010 1185 8,013.72 428.83 0.00 

CALL USD/MYR SPOT CROSS RATES 05/10/2010 3.15 8,636.09 137.64 0.00 


PUT USD/KRW SPOT CROSS RATES 26/11/2010 1130 7,793.77 691.32 0.00 

TAIWAN 

13,601.48 0.00 

PUT USD/TWD SPOT CROSS RATE 29/12/2010 30.18 -584,529.80 -1,445.72 0.00 

PUT USD/TWD SPOT CROSS RATE 27/10/2010 31.4 256,991.55 330.97 0.00 

PUT USD/TWD SPOT CROSS RATE 29/12/2010 30.8 389,681.12 2,343.91 0.00 

1,229.16 0.00 


WARRANTS 

ETATS-UNIS 

FLEXIBLE SOLUTIONS WRT 03.05.10 142.18 0.00 0.00 

INTARCIA THERAP. PFD WRT 02.05.15 401.14 0.00 0.00 

INTARCIA THERAP. PFD 'BB-2' WRT (Titres à recevoir) 187.54 0.00 0.00 

METABOLEX ’D1’ (C-0. 38) WRT 12. 4. 12 231.34 0.02 0.00 

PERFECTENERGY WRT 26. 01. 10 17,523.36 0.13 0.00 

ROYAUME-UNI 

0.15 0.00 

EQUATORIAL PAL OIL WRT 26.02.12 32,837.60 0.00 0.00 

0.00 0.00 


TOTAL II. 713,379.87 0.11 


ROYAUME-UNI 

% des actifs 

nets 


62,906.72 0.01 

TOTAL III. 62,906.72 0.01 











Suisse 16.28 




France 3.39 

Pays-Bas 2.45 

Italie 1.85 

Espagne 1.23 

Brésil 0.83 


Suède 0.63 


Autriche 0.46 

Russie 0.44 

Belgique 0.43 

Canada 0.41 

Danemark 0.36 

Irlande 0.36 

Turquie 0.32 

Japon 0.31 




Finlande 0.25 

Mexique 0.25 

Norvège 0.25 

Bermudes 0.21 


Chili 0.19 




Panama 0.15 

Pérou 0.15 

Colombie 0.14 



Israël 0.14 


Hongrie 0.13 

Malaisie 0.13 

Pologne 0.13 

Lituanie 0.12 

Uruguay 0.11 


Inde 0.10 



Ukraine 0.08 


Liban 0.07 

Portugal 0.07 

Salvador 0.07 

Irak 0.06 


Croatie 0.05 

Géorgie 0.05 


Chine 0.04 

Pakistan 0.04 



Egypte 0.03 

Taïwan 0.03 

Vietnam 0.03 

Bahamas 0.02 

Belize 0.02 

Grèce 0.02 


Jersey 0.02 

Equateur 0.01 

Ghana 0.01 



Gabon 0.00 

60.26 

465





466 
















Chimie 1.02 



Pétrole 0.94 











Divers 0.33 

Commerce divers 0.30 




Warrants 0.20 


Loisirs 0.13 












Options 0.00 

Droits -0.01 

60.26

Pictet - Absolute Return Global Conservative 





(note 2) 


ACTIONS 


% des actifs 

nets 

ASPEN PHARMACARE 2,246.22 22,187.07 0.02 

MTN GROUP 911.91 11,905.67 0.02 

SAPPI 1,376.94 5,163.80 0.01 

ALLEMAGNE 

39,256.54 0.05 

ADIDAS 1,450.12 66,582.36 0.09 

ALLIANZ NOM. 529.54 44,311.79 0.06 

ASIAN BAMBOO 126.72 5,087.87 0.01 

B.M.W. 351.16 17,930.09 0.02 

BASF REG. 348.59 16,195.40 0.02 

BEIERSDORF 241.16 10,731.51 0.01 

DAIMLER NOM. (EUR) 666.04 30,821.08 0.04 

DEUTSCHE BANK NOM. 212.50 8,342.82 0.01 

DEUTSCHE BOERSE NOM. 547.81 27,171.26 0.04 



FRESENIUS 106.16 6,310.42 0.01 


FRESENIUS PREF 104.67 6,276.97 0.01 

HEIDELBERGCEMENT 834.59 29,598.61 0.04 

JOYOU 73.13 848.30 0.00 

K & S 394.22 17,576.14 0.02 

KSB PREF N-VTG 5.09 2,672.95 0.00 

KTG AGRAR 160.85 2,412.78 0.00 

LINDE 213.71 20,811.10 0.03 

MAN AG 650.05 52,718.72 0.07 

METRO 121.53 5,824.24 0.01 

MUENCHENER RUECKVER. NOM. 345.96 35,184.33 0.05 

ROTH & RAU 125.18 2,253.28 0.00 

SAP AG (EUR) 587.79 21,442.55 0.03 

SIEMENS AG 247.83 19,226.84 0.03 

SMA SOLAR TECHNOLOGY 98.35 7,675.96 0.01 

STADA ARZNEIMITTEL NOM. 364.12 7,976.12 0.01 

STROEER OUT-OF-HOME MEDIA 1,150.23 24,327.37 0.03 

VOLKSWAGEN (EUR) 77.16 6,277.25 0.01 

VOLKSWAGEN PREF 73.48 6,609.60 0.01 

WACKER CHEMIE 96.43 13,022.71 0.02 

WINCOR NIXDORF 742.39 35,753.28 0.05 

WIRECARD 150.73 1,471.91 0.00 

AUSTRALIE 

686,293.25 0.92 

TASSAL GROUP 4,773.56 4,744.01 0.00 

TELSTRA 3,421.74 6,363.89 0.01 

TFS CORP 11,422.83 7,297.78 0.01 

18,405.68 0.02 

467


AUTRICHE 


468 




(note 2) 

% des actifs 

nets 

ANDRITZ 278.08 14,451.88 0.02 

AUSTRIAMICROSYSTEMS 4,387.53 115,357.22 0.15 

BWT 130.14 2,474.65 0.00 

INTERCELL 716.19 12,115.50 0.02 

MAYR-MELNHOF KARTON 78.52 5,800.81 0.01 


VOEST-ALPINE 268.14 7,292.20 0.01 

BAHAMAS 

182,037.84 0.24 

STEINER LEISURE 239.54 6,681.69 0.01 

BELGIQUE 

6,681.69 0.01 

ANHEUSER-BUSH INBEV 172.63 7,523.01 0.01 

BELGACOM 407.97 11,725.09 0.02 


FORTIS 5,961.33 12,667.82 0.02 

HANSEN TRANSMISSIOMS INTER. (GBP) 1,096.25 645.10 0.00 

MOBISTAR 251.46 11,358.34 0.02 

SIPEF 101.27 5,443.27 0.01 

SOLVAY 107.60 8,483.43 0.01 

TELENET GROUP HOLDING 422.64 10,314.52 0.01 

U.C.B. 901.18 23,110.67 0.03 

UMICORE 284.83 9,141.68 0.01 

BERMUDES 

111,313.30 0.15 


BROOKFIELD INFRASTRUCTURE 501.89 7,062.37 0.01 

BUNGE 419.31 18,774.70 0.03 







TRINITY 3,981.07 2,849.35 0.00 

BRESIL 

78,684.43 0.10 

ALL AMERICA LATINA LOGIS. 4PREF+1SH 1,451.10 10,584.03 0.01 


CIA SANEAMENTO MG 736.49 8,217.77 0.01 

DURATEX SA 2,046.12 15,760.44 0.02 

FIBRIA ADR (R. 1 SHS) 1,882.44 24,408.76 0.04 

JBS 3,196.76 10,014.40 0.01 

KLABIN 2,642.85 5,447.44 0.01 

MINERVA 1,720.31 5,115.28 0.01 

SABESP 881.84 14,191.99 0.02 

SABESP ADR (R.2 SHS) 96.60 3,077.06 0.00 


TRACTEBEL ENERGIA 499.49 5,448.68 0.01 

142,036.96 0.19


CANADA 





(note 2) 

% des actifs 

nets 

5N PLUS 1,147.96 4,692.11 0.01 

ACADIAN TIMBER 821.62 3,527.34 0.00 

AGRIUM (USD) 149.81 8,457.90 0.01 


BIOTEQ ENVIRONMENTAL TECHN. 1,326.07 752.79 0.00 

BORALEX A 1,047.77 6,096.75 0.01 


CASCADES 243.96 1,097.56 0.00 

GENESIS WORLDWIDE CANADA 247.80 11.43 0.00 

H2O INNOVATION 751.86 224.08 0.00 

IESI-BFC (USD) 174.80 2,876.71 0.00 

INNERGEX RENEWABLE ENERGY 595.14 3,990.92 0.01 

MAGMA ENERGY 3,463.62 2,924.79 0.00 

MIGAO 802.57 3,849.88 0.01 


POTASH SASKATCHEWAN (CAD) 193.60 20,521.97 0.02 

PURE TECHNOLOGIES 606.26 1,849.88 0.00 

RESEARCH IN MOTION 349.67 12,416.45 0.02 

ROGERS COMMUNICATIONS ’B’ 394.01 10,890.21 0.01 

SEAIR 111.42 54.55 0.00 

SINO FOREST 1,840.52 22,999.45 0.03 

STANTEC (CAD) 311.41 6,213.94 0.01 

SUNOPTA (CAD) 1,070.66 4,591.00 0.01 

TELUS -NVTG- 151.05 4,710.87 0.01 


WEST FRASER TIMBER 133.37 3,591.60 0.00 

WESTPORT INNOVATIONS 187.39 2,396.83 0.00 

CHILI 

144,905.97 0.19 

COPEC 1,239.68 16,847.95 0.02 

EMPRESAS CMPC 639.36 24,046.17 0.04 


MASISA 46,346.24 5,792.12 0.01 

CHINE 

56,473.79 0.08 



PORTS DESIGN 2,974.19 6,015.90 0.01 

COREE DU SUD 

16,033.95 0.02 

NHN 43.69 5,494.90 0.01 

WOONG JIN COWAY 296.09 8,436.63 0.01 

DANEMARK 

13,931.53 0.02 

AURIGA INDUSTRIES B 362.27 4,934.22 0.01 


COLOPLAST ’B’ 135.22 11,768.10 0.02 

DANISCO 56.32 3,726.73 0.00 

469



470 




(note 2) 

% des actifs 

nets 

NOVO NORDISK ’B’ 649.17 47,100.71 0.06 

VESTAS WIND SYSTEMS NOM. 234.78 6,341.98 0.01 

EGYPTE 

107,905.98 0.14 

EGYPTIAN CO MOBILE 133.10 3,004.38 0.00 

ESPAGNE 

3,004.38 0.00 

ACCIONA 155.45 9,676.96 0.01 

AMADEUS IT HOLDING ’A’ 4,419.43 59,551.76 0.08 

BANCO SANTANDER 8,624.15 79,807.85 0.11 

BCO BILBAO VIZCAYA ARGENT. NOM. 1,542.12 15,159.04 0.02 


FLUIDRA 501.67 1,324.40 0.00 

GRIFOLS ’A’ 1,329.22 14,235.89 0.02 


INDITEX NOM. 224.41 13,096.74 0.02 

PROSEGUR NOM. 94.42 4,128.12 0.01 

RED ELECTRICA CORP 345.25 11,880.08 0.02 

REPSOL YPF 702.01 13,282.02 0.02 

TELEFONICA 6,510.60 118,167.40 0.15 

ETATS-UNIS 

378,851.49 0.51 

AFFYMAX 442.44 1,916.60 0.00 

ALEXION PHARMACEUTICALS 346.27 16,295.15 0.02 

ALLERGAN 145.80 7,117.32 0.01 

AMAG PHARMACEUTICAL 781.72 10,222.06 0.01 

AMAZON.COM 50.83 5,913.23 0.01 

AMERICAN PUBLIC EDUCATION 386.37 9,163.14 0.01 

AMERICAN STATES WATER 91.64 2,399.88 0.00 

AMERICAN SUPERCONDUCTOR 106.03 2,400.55 0.00 

AMERICAN WATER WORKS 1,308.91 22,086.62 0.03 

AMGEN 934.85 37,583.12 0.05 

APPLE 75.77 15,932.36 0.02 

AQUA AMERICA 604.05 8,981.60 0.01 


ARIBA 491.90 6,803.01 0.01 

ARUBA NETWORKS 524.43 8,446.26 0.01 

AUTOLIV 304.61 14,557.25 0.02 

AUXILIUM PHARMACEUTICALS 961.65 17,599.04 0.02 

BALDOR ELECTRIC 173.41 5,118.85 0.01 

BIOMARIN PHARMACEUTICAL 1,266.87 20,728.29 0.03 

BLACKBOARD 132.67 3,521.04 0.00 

BRUKER BIOSCIENCES 631.20 6,614.04 0.01 

BUCKEYE PARTNERS 78.51 3,614.57 0.00 

CADIZ 149.43 1,069.39 0.00 

CALGON CARBON 250.25 2,616.75 0.00 

CALIFORNIA WATER SERVICE 123.66 3,324.60 0.00 

CAPELLA EDUCATION 52.55 2,868.23 0.00 

CAVIUM NETWORKS 298.33 6,402.70 0.01 

CELGENE 1,007.48 42,338.39 0.06 

CF INDUSTRIES HOLDINGS 239.36 17,401.42 0.02 

CHESAPEAKE ENERGY 297.67 4,914.04 0.01






(note 2) 

% des actifs 

nets 

CLARCOR 29.25 827.14 0.00 

CLEAN HARBORS 344.33 16,974.59 0.02 

COACH 302.95 9,561.19 0.01 

COMCAST ’A’ 356.65 4,736.74 0.01 

COMPELLENT TECHNOLOGIES 423.94 5,925.09 0.01 

COMSCORE 386.37 6,573.37 0.01 

COMVERGE 774.16 4,248.66 0.01 

CONCUR TECHNOLOGIES 178.76 6,490.49 0.01 

CORN PRODUCTS INTERNATIONAL 265.41 7,319.90 0.01 

COVANTA HOLDING 811.38 9,380.82 0.01 

CREE 370.34 14,910.09 0.02 

DANAHER 128.44 3,813.02 0.01 

DEAN FOODS 723.16 5,339.30 0.01 

DEERE 360.17 18,904.68 0.03 

DELTIC TIMBER 431.65 14,182.05 0.02 

DENDREON 696.46 21,047.78 0.03 

DIGITAL REALTY TRUST 113.05 5,108.19 0.01 

DIONEX 81.29 5,055.96 0.01 

DIRECTV 329.08 10,111.42 0.01 

DONALDSON 202.99 6,967.93 0.01 

DUPONT FABROS TECHNOLOGY 489.88 9,029.85 0.01 

EBAY 170.14 3,111.26 0.00 

ECOLAB 536.99 19,870.87 0.03 

EMC 1,350.32 20,423.81 0.03 

EMERGENCY MEDICAL SERVICES ’A’ 137.54 5,247.75 0.01 

ENERGY RECOVERY 62.05 162.54 0.00 

ENERNOC 308.73 7,269.90 0.01 

EQUINIX 232.61 17,584.87 0.02 

ESTEE LAUDER ’A’ 121.40 5,697.00 0.01 

EXPEDIA 689.61 14,336.25 0.02 

F5 NETWORKS 163.29 12,475.94 0.02 

FIDELITY NATIONAL 628.05 12,578.61 0.02 

FIRST SOLAR 82.15 8,973.52 0.01 

FLEXIBLE SOLUTIONS 222.76 211.91 0.00 

FLOWSERVE 27.62 2,207.58 0.00 

FORESTAR REAL ESTATE GP. 695.24 8,526.43 0.01 

FORTINET 298.33 5,503.31 0.01 

FRANKLIN ELECTRIC 183.73 4,416.52 0.01 

GENTEX 499.30 7,084.39 0.01 

GENZYME (GENERAL DIVISION) 490.74 25,539.22 0.03 

GILEAD SCIENCES 782.34 20,534.67 0.03 

GOOGLE ’A’ 38.13 14,722.89 0.02 

GRAND CANYON EDUCATION 227.43 3,569.72 0.00 

GREIF ’A’ 137.09 5,924.43 0.01 

GSI COMMERCE 261.46 4,819.36 0.01 

HOSPIRA 520.12 21,914.53 0.03 

HUMAN GENOME SCIENCES 1,115.11 23,442.99 0.03 

HYATT ’A’ 552.41 15,223.16 0.02 

IAC/INTERACTIVECORP W-ISSUED 640.51 12,485.85 0.02 

ICF INTERNATIONAL 277.10 4,981.98 0.01 

ILLUMINA 493.91 18,070.89 0.02 

INSITUFORM TECHNOLOGIES ’A’ 313.24 5,425.40 0.01 

471



472 




(note 2) 

% des actifs 

nets 

INTERMUNE 986.14 9,575.72 0.01 

INTERNATIONAL PAPER 697.59 10,939.12 0.01 

INTUIT 245.95 7,999.83 0.01 

ITC HOLDINGS 227.77 10,483.35 0.01 

ITRON 353.96 15,610.43 0.02 

ITT 642.21 22,049.19 0.03 

J&J SNACK FOODS 170.37 5,283.41 0.01 

JOHNSON CONTROLS 227.95 5,107.52 0.01 

JUNIPER NETWORKS 785.07 17,762.63 0.02 

KIMBERLY CLARK 263.55 12,546.86 0.02 

LIFE TECHNOLOGIES 948.80 33,054.54 0.05 

LIFE TIME FITNESS 249.65 7,172.08 0.01 

LITTELFUSE 84.79 2,741.05 0.00 

LUMINEX 1,334.95 15,649.01 0.02 

MAGELLAN MIDSTREAM PARTNERS 260.64 9,761.27 0.01 

MARRIOTT INTERNATIONAL ’A’ 572.70 15,031.99 0.02 

MAXWELL TECHNOLOGIES (USD) 505.51 5,422.83 0.01 

MEADWESTVACO 590.42 10,554.63 0.01 

MEDIVATION 1,003.94 9,579.54 0.01 


MERCADOLIBRE 255.86 14,067.94 0.02 

MICROMET 1,208.54 5,987.00 0.01 

MOMENTA PHARMACEUTICALS 644.76 6,973.18 0.01 

MOSAIC 492.81 21,982.70 0.03 

MUELLER WATER PRODUCTS ’A’ 493.77 1,083.94 0.00 

MYLAN 2,569.87 35,353.20 0.05 

MYRIAD GENETICS 622.45 7,251.22 0.01 

NALCO HOLDING 395.87 7,308.56 0.01 

NEOGEN 112.64 2,823.05 0.00 

NETAPP INC 703.42 26,153.21 0.03 

NETFLIX 127.50 15,919.15 0.02 

NEXTERA ENERGY 282.09 11,285.03 0.02 

NII HOLDINGS ’B’ 296.35 8,929.92 0.01 

NIKE ’B’ 277.60 16,236.11 0.02 

NORDSTROM 182.93 5,033.09 0.01 

NORTHWEST NATURAL GAS 138.53 4,786.73 0.01 

NUANCE COMMUNICATIONS 389.39 4,493.38 0.01 

ONYX PHARMACEUTICALS 1,184.39 23,018.77 0.03 

ORMAT TECHNOLOGIES 710.88 15,168.63 0.02 

PACKAGING CORP OF AMERICA 167.30 2,842.58 0.00 

PALL 229.80 6,986.89 0.01 

PENTAIR 567.57 13,933.98 0.02 

PERRIGO 526.60 24,857.93 0.03 

PG & E 223.64 7,395.25 0.01 

PHARMASSET 292.76 6,394.61 0.01 

PHILLIPS-VAN HEUSEN 240.73 10,445.98 0.01 

PIEDMONT NATURAL GAS CO 233.27 4,955.30 0.01 

PLAINS ALL AMERICA PIPELINE 98.29 4,503.86 0.01 


POLO RALPH LAUREN ’A’ 171.95 11,335.41 0.02 

POLYCOM 431.17 8,900.41 0.01 

POLYPORE 214.73 4,737.51 0.01






(note 2) 

% des actifs 

nets 

POOL 154.40 2,316.07 0.00 

POPE RESOURCES 236.03 4,706.52 0.01 

POTLATCH 696.38 17,259.28 0.02 

PROGENICS PHARM 702.41 2,549.38 0.00 

PUBLIC STORAGE 238.66 16,943.48 0.02 

PULTE HOMES 1,217.53 7,786.69 0.01 

QUANTA SERVICES 538.10 7,583.70 0.01 

QWEST COMMUNICATIONS INT. 2,247.59 10,328.48 0.01 

RACKSPACE HOSTING 490.61 9,359.18 0.01 

RAYONIER 759.45 27,780.60 0.04 

REGAL-BELOIT 107.45 4,608.39 0.01 

REPUBLIC SERVICES 864.77 19,255.84 0.03 

ROPER INDUSTRIES 389.54 18,604.75 0.02 

SAKS 506.93 3,212.37 0.00 

SALESFORCE.COM 33.60 2,792.35 0.00 

SATCON TECHNOLOGY 318.91 886.78 0.00 

SAVIENT PHARMACEUTICALS 933.09 15,547.03 0.02 

SEMPRA ENERGY 178.65 7,024.04 0.01 

SMITHFIELD FOODS 861.71 10,713.04 0.01 

SOHU.COM 243.37 10,433.86 0.01 

SOUTHWESTERN ENERGY 195.03 4,800.93 0.01 

SPECTRA ENERGY 560.56 9,229.25 0.01 

STANLEY BLACK & DECKER 288.91 12,842.86 0.02 

STARWOOD HOTELS & RESORTS 450.46 17,183.21 0.02 

STERICYCLE 282.62 14,424.96 0.02 

STR HOLDINGS 593.28 9,268.61 0.01 

SUNPOWER B 356.23 3,573.74 0.00 

SYMANTEC 1,391.14 15,890.38 0.02 

SYNTHES 472.66 40,724.68 0.05 

SYSCO 344.54 7,306.35 0.01 

TALEO ’A’ 426.86 9,192.57 0.01 

TARGACEPT 449.83 7,323.81 0.01 

TEMPLE-INLAND 711.11 9,782.61 0.01 

TEMPUR-PEDIC INTERNATIONAL 250.03 5,689.95 0.01 

TETRA TECH 426.28 6,547.39 0.01 

THERMO FISHER SCIENTIFIC INC 299.90 10,500.58 0.01 

TIFFANY 408.87 13,975.08 0.02 

TORO 191.45 8,032.99 0.01 

TREEHOUSE FOODS 178.54 5,997.83 0.01 

TRW AUTOMOTIVE 345.43 10,545.44 0.01 

UNITED THERAPEUTICS 904.63 37,116.21 0.05 

VARIAN MEDICAL 423.94 18,795.87 0.03 

VERIFONE HOLDINGS 602.93 12,816.67 0.02 

VERTEX PHARMACEUTICALS 556.45 14,226.89 0.02 

VMWARE 307.75 19,771.90 0.03 

WABCO HOLDINGS 282.62 8,845.24 0.01 

WARNACO GROUP ’A’ 292.93 10,957.55 0.01 

WASTE CONNECTIONS 102.92 2,989.07 0.00 

WASTE MANAGEMENT 437.56 11,478.52 0.02 

WATERS 78.51 4,085.63 0.01 

WATSON PHARMACEUTICALS 458.98 14,337.84 0.02 

WEYERHAEUSER 2,340.28 27,622.46 0.04 

473



474 




(note 2) 

% des actifs 

nets 

WILLIAMS COMPANIES 835.94 11,658.98 0.02 

WILLIAMS-SONOMA 238.26 5,657.62 0.01 

XENOPORT 949.95 4,921.48 0.01 


ZHONGPIN INC 600.38 7,134.63 0.01 

FINLANDE 

2,103,471.18 2.81 

FORTUM 1,087.90 20,887.77 0.03 

KEMIRA 194.49 1,956.56 0.00 

NOKIA 4,712.51 33,977.23 0.05 

ORION ’B’ 759.55 11,218.58 0.01 

STORA ENSO ’R’ 1,954.34 14,081.04 0.02 

UPM-KYMMENE 2,130.17 26,563.24 0.04 

FRANCE 

108,684.42 0.15 

AIR LIQUIDE 276.49 24,972.42 0.03 

AXA 630.08 8,203.67 0.01 

BIC 193.05 11,430.65 0.02 

BIOMERIEUX 123.71 9,540.89 0.01 

BNP PARIBAS 2,152.21 114,303.92 0.15 

BOUYGUES 245.70 7,792.48 0.01 

BUREAU VERITAS 235.35 12,153.26 0.02 

CARREFOUR 237.07 9,353.68 0.01 

DANONE GROUPE 447.68 19,668.60 0.03 

DIOR CHRISTIAN 301.23 28,315.93 0.04 

EDF ENERGIES NOUVELLES 391.34 11,227.64 0.01 

ELECTRICITE DE FRANCE 739.89 23,354.74 0.03 

ESSILOR INTERNATIONAL 455.52 22,907.99 0.03 

EUROFINS SCIENTIFIC 143.62 5,299.49 0.01 

GAMELOFT 1,026.55 3,644.26 0.00 

GDF SUEZ 315.50 8,304.08 0.01 

HERMES INTERNATIONAL 74.09 12,107.11 0.02 

INTER PARFUMS 275.62 6,592.85 0.01 

IPSEN 424.95 10,494.04 0.01 

L.V.M.H. 654.17 69,864.99 0.09 

LAURENT PERRIER 124.72 10,226.92 0.01 

LEGRAND 352.44 8,707.11 0.01 

L’OREAL 417.06 34,265.61 0.05 

NEOPOST 189.60 10,361.65 0.01 

PERNOD-RICARD 87.19 5,314.90 0.01 

PPR 183.53 21,913.25 0.03 

REMY COINTREAU 195.67 9,590.97 0.01 

RENAULT 232.47 8,588.56 0.01 

SAFT GROUPE 262.35 7,473.16 0.01 

SANOFI-AVENTIS 536.86 26,556.02 0.04 

SCHNEIDER ELECTRIC S.A. 131.20 12,135.56 0.02 

SECHILIENNE-SIDEC 312.36 6,320.70 0.01 

SELOGER.COM 107.12 4,043.78 0.01 

SOCIETE GENERALE 182.98 7,910.35 0.01 


TOTAL 2,462.73 93,460.42 0.12 

VEOLIA ENVIRONNEMENT 763.28 15,013.70 0.02






(note 2) 

% des actifs 

nets 

VINCI 1,848.16 67,966.01 0.09 

VIVENDI 634.69 12,646.12 0.02 

GRECE 

801,691.90 1.07 

ALAPIS 5,196.13 8,469.70 0.01 

TERNA ENERGY 561.38 1,543.79 0.00 

GUERNESEY 

10,013.49 0.01 

GOTTEX FUND MANAGEMENT HOLDINGS 32.64 120.14 0.00 

HONG-KONG 

120.14 0.00 



CHINA MOBILE ADR (R. 5 SHS) 349.81 13,120.98 0.02 


HONGRIE 

29,683.36 0.04 

EGIS 179.18 14,402.21 0.02 

GEDEON RICHTER 101.61 17,025.81 0.02 

ILES CAIMANS 

31,428.02 0.04 

3SBIO ADR (R.7 SHS) 986.85 9,503.16 0.01 

ALIBABA.COM 3,656.96 5,572.70 0.01 

BAIDU.COM ADR ’A’ (R. 1 SHS ’A’) 179.80 13,646.43 0.02 


CATCH THE WIND (CAD) 3,099.73 989.82 0.00 



CONSOLIDATED WATER 173.98 1,209.45 0.00 

CTRIP.COM INTL ADR (R. 1/2 SHS) 243.08 8,536.05 0.01 


EURASIA DRILLING GDR (R. 1 SHS) 1,489.89 25,308.18 0.03 

FOCUS MEDIA ADR (R. 5 SHS) 609.92 10,715.82 0.01 




NETEASE.COM ADR (R. 25 SHS) 225.92 6,562.97 0.01 

NEW ENVIRONMENTAL ENERGY HOLDINGS 8,149.44 376.55 0.00 

PERFECT WORLD ADR (R. 5 SHS ’B’) 187.50 3,399.80 0.00 

SIMCERE PHARMACEUTIC ADR (R. 2 SHS) 891.95 6,598.59 0.01 

SINA 188.66 7,144.26 0.01 

TECENT HOLDINGS 637.06 10,188.52 0.01 

TRINA SOLAR ADR (R. 100 SHS) 360.59 7,620.34 0.01 


WASION GROUP 8,285.76 4,648.94 0.01 

WYNN MACAU 9,723.42 12,304.84 0.02 

XINYU HENGDELI HLGDS 26,850.11 9,089.60 0.01 

YINGLI GREEN ADR (R. 1 SHS) 877.37 8,243.44 0.01 

202,420.12 0.27 

475




476 




(note 2) 

% des actifs 

nets 

RENESOLA ADR (R.2 SHS) 809.71 7,210.72 0.01 

INDE 

7,210.72 0.01 

DR REDDY’S LAB ADR (R. 1 SHS) 847.34 20,194.68 0.02 

JAIN IRRIGATION SYSTEMS 328.04 6,405.06 0.01 




INDONESIE 

46,513.34 0.06 

BISI INTERNATIONAL 29,568.34 5,452.44 0.01 

PT SAMPOERNA AGRO 29,512.02 6,530.47 0.01 

IRLANDE 

11,982.91 0.02 

KERRY GROUP ’A’ 454.58 11,614.52 0.01 

ORIGIN ENTERPRISES 281.60 788.49 0.00 

SMURFIT KAPPA 781.37 5,712.58 0.01 

ISRAEL 

18,115.59 0.02 


CHECK POINT SOFTWARE TECHNOLOGIES 207.26 5,520.43 0.01 

NICE SYSTEMS ADR (R. 1 SHS) 157.01 3,586.99 0.00 

RADWARE 197.84 5,036.43 0.01 

TEVA PHARMACEUTICAL ADR 989.00 38,059.22 0.05 

ITALIE 

62,075.90 0.08 

A2A 6,496.47 7,295.53 0.01 

ASSICURAZIONI GENERALI 845.86 12,417.29 0.02 

ASTALDI 5,238.30 27,343.92 0.04 

ATLANTIA 604.19 9,183.67 0.01 


BULGARI 769.79 4,995.92 0.01 

BUZZI UNICEM RISP 2,566.47 11,375.89 0.02 



ENI 3,885.26 61,736.78 0.07 

HERA 2,896.72 4,061.20 0.01 



LUXOTTICA GROUP 251.39 5,005.10 0.01 

PARMALAT 2,636.87 4,957.31 0.01 

PIRELLI & CIE 1,593.91 9,412.02 0.01 

PRYSMIAN 1,948.06 26,162.46 0.03 

SNAM RETE GAS 5,254.88 19,311.68 0.03 

T.E.R.N.A. 3,573.34 11,041.63 0.01 

UNICREDITO ITALIANO SPA 18,550.08 34,150.70 0.04 

YOOX 1,332.55 9,847.56 0.01 

325,802.39 0.43


JAPON 





(note 2) 

% des actifs 

nets 

DAISEKI 267.57 3,696.23 0.00 

DENSO 213.54 4,644.34 0.01 

DISCO 139.14 5,868.96 0.01 

KURITA WATER INDUSTRIES 664.61 13,532.18 0.02 

NICHI-IKO PHARMACEUTICAL 744.13 18,950.36 0.03 

NINTENDO 47.81 8,764.40 0.01 

NIPPON PAPER GROUP 252.65 4,637.92 0.01 


OJI PAPER 1,540.80 4,996.26 0.01 

RAKUTEN 12.52 6,720.81 0.01 

SAKATA SEED 326.38 3,186.45 0.00 

SAWAI PHARMACEUTICAL 284.30 18,762.43 0.02 

SOFTBANK 192.11 4,610.43 0.01 

STELLA CHEMIFA 143.61 3,668.66 0.00 

TOWA PHARMACEUTICAL 449.43 18,581.95 0.02 

TOYO SUISAN KAISHA 309.76 4,684.72 0.01 


JERSEY 

132,965.55 0.18 

WPP 1,006.98 8,282.56 0.01 

LITUANIE 

8,282.56 0.01 


LUXEMBOURG 

2,524.59 0.00 

ARCELOR MITTAL 799.63 19,451.01 0.03 

L’OCCITANE INTL (HKD) 3,904.37 7,952.61 0.01 

MHP GDR (R. 1 SHS) 397.14 4,431.76 0.01 

MILLICOM INTL CELLULAR-SDR- 364.79 25,827.90 0.03 

SES GLOBAL FDR 437.50 7,781.02 0.01 

MEXIQUE 

65,444.30 0.09 

GROUPO CONTINENTAL 730.25 1,540.28 0.00 

NORVEGE 

1,540.28 0.00 

ALGETA 730.15 8,639.12 0.01 

AUSTEVOLL SEAFOOD 986.74 4,726.58 0.01 

CERMAQ 1,126.41 9,157.06 0.01 

DNB NOR 713.52 7,158.70 0.01 

ORKLA 1,395.96 9,573.60 0.01 


TELENOR 667.48 7,798.34 0.01 

YARA INTERNATIONAL 590.24 20,374.32 0.03 

PAYS-BAS 

72,947.99 0.10 

AALBERTS INDUSTRIES 56.04 687.01 0.00 

AEGON 1,403.44 6,263.57 0.01 

ARCADIS 79.28 1,286.00 0.00 

ASTARTA HOLDING (PLN) 118.92 2,268.73 0.00 

CNH GLOBAL (USD) 332.57 9,447.21 0.01 

477



478 




(note 2) 

% des actifs 

nets 

CSM 292.12 6,320.04 0.01 

GEMALTO 130.01 3,921.02 0.01 

HEINEKEN 309.00 11,644.64 0.02 


KONINKLIJKE DSM 246.39 9,233.61 0.01 

KONINKLIJKE KPN NV 936.79 10,674.67 0.01 

NUTRECO HOLDING 98.56 5,271.05 0.01 

ROYAL PHILIPS (EUR) 506.37 11,679.37 0.02 

SENSATA TECHNOLOGIE 251.22 3,678.45 0.00 

TNT 334.89 6,654.33 0.01 

UNILEVER NV (EUR) 563.33 12,382.08 0.02 

PHILIPPINES 

118,393.63 0.16 


PORTUGAL 

2,440.58 0.00 


JERONIMO MARTINS 368.27 3,611.23 0.00 

PORTUCEL 2,607.65 5,629.92 0.01 

ROYAUME-UNI 

19,049.41 0.02 

ASSOCIATED BRITISH FOODS 1,932.30 23,779.05 0.03 

ASTRAZENECA (GBP) 661.73 24,888.63 0.03 


AVIVA 2,261.39 10,561.17 0.01 

BARCLAYS 3,193.57 11,325.10 0.02 

BG GROUP 5,767.35 75,957.14 0.10 

BHP BILLITON (GBP) 903.41 21,221.41 0.03 

BP PLC 4,757.36 23,267.94 0.03 


BT GROUP 3,884.07 6,371.36 0.01 

BUNZL 1,317.71 11,741.52 0.02 


CAIRN ENERGY 1,162.34 6,185.93 0.01 

CAPITA GROUP 2,123.29 19,351.41 0.03 

CARNIVAL 1,340.45 39,569.85 0.05 

CENTRICA 4,902.56 18,470.55 0.02 

COMPASS GROUP 4,193.35 26,866.86 0.04 

DIAGEO 2,346.72 29,885.60 0.04 

EXPERIAN 2,025.48 16,300.48 0.02 

G4S 2,229.59 6,573.11 0.01 

GLAXOSMITHKLINE 2,111.78 30,691.40 0.04 

HALMA 1,109.52 3,974.21 0.01 

HIKMA PHARMACEUTICALS 3,322.54 27,782.16 0.04 

HSBC HOLDINGS 4,396.19 33,146.02 0.04 

INMARSAT 659.34 5,129.81 0.01 


INTERTEK GROUP 486.74 10,392.95 0.01 

INVESTEC 1,076.03 6,369.12 0.01 


MAN GROUP 13,293.79 32,926.53 0.04 

MITIE 19,388.55 43,247.05 0.06






(note 2) 

% des actifs 

nets 

MONDI (GBP) 2,030.14 12,135.48 0.02 

MORRISON WM. SUPERMARKETS 3,314.41 11,632.33 0.02 

NATIONAL GRID 10,417.49 65,837.30 0.09 


PEARSON 1,001.23 11,486.29 0.02 

PENNON GROUP 2,074.60 14,198.70 0.02 


PRUDENTIAL 1,191.11 8,773.10 0.01 

RECKITT BENCKISER 627.21 25,276.92 0.03 

REXAM 1,513.35 5,415.02 0.01 

RIO TINTO NOM. 1,307.91 57,162.06 0.08 

ROTORK 31.50 629.67 0.00 

ROYAL DUTCH SHELL ’A’ 2,629.94 58,292.69 0.08 

ROYAL DUTCH SHELL ’B’ 886.14 19,009.18 0.03 

SABMILLER (GBP) 460.33 10,834.85 0.01 

SAGE GROUP 2,917.37 9,357.67 0.01 


SEVERN TRENT 1,909.83 29,417.19 0.04 

SHIRE ADR (R. 3 SHS) 293.68 14,705.37 0.02 

SMITHS GROUP 731.68 10,177.04 0.01 


STANDARD CHARTERED PLC 661.73 14,460.39 0.02 

TATE & LYLE 1,446.53 7,931.89 0.01 

TEG GROUP 996.80 452.10 0.00 

TELECITY GROUP 3,003.01 18,108.11 0.02 

TESCO 4,816.25 24,241.38 0.03 


TULLOW OIL 3,795.42 56,571.36 0.08 

UNILEVER NEW (GBP) 765.31 16,394.79 0.02 


VODAFONE GROUP AG 66,118.54 121,760.07 0.17 

WHITBREAD 1,372.15 26,015.47 0.03 

ZENERGY POWER 2,231.00 1,063.78 0.00 

RUSSIE 

1,532,160.80 2.04 

CHERKIZOVO GP. GDR (R.0.666667SH S) 261.11 3,762.07 0.01 

PHARMSTANDARD OKTYABR -GDR- (USD) 1,554.91 25,418.35 0.03 

RUSHYDRO OJSC (USD) 193,425.83 7,246.77 0.01 

SINGAPOUR 

36,427.19 0.05 

BANYAN TREE 9,364.01 4,587.52 0.01 

EPURE INTL 8,597.95 4,116.49 0.01 


HYFLUX 2,478.27 4,290.85 0.01 

INDOFOOD AGRI RESOURCES 4,131.12 5,197.68 0.01 



SLOVENIE 

40,040.63 0.07 

KRKA 238.61 15,285.52 0.02 

15,285.52 0.02 

479


SUEDE 


480 




(note 2) 

% des actifs 

nets 

ACTIVE BIOTECH 540.21 6,964.03 0.01 

ASSA ABLOY ’B’ 1,306.12 24,377.70 0.04 

ERICSSON TELEFON ’B’ 920.67 7,352.18 0.01 

HENNES & MAURITZ ’B’ 391.28 10,343.02 0.01 

HOLMEN ’B’ 339.26 7,781.74 0.01 

MODERN TIMES GROUP ’B’ 704.59 38,817.75 0.06 

NORDEA BANK 1,242.90 9,376.29 0.01 

SKF ’B’ 552.40 9,413.20 0.01 


SVENSKA HANDELSBANKEN ’A’ 322.23 7,797.13 0.01 

TELIASONERA (SEK) 3,078.49 18,404.30 0.02 

SUISSE 

161,890.27 0.22 

ABB LTD 9,180.05 143,481.65 0.19 

ACINO HOLDING 885.21 64,834.38 0.09 

ACTELION NOM. 1,103.34 33,218.47 0.04 

ADECCO NOM. 1,954.44 75,266.37 0.10 

AFFICHAGE HOLDING 136.92 15,201.70 0.02 


BALOISE-HOLDING AG 1,586.61 105,479.68 0.14 

BANQUE SARASIN NOM ’B’ 881.45 25,161.50 0.03 

BASILEA PHARMACEUTICA NOM. 345.08 15,850.74 0.02 

BELIMO HOLDING 27.03 32,083.13 0.04 

BOBST GROUP 1,087.12 35,483.24 0.05 


BURCKHARDT COMPRESSION HOLDING 270.31 43,555.89 0.06 


COMET HOLDING NOM. 264.43 31,981.60 0.04 

CREDIT SUISSE GROUP 3,699.34 119,390.87 0.16 

DUFRY 194.60 13,536.79 0.02 


GEBERIT 1,435.33 188,257.32 0.25 

GIVAUDAN NOM. 133.52 100,843.14 0.13 

GOLDBACH MEDIA 998.97 26,265.08 0.04 

HELVETIA PATRIA NOM. 474.72 120,712.75 0.16 

HOLCIM LTD 724.69 34,541.27 0.05 

INFICON HOLDING 907.68 93,072.22 0.12 


KABA HOLDING NOM. 15.07 3,651.70 0.00 

KARDEX NOM. 3,568.79 68,630.52 0.09 

KUDELSKI 2,174.24 40,015.62 0.05 

KUEHNE & NAGEL INTERNATIONAL 1,057.74 93,521.34 0.12 

KUONI REISEN HOLDING NOM. ’B’ 558.40 167,893.30 0.22 

LIFEWATCH 6,349.70 49,607.01 0.07 

LINDT & SPRUENGLI 47.01 82,035.33 0.11 


LONZA GROUP 333.35 21,084.57 0.03 

MEYER BURGER TECHNOLOGY 5,559.62 129,677.15 0.17 

NESTLE S.A. 17,026.91 671,412.30 0.90 

NOBEL BIOCARE HOLDING 9,286.42 127,102.27 0.17 

NOVARTIS AG 9,320.98 395,714.68 0.53






(note 2) 

ORIOR 202.31 7,028.95 0.01 

PARGESA HOLDING 470.11 25,567.62 0.03 

PARTNERS GROUP HOLDING NOM. 1,615.46 198,169.94 0.26 

ROCHE HOLDING BON JCE 2,991.00 295,803.73 0.40 

S.G.S. S.A. 78.92 94,005.42 0.13 

SCHINDLER HOLDING B. PART. 1,469.08 115,875.35 0.15 

SCHINDLER HOLDING NOM. 587.63 46,129.42 0.06 

SCHULTHESS GROUP NOM. 1,992.07 52,300.84 0.07 

SCHWEITER TECHNOLOGIES 96.45 47,636.56 0.06 

SIKA FINANZ PORT. 58.76 80,163.67 0.11 


STRAUMANN HOLDING NOM. 653.95 109,529.08 0.15 

SUISSE REASSURANCE 801.21 26,331.93 0.04 

SWISSCOM NOM. 38.50 11,488.41 0.02 

SWISSLOG HOLDING NOM. 116,473.59 69,996.15 0.10 

SYNGENTA AG 287.93 53,684.57 0.07 

TECAN GROUP NOM. 2,752.41 138,013.29 0.18 

TEMENOS GROUP NOM. 8,038.78 182,068.19 0.24 

THE SWATCH GROUP 285.85 77,926.90 0.10 

THE SWATCH GROUP NOM. 3,570.36 178,893.66 0.24 

TRANSOCEAN 963.54 45,836.56 0.06 

TYCO INTERNATIONAL NOM. 376.83 10,241.20 0.01 

UBS AG 18,692.47 239,700.69 0.32 

VALORA HOLDING NOM. 438.75 82,398.02 0.11 

VZ HOLDING NOM. 612.68 43,723.24 0.06 

WINTERTHUR TECHNOLOGIE 1,187.02 43,425.23 0.06 


TAIWAN 

6,354,642.62 8.47 

HIGH TECH COMPUTER 515.91 8,583.63 0.01 


TURQUIE 

13,378.43 0.02 

KOC HOLDING 8,222.79 28,018.79 0.04 

28,018.79 0.04 

TOTAL ACTIONS 14,350,463.40 19.14 

CERTIFICATS 

PAYS-BAS 

ING GROEP (CRT.) 7,409.59 57,135.38 0.08 

57,135.38 0.08 


DROITS 

ALLEMAGNE 

% des actifs 

nets 

DEUTSCHE BANK RTS 5.10.10 EUR 212.50 653.23 0.00 

653.23 0.00 


481


OBLIGATIONS 



482 




(note 2) 

% des actifs 

nets 








60,450.12 0.08 

ALLEMAGNE 

1.25% ALLEMAGNE 09/11 EUR 759,024.31 761,521.50 1.02 

1.5% ALLEMAGNE 09/11 EUR 758,235.63 762,967.02 1.02 

2.25% ALLEMAGNE 08/10 EUR 706,656.05 709,072.81 0.95 

2.375% VOLKSWAGEN BANK 10/13 EUR 119,484.41 120,488.08 0.16 

2.5% ALLEMAGNE 05/10 EUR 803,032.58 803,225.31 1.07 

3.5% ALLEMAGNE 06/11 EUR 862,814.42 888,198.42 1.19 

3.5% BAYERISCHE LDBANK 09/13 EUR 179,226.62 186,533.68 0.25 

3.50% ALLEMAGNE 06/11 EUR 951,935.10 966,328.36 1.29 

4% ALLEMAGNE 07/12 EUR 804,452.20 845,040.84 1.13 

4% BAYERISCHE LDBANK 04/11 EUR 149,355.51 151,803.45 0.20 


5% ALLEMAGNE 01/11 EUR 1,205,416.42 1,245,026.40 1.66 

5% ALLEMAGNE 02/12 EUR 1,267,091.08 1,336,489.66 1.78 

5% ALLEMAGNE 02/12 EUR 1,367,253.27 1,468,033.56 1.96 

5.25% ALLEMAGNE 00/11 EUR 1,164,405.13 1,178,663.27 1.57 

5.375% HENKEL 05/04 EUR 29,871.10 30,058.54 0.04 

5.5% LBANK HESSEN-THUERING.02/12 EUR 295,723.92 313,207.11 0.42 

6% BAYER AG. 02/12 EUR 74,677.76 79,619.93 0.11 

12,004,703.81 16.03 

ARGENTINE 

2% PROV. BUENOS AIRES 06/35 USD 1,993.90 627.38 0.00 

8.28% ARGENTINE 05/33 USD 23,936.86 18,678.90 0.03 

STEP ARGENTINE 05/38 USD 60,415.18 17,992.88 0.02 

37,299.16 0.05 

AUSTRALIE 




BIELORUSSIE 

267,982.02 0.36 

8.75% BIELORUSSIE 10/15 USD 17,479.53 13,238.24 0.02 

13,238.24 0.02 

BELGIQUE 

4.125% BELGACOM 06/11 EUR 52,274.43 53,800.58 0.07 

4.875% S.N.C.B. 01/11 EUR 59,742.21 62,050.05 0.08 

BELIZE 

115,850.63 0.15 

STEP GOV. OF BELIZE 07/29 USD 11,600.51 7,342.66 0.01 

7,342.66 0.01


BRESIL 





(note 2) 

% des actifs 

nets 

4.875% BRESIL 10/21 USD 16,560.34 13,305.52 0.02 

5.5% BNDES 10/20 USD 10,966.45 8,646.56 0.01 

5.625% BRESIL 09/41 USD 16,698.92 13,502.39 0.02 

5.875% BRESIL 09/19 USD 23,428.33 20,152.28 0.03 



6% BRESIL 06/17 USD 4,984.75 4,265.83 0.01 

6.5% BCO DESENVOLVIMENTO 09/19 USD 9,271.64 7,802.15 0.01 

7.125% BRESIL 06/37 USD 22,241.96 21,483.60 0.03 

7.875% BRESIL 05/15 USD 3,987.80 3,596.50 0.00 

8% BRESIL 05/18 USD 6,056.47 4,431.80 0.01 

8.75% BRESIL 05/25 USD 18,194.34 19,554.40 0.03 

10% BRESIL 10/21 BRL 79.36 31,316.57 0.04 

11% BRESIL 00/40 USD 12,601.45 12,778.08 0.02 

CANADA 

192,488.83 0.27 

4.125% ROYAL BANK OF CANADA 07/12 EUR 74,677.76 77,286.25 0.10 

CHILI 

77,286.25 0.10 

3.875% CHILI 10/20 USD 9,700.33 7,392.96 0.01 

5.25% ENAP 10/20 USD 8,823.01 6,682.17 0.01 

5.625% CODELCO 05/35 USD 11,714.16 9,470.65 0.01 

6.15% CODELCO 06/36 USD 996.95 861.34 0.00 

24,407.12 0.03 

COLOMBIE 

6.125% COLOMBIE 09/41 USD 23,528.02 19,669.89 0.03 

7.375% COLOMBIE 06/17 USD 8,972.55 8,075.72 0.01 

7.375% COLOMBIE 06/37 USD 14,156.69 13,699.91 0.02 

7.375% COLOMBIE 09/19 USD 4,635.82 4,291.18 0.01 

8.125% COLOMBIE 04/24 USD 6,081.40 6,052.05 0.01 

8.25% COLOMBIE 04/14 USD 2,990.85 2,686.44 0.00 

54,475.19 0.08 

COREE DU SUD 

4.25% COREE 04/14 KRW 3,738.56 2,443.47 0.00 

4.5% COREE 10/15 KRW 5,632.77 3,729.35 0.00 



5% COREE 10/20 KRW 26,867.81 18,663.82 0.03 

5% NATIONAL AGR. COOP. 09/14 USD 1,096.65 859.73 0.00 

5.75% COREE 08/18 KRW 15,951.20 11,317.23 0.02 

7% WOORI BANK 09/15 USD 797.56 665.83 0.00 

40,230.33 0.05 


2.5% COTE D’IVOIRE 09/32 USD 44,293.50 18,839.23 0.03 

CROATIE 

18,839.23 0.03 

6.625% CROATIE 10/20 USD 12,043.16 9,561.59 0.02 

6.75% CROATIE 09/19 USD 11,714.16 9,386.11 0.01 

18,947.70 0.03 

483


EGYPTE 


484 




(note 2) 

% des actifs 

nets 

0% EGYPTE 10/11 EGP 34,644.02 4,399.24 0.01 

0% EGYPTE 10/11 EGP 34,644.02 4,294.66 0.01 

8,693.90 0.02 

EQUATEUR 

9.375% EQUATEUR REG-S 05/15 USD 8,474.08 5,642.79 0.01 

ESPAGNE 

5,642.79 0.01 



5.625% SANTANDER INTL 08/12 EUR 119,484.41 124,436.44 0.17 

ETATS-UNIS 

335,623.79 0.45 


3.625% PFIZER 09/13 EUR 67,209.98 70,410.86 0.09 



4% I.B.M. 06/11 EUR 52,274.43 53,791.17 0.07 


4.625% ROCHE HOLDINGS 09/13 EUR 179,226.62 191,015.25 0.25 


4.875% ZURICH FINANCE 09/12 EUR 44,806.65 46,765.82 0.06 


5.25 % JP MORGAN CHASE 08/13 EUR 149,355.51 160,755.82 0.21 


6% SWISS RE TREASURY US 9/12 EUR 164,291.06 174,523.11 0.23 



6.625% PEMEX PROJ.FDG MSTR 05/35 USD 9,022.40 7,245.81 0.01 

6.75% MERRILL LYNCH 08/13 EUR 149,355.51 162,285.97 0.22 

7.375% CITIGROUP 09/14 EUR 97,081.08 109,732.69 0.15 

7.5% JOHN DEERE CAPITAL 09/14 EUR 119,484.41 139,208.30 0.19 

FRANCE 

2,005,513.62 2.68 

2.625% BPCE 09/12 EUR 89,613.31 90,944.07 0.12 

3.125% SANOFI-AVENTIS 09/14 EUR 44,806.65 46,392.81 0.06 

3.25% BNP PARIBAS 09/12 EUR 104,548.86 107,185.06 0.14 

3.75% C.I.F. 10/15 EUR 59,742.21 61,220.82 0.08 


4.375% GDF SUEZ 09/12 EUR 104,548.86 108,199.71 0.14 

4.375% THALES 09/13 EUR 52,274.43 55,149.78 0.07 

5.25 % SOCIETE GENERALE 08/13 EUR 112,016.63 120,479.49 0.16 

5.25 % VEOLIA ENVIRON. 09/14 EUR 134,419.96 147,955.38 0.20 

5.625% E.D.F. 08/13 EUR 112,016.63 121,707.75 0.16 

5.75% HSBC FRANCE 08/13 EUR 104,548.86 114,732.44 0.15 

6% AXA 01/13 EUR 59,742.21 65,960.77 0.09 


GABON 

1,326,344.91 1.75 

8.2% GABON 07/17 USD 996.95 848.06 0.00 

848.06 0.00


GEORGIE 





(note 2) 

% des actifs 

nets 

7.5% GEORGIE 08/13 USD 6,380.48 4,797.28 0.01 

9.875% GEORGIAN RAILWAY 10/15 USD 17,646.02 13,590.30 0.02 

GHANA 

18,387.58 0.03 

8.5% GHANA 07/17 USD 5,652.71 4,746.46 0.01 

14% REPUBLIC GHANA 08/11 GHS 996.95 516.55 0.00 

14.47% GHANA 06/11 GHS 498.48 263.04 0.00 

16% GHANA 08/11 GHS 897.26 471.22 0.00 

5,997.27 0.01 

GUERNESEY 

2.875% CS GROUP FIN. GUERN. 10/15 EUR 89,613.31 89,832.86 0.12 

6.5% ABB INTL. FINANCE 03/11 EUR 59,742.21 63,094.34 0.08 

152,927.20 0.20 

HONGRIE 

4.75% HONGRIE 05/15 USD 15,951.20 11,716.00 0.02 

6.25% HONGRIE 10/20 USD 16,549.37 12,624.60 0.02 

24,340.60 0.04 

ILES CAIMANS 

5.25% NILE FINANCE 10/15 USD 20,437.48 15,397.41 0.02 

5.875% HUTCHISON WHAMPOA 03/13 EUR 164,291.06 178,352.74 0.24 


195,777.53 0.26 

INDONESIE 

5.875% INDONESIE 10/20 USD 498.48 422.46 0.00 

6.625% INDONESIE 07/37 USD 11,165.84 10,049.79 0.01 

6.75% INDONESIE 04/14 USD 996.95 830.73 0.00 

6.875% INDONESIE 08/18 USD 2,990.85 2,656.34 0.00 

7.25% INDONESIE 05/15 USD 1,794.51 1,557.69 0.00 

7.50% INDONESIE 05/16 USD 996.95 889.10 0.00 

7.75% INDONESIE 08/38 USD 20,188.24 20,257.01 0.03 

8.5% INDONESIE 05/35 USD 12,611.42 13,496.47 0.02 

8.8% PERUSA. PEN. INDO. 09/14 USD 3,240.09 2,854.00 0.00 

9.5% INDONESIE 08/12 IDR 14,954.25 1,272.41 0.00 

10.375% INDONESIE 09/14 USD 1,993.90 1,851.14 0.00 


11.625% INDONESIE 09/19 USD 2,741.61 3,117.08 0.00 

IRAK 

60,523.65 0.06 

STEP IRAQ 06/28 USD 34,394.78 21,613.22 0.03 

IRLANDE 

21,613.22 0.03 

3.25% ALLIED IRISH BANK 10/13 EUR 22,403.33 20,815.94 0.03 

4.75% GE CAP. UK FUNDING 09/14 EUR 74,677.76 80,134.83 0.11 


5.25% GE CAP. EUROP. FUND. 09/13 EUR 149,355.51 159,437.01 0.21 

6.902% VEB FINANCE S.1 10/20 USD 14,256.39 11,397.02 0.02 

319,082.93 0.43 

485


ITALIE 


486 




(note 2) 

% des actifs 

nets 



4.375% MEDIOBANCA 09/12 EUR 74,677.76 76,766.12 0.10 

4.875% UNICREDIT 08/13 EUR 89,613.31 93,695.19 0.13 


5.25 % UNICREDIT 09/14 EUR 104,548.86 111,925.83 0.15 

5.875% ENI 08/14 EUR 44,806.65 49,988.54 0.07 

KAZAKHSTAN 

592,964.65 0.80 

7% KAZMUNAIGAZ FINANCE 10/20 USD 17,446.63 13,981.93 0.02 

8.375% KAZMUNAIGAZ F. REG. S. 08/13 USD 24,325.58 19,724.78 0.03 

9.125% KAZMUNAIGAZ F. REG. S. 08/18 USD 20,587.02 18,435.14 0.02 

LIBAN 

52,141.85 0.07 

4% LIBAN 02/17 USD 15,552.42 8,385.95 0.01 

6.375% LIBAN 10/20 USD 11,255.57 8,565.66 0.01 

8.25% LIBAN 06/21 USD 13,359.13 11,437.32 0.02 

28,388.93 0.04 

LITUANIE 

5.125% LITUANIE 10/17 USD 20,935.95 15,199.15 0.02 

6.75% LITUANIE 09/15 USD 18,842.36 14,968.40 0.02 

7.375% LITUANIE 10/20 USD 16,399.83 13,470.57 0.02 

LUXEMBOURG 

43,638.12 0.06 

2.875% NORD/LB G-MTN’S.3’ 09/13 EUR 149,355.51 154,246.91 0.21 

4.125% SYNGENTA LUX FIN. 06/11 EUR 74,677.76 76,538.35 0.10 


6.299% RSHB CAPITAL 07/17 USD 18,942.05 14,484.50 0.02 


9% RSHB CAPITAL 09/14 USD 5,383.53 4,530.28 0.01 

434,016.25 0.58 

MALAISIE 




5.25% PETRONAS CAPITAL 09/19 USD 18,194.34 14,928.61 0.02 

7.625% PETROLIAM NASIONAL 96/26 USD 13,632.30 13,587.42 0.02 

MEXIQUE 

51,357.43 0.06 

5.125% MEXIQUE 10/20 USD 11,963.40 9,752.14 0.01 

5.5% PEMEX 10/21 USD 15,243.37 11,962.95 0.02 

5.625% MEXIQUE 06/17 USD 10,039.29 8,438.95 0.01 

5.875% MEXIQUE 03/14 USD 1,140.51 948.27 0.00 

5.95% MEXIQUE 08/19 USD 12,262.49 10,532.08 0.01 

6% PEMEX 10/20 USD 16,050.90 13,095.87 0.02 

6.05% MEXIQUE 08/40 USD 4,585.97 3,804.60 0.01 

6.625% MEXIQUE 03/15 USD 2,492.38 2,149.79 0.00 

6.625% PEMEX 10/35 USD 20,287.94 16,293.06 0.02 

6.75% MEXIQUE 04/34 USD 9,171.94 8,322.30 0.01 

7.50% MEXIQUE 03/33 USD 9,560.75 9,357.20 0.01






(note 2) 

% des actifs 

nets 

8% PEMEX 09/19 USD 299.09 274.66 0.00 

8.125% MEXIQUE 01/19 USD 1,993.90 1,976.98 0.00 

NORVEGE 

96,908.85 0.12 


PAKISTAN 

82,233.65 0.11 

6.875% PAKISTAN 07/17 USD 2,990.85 1,991.57 0.00 

7.875% PAKISTAN -REG.S- 06/36 USD 17,766.65 10,303.03 0.01 

PANAMA 

12,294.60 0.01 

5.2% PANAMA 09/20 USD 26,917.66 21,962.02 0.03 

6.7% PANAMA 06/36 USD 24,391.38 22,042.64 0.03 

7.25% PANAMA 04/15 USD 1,246.19 1,090.85 0.00 

8.875% PANAMA 97/27 USD 9,919.65 10,597.65 0.01 

PAYS-BAS 

55,693.16 0.07 

3% SHELL INTL FINANCE 09/13 EUR 119,484.41 123,636.49 0.16 

3.50% RABOBANK 05/12 EUR 59,742.21 61,531.48 0.08 

3.75% NED. WATERSCHAPSBANK 06/12 EUR 126,952.19 131,160.65 0.17 

3.75% PORTUGAL TEL. INTL 05/12 EUR 52,274.43 52,963.93 0.07 

4% B.N.G. 07/12 EUR 298,711.03 310,166.59 0.41 


4.25% EDP FINANCE 06/12 EUR 29,871.10 30,736.77 0.04 

4.25% RABOBANK 03/13 EUR 44,806.65 47,623.20 0.06 

4.375% RABOBANK 09/14 EUR 59,742.21 64,098.31 0.09 

4.875% IBERDROLA INT. 03/13 EUR 89,613.31 94,728.88 0.13 

5.125% E.ON INTL FINANCE 07/12 EUR 186,694.39 199,156.24 0.27 


5.375% INTL. ENDESA 03/13 EUR 44,806.65 47,956.79 0.06 

5.625% ALLIANZ FINANCE II 02/12 EUR 119,484.41 129,225.38 0.17 



5.875% ENBW INT.FINANCE 02/12 EUR 67,209.98 71,221.74 0.10 


7% AEGON 09/12 EUR 44,806.65 48,007.19 0.06 


7.75% MAJAPAHIT HLDG 06/16 USD 4,984.75 4,272.22 0.01 

7.75% MAJAPAHIT HLDG BV 09/20 USD 6,978.65 6,147.07 0.01 


8% MAJAPAHIT BV 09/19 USD 12,860.66 11,386.98 0.02 


PEROU 

2,056,340.21 2.74 


6.55% PEROU 07/37 USD 21,620.86 19,301.58 0.03 

7.125% PEROU 09/19 USD 5,184.14 4,760.81 0.01 

7.35% PEROU 05/25 USD 23,328.63 22,277.17 0.03 

8.75% PEROU 03/33 USD 9,635.52 10,540.88 0.01 

59,690.71 0.08 

487


PHILIPPINES 


488 




(note 2) 

% des actifs 

nets 


6.375% PHILIPPINES 07/32 USD 6,181.09 5,303.20 0.01 





7.79% POWER SECTOR ASS. 09/24 USD 4,302.84 3,888.50 0.01 

9% PHILIPPINES 02/13 USD 2,691.77 2,316.85 0.00 

9.5% PHILIPPINES 05/30 USD 9,720.26 10,993.66 0.01 



POLOGNE 

67,385.69 0.08 

5% POLOGNE 05/15 USD 19,939.00 16,003.71 0.02 

5.25% POLOGNE 09/20 PLN 22,132.29 5,439.93 0.01 

5.5% POLOGNE 08/19 PLN 10,872.74 2,733.63 0.00 

5.75% POLOGNE 01/22 PLN 51,003.97 12,995.70 0.02 

5.75% POLOGNE 08/29 PLN 5,436.37 1,373.10 0.00 

6.375% POLOGNE 09/19 USD 13,259.44 11,497.51 0.02 

PORTUGAL 

50,043.58 0.07 

2.375% B.C.P. 10/12 EUR 22,403.33 21,440.54 0.03 


21,440.54 0.03 

3.75% REPUBLIQUE DE SERBIE 05/24 USD 6,181.09 4,306.64 0.01 

4,306.64 0.01 





7,498.19 0.01 


6% CEZ 08/14 EUR 44,806.65 50,499.79 0.07 

50,499.79 0.07 

ROYAUME-UNI 


4.5% MORGAN STANLEY 09/14 EUR 0.00 0.00 0.00 

4.5% OLD MUTUAL 07/17 EUR 97,081.08 92,591.08 0.12 

4.625% UBS LONDON 09/12 EUR 194,162.17 202,892.67 0.27 



5.625% BANK OF SCOTLAND PLC 08/13 EUR 268,839.92 285,709.63 0.38 

5.625% TESCO 08/12 EUR 89,613.31 96,078.91 0.13 

6.375% S.L. FINANCE 02/22 EUR 104,548.86 104,731.82 0.14 

8.375% BIZ FIN 10/15 USD 13,359.13 10,166.51 0.01 

18.75% REP. GHANA (STANDARD) CLN 10/13 USD 10,009.38 8,397.36 0.01 


REP. GHANA (STANDARD) CLN 10/10 USD 752.54 542.55 0.00 

1,128,073.30 1.50


RUSSIE 





(note 2) 

% des actifs 

nets 

3.625% RUSSIE 10/15 USD 4,984.75 3,677.66 0.00 

5% RUSSIE 10/20 USD 53,735.62 40,942.79 0.06 

5.739% RUSSIAN RAILWAYS 10/17 USD 3,888.11 2,994.47 0.00 

7.175% RUSSIAN AGRI. BANK 06/13 USD 4,486.28 3,529.02 0.00 

12.75% RUSSIE NOM. ’S’ 98/28 USD 5,483.23 7,272.34 0.01 

STEP RUSSIE REG-S 00/30 USD 100,193.50 80,578.49 0.11 

138,994.77 0.18 

SALVADOR 



7.75% EL SALVADOR (REP.) 02/23 USD 4,984.75 4,139.99 0.01 


25,351.36 0.04 

SINGAPOUR 


3.25% SINGAPOUR 05/20 SGD 9,221.79 5,679.06 0.01 

3.50% SINGAPOUR 07/27 SGD 3,987.80 2,461.35 0.00 

6% SINGAPORE TELECOM. 01/11 EUR 89,613.31 94,095.32 0.12 

107,823.62 0.14 

SRI LANKA 


7.2% SRI LANKA 06/10 LKR 169,481.53 1,108.43 0.00 

7.4% SRI LANKA 09/15 USD 18,817.44 15,103.50 0.02 

8.25% SRI LANKA 07/12 USD 22,741.43 18,159.43 0.03 

SUEDE 

35,548.07 0.05 



4,875 % SVENSKA HANDELSBANK 09/14 EUR 59,742.21 64,856.74 0.09 


SUISSE 

265,253.45 0.35 



202,198.43 0.27 

TURQUIE 

5.625% TURQUIE 10/21 USD 23,099.34 18,276.20 0.03 

6.75% TURQUIE 10/40 USD 11,963.40 9,826.55 0.01 

6.875% TURQUIE 06/36 USD 24,574.82 20,612.46 0.04 

7% TURQUIE 06/16 USD 12,212.64 10,444.59 0.01 

7% TURQUIE 08/19 USD 2,990.85 2,598.89 0.00 

7.375% TURQUIE 05/25 USD 19,939.00 17,909.57 0.02 

7.5% TURQUIE 09/17 USD 7,975.60 7,010.63 0.01 

7.5% TURQUIE 09/19 USD 5,981.70 5,383.81 0.01 

8% TURQUIE 04/34 USD 7,975.60 7,506.70 0.01 

9.5% TURQUIE 03/14 USD 2,492.38 2,209.06 0.00 

101,778.46 0.14 

489


UKRAINE 


490 




(note 2) 

6.58% UKRAINE 06/16 USD 17,945.10 12,885.04 0.02 

6.75% UKRAINE 07/17 USD 14,655.17 10,522.78 0.01 

7.65% UKRAINE 03/13 USD 3,489.33 2,661.81 0.00 

7.75% UKRAINE 10/20 USD 6,998.59 5,146.79 0.01 

31,216.42 0.04 

URUGUAY 

6.875% URUGUAY 09/25 USD 6,081.40 5,334.48 0.01 

7.5% URUGUAY 03/15 USD 2,683.39 2,375.91 0.00 

7.625% URUGUAY 06/36 USD 19,522.28 18,499.52 0.02 

7.875% URUGUAY 03/33 USD 4,999.74 4,810.98 0.01 

8% URUGUAY 05/22 USD 7,477.13 7,064.89 0.01 

9.25% URUGUAY 05/17 USD 2,990.85 2,888.88 0.00 

40,974.66 0.05 

VENEZUELA 

5.25% PETROLEOS VENEZUELA 07/17 USD 28,462.93 12,184.16 0.02 

5.75% VENEZUELA 05/16 USD 3,240.09 1,635.94 0.00 

7% VENEZUELA 03/18 USD 7,477.13 3,652.13 0.00 

7% VENEZUELA 07/38 USD 36,139.44 14,941.36 0.02 

7.65% VENEZUELA 05/25 USD 21,932.90 9,950.57 0.01 

8.5% VENEZUELA 04/14 USD 49.85 30.64 0.00 

9.25% VENEZUELA 97/27 USD 52,439.58 27,915.95 0.05 

9.375% VENEZUELA 04/34 USD 4,486.28 2,224.11 0.00 

10.75% VENEZUELA 04/13 USD 1,993.90 1,378.78 0.00 

FRN VENEZUELA 04/11 USD 518.41 367.49 0.00 

74,281.13 0.10 

VIETNAM 

6.75% VIETNAM 10/20 USD 1,993.90 1,614.96 0.00 

6.875% VIETNAM 05/16 USD 15,309.17 12,469.69 0.02 

14,084.65 0.02 


OPTIONS 

ALLEMAGNE 





137.80 0.00 


WARRANTS 


% des actifs 

nets 

AUROBINDO (ML) LEPO WRT 4.8.15 715.60 12,093.32 0.02 

BIOCON (ML) LEPO WRT 08.11.10 1,766.09 10,459.08 0.01 

CIPLA (ML) LEPO WRT 08.11.10 1,992.91 10,408.94 0.01 

DIVI’S LABO. (ML) LEPO WRT 20.10.14 861.61 9,891.82 0.01 

LUPIN (ML) LEPO WRT 20.10.14 2,540.71 16,111.26 0.03 

SUN PHARMA (ML) LEPO WRT 08.11.10 247.06 8,083.87 0.01 

67,048.29 0.09


ROYAUME-UNI 





(note 2) 

ALMARAI (DB) LEPO WRT 08.10.12 202.05 7,971.91 0.01 

ALMARAI (DBL) LEPO WRT 03.12.12 8.45 333.32 0.00 

SUN PHARMA. (DB) LEPO WRT 06.02.17 282.54 9,294.43 0.01 

17,599.66 0.02 


TOTAL I. 37,840,317.26 50.48 


ACTIONS 

ETATS-UNIS 

IBIQUITY DIGITAL PREF ’A’ REST. 116.16 0.00 0.00 

INTARCIA THERAPEUTICS PREF ’AA’ 60.02 57.97 0.00 



METABOLEX PFD ’E1’ 79.48 42.45 0.00 


METABOLEX PREF ’B1’ 715.29 306.72 0.00 

METABOLEX PREF ’D1’ 105.71 45.33 0.00 

PTC THERAPEUTICS PREF ’C’ 186.29 151.61 0.00 

PTC THERAPEUTICS PREF CV ’E-2’ 16.82 98.48 0.00 

PTC THERAPEUTICS PREF ’D’ 143.30 131.38 0.00 


PORTUGAL 

2,492.04 0.00 


0.00 0.00 

TOTAL ACTIONS 2,492.04 0.00 

DROITS 

FRANCE 

REMY COINTREAU RTS 14.9.10 157.99 77.02 0.00 

77.02 0.00 


OBLIGATIONS 

CANADA 

% des actifs 

nets 

10% HIGHPOINT TEL. II CV 00/04 USD 949.74 0.00 0.00 

0.00 0.00 

COREE DU SUD 

5% COREE 09/14 KRW 5,632.77 3,788.78 0.01 

EGYPTE 

3,788.78 0.01 

0% EGYPTE 10/11 EGP 11,240.61 1,361.75 0.00 

1,361.75 0.00 

491


PHILIPPINES 


492 




(note 2) 




8.6% CENTRAL BANK PHILIP. 97/27 USD 129.60 122.58 0.00 


SRI LANKA 

30,229.60 0.04 

0% SRI LANKA 10/11 LKR 174,466.29 1,105.90 0.00 


6.85% SRI LANKA 06/12 LKR 149,542.53 970.79 0.00 

6.85% SRI LANKA 06/12 LKR 124,618.78 805.16 0.00 

7% SRI LANKA 06/11 LKR 213,098.11 1,393.71 0.01 

7.5% SRI LANKA 03/13 LKR 199,390.04 1,293.92 0.00 

7,203.30 0.01 


OPTIONS 

ETATS-UNIS 

% des actifs 

nets 


FRANCE 

54.62 0.00 


PUT USD/KRW SPOT CROSS RATES 26/11/2010 1130 478.01 42.40 0.00 

INDE 

147.35 0.00 

CALL USD/INR SPOT CROSS RATES 03/11/2010 44 788.09 195.06 0.00 

PUT USD/INR SPOT CROSS RATES 06/10/2010 46.7 30,290.34 0.00 0.00 

ROYAUME-UNI 

195.06 0.00 




CALL EUR/CHF SPOT CROSS RATES 21/10/2010 1.345 630.45 153.87 0.00 

CALL USD/JPY SPOT CROSS RATES 28/10/2010 82.68 796.68 63.46 0.00 

CALL USD/JPY SPOT CROSS RATES 29/10/2010 82 491.13 137.12 0.00 

CALL USD/KRW SPOT CROSS RATES 13/10/2010 1185 491.50 26.30 0.00 

CALL USD/MYR SPOT CROSS RATES 05/10/2010 3.15 529.67 8.44 0.00 

PUT AUD/JPY SPOT CROSS RATES 20/10/2010 80 655.56 95.75 0.00 

INDONESIE 

791.80 0.00 



JAPON 

-135.60 0.00 

CALL EUR/JPY CROSS-RATES 27/10/2010 113.75 478.01 77.50 0.00 

77.50 0.00


TAIWAN 





(note 2) 

PUT USD/TWD SPOT CROSS RATE 27/10/2010 31.4 15,761.78 20.30 0.00 



75.39 0.00 


WARRANTS 

ETATS-UNIS 

FLEXIBLE SOLUTIONS WRT 03. 05. 10 9.76 0.00 0.00 

INTAR.THERAP PFD ’BB-2’ WRT (Titres à recevoir) 12.85 0.00 0.00 

INTARCIA THERAP. PFD WRT 02.05.15 27.49 0.00 0.00 

METABOLEX ’D1’ (C-0. 38) WRT 12. 4. 12 15.86 0.00 0.00 

PERFECTENERGY WRT 26. 01. 10 1,202.20 0.01 0.00 

ROYAUME-UNI 

0.01 0.00 

EQUATORIAL PAL OIL WRT 26.02.12 2,252.83 0.00 0.00 

0.00 0.00 


TOTAL II. 46,358.62 0.06 


ROYAUME-UNI 

% des actifs 

nets 

PHAUNOS TIMBER FUND 8,228.93 4,305.36 0.01 

4,305.36 0.01 

TOTAL III. 4,305.36 0.01 





493



494 






Suisse 8.74 



Pays-Bas 2.98 

France 2.82 

Italie 1.23 

Espagne 0.96 


Suède 0.57 


Brésil 0.46 

Irlande 0.45 


Belgique 0.30 

Canada 0.29 

Autriche 0.24 

Russie 0.23 

Norvège 0.21 



Japon 0.18 

Turquie 0.18 

Finlande 0.15 

Danemark 0.14 


Mexique 0.12 


Chili 0.11 

Bermudes 0.10 



Colombie 0.08 


Hongrie 0.08 


Israël 0.08 

Pérou 0.08 


Panama 0.07 

Pologne 0.07 


Inde 0.06 

Lituanie 0.06 

Malaisie 0.06 



Portugal 0.05 

Uruguay 0.05 


Liban 0.04 


Salvador 0.04 

Ukraine 0.04 


Croatie 0.03 

Géorgie 0.03 

Irak 0.03 


Chine 0.02 

Egypte 0.02 


Taïwan 0.02 

Vietnam 0.02 

Bahamas 0.01 

Belize 0.01 

Equateur 0.01 

Ghana 0.01 

Grèce 0.01 


Jersey 0.01 

Pakistan 0.01 



Gabon 0.00 

50.55




















Pétrole 0.54 




Chimie 0.48 











Divers 0.15 



Warrants 0.11 


Loisirs 0.09 














Droits 0.00 

Options 0.00 

50.55 

495

Pictet - Convertible Bonds 


496 




(note 2) 


ACTIONS 

ETATS-UNIS 


APACHE (REPR.1/20 6% PFD CV) 197,299.00 8,429,364.55 1.01 

BANK OF AMERICA 1,000,000.00 9,640,432.35 1.16 

GENERAL ELECTRIC 595,000.00 7,158,039.41 0.85 

NEWMONT MINING 40,000.00 1,879,553.40 0.22 

SYMANTEC 74,100.00 850,579.54 0.10 

27,957,969.25 3.34 

TOTAL ACTIONS 27,957,969.25 3.34 

OBLIGATIONS 


5% STEINHOFF FIN. CV 10/16 EUR 8,000,000.00 8,218,000.00 0.98 

8,218,000.00 0.98 

AUSTRALIE 

4.5% PALADIN RESOURCES CV 6/11 USD 3,000,000.00 2,178,472.99 0.26 

5% PALADIN ENERGY 08/13 USD 6,600,000.00 4,647,041.36 0.56 

8% WESTERN AREAS CV 07/12 AUD 16,500,000.00 12,385,914.34 1.47 

19,211,428.69 2.29 

BELGIQUE 

6.5% EURONAV CV 09/15 USD 6,300,000.00 4,945,409.44 0.59 

FRN FORTIS CV 07/PERP EUR 20,500,000.00 11,582,500.00 1.38 

16,527,909.44 1.97 

BERMUDES 

3.625% SEADRILL CV 07/12 USD 19,900,000.00 16,261,427.62 1.94 

4% AQUARIUS PLATIN. CV 09/15 USD 3,600,000.00 2,855,624.01 0.34 

CANADA 

19,117,051.63 2.28 

1.75% KINROSS GOLD CV 08/28 USD 17,000,000.00 12,563,446.74 1.50 

3.125% PETROBAKKEN CV 10/16 USD 4,800,000.00 3,399,256.16 0.41 

5% URANIUM ONE CV 10/15 CAD 15,100,000.00 11,469,569.74 1.37 

27,432,272.64 3.28 

COREE DU SUD 

2.25% LG UPLUS CV 10/12 USD 7,600,000.00 5,657,368.97 0.68 

2.65% HYNIX SEMICOND. CV 10/15 USD 9,100,000.00 6,432,378.11 0.76 

12,089,747.08 1.44 

ETATS-UNIS 

0% MICROSOFT CV 10/13 USD 17,100,000.00 12,903,299.56 1.54 

0.875% ARCHER-DANIELS CV 07/14 USD 20,800,000.00 16,102,095.76 1.92 

1% GILEAD SCIENCES CV 10/14 USD 23,100,000.00 17,373,018.73 2.08 

1% SYMANTEC CV 06/13 USD 6,500,000.00 5,209,377.86 0.62 

1.25% NEWMONT MINING CV 07/14 USD 11,800,000.00 12,813,943.56 1.53 

1.5% SANDISK CV 10/17 USD 9,700,000.00 6,648,709.85 0.79 

1.75% EMC CV 06/11 USD 8,200,000.00 8,067,448.38 0.96 

2.5% CEPHALON 09/14 USD 12,750,000.00 10,718,307.70 1.28 

2.625% ROVI CV 10/40 USD 3,200,000.00 3,014,933.08 0.36 

2.625% XILINX CV 10/17 USD 7,800,000.00 6,607,786.18 0.79






(note 2) 


2.875% VOLCANO CV 10/15 USD 4,332,000.00 3,527,055.29 0.42 

3.25% INTEL CV 09/39 USD 29,900,000.00 25,811,581.05 3.09 

3.25% INTL GAME TECHN. CV 09/14 USD 5,230,000.00 4,186,315.17 0.50 

3.25% JANUS CAPITAL CV 09/14 USD 15,000,000.00 12,681,801.25 1.51 

3.5% LIBERTY MEDIA 01/31 USD 33,000,000.00 13,028,459.72 1.56 

3.875% JEFFERIES GROUP CV 09/11 USD 8,520,000.00 6,305,275.15 0.75 

4% CIENA CV 10/15 USD 12,700,000.00 10,127,612.45 1.21 

4% SMITHFILDS FOODS CV 06/13 USD 19,000,000.00 14,775,010.46 1.77 

OMNICARE CAP. CV PFD 4% 05/33 USD 370,000.00 10,235,624.27 1.22 

FRANCE 

200,137,655.47 23.90 

2.125% GECINA CV 10/16 EUR 32,800.00 3,777,740.00 0.45 

2.5% ATOS ORIGIN CV 09/16 EUR 250,000.00 12,936,250.00 1.55 

4.45% PEUGEOT SA CV 09/16 EUR 234,000.00 7,362,342.00 0.88 

4.5% FAURECIA CV 09/15 EUR 856,000.00 19,202,220.00 2.29 

FRN GROUPE STERIA CV 07/PE EUR 150,000.00 5,842,500.00 0.70 

49,121,052.00 5.87 

ILE DE MAN 

6% ANGLOGOLD ASH.CRT 15.09.13 USD 240,000.00 9,463,066.05 1.13 

9,463,066.05 1.13 

ILES CAIMANS 

0% NIKON CORP CV 04/11 JPY 269,999,999.97 2,379,737.75 0.28 

2.5% HENGDELI HOLDING CV 10/15 HKD 89,999,999.99 8,756,565.17 1.05 

3% MAOYE INTL CV 10/15 HKD 52,999,999.99 4,973,285.43 0.59 

3.5% CHINA MED. TECH. CV 06/11 USD 6,500,000.00 4,482,278.95 0.54 

3.7% CHAODA MOD. AGRI. CV 10/15 USD 15,300,000.00 11,644,627.50 1.39 

32,236,494.80 3.85 


0% SHERSON (NEW WORLD) CV 7/14 HKD 65,769,999.99 6,748,201.90 0.81 

0.75% BILLION (CHINA UNIC.) 10/15 USD 16,000,000.00 11,942,076.39 1.43 

1% GL. RIV. CV (CHINA AG.) 10/15 HKD 101,999,999.99 11,502,876.51 1.37 

ISRAEL 

30,193,154.80 3.61 

1.75% TEVA PHARM FIN. 06/26 USD 7,900,000.00 6,836,106.32 0.82 

ITALIE 

6,836,106.32 0.82 

3.875% BENI STABILI CV 10/15 EUR 3,000,000.00 2,978,100.00 0.36 

JAPON 

2,978,100.00 0.36 

0% ANRITSU CV 10/15 JPY 129,999,999.99 1,204,375.45 0.14 

0% MATSUMOTOKIYOSHI CV 10/13 JPY 70,999,999.99 657,805.50 0.08 

0% NIPPON MEAT PAC.CV 10/14 JPY 163,999,999.98 1,488,726.31 0.18 

0% NIPRO CV 10/15 JPY 1,539,999,999.85 14,758,022.68 1.76 

0% SUZUKI MOTOR CV 06/13 JPY 279,999,999.97 2,468,614.70 0.29 

0% TOSHIBA CV 04/11 JPY 1,569,999,999.84 13,751,464.17 1.65 

0.25% CSK HOLDING CV 06/13 JPY 1,249,999,999.88 8,132,474.08 0.97 

0.5% NAGOYA RAILROAD CV 10/15 JPY 159,999,999.98 1,446,789.12 0.17 

1% ORIX CV 08/14 JPY 0.00 0.00 0.00 

43,908,272.01 5.24 

497


JERSEY 


498 




(note 2) 

2.875% PREM.OIL FIN. CV 07/14 USD 12,800,000.00 11,629,394.00 1.39 

4% MAGNOLIA FINANCE CV 06/PE EUR 29,700,000.00 24,115,509.00 2.88 

4% PETROPAVLOVSK CV 10/15 USD 22,000,000.00 18,395,003.84 2.20 

4% VEDANTA RCV 10/17 USD 13,700,000.00 9,835,729.42 1.17 

7.5% DANA GAS CV 07/12 USD 12,900,000.00 9,118,426.11 1.09 

73,094,062.37 8.73 

LUXEMBOURG 

2.625% MEDIOBANCA INTL CV 10/15 EUR 10,000,000.00 9,400,000.00 1.12 

5.25% TMK BONDS CV 10/15 USD 6,500,000.00 4,851,468.53 0.58 

FRN FORTFI. (BANKT SHS) ELN 02/PE EUR 22,500,000.00 12,684,375.00 1.52 

26,935,843.53 3.22 

NORVEGE 

6.5% RENEWABLE ENERGY CV 09/14 EUR 18,850,000.00 16,891,485.00 2.02 

16,891,485.00 2.02 

PAYS-BAS 

9% AIR BERLIN FIN.CV 09/14 EUR 3,250,000.00 3,436,875.00 0.41 

3,436,875.00 0.41 

ROYAUME-UNI 

3.5% ABERDEEN A. M. CV 09/14 GBP 20,600,000.00 25,721,294.40 3.07 

4% ITV CV 09/16 GBP 14,800,000.00 20,903,014.10 2.50 

5.75% HOCHSCHILD MIN. CV 09/14 USD 3,400,000.00 3,271,446.53 0.39 

8.25% SVG CAPITAL CV 08/16 GBP 3,000,000.00 3,295,284.02 0.39 

FRN UBS (KINTETSU CV) 09/14 JPY 199,999,999.98 130,119.59 0.02 

SUEDE 

53,321,158.64 6.37 

7.5% SAS CV 10/15 SEK 25,000,000.00 2,471,665.88 0.30 

SUISSE 

2,471,665.88 0.30 

1.5% BALOISE HOLDING CV 09/16 CHF 5,485,000.00 4,422,987.07 0.53 

4,422,987.07 0.53 


WARRANTS 

ETATS-UNIS 


BANK OF AMERICA WTS 28.10.18 4,480,000.00 7,774,703.52 0.93 

FORD MOTOR (9.2) WTS 01.01.13 4,040,000.00 12,952,740.78 1.55 

JP MORGAN CHASE (42.42) WTS 28.10.18 2,200,000.00 18,911,719.24 2.25 

WASHINGTON FEDERAL WTS 14.11.18 147,156.00 497,771.04 0.06 

WELLS FARGO WTS 28.10.18 1,065,000.00 6,085,054.14 0.73 

46,221,988.72 5.52 


TOTAL I. 732,224,346.39 87.46



OBLIGATIONS 

CANADA 





(note 2) 

6.25% AECON CV 10/15 CAD 3,500,000.00 2,493,326.65 0.30 

JAPON 

2,493,326.65 0.30 

2.5% RISA PARTNERS CV 10/13 JPY 799,999,999.92 6,393,443.40 0.76 

6,393,443.40 0.76 


OPTIONS 

ALLEMAGNE 

CALL 1.5% KFW (DEUT. POST) CV 09/10 30/07/2014 0.34656 6,000,000.00 1,227,107.40 0.15 

JAPON 

1,227,107.40 0.15 

CALL 0% AEON CV 09/12 22/11/2012 0.72591 749,999,999.93 788,875.48 0.09 

CALL 0% ANRITSU CV 10/15 26/09/2014 1.352 199,999,999.98 203,237.12 0.02 

CALL 0% NIDEC CV 10/15 20/09/2013 0 3,899,999,999.61 2,270,233.15 0.27 

CALL 0% NIPPON MEAT PAC. CV 10/14 03/03/2014 0.69225 2,299,999,999.77 1,405,895.08 0.17 

CALL 0% NIPPON MEAT PAC. CV 10/14 04/02/2015 0.92475 2,399,999,999.76 2,437,815.75 0.30 

CALL 0% SUZUKI MOTOR CV 06/13 29/03/2013 0.2469 1,299,999,999.87 211,725.49 0.03 

CALL 0% SUZUKI MOTOR CV 06/13 29/03/2013 0.56237 2,699,999,999.73 624,768.40 0.07 

CALL 0% YAMADA DENKI CV 08/13 28/03/2013 1.0875 999,999,999.90 116,042.05 0.01 

CALL 0% YAMADA DENKI CV 08/13 28/03/2013 0.9825 1,999,999,999.80 187,871.58 0.02 

CALL 0.1% HITACHI CV 09/14 12/12/2014 0.81483 2,799,999,999.72 7,712,700.20 0.93 

CALL 1% ORIX CV 08/14 31/03/2014 2.275 1,696,999,999.83 2,294,331.45 0.27 

TAIWAN 

18,253,495.75 2.18 

CALL 0% ACER CV 10/15 10/08/2013 0 8,000,000.00 518,920.28 0.06 

CALL 0% ACER CV 10/17 10/08/2015 0 3,000,000.00 168,177.01 0.02 

687,097.29 0.08 

TOTAL OPTIONS 20,167,700.44 2.41 

WARRANTS 

ETATS-UNIS 


YUE YEN I. (4.21) (CITI) WTS 31.3.15 10,600,000.00 3,780,431.94 0.45 

3,780,431.94 0.45 


TOTAL II. 32,834,902.43 3.92 





499



500 






Jersey 8.73 

Japon 8.18 


France 5.87 



Canada 3.58 



Bermudes 2.28 

Norvège 2.02 

Belgique 1.97 


Ile de Man 1.13 


Israël 0.82 

Suisse 0.53 

Pays-Bas 0.41 

Italie 0.36 

Suède 0.30 


Taïwan 0.08 

91.38 



Warrants 5.97 

Options 2.41 


Pétrole 1.01 




91.38


NOTE 1 GENERALITES 

NOTES AUX ETATS FINANCIERS AU 30 SEPTEMBRE 2010 

Pictet (la "SICAV") est une Société d’Investissement à Capital Variable (SICAV) de droit 

luxembourgeois, soumise aux dispositions de la Partie I de la loi modifiée du 

20 décembre 2002. 

La SICAV a été constituée, pour une durée illimitée, le 20 septembre 1991 sous la 

dénomination de Pictet Umbrella Fund (Pictet Fixed Income Fund depuis le 14 juin 1995, 

Pictet Funds (LUX) depuis le 28 avril 2006, Pictet depuis le 20 avril 2010) et ses statuts ont 

été publiés au Mémorial, Recueil Spécial des Sociétés et Associations du Grand-Duché de 

Luxembourg le 29 octobre 1991. Ils ont été modifiés par acte notarié du 30 octobre 1992, 

publié au Mémorial le 23 janvier 1993, également par acte notarié du 14 juin 1995, publié 

au Mémorial le 13 juillet 1995, par acte notarié du 8 novembre 1999, publié au Mémorial 

le 7 mars 2000, par acte notarié du 2 mai 2001, publié le 29 mai 2001, par acte notarié du 

12 septembre 2003, publié le 7 octobre 2003, par acte notarié du 8 décembre 2005, publié 

le 21 décembre 2005, par acte notarié du 28 avril 2006, publié le 18 mai 2006, par acte 

notarié du 21 mai 2007, publié le 3 août 2007, par acte notarié du 27 octobre 2008, publié 

le 17 novembre 2008, par acte notarié du 23 janvier 2009, publié le 20 février 2009 et 

finalement par acte notarié du 9 avril 2010, publié le 7 mai 2010. 

Pictet Funds (Europe) S.A., société anonyme ayant son siège social à Luxembourg, 

3, boulevard Royal, Luxembourg, a été désignée comme société de gestion de la SICAV, 

dans le sens du chapitre 13 de la loi modifiée du 20 décembre 2002, à compter du 

8 décembre 2005. 

Au 30 septembre 2010, Pictet comprend les 60 compartiments suivants: 

Pictet - EUR Bonds libellé en Euro (EUR) 

Pictet - USD Government Bonds libellé en U.S. Dollar (USD) 

Pictet - CHF Liquidity libellé en franc suisse (CHF) 

Pictet - USD Liquidity libellé en U.S. Dollar (USD) 

Pictet - EUR Liquidity libellé en Euro (EUR) 

Pictet - EUR Corporate Bonds libellé en Euro (EUR) 

Pictet - Global Emerging Debt libellé en U.S. Dollar (USD) 

Pictet - World Government Bonds libellé en Euro (EUR) 

Pictet - EUR High Yield libellé en Euro (EUR) 

Pictet - EUR Short Mid-Term Bonds libellé en Euro (EUR) 

Pictet - USD Short Mid-Term Bonds libellé en U.S. Dollar (USD) 

Pictet - CHF Bonds libellé en franc suisse (CHF) 

Pictet - EUR Government Bonds libellé en Euro (EUR) 

Pictet - EUR Inflation Linked Bonds libellé en Euro (EUR) 

Pictet - Emerging Local Currency Debt libellé en U.S. Dollar (USD) 

Pictet - Asian Local Currency Debt libellé en U.S. Dollar (USD) 

Pictet - Global Emerging Currencies libellé en U.S. Dollar (USD) 

Pictet - JPY Liquidity libellé en Yen (JPY) 

Pictet - Latin American Local Currency Debt libellé en U.S. Dollar (USD) 

Pictet - USD Sovereign Liquidity libellé en U.S. Dollar (USD) 

Pictet - EUR Sovereign Liquidity libellé en Euro (EUR) 

Pictet - US High Yield (lancé le 9 novembre 2009) libellé en U.S. Dollar (USD) 

Pictet - EUR Corporate Bonds Ex Financial (lancé le 29 juin 2010) libellé en Euro (EUR) 

Pictet - European Equity Selection libellé en Euro (EUR) 

Pictet - Small Cap Europe libellé en Euro (EUR) 

Pictet - Emerging Markets libellé en U.S. Dollar (USD) 

Pictet - Eastern Europe libellé en Euro (EUR) 

Pictet - Europe Index libellé en Euro (EUR) 

Pictet - USA Index libellé en U.S. Dollar (USD) 

Pictet - European Sustainable Equities libellé en Euro (EUR) 

Pictet - Japan Index libellé en Yen (JPY) 

Pictet - Pacific Ex Japan Index libellé en U.S. Dollar (USD) 

Pictet - Digital Communication libellé en U.S. Dollar (USD) 

Pictet - Biotech libellé en U.S. Dollar (USD) 

501


502 

NOTES AUX ETATS FINANCIERS AU 30 SEPTEMBRE 2010 (suite) 

Pictet - Premium Brands libellé en Euro (EUR) 

Pictet - Water libellé en Euro (EUR) 

Pictet - Indian Equities libellé en U.S. Dollar (USD) 

Pictet - Japanese Equities 130/30 libellé en Yen (JPY) 

Pictet - Asian Equities Ex Japan libellé en U.S. Dollar (USD) 

Pictet - Greater China libellé en U.S. Dollar (USD) 

Pictet - Japanese Equity Selection libellé en Yen (JPY) 

Pictet - Generics libellé en U.S. Dollar (USD) 

Pictet - Emerging Markets Index libellé en U.S. Dollar (USD) 

Pictet - Japanese Mid-Small Cap libellé en Yen (JPY) 

Pictet - Euroland Index libellé en Euro (EUR) 

Pictet - US Equity Growth Selection libellé en U.S. Dollar (USD) 

Pictet - Security libellé en U.S. Dollar (USD) 

Pictet - Clean Energy libellé en U.S. Dollar (USD) 

Pictet - Russian Equities libellé en U.S. Dollar (USD) 

Pictet - Timber libellé en U.S. Dollar (USD) 

Pictet - Agriculture libellé en Euro (EUR) 

Pictet - Global Megatrend Selection libellé en U.S. Dollar (USD) 

Pictet - US Equity Value Selection libellé en U.S. Dollar (USD) 

Pictet - Middle East And North Africa libellé en U.S. Dollar (USD) 

Pictet - Environmental Megatrend Selection (lancé le 10 septembre 2010) libellé en Euro (EUR) 

Pictet - High Dividend Selection (lancé le 12 mai 2010) libellé en Euro (EUR) 

Pictet - Piclife libellé en franc suisse (CHF) 

Pictet - Absolute Return Global Diversified libellé en Euro (EUR) 

Pictet - Absolute Return Global Conservative libellé en Euro (EUR) 

Pictet - Convertible Bonds (lancé le 1er février 2010) libellé en Euro (EUR) 

Lors de l’Assemblée Générale Extraordinaire qui s’est tenue le 9 avril 2010, il a été décidé 

d’approuver toutes les modifications de statuts à l’ordre du jour, comprenant notamment 

le changement du nom de la SICAV en "Pictet". 

En date du 19 avril 2010, le Conseil d’Administration a décidé : 

• de fusionner le compartiment Pictet - US Equities dans le compartiment Pictet - 

US Equity Value Selection avec effet au 20 avril 2010, 

• de modifier, avec effet au 20 avril 2010, la dénomination de certains compartiments 

ainsi que de certaines sous-catégories d’actions. Celles-ci se sont vues ajouter la 

mention de la devise de référence de la classe lorsque celle-ci n’y figurait pas et 

lorsqu’elle ne fait pas partie de la dénomination du compartiment. La mention "Distr" 

pour les sous-catégories d’action de distribution a aussi été remplacée par l’ajout de 

"dy" après le nom de la classe et la mention "Cap" a été retirée. 

Les compartiments concernés par le changement de leur dénomination sont les suivants: 

Ancien nom Nouveau nom 

Pictet Funds (LUX) - (JPY) Liquidity Pictet - JPY Liquidity 

Pictet Funds (LUX) - (USD) Sovereign Liquidity Pictet - USD Sovereign Liquidity 

Pictet Funds (LUX) - (EUR) Sovereign Liquidity Pictet - EUR Sovereign Liquidity 

Pictet Funds (LUX) - Pacific (Ex Japan) Index Pictet - Pacific Ex Japan Index 

Pictet Funds (LUX) - Asian Equities (Ex Japan) Pictet - Asian Equities Ex Japan 

Un nouveau prospectus est entré en vigueur en avril 2010. 

Au 30 septembre 2010, les compartiments Pictet - Family Business, libellé en Euro (EUR) 

et Pictet - Medical Technologies, libellé en U.S. Dollar (USD) ne sont pas encore activés.



Les avoirs nets constituant le patrimoine de chaque compartiment sont représentés par 

des actions, qui peuvent être de différentes catégories ou sous-catégories d’actions. 

L’ensemble des actions représentant le patrimoine d’un compartiment forme une 

catégorie d’actions. L’ensemble des compartiments constitue la SICAV. En cas 

d’émission de sous-catégories d’actions, les informations y relatives sont précisées dans 

les Annexes 1, 2 et 3 du prospectus en vigueur de la SICAV. 

Le Conseil d’Administration peut également décider de créer pour chaque catégorie 

d’actions deux ou plusieurs sous-catégories dont les avoirs seront généralement investis 

suivant la politique d’investissement spécifique de la catégorie concernée mais où les 

sous-catégories peuvent se distinguer par des structures de commission de souscription 

et/ou de remboursement spécifique, par des politiques de couverture de risque de 

change spécifiques, par des politiques de distribution spécifiques et/ou par des 

commissions de gestion ou de conseil spécifiques ou par d’autres spécificités applicables 

à chaque sous-catégorie. Le cas échéant, ces informations sont précisées dans le 

prospectus en vigueur de la SICAV. 

Sauf autre spécification au sein des Annexes 1, 2 et 3 du prospectus en vigueur de la 

SICAV, les actions peuvent être divisées au sein des compartiments en actions "I", "P", 

"R", "Z", "S", "IS", "J" et "MG". 

Les actions "I" et "J" sont destinées aux investisseurs institutionnels au sens de l’article 

129 de la loi modifiée du 20 décembre 2002 qui souhaitent investir un montant minimum 

initial, tel que précisé au sein de l’annexe du prospectus en vigueur de chaque 

compartiment. 

Les commissions prélevées sur les actions "I" et "J" en faveur des intermédiaires sont de 

maximum 5% à l’entrée et de maximum 1% à la sortie. 

Des actions "IS" sont créées au sein de certains compartiments indexés afin de les 

distinguer des actions "I" quant à la comptabilisation des frais d’investissement et de 

désinvestissement tel que plus amplement décrit au sein des annexes concernées dans le 

prospectus en vigueur. Les actions "IS" seront soumises aux mêmes conditions que les 

actions "I". 

Les actions "P" et "R" ne requièrent pas de minimum d’investissement. De par leurs 

caractéristiques assez larges, elles répondent l’une et/ou l’autre aux différentes pratiques 

commerciales en vigueur à la date du prospectus en vigueur dans les pays où la SICAV 

est commercialisée, leur souplesse permettant le cas échéant de s’adapter à l’évolution 

des marchés ciblés. 

Elles se distinguent uniquement par leur commission. 

Les actions "P" : Commission d’entrée en faveur des intermédiaires de maximum 5% 

Commission de sortie en faveur des intermédiaires de maximum 1% 

Commission de gestion inférieure à celle appliquée aux actions "R" 

Les actions "R" : Commission d’entrée en faveur des intermédiaires de maximum 5% 

Commission de sortie en faveur des intermédiaires de maximum 3% 

Commission de gestion supérieure à celle appliquée aux actions "P" 

503


504 


Les actions "S" sont exclusivement réservées aux employés du groupe Pictet. Aucune 

commission d’intermédiaire n’est applicable aux souscriptions et aux remboursements. 

Le Conseil d’Administration peut appliquer aux conversions une commission en faveur 

des intermédiaires d’un maximum de 2%. 

Les actions "Z" sont réservées aux investisseurs institutionnels qui ont conclu avec Pictet 

& Cie Genève, ou toute autre entité du Groupe Pictet un contrat de rémunération 

spécifique. 

Les commissions prélevées sur les actions "Z" en faveur des intermédiaires sont de 


Les actions "MG" sont réservées aux investisseurs expressément agréés par le 

gestionnaire du compartiment concerné. 

Les commissions prélevées sur les actions "MG" en faveur des intermédiaires seront de 


Les actions peuvent être divisées en actions de capitalisation et en actions de 

distribution. Les actions de distribution "dy" auront droit à un dividende selon la 

décision de l’Assemblée Générale, alors que le montant correspondant des actions de 

capitalisation ne sera pas distribué mais investi dans la classe d’action concernée. 

Le Conseil d’Administration peut également décider d’émettre des actions "dm" pour 

lesquelles un dividende mensuel peut être distribué. Ce dividende est en principe payé 

aux actionnaires de la sous–catégorie concernée inscrits dans le registre des actionnaires 

le 20ème jour du mois (le jour suivant si ce n'est pas un Jour Ouvrable) et est en principe 

payable 4 jours ouvrables dans la devise de la classe après la date ex. 

Dans chaque compartiment, des actions émises dans d’autres devises que la devise de 

référence du compartiment peuvent être créées. Ces actions peuvent être hedgées (telles 

que définies ci après) ou non hedgées. 

Actions hedgées: 

Les actions hedgées "H", viseront à couvrir dans une large mesure le risque de change de 

ces actions par rapport à une devise donnée. Ces actions seront soumises aux mêmes 

commissions d’entrée et de sortie que leurs actions correspondantes non hedgées. 

Le montant minimal d’investissement applicable aux actions émises dans une autre 

devise que la devise de consolidation du compartiment est le montant minimum initial 

d’investissement applicable aux actions en question converti le jour de la valeur nette 

d’inventaire dans la devise applicable à cette classe. 

L’investisseur choisit la sous-catégorie d’actions à laquelle il souhaite souscrire sachant 

que, sauf restrictions contraires au sein des Annexes 1, 2 et 3 du prospectus en vigueur 

de la SICAV, tout investisseur réunissant les conditions d’accès d’une sous-catégorie 

d’actions déterminée, peut demander la conversion de ses actions en actions de cette 

sous-catégorie.



De la même façon, si un investisseur ne répond plus aux conditions d’accès de la souscatégorie 

d’actions qu’il détient, le Conseil d’Administration se réserve le droit de 

demander à cet actionnaire la conversion de ses actions en actions d’une autre souscatégorie 

d’actions. 

Pooling: 

Dans le but d’une gestion efficace et si les politiques d’investissement des compartiments 

le permettent, le Conseil d’Administration de la Société de Gestion peut décider de cogérer 

une partie ou la totalité des actifs de certains des compartiments de Pictet. Dans ce 

cas, les actifs de différents compartiments sont gérés en commun selon la technique 

susmentionnée. Les actifs co-gérés sont désignés sous le terme de "pool". Toutefois ces 

pools sont utilisés exclusivement à des fins de gestion interne. Ils ne constituent pas 

d’entités juridiques distinctes et ne sont pas directement accessibles aux investisseurs. 

Chaque compartiment co-géré se voit ainsi attribuer ses propres actifs. 

Lorsque les actifs d’un compartiment sont gérés selon la dite technique, les actifs 

initialement attribuables à chaque compartiment co-géré sont déterminés en fonction de 

sa participation initiale dans le pool. Par la suite, la composition de ces actifs variera en 

fonction des apports ou retraits effectués par ces compartiments. 

Le système de répartition évoqué ci-dessus s’applique en fait à chaque ligne 

d’investissement du pool. Dès lors, les investissements supplémentaires effectués au nom 

des compartiments co-gérés sont attribués à ces compartiments selon leurs droits 

respectifs, alors que les actifs vendus doivent être prélevés de la même manière sur les 

actifs attribuables à chacun des compartiments co-gérés. 

Toutes les opérations bancaires liées à la vie du compartiment (dividendes, intérêts, frais 

non contractuels, dépenses) sont comptabilisées dans le pool et remontées d’un point de 

vue comptable, dans les compartiments au prorata de chacun d’eux et cela le jour de 

l’enregistrement de ces opérations (provisions de charges, enregistrement bancaire de 

dépenses et/ou de revenus). Par contre, les frais contractuels (droit de garde, frais 

administratif, frais de gestion...) sont comptabilisés directement dans les compartiments 

respectifs. 

L’actif et le passif attribuables à chacun des compartiments peuvent à tout moment être 

identifiés. 

La méthode de pooling respecte la politique d’investissement de chacun des 

compartiments concernés. 

Les résultats réalisés et/ou non réalisés sur investissements sont enregistrés dans le pool 

dans la devise de référence de celui-ci puis remontés dans le compartiment (ayant 

potentiellement une devise de référence différente de celle du pool) avec le cours de 

change du jour du calcul de la valeur nette d’inventaire et ce, sur base de sa quote-part 

d’investissement dans le pool. 

L’état des actifs nets et l’état du portefeuille-titres et des autres actifs nets présentent la 

situation du portefeuille à la date de clôture pour laquelle sont utilisés les cours de 

change ainsi que la quote-part d’investissement du compartiment dans le(s) pool(s) à 

cette date. 

505


506 


Les données reprises dans l’état des opérations et des variations des actifs nets sous le 

libellé "Bénéfice/perte net(te) réalisé(e) sur ventes de titres - effet pooling" représentent : 

• l’impact de change dû aux différentiels entre les cours de change utilisés à la date de 

clôture et ceux utilisés à chaque calcul de valeur nette d’inventaire; 

• l’impact du différentiel de quote-part d’investissement dans le(s) pool(s) entre le 

pourcentage appliqué à la date de clôture et les pourcentages appliqués à chaque 

calcul de valeur nette d’inventaire. 

NOTE 2 PRINCIPALES METHODES COMPTABLES 

a) Généralités 

Les états financiers sont préparés conformément à la réglementation en vigueur au 

Luxembourg. 

b) Frais de constitution 

Les frais de constitution sont amortis sur une période n’excédant pas cinq ans. 

c) Conversion des devises étrangères pour chaque compartiment 

Les avoirs en banque, les autres actifs nets, ainsi que la valeur d’évaluation des titres en 

portefeuille exprimés en d’autres devises que la devise du compartiment, sont convertis 

dans cette devise aux cours de change en vigueur à la date de clôture. 

Les revenus et les frais exprimés en devises autres que la devise du compartiment sont 

convertis dans cette devise aux cours de change en vigueur à la date du paiement. 

Les bénéfices et pertes de change en résultant sont enregistrés dans l’état des opérations. 

d) Etats financiers globalisés de la SICAV 

Les états financiers globalisés de la SICAV sont établis en EUR et sont égaux à la somme 

des postes correspondants dans les états financiers de chaque compartiment convertis 

en EUR au cours de change en vigueur à la date de clôture. 

e) Evaluation du portefeuille-titres 

Les valeurs mobilières sont évaluées au cours le plus représentatif des marchés et/ou des 

opérations passées sur ces marchés par les gestionnaires ou d’autres acteurs de marché. 

Il peut s’agir du dernier cours connu ou du cours à toute autre heure des marchés jugée 

plus représentative par le Conseil d’Administration tenant compte des critères de 

liquidité et des opérations passées sur les marchés concernés. 

En l’absence de cours, les valeurs sont évaluées sur la base de la valeur probable de 

réalisation, estimée avec prudence et bonne foi.



En particulier, le Conseil d’Administration a mis en place une procédure d’évaluation 

spécifique concernant les obligations de type high yield et les obligations d’émetteurs de 

pays émergents, selon laquelle ces titres sont évalués sur base de prix mid ou bid fournis 

par des intermédiaires financiers de premier ordre ou sur base de prix communiqués par 

des fournisseurs tels que Bloomberg, Telekurs, IDC ou Reuters. 

Les avoirs liquides sont évalués à leur valeur nominale plus les intérêts courus. 

Les parts/actions d’organismes de placement collectif de type ouvert sont évaluées sur 

base de la dernière valeur nette d’inventaire connue. Les parts/actions d’OPC de type 

fermé sont évaluées sur base de leur dernière valeur de marché disponible. 

Les Instruments du Marché Monétaire qui ne sont pas cotés ou négociés sur une bourse 

de valeurs ou un autre Marché Réglementé et dont l’échéance résiduelle ne dépasse pas 

douze mois sont évalués selon la méthode de l’amortissement linéaire (linéarisation sur la 

durée de vie restant à courir de la différence entre la dernière valeur de marché et la 

valeur de remboursement). Cette règle n’est pas appliquée sur les compartiments Pictet - 

EUR Sovereign Liquidity et Pictet - USD Sovereign Liquidity. (voir point f) ci-après) 

Les contrats à terme et contrats d’option qui ne sont pas négociés sur une bourse de 

valeurs ou un autre Marché Réglementé sont évalués à leur valeur de liquidation 

déterminée conformément aux règles fixées de bonne foi par le Conseil 

d’Administration, selon des critères uniformes pour chaque type de contrats. La valeur 

des contrats à terme et contrats d’option négociés sur une bourse de valeurs ou un autre 

Marché Réglementé est basée sur les cours de clôture ou de règlement (settlement) 

publiés par cette bourse de valeurs ou cet autre Marché Réglementé où les contrats en 

question sont principalement négociés. Si un contrat à terme ou contrat d’option n’a pas 

pu être liquidé à la date d’évaluation des actifs nets concernés, les critères de 

détermination de la valeur de liquidation d’un tel contrat à terme ou contrat d’option 

sont fixés par le Conseil d’Administration de façon juste et raisonnable. 

Pour certains compartiments, dans l’intérêt des actionnaires, dans la mesure où le 

Conseil d’Administration le juge approprié, considérant les conditions de marché et/ou 

le niveau des souscriptions et des rachats dans un compartiment donné, à apprécier par 

rapport à la taille de ce compartiment, la valeur nette d’inventaire de ce compartiment 

peut être calculée sur base des prix d’offre ou de rachat des titres en portefeuille et/ou 

ajustée en considérant les commissions de vente et les frais de négociations encourus ou 

ajustée en considérant l’impact résultant du différentiel entre le cours de négociation et 

de valorisation des investissements ou désinvestissements, et/ou les commissions de 

vente et/ou les frais de négociations encourus. 

Des précisions supplémentaires sont indiquées dans le prospectus en vigueur de la 

SICAV. 

f) Evaluation des titres des compartiments Sovereign Liquidity 

L’évaluation des titres est faite en Marked to Market. Elle est calculée en tenant compte 

de l’évolution du spread de l’émetteur et des taux sans risque. 

507


508 


g) Evaluation des contrats à terme 

L’évaluation des contrats à terme est basée sur le dernier cours connu. Les plus (moins) - 

values non réalisées sur ces contrats résultant de la différence entre ce cours et le cours 

de négociation sont enregistrées dans l’état des actifs nets. 

h) Evaluation des Contracts For Difference 

Les Contracts For Difference (CFD) sont valorisés directement au cours de leur 

sous-jacent. 

i) Evaluation des opérations de change à terme 

Les bénéfices ou pertes de change non réalisés résultant des contrats de change à terme 

non échus sont déterminés au jour d’évaluation sur base des cours de change à terme 

applicables à cette date et sont enregistrés dans l’état des actifs nets. 

j) Evaluation des Swaps de taux d’intérêts 

Les flux futurs attendus, à percevoir et à verser en vertu des contrats Swaps, sont évalués 

à leur valeur actualisée. Quand un marché existe, ils sont évalués à leur valeur de marché. 

k) Evaluation des Credit Default Swaps 

Les Credit Default Swaps (CDS) sont conclus sur base de contrats ISDA avec des 

entreprises financières de premier ordre, spécialisées dans ce type d’opérations. 

Les paramètres conduisant à l’évaluation des CDS sont : le taux de recouvrement, la 

probabilité de défaut ainsi que le "replacement spread". Le "replacement spread" 

représente le taux de prime auquel le CDS pourrait être renégocié. 

L’évaluation du CDS reflète la valeur actualisée de la protection que constitue le CDS par 

rapport à la courbe des taux zéro applicables à l’obligation sous-jacente. 

l) Evaluation des Total Return Swaps 

Les flux versés par le compartiment, en vertu des contrats Total Return Swaps sont 

actualisés à la date de valorisation aux taux zéro-coupon Swap correspondant à la 

maturité de ces flux. Le flux reçu par l’acheteur de la protection, qui correspond à une 

combinaison d’options, est aussi actualisé, et est fonction de plusieurs paramètres, dont 

notamment le prix, la volatilité et les probabilités de défauts de l’actif sous-jacent. La 

valeur des contrats de Total Return Swaps résulte de la différence entre les deux flux 

actualisés précédemment décrits.



m) Contrats de "Repurchase agreement" 

Les contrats de "Repurchase agreements" ("repos") sont des contrats selon lesquels des 

investissements sont acquis par une contrepartie étant entendu que ces investissements 

seront rachetés par le vendeur (la SICAV) à un prix et une échéance donnés, fixés lors de 

la conclusion du contrat. A ce titre, les repos sont équivalents à des emprunts garantis 

par des investissements sous-jacents qui restent inclus dans le portefeuille titres de la 

SICAV et soumis au risque de marché. 

Les repos sont comptabilisés à l’actif comme des emprunts à hauteur des liquidités 

reçues. Au passif est comptabilisée la dette représentative des titres vendus à réméré. Les 

intérêts sont provisionnés et comptabilisés séparément et sont inclus dans un compte de 

passif adéquat. 

n) Plus/Moins-values nettes réalisées sur investissements 

Les bénéfices ou pertes réalisés sur ventes de titres sont calculés sur base du coût moyen. 

o) Coût d’acquisition des titres en portefeuille 

Pour les titres libellés en devises autres que la devise du compartiment, le coût 

d’acquisition est calculé sur base du cours de change en vigueur au jour de l’achat. 

p) Revenus 

Les dividendes sont reconnus à la date de détachement. Les intérêts sont comptabilisés 

prorata-temporis. 

q) Evaluation des investissements en "Private Equity" 

1. Fréquence de valorisation des titres "Private Equity" 

L’entrée de tels titres dans le portefeuille se fait au coût d’achat. La fréquence de 

valorisation est dépendante de l’identification d’événements importants affectant le titre. 

En cas d’absence d’événements, une revue au moins semestrielle de l’évaluation est faite. 

Parmi les événements déclenchant le processus d’évaluation figurent notamment : 

• Des profits sensiblement inférieurs/supérieurs aux attentes 

• Un nouveau tour de financement initié par la société 

• Une nouvelle transaction (initiée par un investisseur tiers) 

• Des opérations de restructurations 

2. Processus de valorisation 

Le service "Private Equity" de la Banque Dépositaire prépare une recommandation de 

mise à jour des prix sur base de l’analyse fondamentale et prévisionnelle et sur base des 

autres informations financières disponibles. 

509


510 


La recommandation est transmise au Réviseur d’entreprises agréé de la SICAV pour avis 

sur le caractère raisonnable et pertinent de la méthode d’évaluation, le respect de la 

permanence des méthodes d’évaluation et sur la conformité de la méthode d’évaluation 

avec les règles de valorisation émises par l’European Private Equity and Venture Capital 

Association (EVCA). Cet avis est généralement demandé avant la mise à jour des prix 

mais si les circonstances l’exigent peut être requis à posteriori. 

La recommandation est ensuite soumise au Conseil d’Administration de la SICAV pour 

analyse et ratification officielle. 

r) Valeur nette d'inventaire de clôture 

Au 30 septembre 2010, les valeurs nettes d’inventaire (VNI) officielles (servant de base 

aux souscriptions et rachats à cette date) et les VNI des présents états financiers ont été 

déterminées pour chacun des compartiments sur base de valorisation des actifs 

sous-jacents aux derniers cours disponibles à cette date. 

Pour les actifs négociés sur les marchés américains et européens des compartiments 

suivants, les derniers cours disponibles considérés étaient ceux de la clôture des marchés 

le 29 septembre 2010 : 























Pictet - US Equities 









Tous les autres compartiments ont été évalués sur base des cours de clôture des marchés 

au 30 septembre 2010.


NOTE 3 TAXE D’ABONNEMENT 


Pour le compartiment Pictet - Eastern Europe, une différence significative entre la VNI 

officielle basée sur les cours de clôture du 29 septembre 2010 et la VNI calculée sur la 

base des cours de clôture au 30 septembre 2010 a été relevée et c’est cette dernière qui a 

été utilisée pour les besoins des états financiers: 

Compartiment Devise VNI officielle à la 

date de l’évaluation 

Cette différence n’a eu aucun impact sur les souscriptions et rachats du compartiment. 

En vertu de la législation et des règlements actuellement en vigueur, la SICAV n’est 

assujettie à aucun impôt sur le revenu. La SICAV est soumise à une taxe d’abonnement 

au taux annuel de 0.05% de l’actif net, payable trimestriellement et calculée sur l’actif net 

à la fin de chaque trimestre. Cette taxe sera cependant réduite à 0.01% pour les actifs 

afférents aux actions réservées aux investisseurs institutionnels. La partie des actifs nets 

investie dans des parts d’autres organismes de placement collectif luxembourgeois, pour 

autant que ces parts aient déjà été soumises à la taxe d’abonnement, est exonérée de 

cette taxe. 

NOTE 4 COMMISSION DE CONSEIL EN INVESTISSEMENT ET DE GESTION 

VNI calculée pour 

les besoins des 

états financiers 

Impact 

sur la VNI 

Pictet - Eastern Europe EUR 430,482,140.22 435,276,436.46 1.11% 

La Société de Gestion a mandaté pour chaque compartiment un ou plusieurs Conseillers 

en Investissement avec la mission de conseiller la Société de Gestion sur les opportunités 

d’investissement de la SICAV. 

La Société de Gestion reçoit des compartiments des commissions de gestion destinées à 

rémunérer les Gestionnaires, les Conseillers en Investissement et les Distributeurs, le cas 

échéant. Cette commission s’impute sur chaque compartiment, respectivement sur les 

sous-catégories d’actions, ainsi que sur leurs éventuelles actions correspondantes, au 

prorata de leurs avoirs nets. 

Les taux de commission annuels maximum applicables au 30 septembre 2010 sont les 

suivants: 

Actions I Actions P Actions R Actions Z Actions J 

(max) (max) (max) (max) (max) 

Pictet - EUR Bonds 0.60% 0.90% 1.25% 0.00% 0.45% 

Pictet - USD Government Bonds 0.30% 0.60% 0.90% 0.00% - 

Pictet - CHF Liquidity 0.15% 0.18% 0.25% 0.00% 0.10% 

Pictet - USD Liquidity 0.15% 0.30% 0.60% 0.00% 0.10% 

Pictet - EUR Liquidity 0.15% 0.30% 0.60% 0.00% 0.10% 

Pictet - EUR Corporate Bonds 0.60% 0.90% 1.25% 0.00% - 

Pictet - Global Emerging Debt 1.10% 1.45% 1.75% 0.00% - 

Pictet - World Government Bonds 0.30% 0.60% 0.90% 0.00% - 

Pictet - EUR High Yield 1.10% 1.45% 1.75% 0.00% - 

511


512 


Actions I Actions P Actions R Actions Z Actions J 

(max) (max) (max) (max) (max) 

Pictet - EUR Short Mid-Term Bonds * 0.35% 0.60% 0.90% 0.00% - 

Pictet - USD Short Mid-Term Bonds 0.35% 0.60% 0.90% 0.00% - 

Pictet - CHF Bonds 0.45% 0.80% 1.05% 0.00% - 

Pictet - EUR Government Bonds 0.30% 0.60% 0.90% 0.00% - 

Pictet - EUR Inflation Linked Bonds 0.45% 0.90% 1.20% 0.00% - 

Pictet - Emerging Local Currency Debt 1.05% 2.10% 3.00% 0.00% 1.05% 

Pictet - Asian Local Currency Debt 1.05% 2.10% 3.00% 0.00% - 

Pictet - Global Emerging Currencies 1.05% 2.10% 3.00% 0.00% 1.05% 

Pictet - JPY Liquidity 0.15% 0.30% 0.60% 0.00% 0.10% 

Pictet - Latin American Local Currency Debt 1.05% 2.10% 3.00% 0.00% - 

Pictet - USD Sovereign Liquidity 0.15% 0.30% 0.60% 0.00% 0.10% 

Pictet - EUR Sovereign Liquidity 0.15% 0.30% 0.60% 0.00% 0.10% 

Pictet - US High Yield 1.10% 1.45% 1.75% 0.00% - 

Pictet - EUR Corporate Bonds Ex Financial 0.60% 0.90% 1.25% 0.00% - 

Pictet - European Equity Selection 0.90% 1.80% 2.50% 0.00% - 

Pictet - Small Cap Europe 1.20% 2.40% 2.90% 0.00% - 

Pictet - Emerging Markets 2.00% 2.50% 2.90% 0.00% - 

Pictet - Eastern Europe 1.80% 2.40% 2.90% 0.00% - 

Pictet - Europe Index 0.30% 0.45% 0.90% 0.00% - 

Pictet - USA Index 0.30% 0.45% 0.90% 0.00% - 

Pictet - European Sustainable Equities 0.65% 1.20% 1.80% 0.00% - 

Pictet - Japan Index 0.30% 0.45% 0.90% 0.00% - 

Pictet - Pacific Ex Japan Index 0.25% 0.40% 0.85% 0.00% - 

Pictet - Digital Communication 1.20% 2.40% 2.90% 0.00% - 

Pictet - Biotech 1.20% 2.40% 2.90% 0.00% - 

Pictet - Premium Brands 1.20% 2.40% 2.90% 0.00% - 

Pictet - Water 1.20% 2.40% 2.90% 0.00% - 

Pictet - Indian Equities 1.20% 2.40% 2.90% 0.00% - 

Pictet - Japanese Equities 130/30 0.90% 1.80% 2.50% 0.00% - 

Pictet - Asian Equities Ex Japan 1.20% 2.40% 2.90% 0.00% - 

Pictet - Greater China 1.20% 2.40% 2.90% 0.00% - 

Pictet - Japanese Equity Selection 0.90% 1.80% 2.50% 0.00% - 

Pictet - Generics 1.20% 2.40% 2.90% 0.00% - 

Pictet - Emerging Markets Index 0.60% 0.90% 1.35% 0.00% - 

Pictet - Japanese Mid-Small Cap 1.20% 2.40% 2.90% 0.00% - 

Pictet - Euroland Index 0.30% 0.45% 0.90% 0.00% - 

Pictet - US Equity Growth Selection 0.90% 1.80% 2.50% 0.00% - 

Pictet - Security 1.20% 2.40% 2.90% 0.00% - 

Pictet - Clean Energy 1.20% 2.40% 2.90% 0.00% - 

Pictet - Russian Equities 1.90% 2.40% 2.90% 0.00% - 

Pictet - Timber 1.20% 2.40% 2.90% 0.00% - 

Pictet - Agriculture 1.20% 2.40% 2.90% 0.00% - 

Pictet - Global Megatrend Selection 1.20% 2.40% 2.90% 0.00% - 

Pictet - US Equity Value Selection 0.90% 1.80% 2.50% 0.00% - 

Pictet - Middle East And North Africa 1.20% 2.40% 3.45% 0.00% - 

Pictet - Environmental Megatrend Selection 1.20% 2.40% 2.90% 0.00% - 

Pictet - High Dividend Selection 1.20% 2.40% 2.90% - - 

Pictet - Piclife ** 1.00% 1.50% 2.00% 0.00% - 

Pictet - Absolute Return Global Diversified 0.70% 1.50% 2.20% 0.00% - 

Pictet - Absolute Return Global Conservative 0.50% 1.00% 1.45% 0.00% - 

Pictet - Convertible Bonds *** 1.20% 2.40% 3.45% - - 

* Pour les classes d’actions HI CHF et HP CHF, les taux sont respectivement de 0.25% et 

0.35% pour le compartiment Pictet - EUR Short Mid-Term Bonds. 

** Pour la classe d’actions S, le taux est de 0.50% pour le compartiment Pictet - Piclife. 

*** Pour la classe d’actions MG EUR, le taux est de 2.40% pour le compartiment Pictet - 

Convertible Bonds.



NOTE 5 COMMISSION DE SERVICE 

Une commission de service annuelle, calculée sur la moyenne des valeurs nettes 

d’inventaire de chaque compartiment est payée, trimestriellement ou mensuellement, 

selon les termes des contrats, à la Société de Gestion en rémunération des services 

qu’elle fournit à la SICAV. Cette commission permet également à la Société de Gestion 

de rémunérer Pictet & Cie (Europe) S.A. pour ses fonctions d’agent de transfert, agent 

administratif et agent payeur. Les taux de commission maximum applicables au 

30 septembre 2010 sont les suivants: 

Actions Actions 

non-hedgées hedgées 

(max) (max) 

Pictet - EUR Bonds 0.30% 0.35% 

Pictet - USD Government Bonds 0.15% - 

Pictet - CHF Liquidity 0.05% - 

Pictet - USD Liquidity 0.10% - 

Pictet - EUR Liquidity 0.10% - 

Pictet - EUR Corporate Bonds 0.30% 0.35% 

Pictet - Global Emerging Debt * 0.30% 0.35% 

Pictet - World Government Bonds 0.15% - 

Pictet - EUR High Yield 0.30% 0.35% 

Pictet - EUR Short Mid-Term Bonds 0.10% 0.15% 

Pictet - USD Short Mid-Term Bonds 0.10% - 

Pictet - CHF Bonds 0.30% - 

Pictet - EUR Government Bonds 0.15% 0.20% 

Pictet - EUR Inflation Linked Bonds 0.15% 0.20% 

Pictet - Emerging Local Currency Debt 0.40% 0.45% 

Pictet - Asian Local Currency Debt 0.40% 0.45% 

Pictet - Global Emerging Currencies 0.40% 0.45% 

Pictet - JPY Liquidity 0.10% - 

Pictet - Latin American Local Currency Debt 0.40% 0.45% 

Pictet - USD Sovereign Liquidity 0.10% - 

Pictet - EUR Sovereign Liquidity 0.10% - 

Pictet - US High Yield 0.30% 0.35% 

Pictet - EUR Corporate Bonds Ex Financial 0.30% 0.35% 

Pictet - European Equity Selection 0.40% - 

Pictet - Small Cap Europe 0.45% - 

Pictet - Emerging Markets 0.40% 0.45% 

Pictet - Eastern Europe 0.80% - 

Pictet - Europe Index 0.10% - 

Pictet - USA Index 0.10% - 

Pictet - European Sustainable Equities 0.45% - 

Pictet - Japan Index 0.10% - 

Pictet - Pacific Ex Japan Index 0.05% - 

Pictet - Digital Communication 0.40% 0.45% 

Pictet - Biotech 0.45% 0.50% 

Pictet - Premium Brands 0.45% - 

Pictet - Water 0.45% 0.50% 

Pictet - Indian Equities 0.65% - 

Pictet - Japanese Equities 130/30 0.40% - 

Pictet - Asian Equities Ex Japan 0.35% 0.40% 

Pictet - Greater China 0.45% - 

Pictet - Japanese Equity Selection 0.40% 0.45% 

* Pour la classe d’actions HZ EUR, le taux est de 0.30% pour le compartiment Pictet - 

Global Emerging Debt. 

513


514 


NOTE 6 AUTRES FRAIS A PAYER 

Actions Actions 

non-hedgées hedgées 

(max) (max) 

Pictet - Generics 0.45% 0.50% 

Pictet - Emerging Markets Index 0.10% - 

Pictet - Japanese Mid-Small Cap 0.50% - 

Pictet - Euroland Index 0.10% - 

Pictet - US Equity Growth Selection 0.30% 0.35% 

Pictet - Security 0.45% 0.50% 

Pictet - Clean Energy 0.45% 0.50% 

Pictet - Russian Equities 0.80% - 

Pictet - Timber 0.45% 0.50% 

Pictet - Agriculture 0.45% 0.50% 

Pictet - Global Megatrend Selection 0.45% 0.50% 

Pictet - US Equity Value Selection 0.30% 0.35% 

Pictet - Middle East And North Africa 0.50% 0.55% 

Pictet - Environmental Megatrend Selection 0.45% 0.50% 

Pictet - High Dividend Selection 0.45% - 

Pictet - Piclife 0.20% - 

Pictet - Absolute Return Global Diversified 0.30% 0.35% 

Pictet - Absolute Return Global Conservative 0.30% 0.35% 

Pictet - Convertible Bonds 0.35% 0.40% 

Au 30 septembre 2010, les autres frais à payer regroupent essentiellement des frais 

d’administration et de banque dépositaire et des commissions de service. 

NOTE 7 COMMISSION SUR EMISSION, RACHAT ET/OU CONVERSION D’ACTIONS 

Le prix d’émission des actions de chaque compartiment (ou le cas échéant de la souscatégorie 

d’actions) est équivalent à la valeur nette d’inventaire d’une action 

(respectivement de la sous-catégorie d’actions) de ce compartiment calculée à la 

première date de détermination de la valeur nette d’inventaire qui suit la date de 

souscription. 

Ce prix peut être majoré de commissions d’intermédiaires qui n’excéderont pas 5% de la 

valeur nette d’inventaire par action du compartiment concerné et qui seront prélevées en 

faveur des intermédiaires et/ou distributeurs intervenant dans le placement des actions 

de la SICAV. Les commissions d’intermédiaires varient suivant la sous-catégorie 

d’action. 

Le prix de remboursement des actions (ou le cas échéant de la sous-catégorie d’actions) 

de chaque compartiment est équivalent à la valeur nette d’inventaire d’une action 

(respectivement de la sous-catégorie d’actions) de ce compartiment calculée à la 

première date de détermination de la valeur nette d’inventaire qui suit la date de 

demande de remboursement. 

Ce montant peut être diminué d’une commission d’intermédiaire prélevée en faveur des 

intermédiaires et/ou distributeurs, pouvant aller jusqu’à 3% de la valeur nette 

d’inventaire par action. Les commissions d’intermédiaire varient suivant la souscatégorie 

d’actions.



Le Conseil d’Administration est habilité en certaines circonstances à mettre en compte 

une "Commission de Dilution" de maximum 2% de la valeur nette d’inventaire par action 

sur le prix d’émission, de remboursement et/ou de conversion d’actions, ainsi que décrit 

au chapitre "Commission de Dilution" du prospectus en vigueur. La Commission de 

Dilution effective mise en compte lors de tout Jour d’Evaluation s’applique en tout état de 

cause de manière identique à l’ensemble des actionnaires du compartiment concerné. 

Le Conseil d’Administration est habilité, pour certains compartiments tels que précisés le 

cas échéant au sein des Annexes du prospectus en vigueur, à mettre en compte, des frais 

d’investissement qui peuvent être ajoutés à la valeur nette d’inventaire, ou, le cas 

échéant, inclus dans la valeur nette d’inventaire avec un maximum de 1% de la valeur 

nette d’inventaire par action, et cela au profit des compartiments concernés. Les frais 

d’investissement s’appliquent en tout état de cause de manière équitable à l’ensemble des 

actionnaires à la même date de détermination de la valeur nette d’inventaire. 

NOTE 8 COMMISSION DE PERFORMANCE 

Pour le compartiment Pictet - Convertible Bonds, la commission de performance est 

calculée sur la base de l’excès de la valeur nette d’inventaire (ci-après la « VNI ») par 

action du compartiment concerné par rapport à une VNI de référence. 

La période de référence correspond à l’exercice fiscal de la SICAV. 

La commission de performance est calculée sur la base de la VNI après déduction de tous 

les frais et engagements, de la commission de gestion (mais pas de la commission de 

performance) et ajustée pour prendre en compte toutes les souscriptions et tous les 

rachats de la période de référence. 

Si des actions sont rachetées à une autre date que celle de paiement de la commission de 

performance, alors qu’une commission de performance est provisionnée, la partie de la 

commission de performance attribuable aux actions rachetées sera payée à la fin de la 

période. 

L’ajustement sur les souscriptions consiste à retirer de la provision pour commission de 

performance calculée sur base du nombre d’actions sous-jacentes, la commission de 

performance relative aux actions souscrites entre la période antérieure jusqu’à la date de 

souscription. Ainsi, sur ces actions, aucune commission de performance ne sera 

provisionnée pour une performance antérieure à la date de souscription. 

La commission de performance est calculée à chaque jour d’évaluation au taux de 20% 

appliqué sur la différence entre la VNI par action à ce jour d’évaluation et la VNI de 

référence, multipliée par le nombre d’actions en circulation à ce jour d’évaluation. 

A chaque jour d’évaluation, une provision représentant la commission de performance 

calculée sur la base de la différence entre la VNI par action et la VNI de référence, est 

déduite des actifs nets du compartiment et la provision constituée lors du jour 

d’évaluation précédent est extournée. Lorsque la VNI par action est inférieure à la VNI de 

référence, la provision est nulle, mais ne pourra jamais être négative. 

515


516 


En application du principe de High Water Mark, la VNI de référence est la dernière VNI 

par action ayant donné lieu au paiement d’une commission de performance. La première 

VNI de référence sera le prix initial de souscription. La VNI de référence sera à prendre 

en compte après déduction de la commission de performance. 

Lors d’une éventuelle distribution d’un dividende au courant de l’exercice la VNI de 

référence sera diminuée du montant distribué par action. 

Le calcul de la commission de performance est détaillé dans le prospectus en vigueur. 

Pour l’exercice clôturé au 30 septembre 2010, cette commission s’élevait à 

EUR 568,545.81 pour le compartiment Pictet - Convertible Bonds. 

NOTE 9 TAUX DE CHANGE AU 30 SEPTEMBRE 2010 

NOTE 10 CONTRATS A TERME 

Les taux de change utilisés pour la conversion en EUR des différents postes afférents aux 

compartiments libellés dans une devise autre que l’EUR au 30 septembre 2010 sont les 

suivants : 

1 EUR = 1.333730 CHF 

1 EUR = 0.866351 GBP 

1 EUR = 114.051095 JPY 

1 EUR = 1.365197 USD 

Au 30 septembre 2010, la SICAV avait en cours les contrats Futures suivants : 


Maturité Devise Engagement total 

en EUR 

Achat de 406.2 BUND FUTURE EURO-SCHATZ EUREX (2Y) 08/12/2010 EUR 44,348,648.50 

Achat de 89.94 USA TREASURY NOTE FUT. 10 YEARS 21/12/2010 USD 8,343,237.44 

Vente de 1.15 KOREA BONDS FUTURE 3 YEARS 21/12/2010 KRW -83,445.55 

Vente de 12.15 BUND FUTURE EURO-BOBL EUREX (5Y) 08/12/2010 EUR -1,467,647.57 

Vente de 2.59 BUND FUTURE EURO-BUND EUREX (10Y) 10/12/2010 EUR -341,830.78 

Vente de 310.86 USA TREASURY NOTE FUT. 2 YEARS 31/12/2010 USD -50,158,559.58 

La plus-value nette non réalisée sur ces contrats au 30 septembre 2010 était de 

EUR 22,484.91 et figure dans l’état des actifs nets. 



en USD 

Achat de 1 USA TREASURY BOND FUT. 30 YEARS 21/12/2010 USD 133,656.25 

Achat de 66 USA TREASURY NOTE FUT. 10 YEARS 21/12/2010 USD 8,326,312.50 

Vente de 90 USA TREASURY NOTE FUT. 2 YEARS 31/12/2010 USD -19,747,969.20 


USD 86,562.05 et figure dans l’état des actifs nets.





en CHF 

Vente de 100 EURO CHF 3 MOIS FUT. 13/06/2011 CHF -99,680,000.00 

La moins-value nette non réalisée sur ce contrat au 30 septembre 2010 était de 

CHF 20,500.00 et figure dans l’état des actifs nets. 



en EUR 

Vente de 70 LIFFE 3M EURIBOR FUTURES 13/12/2010 EUR -69,258,000.00 





en EUR 

Achat de 2,521.72 BUND FUTURE EURO-SCHATZ EUREX (2Y) 08/12/2010 EUR 275,320,900.24 


Vente de 67.22 BUND FUTURE EURO-BUND EUREX (10Y) 10/12/2010 EUR -8,860,286.58 

La moins-value nette non réalisée sur ces contrats au 30 septembre 2010 était de 




en USD 


Vente de 283.03 KOREA BONDS FUTURE 3 YEARS 21/12/2010 KRW -27,888,522.79 


USD 198,717.86 et figure dans l’état des actifs nets. 



en EUR 

Achat de 163 BUND FUTURE EURO-SCHATZ EUREX (2Y) 08/12/2010 EUR 17,796,330.05 







en EUR 




517


518 




en EUR 

Vente de 145 BUND FUTURE EURO-BOBL EUREX (5Y) 08/12/2010 EUR -17,514,550.00 

Vente de 90 BUND FUTURE EURO-SCHATZ EUREX (2Y) 08/12/2010 EUR -9,826,200.00 





en USD 







en CHF 

Achat de 16.43 EUREX FUTURE S/6% CONF. 8-13 ANS 08/12/2010 CHF 2,324,557.43 





en EUR 

Vente de 1 BUND FUTURE EURO-SCHATZ EUREX (2Y) 08/12/2010 EUR -109,180.00 

Vente de 35 BUND FUTURE EURO-BUND EUREX (10Y) 10/12/2010 EUR -4,613,350.00 





en EUR 

Achat de 208 BUND FUTURE EURO-SCHATZ EUREX (2Y) 08/12/2010 EUR 22,709,440.00 







en USD 








en USD 

Achat de 736.41 KOREA BONDS FUTURE 3 YEARS 21/12/2010 KRW 72,689,965.06 

Vente de 4 USA TREASURY NOTE FUT. 5 YEARS 31/12/2010 USD -482,897.04 





en EUR 

Achat de 379 BUND FUTURE EURO-SCHATZ EUREX (2Y) 08/12/2010 EUR 41,343,215.00 

Vente de 101 BUND FUTURE EURO-BUND EUREX (10Y) 10/12/2010 EUR -13,274,430.00 

Vente de 74 BUND FUTURE EURO-BOBL EUREX (5Y) 08/12/2010 EUR -8,925,140.00 





en USD 

Achat de 54 S&P E-MINI 500 STOCK INDEX FUT. 17/12/2010 USD 3,069,225.00 

La plus-value nette non réalisée sur ce contrat au 30 septembre 2010 était de 




en JPY 

Achat de 55 INDICE TOKYO STOCK EXCH. -TOPIX- FUT. 09/12/2010 JPY 454,575,000.00 


JPY 7,250,000.00 et figure dans l’état des actifs nets. 



en USD 

Achat de 115.00 CME E-MINI MSCI EMERGING MAR. IND FUT. 17/12/2010 USD 6,210,000.00 


USD 204,637.40 et figure dans l'état des actifs nets. 

519


520 




en CHF 

Achat de 0.56 KOREA BONDS FUTURE 3 YEARS 21/12/2010 KRW 53,784.86 


Achat de 18 NIKKEI 225 INDICE FUT. 09/12/2010 JPY 1,970,895.83 

Achat de 2.06 USA TREASURY NOTE FUT. 10 YEARS 21/12/2010 USD 254,933.20 

Achat de 21 FTSE 100 (FINANCIAL TIMES) FUT. 17/12/2010 GBP 1,803,209.28 

Achat de 36 S&P INDICES 500 FUT. 16/12/2010 USD 10,002,143.02 

Achat de 75 DOW JONES EURO STOXX 50 FUT. 17/12/2010 EUR 2,736,621.41 

Achat de 8 S&P/TSE 60 INDEX FUT. 16/12/2010 CAD 1,077,780.51 

Vente de 0.003 USA TREASURY NOTE FUT. 5 YEARS 31/12/2010 USD -384.21 

Vente de 0.19 BUND FUTURE EURO-BUND EUREX (10Y) 10/12/2010 EUR -32,721.79 

Vente de 1.19 BUND FUTURE EURO-BOBL EUREX (5Y) 08/12/2010 EUR -190,726.09 

Vente de 23.43 EUREX FUTURE S/6% CONF. 8-13 ANS 08/12/2010 CHF -3,314,918.84 

Vente de 7.14 USA TREASURY NOTE FUT. 2 YEARS 31/12/2010 USD -1,532,567.81 





en EUR 

Achat de 116.73 AEX INDEX (AMSTERDAM EXCHANGE) FUT. 15/10/2010 EUR 7,844,358.14 

Achat de 1,264.83 WARSAW WIG 20 INDEX FUT. 17/12/2010 PLN 8,232,789.45 

Achat de 134.65 MSCI TAIWAN (SGX) INDEX FUT. 28/10/2010 USD 2,867,320.69 

Achat de 139.83 S&P/TSE 60 INDEX FUT. 16/12/2010 CAD 14,151,067.04 

Achat de 147.94 FSTE BURSA MALAYSIA KLCI FUT. 29/10/2010 MYR 2,560,823.73 

Achat de 15.15 KOSPI 200 INDICE FUT. 09/12/2010 KRW 1,185,132.50 

Achat de 16.96 RUSSELL 2000 (USD) FUT. 17/12/2010 USD 838,505.32 

Achat de 168.76 FTSE/JSE AFRICA TOP40 FUT. 15/12/2010 ZAR 4,620,725.38 

Achat de 197 LONG GILT STERLING FUTURE 29/12/2010 GBP 28,571,609.66 


Achat de 21.83 FTSE 100 (FINANCIAL TIMES) FUT. 17/12/2010 GBP 1,408,047.40 

Achat de 225.21 SET50 INDEX FUT. 29/12/2010 THB 3,677,804.93 

Achat de 324.27 INDICE TOKYO STOCK EXCH. -TOPIX- FUT. 09/12/2010 JPY 23,551,557.12 

Achat de 325.32 IPC MEXICO INDEX FUT. 17/12/2010 MXN 6,338,379.78 

Achat de 414 BUND FUTURE EURO-BUND EUREX (10Y) 10/12/2010 EUR 54,569,340.00 

Achat de 466.48 CAC 40 INDICE FUT. 15/10/2010 EUR 17,432,178.97 


Achat de 500.94 SGX CNX NIFTY INDEX FUT. 28/10/2010 USD 4,418,468.83 


Achat de 55.86 DAX INDEX FUT. 17/12/2010 EUR 8,739,602.08 

Achat de 624.74 IND.OSLO STOCK EXCHANGE -OBX- FUT. 21/10/2010 NOK 2,734,712.98 


Achat de 849 ISE NATIONAL 30 FUT. 27/10/2010 TRY 3,574,308.67 

Achat de 85 JAPANESE FUTURE BONDS 10 YEARS 09/12/2010 JPY 107,127,424.64 

Achat de 88.99 BUND FUTURE EURO-BOBL EUREX (5Y) 08/12/2010 EUR 10,748,753.02 

Achat de 96.64 S&P/ASX 200 INDICES FUT. 16/12/2010 AUD 7,888,857.79 

Vente de 1,162.12 SMI INDEX FUT. 17/12/2010 CHF -55,111,640.65 

Vente de 119.99 SWEDEN OPTION MARKET INDICES FUT. 15/10/2010 SEK -1,422,605.98 

Vente de 12.74 FTSE ITALIA MIB INDEX FUT. 17/12/2010 EUR -1,292,659.24 

Vente de 13.45 BOLSA VALORES SAO PAULO INDICES FUT. 13/10/2010 BRL -402,856.92 

Vente de 22.47 HANG SENG INDICES FUT. 28/10/2010 HKD -2,364,833.36 

Vente de 25.98 HK HANG SENG INDIC FUT. 28/10/2010 HKD -1,515,784.66 


Vente de 51.94 MSCI SINGAPORE FUTURES SGX 28/10/2010 SGD -2,104,044.62 

Vente de 55.61 IBEX 35 INDEX FUT. 15/10/2010 EUR -5,809,964.45 

Vente de 7.54 NASDAQ 100 INDEX USA FUT. 16/12/2010 USD -1,108,188.57 


EUR 8,086,641.66 et figure dans l'état des actifs nets.





en EUR 

Achat de 1.04 RUSSELL 2000 (USD) FUT. 17/12/2010 USD 51,353.09 

Achat de 13.79 SET50 INDEX FUT. 29/12/2010 THB 225,239.27 

Achat de 14 LONG GILT STERLING FUTURE 29/12/2010 GBP 2,030,469.72 


Achat de 15.68 IPC MEXICO INDEX FUT. 17/12/2010 MXN 305,399.86 

Achat de 19.73 INDICE TOKYO STOCK EXCH. -TOPIX- FUT. 09/12/2010 JPY 1,433,105.75 

Achat de 21.06 SGX CNX NIFTY INDEX FUT. 28/10/2010 USD 185,795.04 

Achat de 28.52 CAC 40 INDICE FUT. 15/10/2010 EUR 1,065,971.40 

Achat de 3.14 DAX INDEX FUT. 17/12/2010 EUR 490,949.49 

Achat de 30 BUND FUTURE EURO-BUND EUREX (10Y) 10/12/2010 EUR 3,954,300.00 


Achat de 38.26 IND.OSLO STOCK EXCHANGE -OBX- FUT. 21/10/2010 NOK 167,481.53 

Achat de 38.34 BUND FUTURE EURO-SCHATZ EUREX(2Y) 08/12/2010 EUR 4,186,419.76 

Achat de 4.35 MSCI TAIWAN (SGX) INDEX FUT. 28/10/2010 USD 92,538.53 

Achat de 5.01 BUND FUTURE EURO-BOBL EUREX (5Y) 08/12/2010 EUR 605,506.98 

Achat de 5.27 AEX INDEX (AMSTERDAM EXCHANGE) FUT. 15/10/2010 EUR 354,041.86 

Achat de 52 ISE NATIONAL 30 FUT. 27/10/2010 TRY 2,189.01 


Achat de 6 JAPANESE FUTURE BONDS 10 YEARS 09/12/2010 JPY 7,561,936.36 

Achat de 6.36 S&P/ASX 200 INDICES FUT. 16/12/2010 AUD 519,485.15 

Achat de 64.17 WARSAW WIG 20 INDEX FUT. 17/12/2010 PLN 417,656.52 

Achat de 7.24 FTSE/JSE AFRICA TOP40 FUT. 15/12/2010 ZAR 198,242.16 

Achat de 8.17 S&P/TSE 60 INDEX FUT. 16/12/2010 CAD 827,154.62 

Achat de 9.06 FSTE BURSA MALAYSIA KLCI FUT. 29/10/2010 MYR 156,834.58 

Vente de 0.15 KOSPI 200 INDICE FUT. 09/12/2010 KRW -11,930.63 

Vente de 0.26 FTSE ITALIA MIB INDEX FUT. 17/12/2010 EUR -25,995.76 

Vente de 0.29 KOREA BONDS FUTURE 3 YEARS 21/12/2010 KRW -20,701.46 

Vente de 0.46 NASDAQ 100 INDEX USA FUT. 16/12/2010 USD -67,868.80 

Vente de 0.53 HANG SENG INDICES FUT. 28/10/2010 HKD -56,156.08 

Vente de 1.06 MSCI SINGAPORE FUTURES SGX 28/10/2010 SGD -42,806.04 

Vente de 1.83 FTSE 100 (FINANCIAL TIMES) FUT. 17/12/2010 GBP -117,963.36 

Vente de 3.02 HK HANG SENG INDIC FUT. 28/10/2010 HKD -176,158.00 

Vente de 3.39 IBEX 35 INDEX FUT. 15/10/2010 EUR -354,061.60 

Vente de 3.55 BOLSA VALORES SAO PAULO INDICES FUT. 13/10/2010 BRL -106,420.06 

Vente de 72.88 SMI INDEX FUT. 17/12/2010 CHF -3,456,230.45 

Vente de 8.01 SWEDEN OPTION MARKET INDICES FUT. 15/10/2010 SEK -95,036.32 





en EUR 

Vente de 1,964 DOW JONES EURO STOXX 50 FUT. 17/12/2010 EUR -53,833,240.00 

Vente de 200 NIKKEI 225 INDICE FUT. 09/12/2010 JPY -16,474,809.94 

Vente de 263 HANG SENG INDICES FUT. 28/10/2010 HKD -27,867,263.73 

Vente de 3,422 S&P E-MINI 500 STOCK INDEX FUT. 17/12/2010 USD -143,558,685.77 


EUR 1,416,820.30 et figure dans l'état des actifs nets. 

521


522 


Au 30 septembre 2010, la SICAV avait en cours les CFD ("Contracts For Difference") 

suivants : 


Libellé Quantité Devise Valeur 

d’évaluation 

en EUR 

ABERTIS INFRAESTRUCTURAS 46,817.00 EUR -28,398.19 

ACCOR -12,470.00 EUR -33,531.41 

ACS -13,800.00 EUR -87,782.28 

ADMIRAL GROUP -25,000.00 GBP -62,559.86 

ADP -9,300.00 EUR -60,316.41 

AIR LIQUIDE -2,600.00 EUR -4,155.15 

B.M.W. -13,000.00 EUR -166,325.45 

BASF 10,000.00 EUR 1,161.37 

BELGACOM -10,000.00 EUR -30,189.41 

CIE FINANCIERE RICHEMONT 16,400.00 CHF 56,482.68 

DANIELI & C.OFFICINE MECCANICHE -32,000.00 EUR -108,105.82 

DANISCO -5,400.00 DKK -61,381.26 

DANONE -14,897.00 EUR 2,624.49 

DASSAULT SYSTEMES -9,000.00 EUR -41,756.40 

DEUTSCHE BANK NOM. -15,000.00 EUR 123,976.17 

DRAKA HOLDING -1.00 EUR 10,757.73 

ENTERPRISE INNS 340,622.00 GBP 48,532.11 

ERSTE GROUP BANK -21,000.00 EUR -86,044.48 

EUROPEAN AERONAUTIC DEFENCE SPACE -17,000.00 EUR -12,177.10 

EUTELSAT COMMUNICATIONS -21,396.00 EUR -27,326.15 

FONDIARIA-SAI 65,000.00 EUR -46,470.50 

GEOX -123,000.00 EUR -59,931.20 

HANNOVER RUECKVERSICHERUNGS NOM. -13,500.00 EUR 10,202.05 

HENKEL PFD N-VTG -5,800.00 EUR -4,332.86 

INTESA SANPAOLO -280,000.00 EUR -67,779.80 

JC DECAUX -1.00 EUR 0.24 

KINGFISHER -90,000.00 GBP -26,928.74 

L’OREAL (EUR) -4,800.00 EUR -19,634.28 

LAFARGE -11,000.00 EUR -11,983.60 

MARKS & SPENCER GROUP -93,000.00 GBP -54,096.68 

MICHELIN ’B’ NOM. -8,500.00 EUR -13,009.65 

NESTLE NOM. (CHF) 10,000.00 CHF 9,155.04 

NORDEA BANK (SEK) -40,000.00 SEK -17,975.02 

NOVARTIS AG NOM. (CHF) -11,800.00 CHF -49,175.12 

PEUGEOT PORT. -21,600.00 EUR -86,244.00 

PRUDENTIAL 10,284.00 GBP -14,707.28 

PUNCH TAVERNS -445,261.00 GBP -89,275.01 

QIAGEN (EUR) 41,032.00 EUR -38,423.75 

ROLLS-ROYCE GROUP -68,000.00 GBP -54,462.87 

R.W.E. ’A’ -11,000.00 EUR 38,344.30 

SGL CARBON -8,500.00 EUR 19,029.91 

SKANDINAVISKA ENSKILDA ’A’ -150,000.00 SEK -159,926.03 

TESCO 81,000.00 GBP 39,494.27 

THALES 12,000.00 EUR 3,724.80 

TRY 5,750.00 DKK 5,813.28 

UBS 34,076.00 CHF -23,019.49 

WILLIAM DEMANT HOLDING -10,734.00 DKK 32,754.14 

XSTRATA -16,000.00 GBP -69,338.40 


EUR 1,314,711.07 et figure dans l'état des actifs nets.




Libellé Quantité Devise Valeur d’évaluation 

en EUR 

AEON -345,000.00 JPY 25,489.74 

AQUARIUS PLATINUM -358,000.00 GBP -107,964.28 

FORD MOTOR -826,000.00 USD -900,103.12 

JP MORGAN CHASE -350,000.00 USD -35,208.54 

MOL ’A’ -90,000.00 HUF -546,668.31 

NEWMONT MINING -140,000.00 USD -660,458.59 

NIPRO -67,000.00 JPY -41,631.65 

RENEWABLE ENERGY CORPORATION -1,540,000.00 NOK 41,003.41 

SEADRILL -300,000.00 NOK -380,326.67 

SOFTBANK -399,000.00 JPY -1,549,062.53 

SQUARE ENIX -170,850.00 JPY -306,762.47 


EUR 4,461,693.01 et figure dans l'état des actifs nets. 

NOTE 11 CONTRATS DE CHANGE A TERME 


Achat Vente Maturité 

AUD 3,054.06 USD 2,767.00 12/10/2010 


BRL 11,275.86 USD 6,504.72 04/10/2010 



BRL 53,182.44 USD 30,839.55 04/10/2010 


BRL 448,767.67 USD 262,130.65 04/10/2010 

CAD 32,579.98 USD 31,252.74 12/10/2010 

CHF 22,591,306.47 EUR 17,089,380.44 29/10/2010 

CLP 10,286,314.72 USD 21,100.28 26/11/2010 

CNY 4,775.08 USD 712.70 08/10/2010 

CNY 117,984.23 USD 17,508.85 08/10/2010 



CNY 885,379.12 USD 134,027.44 04/05/2011 

CNY 1,267,385.39 USD 186,189.85 08/10/2010 

COP 36,589,038.26 USD 20,237.44 29/10/2010 





EUR 747.30 USD 982.76 26/10/2010 

EUR 14,510.63 USD 18,618.72 07/10/2010 




EUR 54,104.01 GBP 45,080.44 03/12/2010 

EUR 78,301.34 USD 100,191.18 04/10/2010 


EUR 80,032.15 PLN 323,014.16 26/10/2010 












523


524 


Pictet - EUR Bonds (suite) 


EUR 12,529,272.90 USD 16,760,295.60 25/10/2010 

HUF 6,058,380.72 USD 26,725.59 18/11/2010 



IDR 52,326,900.89 USD 5,807.69 08/10/2010 


IDR 1,322,839,969.17 USD 146,122.75 08/10/2010 

INR 2,426,038.27 USD 53,028.53 25/10/2010 




MXN 187,620.79 USD 14,646.31 16/11/2010 



MXN 1,237,930.42 USD 95,812.85 16/11/2010 

MXN 1,512,474.43 USD 116,983.09 16/11/2010 


MYR 7,441.16 USD 2,361.62 25/10/2010 








PHP 909,552.95 USD 20,695.32 04/10/2010 

PHP 2,273,932.13 USD 50,532.18 04/10/2010 






PLN 87,702.27 USD 28,109.00 26/10/2010 




PLN 289,787.57 EUR 72,027.83 26/10/2010 




RUB 269,791.93 USD 8,663.90 02/11/2010 




RUB 1,023,856.39 USD 33,113.31 20/10/2010 


RUB 1,583,307.56 USD 51,557.10 20/10/2010 


THB 301,227.86 USD 9,670.30 07/10/2010 

THB 397,923.20 USD 12,949.10 07/10/2010 


THB 5,992,965.89 USD 192,299.30 07/10/2010 

TRY 31,535.41 USD 20,862.43 26/11/2010 




TWD 119,575.92 USD 3,756.14 12/10/2010 

USD 0.32 BRL 0.56 04/10/2010 

USD 44.20 RUB 1,362.33 20/10/2010 

USD 655.95 KRW 785,898.32 08/10/2010 

USD 713.38 CNY 4,775.08 08/10/2010 


USD 3,040.16 COP 5,572,659.64 29/10/2010 

USD 3,802.48 TWD 121,366.58 12/10/2010 

USD 4,840.41 COP 8,741,841.63 29/10/2010





USD 5,059.60 EUR 3,939.44 26/10/2010 

USD 6,739.13 RUB 205,780.90 20/10/2010 

USD 6,807.82 ZAR 50,572.95 26/11/2010 

USD 6,967.44 INR 324,367.10 07/10/2010 

USD 7,356.96 KRW 8,555,348.80 08/10/2010 


USD 9,797.70 IDR 87,543,104.00 08/10/2010 


USD 11,975.29 SGD 16,134.55 07/10/2010 

USD 15,952.07 HUF 3,538,672.24 18/11/2010 


USD 17,626.42 CNY 117,984.23 08/10/2010 

USD 19,968.88 MYR 62,712.70 25/10/2010 

USD 20,789.97 PLN 63,761.62 26/10/2010 



USD 23,966.53 THB 740,535.08 07/10/2010 


USD 24,626.02 CLP 12,399,286.91 26/11/2010 




USD 32,144.19 MXN 416,013.03 16/11/2010 

USD 33,827.74 BRL 58,437.83 04/10/2010 

USD 35,320.12 PEN 98,455.54 17/11/2010 




USD 47,236.62 CHF 47,864.87 07/10/2010 



USD 49,418.67 RUB 1,482,446.96 20/10/2010 



USD 51,387.94 PHP 2,273,932.13 04/10/2010 


USD 56,006.28 KRW 66,614,333.30 08/10/2010 



USD 60,195.45 AUD 66,294.55 12/10/2010 







USD 84,702.20 TRY 131,657.80 26/11/2010 



USD 98,944.31 EUR 78,301.34 04/10/2010 





USD 106,073.07 INR 4,865,605.93 08/10/2010 

USD 106,130.24 EUR 80,857.99 26/10/2010 










USD 112,120.39 RUB 3,456,976.26 20/10/2010 

525


526 





USD 128,577.12 PLN 411,308.17 26/10/2010 

USD 132,699.77 CNY 885,379.12 04/05/2011 



USD 152,855.86 JPY 12,815,206.35 01/11/2010 

USD 189,342.86 CNY 1,267,385.39 08/10/2010 




USD 700,252.91 ZAR 5,235,827.39 26/11/2010 

ZAR 75,327.61 USD 10,353.10 26/11/2010 














CHF 1,320,247.01 EUR 1,002,363.47 11/10/2010 


CHF 1,329,681.00 EUR 1,000,000.00 12/01/2011 

CHF 1,335,258.00 EUR 1,000,000.00 01/02/2011 

CHF 2,580,862.00 EUR 2,000,000.00 02/03/2011 


CHF 2,610,983.18 EUR 1,828,750.00 07/03/2011 

CHF 2,711,943.37 JPY 223,520,000.00 15/02/2011 


CHF 4,099,719.32 JPY 350,000,000.00 29/10/2010 




CHF 5,064,067.59 EUR 3,916,980.00 25/07/2011 






CHF 5,563,500.38 EUR 3,890,625.00 16/03/2011 

CHF 5,942,189.76 EUR 4,160,000.00 17/01/2011 

CHF 6,484,325.00 EUR 5,000,000.00 17/03/2011 

CHF 6,498,500.00 EUR 5,000,000.00 21/03/2011 



CHF 6,868,305.00 EUR 5,000,000.00 12/11/2010 


CHF 7,042,339.52 EUR 5,256,250.00 04/04/2011 


CHF 7,296,832.49 EUR 5,131,250.00 23/03/2011 

CHF 7,317,150.50 EUR 5,500,000.00 13/01/2011 

CHF 7,466,206.28 EUR 5,225,000.00 07/03/2011 

CHF 7,844,130.00 EUR 6,000,000.00 01/12/2010 


CHF 8,163,588.99 JPY 700,000,000.00 28/10/2010 

CHF 8,177,778.00 EUR 6,000,000.00 22/11/2010



Pictet - CHF Liquidity (suite) 



CHF 9,177,322.00 EUR 7,000,000.00 30/11/2010 

CHF 9,958,335.00 EUR 7,500,000.00 23/02/2011 






CHF 12,115,724.40 EUR 9,360,000.00 17/05/2011 

CHF 12,968,810.00 EUR 10,000,000.00 07/03/2011 

CHF 13,020,020.00 EUR 10,000,000.00 28/02/2011 

CHF 13,630,420.00 EUR 10,000,000.00 31/01/2011 

CHF 13,818,454.00 USD 13,000,000.00 22/10/2010 





CHF 16,896,932.00 EUR 13,000,000.00 28/02/2011 

CHF 19,870,098.01 JPY 1,625,600,000.00 15/02/2011 


CHF 4,371,997.48 et figure dans l’état des actifs nets. 




USD 843,340.37 JPY 70,560,000.00 03/02/2011 

USD 2,244,323.72 JPY 201,400,000.00 15/11/2010 

USD 3,173,270.00 EUR 2,500,000.00 28/02/2011 

USD 3,808,941.00 EUR 3,000,000.00 13/10/2010 


USD 3,924,685.67 GBP 2,631,250.00 10/12/2010 

USD 4,319,078.68 JPY 369,938,591.00 03/02/2011 


USD 5,210,524.00 EUR 4,000,000.00 22/03/2011 

USD 6,122,610.00 EUR 5,000,000.00 12/01/2011 


USD 6,289,660.00 EUR 5,000,000.00 10/01/2011 

USD 6,298,330.00 EUR 5,000,000.00 08/10/2010 

USD 6,420,592.86 GBP 4,180,000.00 07/12/2010 



USD 6,438,728.82 EUR 5,020,795.83 14/02/2011 


USD 6,481,445.00 EUR 5,000,000.00 15/09/2011 

USD 6,518,085.00 EUR 5,000,000.00 09/03/2011 

USD 6,639,650.00 EUR 5,000,000.00 28/03/2011 

USD 7,735,911.29 EUR 5,754,375.00 10/06/2011 

USD 7,920,240.00 GBP 5,000,000.00 04/02/2011 

USD 8,165,430.00 EUR 6,000,000.00 15/10/2010 


USD 9,508,369.74 CHF 10,000,066.56 17/11/2010 


USD 10,230,360.00 EUR 8,000,000.00 10/03/2011 



USD 12,931,390.00 EUR 10,000,000.00 20/01/2011 


USD 13,390,430.00 EUR 10,000,000.00 18/03/2011 



USD 12,650,225.16 et figure dans l’état des actifs nets. 

527


528 




EUR 6,191,710.08 JPY 685,800,000.00 15/02/2011 

EUR 10,846,457.55 CHF 15,000,000.00 11/11/2010 


EUR 22,361,026.22 CHF 30,000,000.00 18/10/2010 



EUR 1,594,388.91 et figure dans l’état des actifs nets. 



CHF 545,259.00 EUR 410,000.00 29/10/2010 








AUD 16,146,544.29 USD 15,462,689.70 29/10/2010 

BRL 50,164,890.62 USD 28,972,127.22 04/10/2010 

BRL 142,046,301.65 USD 82,970,970.59 04/10/2010 

CAD 4,838,690.84 USD 4,641,572.54 12/10/2010 

CHF 832,564.60 USD 854,000.00 29/10/2010 


CNY 15,527,413.24 USD 2,304,267.26 08/10/2010 

CNY 32,037,574.17 USD 4,786,299.48 08/10/2010 





CNY 280,083,087.13 USD 42,398,582.72 04/05/2011 





EUR 5,768,728.85 USD 7,832,930.02 26/10/2010 



EUR 11,495,263.99 PLN 46,395,517.69 26/10/2010 


EUR 11,527,630.22 USD 15,667,490.42 27/10/2010 



EUR 11,989,521.62 USD 15,341,300.30 04/10/2010 






EUR 975,423,643.51 USD 1,309,018,529.59 29/10/2010 

INR 349,612,484.89 USD 7,641,856.40 25/10/2010 



INR 1,182,442,001.39 USD 25,303,879.22 08/10/2010 

JPY 6,293,421,575.00 USD 74,743,724.17 29/10/2010 

MYR 14,318,633.61 USD 4,588,685.00 25/10/2010 

MYR 48,184,118.45 USD 15,618,950.43 01/11/2010



Pictet - Global Emerging Debt (suite) 



MYR 94,825,323.06 USD 30,391,971.95 25/10/2010 

PHP 162,055,091.67 USD 3,691,485.76 04/10/2010 


PHP 346,811,654.26 USD 7,729,308.70 04/10/2010 






PLN 20,240,867.64 USD 6,651,006.25 26/10/2010 

PLN 42,513,664.38 EUR 10,566,937.65 26/10/2010 




SGD 1,130,159.83 USD 851,595.33 07/10/2010 

TRY 19,474,880.69 USD 12,895,230.95 26/11/2010 

TRY 44,522,131.35 USD 29,537,886.47 26/11/2010 

USD 9,236.99 TWD 294,824.30 12/10/2010 


USD 965,466.30 ZAR 7,172,113.16 26/11/2010 

USD 1,098,616.28 KRW 1,277,571,976.33 08/10/2010 

USD 1,566,855.48 INR 72,944,446.11 07/10/2010 

USD 1,663,439.01 ZAR 12,427,536.19 26/11/2010 

USD 2,319,740.24 CNY 15,527,413.25 08/10/2010 

USD 2,416,396.85 SGD 3,255,662.22 07/10/2010 



USD 3,376,732.93 IDR 30,569,349,150.55 08/10/2010 

USD 3,842,407.88 THB 119,747,804.09 07/10/2010 

USD 4,185,608.09 ZAR 30,679,465.04 26/11/2010 

USD 4,487,030.78 MYR 14,091,618.90 25/10/2010 



USD 4,846,875.72 CNY 32,430,673.25 26/04/2011 

USD 5,039,167.94 BRL 8,705,223.08 04/10/2010 

USD 5,214,276.53 PLN 15,877,060.13 26/10/2010 








USD 7,814,754.80 CLP 3,907,404,752.22 26/11/2010 

USD 7,837,496.60 PHP 346,811,654.19 04/10/2010 


USD 9,167,916.46 AUD 10,096,824.29 12/10/2010 





USD 11,997,850.16 TRY 18,648,990.36 26/11/2010 










USD 15,436,033.59 MYR 47,751,709.48 25/10/2010 

USD 15,503,336.96 EUR 11,527,630.22 27/10/2010 


USD 15,643,176.79 PHP 693,623,308.38 04/10/2010 

529















USD 23,191,968.88 JPY 1,944,379,883.28 01/11/2010 

USD 24,871,683.31 PHP 1,094,486,084.65 04/10/2010 


USD 30,042,981.38 MYR 94,825,323.07 25/10/2010 


USD 41,978,584.25 CNY 280,083,087.12 04/05/2011 

USD 82,515,496.61 BRL 142,046,301.64 03/11/2010 



ZAR 13,070,544.07 USD 1,819,497.75 26/11/2010 

ZAR 30,145,330.89 USD 4,181,624.48 26/11/2010 



ZAR 58,305,859.33 USD 7,822,879.28 26/11/2010 









EUR 14,000.00 SEK 128,332.69 04/10/2010 

EUR 20,000.00 DKK 149,037.68 04/10/2010 

EUR 76,000.00 CAD 106,635.14 04/10/2010 









EUR 1,225,272.45 GBP 1,020,919.06 03/12/2010 







EUR 163,006.18 et figure dans l’état des actifs nets.
















EUR 130,327.22 USD 170,000.00 21/10/2010 















CLP 5,159,713,685.28 USD 10,584,101.89 26/11/2010 





CNY 444,114,620.90 USD 67,229,444.97 04/05/2011 


COP 18,353,410,970.33 USD 10,151,294.19 29/10/2010 
















531


532 


Pictet - Emerging Local Currency Debt (suite) 










HUF 3,038,941,620.12 USD 13,405,810.00 18/11/2010 



IDR 26,247,673,143.85 USD 2,913,191.67 08/10/2010 



INR 1,216,923,961.76 USD 26,599,616.91 25/10/2010 




MXN 94,112,379.27 USD 7,346,726.86 16/11/2010 





MXN 2,117,206,808.59 USD 164,272,149.05 16/11/2010 







MYR 299,333,254.48 USD 96,747,053.30 25/10/2010 



PHP 1,140,626,067.71 USD 25,347,423.38 04/10/2010 







PLN 44,830,626.46 USD 14,429,013.16 26/10/2010 





PLN 269,830,181.76 EUR 67,347,617.29 26/10/2010 


RUB 135,330,207.98 USD 4,345,894.52 02/11/2010 

RUB 143,314,291.28 USD 4,625,727.56 02/11/2010 






RUB 1,071,563,749.45 USD 35,249,054.52 20/10/2010 

THB 151,098,771.99 USD 4,850,716.84 07/10/2010 



THB 3,006,128,914.13 USD 96,459,167.09 07/10/2010 





TWD 59,980,424.08 USD 1,884,116.36 12/10/2010 

USD 161.61 BRL 278.50 04/10/2010






USD 329,030.41 KRW 394,214,101.68 08/10/2010 



USD 1,524,975.33 COP 2,795,299,289.36 29/10/2010 

USD 1,907,358.19 TWD 60,878,633.42 12/10/2010 

USD 2,427,995.93 COP 4,384,991,236.37 29/10/2010 


USD 3,380,414.01 RUB 103,221,665.10 20/10/2010 




USD 4,302,624.71 ZAR 31,733,802.05 26/11/2010 

USD 4,914,622.25 IDR 43,912,456,896.00 08/10/2010 



USD 8,001,708.44 HUF 1,775,031,787.76 18/11/2010 



USD 10,016,579.18 MYR 31,457,287.30 25/10/2010 










USD 16,123,832.70 MXN 208,676,110.02 16/11/2010 


USD 17,716,909.82 PEN 49,386,240.46 17/11/2010 















USD 30,194,611.53 AUD 33,253,977.45 12/10/2010 





USD 35,070,345.79 ZAR 244,656,308.47 04/10/2010 










USD 53,207,266.51 INR 2,440,634,394.07 08/10/2010 




533


534 











USD 56,240,660.21 RUB 1,734,052,303.74 20/10/2010 

USD 59,830,309.42 PHP 2,632,851,194.03 04/10/2010 


USD 66,563,473.08 CNY 444,114,620.88 04/05/2011 







USD 130,765,429.33 BRL 225,106,148.33 03/11/2010 

USD 351,253,544.25 ZAR 2,626,341,015.61 26/11/2010 





ZAR 171,441,787.66 USD 22,985,330.47 26/11/2010 


ZAR 244,656,308.44 USD 34,779,680.84 26/11/2010 

ZAR 336,429,300.42 USD 47,881,083.71 26/11/2010 













CNY 15,587,598.38 USD 2,306,556.20 19/11/2010 



CNY 99,920,502.57 USD 15,043,841.40 26/01/2011 



CNY 129,896,653.40 USD 19,675,485.98 26/04/2011 


CNY 149,730,873.11 USD 22,369,259.16 08/10/2010 


CNY 165,868,034.32 USD 25,108,869.11 04/05/2011 

CNY 169,015,530.11 USD 25,218,847.42 29/10/2010 


CNY 309,753,558.00 USD 46,897,155.98 26/04/2011 







EUR 13,299,418.89 USD 16,897,962.36 26/10/2010



Pictet - Asian Local Currency Debt (suite) 







HKD 15,287,836.87 USD 1,967,560.25 12/10/2010 

HKD 52,258,422.82 USD 6,730,520.03 07/10/2010 



IDR 13,689,108,872.73 USD 1,515,130.56 08/10/2010 

IDR 110,353,202,302.77 USD 12,189,768.60 08/10/2010 



INR 590,957,330.30 USD 12,693,834.57 07/10/2010 

INR 830,639,137.94 USD 18,172,061.98 25/10/2010 



KRW 716,430,008.57 USD 615,943.77 08/10/2010 

KRW 1,410,877,491.57 USD 1,177,587.51 08/10/2010 




MYR 5,995,230.17 USD 1,930,533.77 25/10/2010 
















SGD 3,397,274.21 USD 2,542,097.39 07/10/2010 



THB 27,478,138.26 USD 882,129.39 07/10/2010 







TWD 214,829,080.57 USD 6,730,703.10 12/10/2010 

USD 1,968,500.68 HKD 15,287,836.90 12/10/2010 


USD 2,237,678.45 CNY 14,988,075.39 26/04/2011 





USD 4,986,018.08 PHP 224,821,130.83 04/10/2010 



USD 5,542,426.59 IDR 49,660,489,787.23 08/10/2010 



USD 6,303,163.77 KRW 7,497,035,309.33 08/10/2010 



535


536 





























USD 18,308,645.48 EUR 13,948,902.16 26/10/2010 



USD 22,220,053.25 CNY 149,730,873.13 08/10/2010 


USD 24,860,141.77 CNY 165,868,034.30 04/05/2011 





USD 34,304,009.04 CNY 229,617,314.95 08/10/2010 





ARS 5,299,999.99 USD 1,320,881.49 26/11/2010 







BRL 1,330,000.00 USD 773,936.16 04/10/2010 



CLP 525,000,001.00 USD 1,076,930.59 26/11/2010 







CNY 7,850,000.03 USD 1,171,300.37 29/10/2010 

CNY 7,850,000.03 USD 1,171,300.37 26/10/2010 

CNY 10,000,000.01 USD 1,505,581.04 26/01/2011



Pictet - Global Emerging Currencies (suite) 


CNY 25,000,000.01 USD 3,786,757.68 26/04/2011 

CNY 30,000,000.01 USD 4,542,045.26 26/04/2011 

CNY 46,999,999.97 USD 7,114,793.71 04/05/2011 




COP 1,290,999,991.49 USD 716,033.84 29/10/2010 



CZK 15,300,000.06 USD 787,771.97 13/12/2010 

CZK 18,899,999.92 USD 1,035,907.51 13/12/2010 

CZK 19,300,000.07 USD 1,020,955.08 13/12/2010 

CZK 228,034,999.94 USD 11,706,491.03 13/12/2010 




EUR 3,170,000.00 USD 4,304,308.42 26/10/2010 





EUR 5,930,000.00 USD 7,534,533.47 26/10/2010 













HUF 163,000,000.90 USD 749,430.46 18/11/2010 


HUF 336,999,999.20 USD 1,506,824.75 18/11/2010 

IDR 4,300,000,001.01 USD 475,930.28 08/10/2010 

IDR 6,799,999,994.09 USD 758,923.26 08/10/2010 


ILS 2,599,999.98 USD 696,607.57 26/10/2010 












MYR 639,999.99 USD 206,730.23 25/10/2010 

MYR 1,839,999.99 USD 585,889.86 25/10/2010 

MYR 26,430,000.01 USD 8,567,322.04 01/11/2010 


MYR 47,900,000.01 USD 15,352,180.30 25/10/2010 

PEN 2,000,000.01 USD 717,108.05 17/11/2010 

PEN 26,679,900.00 USD 9,571,195.90 17/11/2010 








537


538 





PLN 2,249,999.99 USD 724,176.35 26/10/2010 







RON 11,599,999.99 USD 3,409,057.51 18/10/2010 


RUB 17,300,000.11 USD 558,699.22 20/10/2010 




SGD 599,995.97 USD 448,437.20 07/10/2010 

SGD 1,282,754.01 USD 950,875.60 07/10/2010 







TRY 1,430,000.00 USD 965,049.03 26/11/2010 



TWD 3,700,000.00 USD 116,225.10 12/10/2010 

TWD 16,300,000.00 USD 510,687.19 12/10/2010 












USD 1,628,964.79 ZAR 11,988,307.73 26/11/2010 





USD 3,931,345.36 SGD 5,300,000.00 07/10/2010 

USD 3,960,443.39 SGD 5,300,000.00 07/10/2010 

USD 4,439,706.82 HUF 1,037,389,000.00 14/02/2011 





USD 5,866,834.68 MYR 18,307,000.00 25/10/2010 

USD 7,044,314.89 CNY 47,000,000.00 04/05/2011 










USD 8,208,294.30 EUR 6,150,000.00 27/10/2010 



USD 8,240,622.51 INR 378,000,000.00 08/10/2010






USD 8,459,108.74 INR 384,300,000.00 25/10/2010 

















EUR 500,000.00 JPY 55,678,600.00 12/10/2010 


EUR 500,000.00 JPY 56,844,950.00 11/01/2011 


EUR 500,000.00 JPY 56,760,100.00 28/03/2011 

JPY 42,593,700.00 USD 500,003.50 25/02/2011 

JPY 42,619,002.00 USD 500,000.00 17/03/2011 

JPY 53,595,550.00 EUR 500,000.00 16/12/2010 


JPY 55,257,300.00 EUR 500,000.00 08/10/2010 


JPY 56,300,300.00 EUR 500,000.00 12/01/2011 

JPY 56,538,650.00 EUR 500,000.00 31/01/2011 

JPY 58,945,097.00 EUR 523,125.00 10/06/2011 



JPY 106,008,300.00 EUR 1,000,000.00 15/09/2011 

JPY 106,402,000.00 EUR 1,000,000.00 18/02/2011 

JPY 109,338,300.00 EUR 1,000,000.00 11/01/2011 

JPY 109,693,500.00 EUR 1,000,000.00 20/12/2010 


JPY 136,754,900.00 GBP 1,000,007.31 04/02/2011 

JPY 156,354,131.00 GBP 1,095,160.00 07/12/2010 

JPY 160,582,950.00 EUR 1,500,000.00 28/02/2011 

JPY 166,431,300.00 EUR 1,500,000.00 01/11/2010 

JPY 168,530,100.00 EUR 1,500,000.00 28/03/2011 








BRL 1,060,000.00 USD 600,740.84 04/10/2010 






539


540 


Pictet - Latin American Local Currency Debt (suite) 




























MXN 6,900,000.01 USD 548,830.57 16/11/2010 


MXN 12,200,000.01 USD 933,663.30 16/11/2010 










PEN 880,000.00 USD 315,753.97 17/11/2010 




USD 397,522.28 COP 717,930,241.00 29/10/2010 

USD 436,279.82 MXN 5,500,000.00 16/11/2010 



USD 803,032.90 COP 1,480,000,000.00 29/10/2010 

USD 852,249.65 BRL 1,477,385.00 04/10/2010 



USD 1,129,457.73 PEN 3,148,386.00 17/11/2010 

USD 1,351,990.54 CLP 676,000,000.00 26/11/2010 



USD 1,983,347.87 MXN 26,300,000.00 16/11/2010 









USD 3,313,410.63 EUR 2,490,000.00 27/10/2010



Pictet - Latin American Local Currency Debt (suite) 




















USD 13,126,500.00 EUR 10,000,000.00 31/01/2011 









USD 28,355,387.52 CHF 30,000,000.00 28/10/2010 

USD 30,498,652.98 CHF 30,000,000.00 30/12/2010 














EUR 37,695,166.73 CHF 50,000,000.00 30/12/2010 









541


542 























La plus-value nette non réalisée sur ce contrat au 30 septembre 2010 était de USD 235.85 

et figure dans l’état des actifs nets. 




USD 1,126,332.65 EUR 827,000.00 29/10/2010 

















EUR 23,534,265.96 JPY 2,656,665,613.44 29/10/2010 











EUR 399,587,309.08 USD 536,246,168.79 29/10/2010 






















EUR 2,375,309.78 USD 3,187,665.73 29/10/2010 



543


544 




USD 7,120.80 GBP 4,500.00 04/10/2010 

USD 23,686.50 GBP 15,000.00 05/10/2010 



EUR 396.05 et figure dans l’état des actifs nets. 



AUD 68.41 USD 61.98 12/10/2010 




BRL 252.58 USD 145.71 04/10/2010 



BRL 1,191.29 USD 690.81 04/10/2010 

BRL 1,194.41 USD 696.45 04/10/2010 


CAD 729.79 USD 700.06 12/10/2010 


CHF 26,239.12 EUR 20,057.30 12/10/2010 


CLP 230,413.45 USD 472.65 26/11/2010 

CNY 106.96 USD 15.96 08/10/2010 








CNY 19,832.49 USD 3,002.21 04/05/2011 




CNY 79,497.41 USD 11,968.98 26/01/2011 



CNY 103,346.63 USD 15,653.95 26/04/2011 



CNY 130,256.51 USD 19,435.60 26/10/2010 

CNY 131,965.70 USD 19,976.78 04/05/2011 



CNY 246,441.97 USD 37,311.69 26/04/2011 

COP 819,594.46 USD 453.32 29/10/2010 

COP 879,091.93 USD 487.58 29/10/2010 

COP 1,115,076.31 USD 618.63 29/10/2010 

COP 1,209,113.52 USD 662.53 29/10/2010 


EUR 16.74 USD 22.01 26/10/2010 



EUR 904.27 USD 1,216.99 26/10/2010 




EUR 1,753.95 USD 2,244.28 04/10/2010



Pictet - Piclife (suite) 



























HKD 12,163.10 USD 1,565.40 12/10/2010 



HUF 135,707.73 USD 598.65 18/11/2010 

HUF 210,536.39 USD 923.86 18/11/2010 

HUF 703,273.55 USD 3,209.56 18/11/2010 

IDR 1,172,122.58 USD 130.09 08/10/2010 

IDR 5,758,107.87 USD 637.32 08/10/2010 

IDR 9,301,196.95 USD 1,032.33 08/10/2010 




INR 31,798.96 USD 693.09 07/10/2010 

INR 54,343.26 USD 1,187.84 25/10/2010 




INR 330,430.98 USD 7,222.59 25/10/2010 

INR 470,169.54 USD 10,099.30 07/10/2010 




KRW 569,996.43 USD 490.05 08/10/2010 

KRW 1,122,503.43 USD 936.90 08/10/2010 

KRW 1,353,840.89 USD 1,153.19 08/10/2010 



MXN 4,202.71 USD 328.08 16/11/2010 

MXN 8,632.71 USD 660.04 16/11/2010 





MYR 166.68 USD 52.90 25/10/2010 

MYR 1,782.70 USD 574.05 25/10/2010 






545


546 




MYR 10,366.46 USD 3,300.87 25/10/2010 







PHP 3,815.88 USD 86.47 04/10/2010 

PHP 20,373.99 USD 463.58 04/10/2010 










PHP 308,290.96 USD 6,850.96 04/10/2010 






PLN 1,964.53 USD 629.64 26/10/2010 








RUB 6,043.34 USD 194.07 02/11/2010 









SGD 3,497.86 USD 2,614.30 07/10/2010 


THB 6,747.50 USD 216.61 07/10/2010 





THB 134,242.44 USD 4,307.50 07/10/2010 



TRY 706.39 USD 467.32 26/11/2010 

TRY 795.97 USD 525.71 26/11/2010 

TRY 1,075.86 USD 726.05 26/11/2010 


TWD 2,678.50 USD 84.14 12/10/2010 



TWD 72,819.63 USD 2,301.52 12/10/2010 


USD 0.01 BRL 0.01 04/10/2010 

USD 0.99 RUB 30.52 20/10/2010 


USD 15.98 CNY 106.96 08/10/2010 

USD 15.99 CNY 106.96 26/10/2010





USD 68.10 COP 124,827.58 29/10/2010 

USD 85.18 TWD 2,718.61 12/10/2010 

USD 108.43 COP 195,817.25 29/10/2010 

USD 113.34 EUR 88.24 26/10/2010 


USD 152.50 ZAR 1,132.83 26/11/2010 

USD 156.07 INR 7,265.82 07/10/2010 



USD 219.47 IDR 1,960,965.53 08/10/2010 


USD 268.25 SGD 361.41 07/10/2010 

USD 357.33 HUF 79,266.26 18/11/2010 



USD 447.30 MYR 1,404.76 25/10/2010 

USD 465.70 PLN 1,428.26 26/10/2010 



USD 536.85 THB 16,587.99 07/10/2010 


USD 551.62 CLP 277,744.03 26/11/2010 




USD 720.03 MXN 9,318.69 16/11/2010 

USD 757.74 BRL 1,309.01 04/10/2010 

USD 791.17 PEN 2,205.40 17/11/2010 


USD 860.64 KRW 1,019,702.08 08/10/2010 








USD 1,151.09 PHP 50,936.08 04/10/2010 

USD 1,166.86 CLP 583,431.81 26/11/2010 


USD 1,307.56 SGD 1,763.93 07/10/2010 

USD 1,309.22 BRL 2,247.94 04/10/2010 







USD 1,566.15 HKD 12,163.10 12/10/2010 



USD 1,780.31 CNY 11,924.61 26/04/2011 














547


548 










USD 2,426.30 INR 109,693.74 08/10/2010 

USD 2,430.26 MYR 7,518.07 25/10/2010 




USD 2,880.13 PLN 9,213.30 26/10/2010 

USD 2,972.47 CNY 19,832.49 04/05/2011 



USD 3,423.97 JPY 287,060.62 01/11/2010 








USD 4,508.41 KRW 5,199,130.61 08/10/2010 








USD 6,899.29 SGD 9,301.20 07/10/2010 


USD 6,966.98 PHP 308,290.96 04/10/2010 



















USD 14,308.22 EUR 10,684.45 27/10/2010 


USD 14,523.30 INR 666,188.30 08/10/2010 







USD 19,778.89 CNY 131,965.70 04/05/2011 



USD 23,051.64 MYR 71,930.85 25/10/2010







ZAR 1,687.34 USD 231.91 26/11/2010 








ZAR 16,311.38 USD 2,306.49 26/11/2010 











CAD 8,306,000.00 EUR 6,134,869.64 20/10/2010 

CHF 8,988,000.00 EUR 6,505,030.04 20/10/2010 









CNY 4,632,782.07 USD 701,304.02 04/05/2011 


EUR 4,885.88 HKD 48,936.97 22/10/2010 



EUR 5,530.97 HKD 56,613.36 22/10/2010 













EUR 68,251.61 ZAR 659,603.96 27/10/2010 




EUR 104,435.01 AUD 150,000.00 20/10/2010 

EUR 138,549.31 CHF 187,000.00 20/10/2010 

EUR 139,304.30 ZAR 1,360,000.00 20/10/2010 

EUR 150,075.30 CAD 200,545.62 22/10/2010 

EUR 153,318.19 HKD 1,606,284.05 22/10/2010 

549


550 


Pictet - Absolute Return Global Diversified (suite) 


EUR 161,658.06 ZAR 1,603,405.41 22/10/2010 











EUR 199,132.26 SGD 355,032.92 22/10/2010 











EUR 338,304.71 GBP 282,687.41 27/10/2010 


EUR 353,867.95 NOK 2,826,874.10 27/10/2010 

EUR 369,635.74 MXN 6,124,893.89 27/10/2010 

EUR 397,017.54 SEK 3,769,165.47 27/10/2010 


EUR 468,236.76 NOK 3,769,165.47 27/10/2010 



EUR 483,720.48 PLN 1,917,177.74 22/10/2010 





EUR 568,292.54 SGD 1,007,525.84 22/10/2010 

EUR 669,026.87 TRY 1,338,053.74 27/10/2010 

EUR 676,625.60 THB 28,268,741.01 27/10/2010 



EUR 789,911.66 AUD 1,170,649.07 22/10/2010 



EUR 884,218.87 USD 1,115,000.00 20/10/2010 


EUR 1,025,568.42 HKD 10,240,300.73 22/10/2010 

EUR 1,271,749.30 JPY 135,950,000.00 20/10/2010 

EUR 1,300,590.73 PLN 5,328,000.00 20/10/2010 

EUR 1,563,028.82 MXN 25,493,000.00 20/10/2010 


EUR 2,438,388.14 AUD 3,552,000.00 20/10/2010 



EUR 3,694,059.75 SGD 6,455,000.00 20/10/2010 

EUR 4,443,375.30 HKD 43,869,000.00 20/10/2010 

EUR 7,931,610.94 CAD 10,438,000.00 20/10/2010 

EUR 14,397,626.46 JPY 1,619,589,000.00 20/10/2010 





GBP 283,203.20 EUR 329,000.00 29/10/2010 

GBP 4,561,000.00 EUR 5,506,459.01 20/10/2010 

GBP 110,080,546.14 EUR 129,880,887.43 29/10/2010
















PHP 5,736,522.08 USD 130,021.81 04/10/2010 










PLN 1,422,660.54 EUR 355,085.55 26/10/2010 

PLN 1,465,422.12 EUR 370,974.72 26/10/2010 


SGD 759,002.80 EUR 441,178.10 22/10/2010 



USD 152.79 TWD 4,876.61 12/10/2010 











USD 63,556.28 THB 1,980,717.53 07/10/2010 





USD 80,170.92 CNY 536,427.40 26/04/2011 


















USD 198,453.34 TRY 308,468.14 26/11/2010 





551


552 




















USD 342,730.89 ZAR 2,390,945.18 04/10/2010 





USD 496,933.20 MYR 1,568,481.20 25/10/2010 

USD 668,544.96 PLN 2,138,623.19 26/10/2010 

USD 694,356.93 CNY 4,632,782.07 04/05/2011 

USD 725,694.25 BRL 1,304,000.00 20/10/2010 





USD 1,605,426.30 KRW 1,937,589,000.00 20/10/2010 






ZAR 216,196.50 USD 30,095.84 26/11/2010 





ZAR 1,710,065.52 USD 243,378.89 26/11/2010 



















CNY 284,130.81 USD 43,011.32 04/05/2011 

EUR 182.47 USD 239.96 26/10/2010



Pictet - Absolute Return Global Conservative (suite) 


EUR 205.97 HKD 2,063.03 22/10/2010 


EUR 232.05 SEK 2,143.93 22/10/2010 












EUR 2,752.62 GBP 2,308.35 27/10/2010 



































EUR 21,671.89 NOK 173,125.90 27/10/2010 

EUR 22,637.56 MXN 375,106.11 27/10/2010 


EUR 23,263.94 MXN 385,018.13 22/10/2010 


EUR 24,314.50 SEK 230,834.53 27/10/2010 


EUR 28,676.17 NOK 230,834.53 27/10/2010 


EUR 30,093.14 USD 38,793.06 22/10/2010 

EUR 33,300.22 AUD 49,350.93 22/10/2010 

EUR 34,655.54 JPY 3,890,430.60 22/10/2010 


EUR 40,973.13 TRY 81,946.26 27/10/2010 

EUR 41,438.50 THB 1,731,258.99 27/10/2010 


553


554 















EUR 1,308,623.44 JPY 139,460,000.00 26/11/2010 




INR 354,665.03 USD 7,752.30 25/10/2010 

INR 709,330.07 USD 15,518.16 25/10/2010 


INR 1,199,530.48 USD 25,669.57 08/10/2010 




MYR 96,195.72 USD 30,831.19 25/10/2010 


PHP 351,823.73 USD 7,974.30 04/10/2010 












SGD 1,146.49 USD 863.90 07/10/2010 

SGD 31,997.20 EUR 18,598.70 22/10/2010 



USD 9.37 TWD 299.09 12/10/2010 
















USD 4,916.92 CNY 32,899.36 26/04/2011 









USD 7,896.73 SGD 10,567.67 07/10/2010








USD 9,300.41 AUD 10,242.74 12/10/2010 












USD 15,609.19 INR 709,130.68 25/10/2010 

















USD 25,231.13 PHP 1,110,303.44 04/10/2010 


USD 30,477.16 MYR 96,195.72 25/10/2010 


USD 42,585.25 CNY 284,130.81 04/05/2011 


USD 63,190.15 BRL 113,830.74 22/10/2010 






ZAR 30,580.99 USD 4,242.06 26/11/2010 










555


556 




CHF 44,030.32 EUR 33,307.10 29/10/2010 



EUR 300,864.99 NOK 2,400,000.00 29/10/2010 

EUR 986,709.04 HUF 273,200,000.00 29/10/2010 

EUR 2,803,401.24 SEK 25,650,000.00 29/10/2010 


EUR 9,794,179.25 CAD 13,700,000.00 29/10/2010 

EUR 11,522,458.12 AUD 16,200,000.00 29/10/2010 

EUR 29,071,419.10 HKD 307,000,000.00 29/10/2010 


EUR 50,266,715.42 GBP 43,300,000.00 29/10/2010 

EUR 93,970,930.49 JPY 10,700,000,000.00 29/10/2010 







NOTE 12 CONTRATS DE SWAPS 



Au 30 septembre 2010, la SICAV avait en cours les contrats de swaps de taux d’intérêts 

suivants: 


Nominal Devise Taux à payer Taux à recevoir Date de Date 

(semestriellement) début des 

flux d’intérêts 

d’échéance 

9,141.50 PLN Poland Warsaw Interbank 

Offer Bid Rates 6 Month 

4.87% 26/03/2009 26/03/2014 

10,503.00 PLN Poland Warsaw Interbank 


4.97% 04/05/2009 05/05/2014 

15,560.00 INR India National Stock Exchange 

NSE Interbank Offer Rate 

4.32% 23/04/2010 25/10/2010 

25,479.50 BRL Brazil Cetip Interbank Deposit Rate 11.95% 06/01/2009 02/01/2012 


54,460.00 SGD 1.85% Association of Banks in 

Singapore Swap Offer 

Rate Fixing 6 Month 

20/10/2009 20/10/2012 


58,350.00 SGD Association of Banks in Singapore 

Swap Offer Rate Fixing 6 Month 

2.585% 07/07/2010 07/07/2020 



2.38% 17/08/2010 20/08/2020 



2.3% 24/08/2010 24/08/2020 

75,855.00 SGD 2.305% Association of Banks in 



31/08/2010 31/08/2020 

81,658.92 BRL Brazil Cetip Interbank Deposit Rate 11.6% 16/11/2009 02/01/2012




Nominal Devise Taux à payer Taux à recevoir 

(semestriellement) 

Date de 

début des 


Date 


83,635.00 THB 4.95% Bloomberg Thailand 

6 Month Fixing Rate 

15/08/2008 15/08/2013 

84,727.12 KRW 3.82% KRW 3 Month 

Certificate of Deposit 

06/12/2010 06/12/2014 

86,279.42 KRW 3.83% KRW 3 Month 


06/12/2010 06/12/2014 

86,279.42 KRW 3.85% KRW 3 Month 


07/12/2010 07/12/2014 

87,525.00 ZAR South Africa Johannesburg 

Interbank Agreed Rate 3 Month 

8.48% 12/12/2008 12/12/2018 

87,525.00 ZAR 7.95% South Africa 

Johannesburg Interbank 

Agreed Rate 3 Month 

15/12/2008 15/12/2018 

93,360.00 MYR 3.8% Malaysia Interbank Offered 


12/11/2009 12/11/2014 

116,700.00 KRW 3.58% KRW 3 Month 


06/04/2010 06/04/2012 

140,701.30 USD 1.8225% BBA LIBOR USD 3 Month 16/04/2010 16/10/2012 

140,701.30 USD BBA LIBOR USD 3 Month 1.8225% 16/04/2010 16/10/2010 


Singapore Swap Offer Rate 

Fixing 6 Month 

24/08/2010 24/08/2012 




24/08/2010 24/08/2012 

194,500.00 MXN Mexico Interbank TIIE 28 Day 8.35% 03/12/2008 01/12/2010 



02/07/2008 02/07/2018 

220,837.83 KRW 3.6075% KRW 3 Month 


20/09/2010 20/09/2014 



8.52% 23/03/2010 23/03/2020 



12/06/2009 12/06/2013 

324,714.05 KRW KRW 3 Month 


3.39% 06/12/2010 06/12/2011 

330,570.26 KRW KRW 3 Month 


3.4% 06/12/2010 06/12/2011 

330,576.42 BRL Brazil Cetip Interbank 

Deposit Rate 

11.9% 16/04/2010 02/01/2012 

330,663.62 KRW KRW 3 Month 


3.42% 07/12/2010 07/12/2011 




19/04/2010 19/10/2010 

336,485.00 SGD Association of Banks in 



1.7% 19/04/2010 19/10/2012 



20/06/2008 20/06/2013 

557


558 





Date de Date 

début des d’échéance 


20/06/2008 20/06/2013 





7.36% 27/08/2010 27/08/2020 



7.37% 26/08/2010 26/08/2020 



7.54% 17/09/2010 17/09/2020 




17/08/2010 20/08/2012 




24/08/2010 24/08/2012 

461,159.50 INR 7.285% India National Stock Exchange 


13/05/2008 13/05/2013 



15/08/2008 15/08/2013 



26/08/2010 26/08/2020 



25/08/2010 25/08/2020 



05/08/2008 06/08/2018 

624,734.00 AUD 4.97% BBA LIBOR AUD 3 Month 07/12/2010 07/12/2013 

692,809.00 CNY 2.745% China Fixing Repo Rates 7 Day 18/08/2010 18/08/2015 


805,230.00 ZAR South Africa Johannesburg 


7.345% 01/09/2010 01/09/2020 

834,405.00 THB Bloomberg Thailand 


5.04% 06/05/2008 06/05/2018 



7.42% 14/09/2010 14/09/2020 



28/05/2008 28/05/2013 

914,733.50 AUD BBA LIBOR AUD 3 Month 4.915% 07/12/2010 07/12/2012 



20/09/2010 20/09/2015 

1,052,439.50 THB 3.13% Bloomberg Thailand 


26/08/2010 26/08/2020 

1,316,765.00 INR India National Stock Exchange 


9.82% 26/06/2008 26/06/2013 

1,539,856.50 ZAR 6.33% South Africa Johannesburg 


17/09/2010 17/09/2012 

1,662,741.60 CNY China Fixing Repo Rates 7 Day 2.22% 18/08/2010 18/08/2012 

1,662,741.60 CNY China Fixing Repo Rates 7 Day 2.24% 20/08/2010 20/08/2012 

1,738,830.00 THB Bloomberg Thailand 


4.53% 06/05/2008 06/05/2013 



26/08/2010 27/08/2012 



27/08/2010 27/08/2012 



20/09/2010 20/09/2015 



21/09/2010 21/09/2015 



21/09/2010 21/09/2015




Nominal Devise Taux à payer Taux à recevoir (semestriellement) Date de Date 

début des 



2,005,295.00 THB Bloomberg Thailand 


2.72% 26/08/2010 26/08/2015 

2,009,185.00 INR 6.915% India National Stock Exchange 


31/12/2009 31/12/2014 



2.73% 25/08/2010 25/08/2015 



2.78% 22/09/2011 22/09/2013 



24/08/2010 24/08/2020 



1.965% 20/09/2010 20/09/2012 



26/08/2010 26/08/2012 



25/08/2010 25/08/2012 



07/09/2010 07/09/2012 



19/08/2010 19/08/2012 



01/09/2010 01/09/2012 

3,536,010.00 AUD 4.54% RBA Cash Rate Overnight 03/11/2010 08/12/2010 



14/09/2010 14/09/2012 



2.705% 26/08/2010 26/08/2015 



02/02/2010 02/02/2012 



1.97% 20/09/2010 20/09/2012 



26/08/2010 26/08/2012 

5,835,000.00 INR India National Stock 

Exchange NSE 

Interbank Offer Rate 




15/06/2010 15/06/2011 



14/06/2010 14/06/2011 

5,880,513.00 TWD 1.375% Bloomberg Taiwan 

Secondary Commercial 

Papers 90 Days 11am Fixing 

21/09/2010 21/09/2015 




21/09/2010 21/09/2015 

7,916,150.00 INR India National 

Stock Exchange 

NSE Interbank Offer 

Rate 

5.65% 02/02/2010 02/02/2012 

8,266,250.00 INR 5% India National Stock Exchange 


02/02/2010 02/02/2011 



2.84% 24/08/2010 24/08/2015 

559


560 




(semestriellement) début des d’échéance 




24/08/2010 24/08/2012 

14,150,847.50 TWD Bloomberg Taiwan 



0.91% 21/09/2010 21/09/2012 




0.9% 21/09/2010 21/09/2012 

15,851,750.00 INR 5% India National Stock Exchange 


02/02/2010 02/02/2011 

La plus-value nette non réalisée sur ces contrats de swap de taux d’intérêts au 

30 septembre 2010 était de EUR 4,815.45 et figure dans l’état des actifs nets. 




20,000,000.00 CHF Fixing Rate on CHF Tomnext 

Offered Indexed Swaps 

La moins-value nette non réalisée sur ce contrat de swap de taux d’intérêts au 

30 septembre 2010 était de CHF 382.00 et figure dans l’état des actifs nets. 




24,872,872.00 EUR 0.6897% Effective Overnight Index 

Average Eonia 


Average Eonia 


Average Eonia 


Average Eonia 






Date de 

début des 


Date 


0.1825% 28/09/2010 28/09/2011 

Date de 

début des 


Date 


20/07/2010 20/01/2011 

07/04/2010 07/04/2011 

04/03/2010 04/03/2011 

23/04/2010 23/04/2011 

Date de 

début des 


Date 



Exchange NSE 



9,827,476.74 SGD Association of Banks in 



2.585% 07/07/2010 07/07/2020 

9,827,476.74 INR 7.285% India National Stock 

Exchange NSE 


13/05/2008 13/05/2013 




2.38% 17/08/2010 20/08/2020






11,842,109.47 SGD Association of Banks 

in Singapore Swap Offer 


13,167,148.16 KRW 3.82% KRW 3 Month 


13,408,412.72 KRW 3.83% KRW 3 Month 


13,408,412.72 KRW 3.85% KRW 3 Month 

Date de Date 



2.3% 24/08/2010 24/08/2020 

06/12/2010 06/12/2014 

06/12/2010 06/12/2014 

07/12/2010 07/12/2014 

20,637,701.16 ZAR South Africa 




8.48% 12/12/2008 12/12/2018 

20,637,701.16 ZAR 7.95% South Africa 



15/12/2008 15/12/2018 

25,875,746.26 USD 1.8225% BBA LIBOR USD 3 Month 16/04/2010 16/10/2012 

25,875,746.26 USD BBA LIBOR USD 3 Month 1.8225% 16/04/2010 16/10/2010 

26,165,656.82 SGD 0.81% Association of Banks 

in Singapore Swap 

Offer Rate Fixing 6 Month 

24/08/2010 24/08/2012 




24/08/2010 24/08/2012 

39,309,906.96 KRW 3.58% KRW 3 Month 


06/04/2010 06/04/2012 

44,309,542.10 BRL Brazil Cetip Interbank 

Deposit Rate 

11.4% 09/09/2010 02/01/2014 

49,159,986.90 BRL Brazil Cetip Interbank 

Deposit Rate 

10.54% 12/03/2010 04/01/2011 

50,462,717.22 KRW KRW 3 Month 


3.39% 06/12/2010 06/12/2011 

51,386,893.13 KRW KRW 3 Month 


3.42% 07/12/2010 07/12/2011 

51,413,623.87 KRW KRW 3 Month 


3.4% 06/12/2010 06/12/2011 

54,051,122.08 SGD 1.85% Association of Banks in 



20/10/2009 20/10/2012 

57,769,249.63 KRW 3.6075% KRW 3 Month 


20/09/2010 20/09/2014 




7.36% 27/08/2010 27/08/2020 




7.37% 26/08/2010 26/08/2020 




7.54% 17/09/2010 17/09/2020 








1.7% 19/04/2010 19/10/2012 




17/08/2010 20/08/2012 

561


562 







Date de Date 



24/08/2010 24/08/2012 

85,597,322.41 THB 3.16% 


Bloomberg Thailand 


26/08/2010 26/08/2020 



25/08/2010 25/08/2020 

97,488,569.27 AUD 4.97% BBA LIBOR AUD 3 Month 07/12/2010 07/12/2013 

109,084,991.83 CNY 2.745% China Fixing Repo Rates 7 Day 18/08/2010 18/08/2015 

109,084,991.83 CNY 2.785% China Fixing Repo Rates 7 Day 20/08/2010 20/08/2015 



28/05/2008 28/05/2013 


Exchange NSE 


9.82% 26/06/2008 26/06/2013 




7.345% 01/09/2010 01/09/2020 




7.42% 14/09/2010 14/09/2020 

142,694,962.28 AUD BBA LIBOR AUD 

3 Month 

4.915% 07/12/2010 07/12/2012 



20/09/2010 20/09/2015 



26/08/2010 26/08/2020 



17/09/2010 17/09/2012 

261,803,980.38 CNY China Fixing Repo 

Rates 7 Day 

2.22% 18/08/2010 18/08/2012 


Rates 7 Day 

2.24% 20/08/2010 20/08/2012 



26/08/2010 27/08/2012 



27/08/2010 27/08/2012 



20/09/2010 20/09/2015 

305,143,152.81 THB 2.85% Bloomberg Thailand 


21/09/2010 21/09/2015 

307,010,373.39 THB 2.79% Bloomberg Thailand 


21/09/2010 21/09/2015 



2.72% 26/08/2010 26/08/2015 



2.78% 22/09/2011 22/09/2013 



2.73% 25/08/2010 25/08/2015 



24/08/2010 24/08/2020 



1.965% 20/09/2010 20/09/2012 



26/08/2010 26/08/2012 



25/08/2010 25/08/2012 



07/09/2010 07/09/2012 



19/08/2010 19/08/2012








Interbank Agreed 

Rate 3 Month 

01/09/2010 01/09/2012 



15/06/2010 15/06/2011 

551,861,956.39 AUD 4.54% BBA LIBOR AUD 3 Month 03/11/2010 08/12/2010 

552,304,192.84 ZAR 6.3% South Africa Johannesburg 


Rate 3 Month 

14/09/2010 14/09/2012 



2.705% 26/08/2010 26/08/2015 



1.97% 20/09/2010 20/09/2012 



26/08/2010 26/08/2012 




21/09/2010 21/09/2015 

926,043,133.30 TWD 1.37% Bloomberg Taiwan 



21/09/2010 21/09/2015 

1,028,936,814.78 INR 6.915% India National Stock Exchange 


31/12/2009 31/12/2014 

1,365,331,343.63 THB Bloomberg Thailand 


2.84% 24/08/2010 24/08/2015 



02/02/2010 02/02/2012 

1,958,223,015.41 THB 2.18% Bloomberg Thailand 


24/08/2010 24/08/2012 

1,965,495,348.20 INR India National 

Stock Exchange NSE 



2,177,572,296.27 TWD Bloomberg Taiwan 


Papers 90 Days 

11am Fixing 

0.91% 21/09/2010 21/09/2012 




11am Fixing 

0.9% 21/09/2010 21/09/2012 

3,154,620,033.86 INR India National Stock 

Exchange NSE 


5.65% 02/02/2010 02/02/2012 

3,292,204,708.24 INR 5% India National Stock Exchange 


02/02/2010 02/02/2011 

6,240,447,730.54 INR 5% India National Stock Exchange 


02/02/2010 02/02/2011 

La moins-value nette non réalisée sur ces contrats de swap de taux d’intérêts au 

30 septembre 2010 était de USD 1,257,216.20 et figure dans l’état des actifs nets. 


Nominal Devise Taux à payer Taux à recevoir Date de début des Date d’échéance 

(semestriellement) flux d’intérêts 

150,000,000.00 EUR BBA LIBOR ECU 6 Month 1.4863% 29/07/2010 29/07/2012 

La plus-value nette non réalisée sur ce contrat de swap de taux d’intérêts au 


563


564 







4,690,648.80 PLN Poland Warsaw Interbank 


4.87% 26/03/2009 26/03/2014 

5,389,256.07 PLN Poland Warsaw Interbank 


4.97% 04/05/2009 05/05/2014 


Exchange NSE Interbank 

Offer Rate 



Deposit Rate 

11.95% 06/01/2009 02/01/2012 


Deposit Rate 

11.42% 22/09/2009 02/01/2012 




20/10/2009 20/10/2012 


Deposit Rate 

11.57% 12/11/2009 02/01/2012 




2.585% 07/07/2010 07/07/2020 




2.38% 17/08/2010 20/08/2020 




2.3% 24/08/2010 24/08/2020 

38,922,404.98 SGD 2.305% Association of Banks in 



31/08/2010 31/08/2020 


Deposit Rate 

11.6% 16/11/2009 02/01/2012 



15/08/2008 15/08/2013 

43,474,829.34 KRW 3.82% KRW 3 Month 


06/12/2010 06/12/2014 

44,271,341.43 KRW 3.83% KRW 3 Month 


06/12/2010 06/12/2014 

44,271,341.43 KRW 3.85% KRW 3 Month 


07/12/2010 07/12/2014 




8.48% 12/12/2008 12/12/2018 

44,910,467.28 ZAR 7.95% South Africa 



15/12/2008 15/12/2018 

47,904,498.43 MYR 3.8% Malaysia Interbank Offered 


12/11/2009 12/11/2014 

59,880,623.04 KRW 3.58% KRW 3 Month 


06/04/2010 06/04/2012 






24/08/2010 24/08/2012 




24/08/2010 24/08/2012 

99,801,038.40 MXN Mexico Interbank TIIE 28 Day 8.35% 03/12/2008 01/12/2010 



02/07/2008 02/07/2018






Date de 

début des 


Date 


113,315,396.41 KRW 3.6075% KRW 3 Month 


20/09/2010 20/09/2014 




8.52% 23/03/2010 23/03/2020 



12/06/2009 12/06/2013 

166,615,937.39 KRW KRW 3 Month 


3.39% 06/12/2010 06/12/2011 

169,620,846.85 KRW KRW 3 Month 


3.4% 06/12/2010 06/12/2011 


Deposit Rate 

11.9% 16/04/2010 02/01/2012 

169,668,751.35 KRW KRW 3 Month 


3.42% 07/12/2010 07/12/2011 








1.7% 19/04/2010 19/10/2012 



20/06/2008 20/06/2013 



20/06/2008 20/06/2013 




7.36% 27/08/2010 27/08/2020 




7.37% 26/08/2010 26/08/2020 




7.54% 17/09/2010 17/09/2020 




17/08/2010 20/08/2012 




24/08/2010 24/08/2012 



13/05/2008 13/05/2013 



15/08/2008 15/08/2013 



26/08/2010 26/08/2020 



25/08/2010 25/08/2020 



05/08/2008 06/08/2018 


355,491,298.78 CNY 2.745% China Fixing Repo 

Rates 7 Day 

18/08/2010 18/08/2015 


Rates 7 Day 

20/08/2010 20/08/2015 




7.345% 01/09/2010 01/09/2020 



5.04% 06/05/2008 06/05/2018 

565


566 





Date de Date 






7.42% 14/09/2010 14/09/2020 

466,070,849.33 INR 7.795% India National 



28/05/2008 28/05/2013 

469,364,283.60 AUD BBA LIBOR AUD 3 Month 4.915% 07/12/2010 07/12/2012 



20/09/2010 20/09/2015 



26/08/2010 26/08/2020 


Exchange NSE 


9.82% 26/06/2008 26/06/2013 



Rate 3 Month 

17/09/2010 17/09/2012 


Rates 7 Day 

2.22% 18/08/2010 18/08/2012 


Rates 7 Day 

2.24% 20/08/2010 20/08/2012 

892,221,283.30 THB Bloomberg Thailand 


4.53% 06/05/2008 06/05/2013 



Rate 3 Month 

26/08/2010 27/08/2012 



Rate 3 Month 

27/08/2010 27/08/2012 



20/09/2010 20/09/2015 



21/09/2010 21/09/2015 



21/09/2010 21/09/2015 



2.72% 26/08/2010 26/08/2015 

1,030,944,726.67 INR 6.915% India National 



31/12/2009 31/12/2014 



2.73% 25/08/2010 25/08/2015 



2.78% 22/09/2011 22/09/2013 



24/08/2010 24/08/2020 



1.965% 20/09/2010 20/09/2012 



26/08/2010 26/08/2012 



25/08/2010 25/08/2012 

1,351,430,811.23 ZAR 6.33% South Africa 



07/09/2010 07/09/2012 

1,522,764,243.91 ZAR 6.51% South Africa 



19/08/2010 19/08/2012






1,559,890,230.19 ZAR 6.3% South Africa 


Date de Date 



01/09/2010 01/09/2012 

1,814,382,878.11 AUD 4.54% 


RBA Cash Rate Overnight 03/11/2010 08/12/2010 

1,875,261,511.54 ZAR 6.3% South Africa 



14/09/2010 14/09/2012 



2.705% 26/08/2010 26/08/2015 

2,125,762,117.92 INR 5.645% India National 



02/02/2010 02/02/2012 



1.97% 20/09/2010 20/09/2012 



26/08/2010 26/08/2012 

2,994,031,152.00 INR India National 







15/06/2010 15/06/2011 



14/06/2010 14/06/2011 

3,017,384,594.99 TWD 1.375% Bloomberg Taiwan 

Secondary Commercial Papers 

90 Days 11am Fixing 

21/09/2010 21/09/2015 

3,087,644,526.02 TWD 1.37% Bloomberg Taiwan Secondary 

Commercial Papers 


21/09/2010 21/09/2015 

4,061,902,262.88 INR India National Stock 

Exchange NSE 


5.65% 02/02/2010 02/02/2012 

4,241,544,132.00 INR 5% India National 



02/02/2010 02/02/2011 



2.84% 24/08/2010 24/08/2015 



24/08/2010 24/08/2012 




11am Fixing 

0.91% 21/09/2010 21/09/2012 




11am Fixing 

0.9% 21/09/2010 21/09/2012 

8,133,784,629.60 INR 5% India National Stock 

Exchange 


02/02/2010 02/02/2011 



567


568 







1,261,356.46 USD 7.9% BBA LIBOR USD 6 Month 15/10/2008 15/10/2018 

1,753,196.33 USD 4% BBA LIBOR USD 6 Month 22/09/2008 22/09/2013 








2.06% 14/01/2009 14/01/2014 







Rates 7 Day 

23/07/2008 23/07/2013 

5,995,230.16 HKD HKAB Hong Kong 

Dollar Hibor Fixings 

3 Month at 11:00am 

3.21% 20/08/2009 20/08/2019 




20/10/2009 20/10/2012 

6,994,435.18 HKD HKAB Hong Kong 



2.31% 09/02/2009 11/02/2019 

9,667,608.39 KRW 3.6075% KRW 3 Month 


20/09/2010 20/09/2014 




Exchange NSE 


13/05/2008 13/05/2013 

10,991,255.28 CNY BBA LIBOR USD 6 Month 3.2% 02/04/2008 02/04/2018 

11,990,460.31 MYR 3.8% Malaysia Interbank 

Offered Rate Fixing 3 Month 

12/11/2009 12/11/2014 




2.38% 17/08/2010 20/08/2020 




2.3% 24/08/2010 24/08/2020 

13,189,506.34 SGD 2.305% Association of Banks 



31/08/2010 31/08/2020 

14,773,945.75 KRW 3.82% KRW 3 Month 


06/12/2010 06/12/2014 

14,988,075.39 CNY China Fixing Repo Rates 

7 Day 

1.75% 24/11/2008 24/11/2010 




2.585% 07/07/2010 07/07/2020 

15,044,630.39 KRW 3.83% KRW 3 Month 


06/12/2010 06/12/2014 

15,044,630.39 KRW 3.85% KRW 3 Month 


07/12/2010 07/12/2014 




3.255% 18/12/2009 18/12/2019










15/08/2008 15/08/2013 



25/02/2009 25/02/2014 

25,979,330.67 SGD 1.7% Association of Banks 




25,979,330.67 SGD Association of Banks 



1.7% 19/04/2010 19/10/2012 




1.92% 06/10/2009 06/10/2019 




2.905% 25/01/2008 25/01/2013 




1.39% 24/03/2009 24/03/2014 




1.315% 12/04/2010 12/04/2012 



6.05% 21/07/2006 21/07/2016 

38,968,996.01 CNY China Fixing 

Repo Rates 7 Day 

2.46% 19/08/2009 19/08/2011 




03/12/2008 03/12/2018 

39,968,201.04 CNY 4.1% CNY SWAP 

ONSH (QTR) 3 MO 

05/06/2008 05/06/2013 




11am Fixing 

18/06/2008 18/06/2013 



4.84% 18/03/2008 18/03/2018 


Rates 7 Day 

3.37% 31/01/2008 31/01/2011 


Rates 7 Day 

4.63% 12/06/2007 12/06/2012 



4.6% 29/01/2008 29/01/2018 

49,960,251.30 CNY China Fixing Repo 

Rates 7 Day 

3.95% 22/01/2010 22/01/2015 

49,960,251.30 HKD HKAB Hong Kong 



2.655% 30/06/2010 30/06/2020 

49,960,251.30 CNY China Fixing Repo 

Rates 7 Day 

3.9% 05/02/2010 05/02/2015 


Exchange NSE 


7.3% 28/06/2006 28/06/2011 


Rates 7 Day 

3.31% 14/02/2008 14/02/2011 

56,620,452.40 KRW KRW 3 Month 


3.39% 06/12/2010 06/12/2011 

569


570 







57,658,126.81 KRW KRW 3 Month 


3.42% 07/12/2010 07/12/2011 

57,678,910.28 KRW KRW 3 Month 


3.4% 06/12/2010 06/12/2011 

59,952,301.55 INR 6.23% India National 



20/11/2008 20/11/2018 

59,952,301.55 TWD Bloomberg Taiwan 



2.15% 06/12/2006 06/12/2016 

60,651,745.07 CNY -0.45% BBA LIBOR USD 6 Month 24/03/2008 24/03/2013 

64,948,326.68 HKD HKAB Hong Kong Dollar Hibor 

Fixings 3 Month at 11:00am 

2.89% 19/05/2010 19/05/2020 



05/08/2008 06/08/2018 



15/08/2008 15/08/2013 

69,944,351.81 HKD HKAB Hong Kong Dollar Hibor 

Fixings 3 Month at 11:00am 

2.355% 31/08/2010 31/08/2020 




17/08/2010 20/08/2012 




24/08/2010 24/08/2012 

74,940,376.94 PHP BBA LIBOR USD 6 Month 5.42% 24/01/2008 24/01/2018 



7.33% 12/12/2006 12/12/2016 



26/08/2010 26/08/2020 



25/08/2010 25/08/2020 



7.54% 28/06/2006 28/06/2016 




11am Fixing 

16/07/2008 16/07/2018 

99,920,502.59 TWD Bloomberg Taiwan Secondary 

Commercial Papers 90 Days 

11am Fixing 

2.77% 12/03/2008 12/03/2018 





6.705% 18/01/2008 18/01/2013 




1.72% 19/08/2009 19/08/2014 


Rates 7 Day 

18/08/2010 18/08/2015 


Rates 7 Day 

20/08/2010 20/08/2015 


Exchange NSE 


26/08/2008 26/08/2013 

160,372,406.66 AUD BBA LIBOR AUD 3 Month 4.915% 07/12/2010 07/12/2012 



20/09/2010 20/09/2015 


Exchange NSE 


28/05/2008 28/05/2013






Date de 

début des 


Date 




26/08/2010 26/08/2020 



Rates 7 Day 

2.59% 25/06/2010 25/06/2012 


Rates 7 Day 

2.51% 09/06/2010 11/06/2012 

213,330,273.03 INR 6.915% India National 



31/12/2009 31/12/2014 

221,273,952.99 PHP BBA LIBOR USD 6 Month 4.9% 09/09/2010 09/09/2015 

224,821,130.83 PHP BBA LIBOR USD 6 Month 5.3% 07/09/2010 07/09/2015 




Exchange NSE 


7.45% 04/01/2007 04/01/2017 


Rates 7 Day 

2.56% 04/06/2010 04/06/2012 


Rates 7 Day 

2.22% 18/08/2010 18/08/2012 


Rates 7 Day 

2.24% 20/08/2010 20/08/2012 



20/09/2010 20/09/2015 



21/09/2010 21/09/2015 

331,436,307.09 THB 2.79% Bloomberg Thailand 


21/09/2010 21/09/2015 



2.72% 26/08/2010 26/08/2015 



2.73% 25/08/2010 25/08/2015 



24/08/2010 24/08/2020 

399,781,930.86 THB Bloomberg Thailand 


1.965% 20/09/2010 20/09/2012 



26/08/2010 26/08/2012 



25/08/2010 25/08/2012 



2.78% 22/09/2011 22/09/2013 

619,956,758.32 AUD 4.54% RBA Cash Rate 

Overnight 




2.705% 26/08/2010 26/08/2015 

699,443,518.13 KRW KRW 3 Month 


5.47% 17/01/2008 17/01/2018 




14/06/2010 14/06/2011 



1.97% 20/09/2010 20/09/2012 



26/08/2010 26/08/2012 




02/02/2010 02/02/2012 

571


572 










11am Fixing 

21/09/2010 21/09/2015 




11am Fixing 

21/09/2010 21/09/2015 

1,099,125,528.49 KRW 5.345% KRW 3 Month 


14/07/2008 14/07/2018 



2.84% 24/08/2010 24/08/2015 

1,498,807,538.85 KRW KRW 3 Month 


4.94% 12/03/2008 12/03/2013 

1,658,680,342.99 KRW 5.5225% KRW 3 Month 


15/07/2008 16/07/2018 

1,968,433,901.02 INR India National Stock Exchange 


5.65% 02/02/2010 02/02/2012 

2,048,370,303.10 INR 5% India National 



02/02/2010 02/02/2011 



24/08/2010 24/08/2012 




0.91% 21/09/2010 21/09/2012 




0.9% 21/09/2010 21/09/2012 

2,997,615,077.70 KRW 5.43% KRW 3 Month 


15/07/2008 15/07/2018 

3,946,859,852.31 INR 5% India National Stock 

Exchange NSE 


02/02/2010 02/02/2011 

4,396,502,113.96 KRW KRW 3 Month 


5.19% 25/02/2008 26/02/2018 

5,995,230,155.40 INR India National Stock Exchange 








Date de 

début des 


Date 



Deposit Rate 

11.42% 22/09/2009 02/01/2012 

2,800,000.00 MXN Mexico Interbank TIIE 28 Day 9.24% 04/12/2008 22/11/2018 


Deposit Rate 

11.57% 12/11/2009 02/01/2012 

8,500,000.00 MXN Mexico Interbank TIIE 28 Day 7.86% 05/02/2008 29/01/2013 


30 septembre 2010 était de USD 134,287.12 et figure dans l’état des actifs nets.






Date de 

début des 


Date 


209.82 PLN Poland Warsaw Interbank 


4.87% 26/03/2009 26/03/2014 

241.07 PLN Poland Warsaw Interbank 


4.97% 04/05/2009 05/05/2014 

584.82 BRL Brazil Cetip Interbank 

Deposit Rate 

11.95% 06/01/2009 02/01/2012 

953.87 BRL Brazil Cetip Interbank 

Deposit Rate 

11.42% 22/09/2009 02/01/2012 

1,003.54 USD 7.9% BBA LIBOR USD 6 Month 15/10/2008 15/10/2018 

1,336.35 BRL Brazil Cetip Interbank 

Deposit Rate 

11.57% 12/11/2009 02/01/2012 

1,394.85 USD 4% BBA LIBOR USD 6 Month 22/09/2008 22/09/2013 





Deposit Rate 

11.6% 16/11/2009 02/01/2012 



15/08/2008 15/08/2013 


2,008.92 ZAR South Africa 



8.48% 12/12/2008 12/12/2018 

2,008.92 ZAR 7.95% South Africa Johannesburg 


Rate 3 Month 

15/12/2008 15/12/2018 

2,384.92 SGD Association of Banks 



2.06% 14/01/2009 14/01/2014 

2,678.56 KRW 3.58% KRW 3 Month 


06/04/2010 06/04/2012 

3,537.04 INR India National Stock 


Offer Rate 






24/08/2010 24/08/2012 




24/08/2010 24/08/2012 

3,974.87 CNY 4.12% China Fixing Repo 

Rates 7 Day 

23/07/2008 23/07/2013 

4,464.26 MXN Mexico InterbankTIIE 28 Day 8.35% 03/12/2008 01/12/2010 



02/07/2008 02/07/2018 

4,769.84 HKD HKAB Hong Kong Dollar 

Hibor Fixings 


3.21% 20/08/2009 20/08/2019 


Hibor Fixings 


2.31% 09/02/2009 11/02/2019 



8.52% 23/03/2010 23/03/2020 



12/06/2009 12/06/2013 

6,814.81 SGD 1.85% Association of Banks 



20/10/2009 20/10/2012 


Deposit Rate 

11.9% 16/04/2010 02/01/2012 

573


574 









20/06/2008 20/06/2013 

8,267.73 INR 7.285% India National Stock 

Exchange NSE 


13/05/2008 13/05/2013 

8,744.72 CNY BBA LIBOR USD 6 Month 3.2% 02/04/2008 02/04/2018 



20/06/2008 20/06/2013 



7.36% 27/08/2010 27/08/2020 



7.37% 26/08/2010 26/08/2020 



7.54% 17/09/2010 17/09/2020 


Exchange 


13/05/2008 13/05/2013 

11,441.53 USD 1.8225% BBA LIBOR USD 3 Month 16/04/2010 16/10/2012 

11,441.53 USD BBA LIBOR USD 3 Month 1.8225% 16/04/2010 16/10/2010 

11,682.53 MYR 3.8% Malaysia Interbank 

Offered Rate 


12/11/2009 12/11/2014 

11,924.61 CNY China Fixing Repo Rates 7 Day 1.75% 24/11/2008 24/11/2010 



2.38% 17/08/2010 20/08/2020 



2.3% 24/08/2010 24/08/2020 

12,234.72 SGD 2.305% Association of Banks 



31/08/2010 31/08/2020 

12,760.39 KRW 3.6075% KRW 3 Month 


20/09/2010 20/09/2014 



2.585% 07/07/2010 07/07/2020 


Hibor Fixings 3 Month at 11:00am 

3.255% 18/12/2009 18/12/2019 

13,698.95 KRW 3.82% KRW 3 Month 


06/12/2010 06/12/2014 

13,949.93 KRW 3.83% KRW 3 Month 


06/12/2010 06/12/2014 

13,949.93 KRW 3.85% KRW 3 Month 


07/12/2010 07/12/2014 



15/08/2008 15/08/2013 



25/02/2009 25/02/2014 



7.345% 01/09/2010 01/09/2020 



5.04% 06/05/2008 06/05/2018 



7.42% 14/09/2010 14/09/2020 

23,849.22 TWD Bloomberg Taiwan Secondary 



1.92% 06/10/2009 06/10/2019 


Hibor Fixings 3 Month at 11:00am 

2.905% 25/01/2008 25/01/2013







27,824.09 TWD Bloomberg Taiwan Secondary 



1.39% 24/03/2009 24/03/2014 




1.315% 12/04/2010 12/04/2012 








1.7% 19/04/2010 19/10/2012 



6.05% 21/07/2006 21/07/2016 

30,223.04 INR India National Stock Exchange 


9.82% 26/06/2008 26/06/2013 

31,003.99 CNY China Fixing Repo Rates 7 Day 2.46% 19/08/2009 19/08/2011 



03/12/2008 03/12/2018 

31,798.96 CNY 4.1% CNY SWAP ONSH (QTR) 3 MO 05/06/2008 05/06/2013 

32,593.94 TWD 3.12% Bloomberg Taiwan 



18/06/2008 18/06/2013 



4.84% 18/03/2008 18/03/2018 




17/09/2010 17/09/2012 




4.6% 29/01/2008 29/01/2018 

39,748.71 CNY China Fixing Repo Rates 7 Day 3.95% 22/01/2010 22/01/2015 


Hibor Fixings 


2.655% 30/06/2010 30/06/2020 




4.53% 06/05/2008 06/05/2013 



26/08/2010 27/08/2012 



27/08/2010 27/08/2012 



7.3% 28/06/2006 28/06/2011 




20/11/2008 20/11/2018 

47,698.45 TWD Bloomberg Taiwan 



2.15% 06/12/2006 06/12/2016 

48,254.93 CNY -0.45% BBA LIBOR USD 6 Month 24/03/2008 24/03/2013 


Hibor Fixings 


2.89% 19/05/2010 19/05/2020 



3.39% 06/12/2010 06/12/2011 



3.42% 07/12/2010 07/12/2011 



3.4% 06/12/2010 06/12/2011 

575


576 







Hibor Fixings 3 Month at 

11:00am 

2.355% 31/08/2010 31/08/2020 

59,623.06 PHP BBA LIBOR USD 6 Month 5.42% 24/01/2008 24/01/2018 



07/09/2010 07/09/2012 



15/08/2008 15/08/2013 



7.33% 12/12/2006 12/12/2016 



05/08/2008 06/08/2018 



19/08/2010 19/08/2012 

69,269.90 SGD 0.86% Association of Banks in Singapore 


17/08/2010 20/08/2012 

69,269.90 SGD 0.805% Association of Banks in Singapore 


24/08/2010 24/08/2012 



01/09/2010 01/09/2012 



7.54% 28/06/2006 28/06/2016 




16/07/2008 16/07/2018 




2.77% 12/03/2008 12/03/2018 



14/09/2010 14/09/2012 




26/08/2010 26/08/2020 



6.705% 18/01/2008 18/01/2013 



25/08/2010 25/08/2020 




1.72% 19/08/2009 19/08/2014 






26/08/2008 26/08/2013 



15/06/2010 15/06/2011 


155,265.87 THB 2.81% Bloomberg Thailand 6 Month 

Fixing Rate 

20/09/2010 20/09/2015 



28/05/2008 28/05/2013 


158,994.82 CNY China Fixing Repo 

Rates 7 Day 

2.59% 25/06/2010 25/06/2012 


Rates 7 Day 

2.51% 09/06/2010 11/06/2012 

166,058.99 THB 3.13% Bloomberg Thailand 6 Month 

Fixing Rate 

26/08/2010 26/08/2020 

176,047.01 PHP BBA LIBOR USD 6 Month 4.9% 09/09/2010 09/09/2015 

178,869.17 PHP BBA LIBOR USD 6 Month 5.3% 07/09/2010 07/09/2015






Date de Date 


178,869.17 PHP BBA LIBOR USD 6 Month 5.2% 


07/09/2010 07/09/2015 

178,869.17 PHP BBA LIBOR USD 6 Month 5.05% 07/09/2010 07/09/2015 


Exchange NSE 


7.45% 04/01/2007 04/01/2017 


Rates 7 Day 

2.56% 04/06/2010 04/06/2012 

215,842.78 INR 6.915% India National 



31/12/2009 31/12/2014 



301,052.47 THB 2.78% Bloomberg Thailand 


20/09/2010 20/09/2015 



21/09/2010 21/09/2015 



21/09/2010 21/09/2015 



2.72% 26/08/2010 26/08/2015 



2.73% 25/08/2010 25/08/2015 



24/08/2010 24/08/2020 



1.965% 20/09/2010 20/09/2012 



26/08/2010 26/08/2012 



25/08/2010 25/08/2012 



2.78% 22/09/2011 22/09/2013 



5.47% 17/01/2008 17/01/2018 

574,401.93 AUD 4.54% RBA Cash Rate Overnight 03/11/2010 08/12/2010 



2.705% 26/08/2010 26/08/2015 



1.97% 20/09/2010 20/09/2012 

730,158.38 INR 5.22% India National Stock 


Offer Rate 

14/06/2010 14/06/2011 



26/08/2010 26/08/2012 

874,471.51 KRW 5.345% KRW 3 Month 


14/07/2008 14/07/2018 



Offer Rate 

02/02/2010 02/02/2012 




21/09/2010 21/09/2015 




21/09/2010 21/09/2015 

1,192,461.15 KRW KRW 3 Month 


4.94% 12/03/2008 12/03/2013 

1,319,657.01 KRW 5.5225% KRW 3 Month 


15/07/2008 16/07/2018 



2.84% 24/08/2010 24/08/2015 

577


578 








5.65% 02/02/2010 02/02/2012 

1,819,427.96 INR 5% India National 



02/02/2010 02/02/2011 



24/08/2010 24/08/2012 




0.91% 21/09/2010 21/09/2012 

2,384,922.30 KRW 5.43% KRW 3 Month Certificate of 

Deposit 

15/07/2008 15/07/2018 




0.9% 21/09/2010 21/09/2012 

3,497,886.04 KRW KRW 3 Month 


5.19% 25/02/2008 26/02/2018 




02/02/2010 02/02/2011 




La plus-value nette non réalisée sur ce contrat de swap de taux d'intérêts au 

30 septembre 2010 était de CHF 1,600.35 et figure dans l'état des actifs nets. 





97,530.00 INR India National Stock 


Offer Rate 



in Singapore Swap Offer Rate 


2.585% 07/07/2010 07/07/2020 



13/05/2008 13/05/2013 




2.38% 17/08/2010 20/08/2020 




2.3% 24/08/2010 24/08/2020 

217,789.37 KRW 3.82% KRW 3 Month 


06/12/2010 06/12/2014 

221,779.97 KRW 3.83% KRW 3 Month 


06/12/2010 06/12/2014 

221,779.97 KRW 3.85% KRW 3 Month 


07/12/2010 07/12/2014 




8.48% 12/12/2008 12/12/2018 




15/12/2008 15/12/2018 


427,994.15 USD BBA LIBOR USD 3 Month 1.8225% 16/04/2010 16/10/2010








Date de Date 



24/08/2010 24/08/2012 

432,789.38 SGD 0.8% 


Association of Banks 



24/08/2010 24/08/2012 

650,200.00 KRW 3.58% KRW 3 Month 


06/04/2010 06/04/2012 


Deposit Rate 

11.4% 09/09/2010 02/01/2014 


Deposit Rate 

10.54% 12/03/2010 04/01/2011 



3.39% 06/12/2010 06/12/2011 



3.42% 07/12/2010 07/12/2011 



3.4% 06/12/2010 06/12/2011 




20/10/2009 20/10/2012 

955,524.17 KRW 3.6075% KRW 3 Month 


20/09/2010 20/09/2014 

1,041,945.50 ZAR South Africa Johannesburg 


7.36% 27/08/2010 27/08/2020 



7.37% 26/08/2010 26/08/2020 



7.54% 17/09/2010 17/09/2020 








1.7% 19/04/2010 19/10/2012 




17/08/2010 20/08/2012 




24/08/2010 24/08/2012 



26/08/2010 26/08/2020 



25/08/2010 25/08/2020 


1,804,305.00 CNY 2.745% China Fixing Repo 

Rates 7 Day 

18/08/2010 18/08/2015 

1,804,305.00 CNY 2.785% China Fixing Repo 

Rates 7 Day 

20/08/2010 20/08/2015 


Exchange NSE 


28/05/2008 28/05/2013 



9.82% 26/06/2008 26/06/2013 



7.345% 01/09/2010 01/09/2020 



7.42% 14/09/2010 14/09/2020 

579


580 







2,360,226.00 AUD BBA LIBOR 

AUD 3 Month 

4.915% 07/12/2010 07/12/2012 



20/09/2010 20/09/2015 

2,730,840.00 THB 3.13% Bloomberg Thailand 


26/08/2010 26/08/2020 



17/09/2010 17/09/2012 

4,330,332.00 CNY China Fixing Repo 

Rates 7 Day 

2.22% 18/08/2010 18/08/2012 

4,330,332.00 CNY China Fixing Repo 

Rates 7 Day 

2.24% 20/08/2010 20/08/2012 



26/08/2010 27/08/2012 



27/08/2010 27/08/2012 



20/09/2010 20/09/2015 



21/09/2010 21/09/2015 



21/09/2010 21/09/2015 



2.72% 26/08/2010 26/08/2015 



2.78% 22/09/2011 22/09/2013 



2.73% 25/08/2010 25/08/2015 



24/08/2010 24/08/2020 



1.965% 20/09/2010 20/09/2012 



26/08/2010 26/08/2012 



25/08/2010 25/08/2012 



07/09/2010 07/09/2012 



19/08/2010 19/08/2012 



01/09/2010 01/09/2012 



15/06/2010 15/06/2011 

9,127,995.25 AUD 4.54% RBA Cash Rate Overnight 03/11/2010 08/12/2010 



14/09/2010 14/09/2012 



2.705% 26/08/2010 26/08/2015 



1.97% 20/09/2010 20/09/2012 



26/08/2010 26/08/2012 




21/09/2010 21/09/2015 




21/09/2010 21/09/2015 



31/12/2009 31/12/2014










2.84% 24/08/2010 24/08/2015 




02/02/2010 02/02/2012 



24/08/2010 24/08/2012 








0.91% 21/09/2010 21/09/2012 




0.9% 21/09/2010 21/09/2012 



5.65% 02/02/2010 02/02/2012 




02/02/2010 02/02/2011 




02/02/2010 02/02/2011 

La moins-value nette non réalisée sur ces contrats de swap de taux d'intérêts au 

30 septembre 2010 était de EUR 15,216.56 et figure dans l'état des actifs nets. 





5,981.70 INR India National 







2.585% 07/07/2010 07/07/2020 


Exchange 


13/05/2008 13/05/2013 




2.38% 17/08/2010 20/08/2020 




2.3% 24/08/2010 24/08/2020 

13,357.44 KRW 3.82% KRW 3 Month 


06/12/2010 06/12/2014 

13,602.19 KRW 3.83% KRW 3 Month 


06/12/2010 06/12/2014 

13,602.19 KRW 3.85% KRW 3 Month 


07/12/2010 07/12/2014 

581


582 





Date de Date 






8.48% 12/12/2008 12/12/2018 




15/12/2008 15/12/2018 


26,249.70 USD BBA LIBOR USD 3 Month 1.8225% 16/04/2010 16/10/2010 




24/08/2010 24/08/2012 




24/08/2010 24/08/2012 

39,878.01 KRW 3.58% KRW 3 Month 


06/04/2010 06/04/2012 


Deposit Rate 

11.4% 09/09/2010 02/01/2014 


Deposit Rate 

10.54% 12/03/2010 04/01/2011 



3.39% 06/12/2010 06/12/2011 



3.42% 07/12/2010 07/12/2011 



3.4% 06/12/2010 06/12/2011 




20/10/2009 20/10/2012 

58,604.12 KRW 3.6075% KRW 3 Month 


20/09/2010 20/09/2014 




7.36% 27/08/2010 27/08/2020 




7.37% 26/08/2010 26/08/2020 




7.54% 17/09/2010 17/09/2020 



Rate 






1.7% 19/04/2010 19/10/2012 



Rate 


17/08/2010 20/08/2012 




24/08/2010 24/08/2012 



26/08/2010 26/08/2020










25/08/2010 25/08/2020 



Rates 7 Day 

18/08/2010 18/08/2015 


Rates 7 Day 

20/08/2010 20/08/2015 




28/05/2008 28/05/2013 


Exchange NSE 


9.82% 26/06/2008 26/06/2013 




7.345% 01/09/2010 01/09/2020 




7.42% 14/09/2010 14/09/2020 




20/09/2010 20/09/2015 



26/08/2010 26/08/2020 




17/09/2010 17/09/2012 


Rates 7 Day 

2.22% 18/08/2010 18/08/2012 


Rates 7 Day 

2.24% 20/08/2010 20/08/2012 




26/08/2010 27/08/2012 




27/08/2010 27/08/2012 



20/09/2010 20/09/2015 



21/09/2010 21/09/2015 



21/09/2010 21/09/2015 



2.72% 26/08/2010 26/08/2015 



2.78% 22/09/2011 22/09/2013 



2.73% 25/08/2010 25/08/2015 



24/08/2010 24/08/2020 



1.965% 20/09/2010 20/09/2012 



26/08/2010 26/08/2012 



25/08/2010 25/08/2012 

583


584 









07/09/2010 07/09/2012 




19/08/2010 19/08/2012 




01/09/2010 01/09/2012 




15/06/2010 15/06/2011 

559,837.38 AUD 4.54% RBA Cash Rate Overnight 03/11/2010 08/12/2010 




14/09/2010 14/09/2012 



2.705% 26/08/2010 26/08/2015 



1.97% 20/09/2010 20/09/2012 



26/08/2010 26/08/2012 




21/09/2010 21/09/2015 




21/09/2010 21/09/2015 




31/12/2009 31/12/2014 



2.84% 24/08/2010 24/08/2015 




02/02/2010 02/02/2012 



24/08/2010 24/08/2012 








0.91% 21/09/2010 21/09/2012 

2,306,743.37 TWD Bloomberg Taiwan 



0.9% 21/09/2010 21/09/2012 




5.65% 02/02/2010 02/02/2012 




02/02/2010 02/02/2011 

6,330,633.77 INR 5% India National 


02/02/2010 02/02/2011 

La moins-value nette non réalisée sur ces contrats de swap de taux d'intérêts au 

30 septembre 2010 était de EUR 933.16 et figure dans l'état des actifs nets.



Au 30 septembre 2010, la SICAV avait en cours les "Total Return Swaps" suivants: 


Dénomination Date Devise Notionnel Evaluation au 


30 septembre 2010 

(EUR) 

10% TRS INDONESIA (JPM) 07/17 19/07/2017 IDR 9,725.00 926.86 

10% TRS INDONESIA (JPM) 07/28 17/02/2028 IDR 62,240.00 5,942.15 

11% TRS INDONESIA (BAR) 07/20 15/11/2020 IDR 29,175.00 3,071.07 



FRN TRS INDONESIA FIN. (BAR) 07/20 15/11/2020 USD -3,522.01 -2,596.00 

FRN TRS INDONESIA FIN. (JPM) 07/17 19/07/2017 USD -1,200.60 -884.24 

FRN TRS INDONESIA FIN. (JPM) 07/20 15/11/2020 USD -3,853.39 -2,840.25 



TRS COLOMBIA FF (CITI) 10/10 28/10/2015 COP 58,350.00 26,872.74 

TRS COLOMBIA FF (CITI) 10/20 27/07/2020 COP 4,668,000.00 2,435.62 

TRS COLOMBIA FF (CITI) 10/24 25/07/2024 COP 31,898.00 15,797.11 

TRS RUSSIA (CITI) 10/16 05/08/2016 RUB 1,458,750.00 35,069.26 

TRS RUSSIA (JPM) 10/13 23/01/2013 RUB 1,635,647.75 41,007.66 

TRS RUSSIA FF (CITI) 10/12 03/08/2012 RUB 389,000.00 9,707.29 


TRS RUSSIA FF (CITI) 10/15 17/07/2015 RUB 1,633,800.00 39,722.98 

TRS RUSSIA FF (DB) 09/14 20/08/2014 RUB 1,110,595.00 32,102.92 

TRS RUSSIA FF (JPM) 10/10 01/08/2012 RUB 816,900.00 20,385.31 

TRS RUSSIA FF (JPM) 10/15 15/07/2015 RUB 1,750,500.00 42,560.34 

TRS RUSSIA OFZ (CITI) 10/12 03/08/2012 RUB 340,375.00 8,493.88 



TRS RUSSIA OFZ (DB) 09/12 19/12/2012 RUB 972,500.00 25,820.90 

TRS RUSSIE (JPM) 10/12 01/08/2012 RUB 972,500.00 24,268.22 

La plus-value nette non réalisée sur ces contrats de Total Return Swaps au 






(USD) 

10% TRS INDONESIA (JPM) 07/17 19/07/2017 IDR 4,990,051.92 646,745.82 

10% TRS INDONESIA (JPM) 07/28 17/02/2028 IDR 31,936,332.29 4,146,346.14 

11% TRS INDONESIA (BAR) 07/20 15/11/2020 IDR 14,970,155.76 2,142,945.67 



FRN TRS INDONESIA FIN. (BAR) 07/20 15/11/2020 USD -1,807,198.20 -1,811,448.92 


FRN TRS INDONESIA FIN. (JPM) 07/20 15/11/2020 USD -1,977,235.95 -1,981,886.61 



TRS COLOMBIA FF (CITI) 10/10 28/10/2015 COP 29,940,311.52 18,751,405.00 

TRS COLOMBIA FF (CITI) 10/20 27/07/2020 COP 2,395,224,921.60 1,699,540.09 

TRS COLOMBIA FF (CITI) 10/24 25/07/2024 COP 16,367,370.30 11,022,988.80 

TRS RUSSIA (CITI) 10/16 05/08/2016 RUB 748,507,788.00 24,470,813.37 

TRS RUSSIA (JPM) 10/13 23/01/2013 RUB 839,276,832.42 28,614,539.40 

TRS RUSSIA FF (CITI) 10/12 03/08/2012 RUB 199,602,076.80 6,773,602.73 



TRS RUSSIA FF (DB) 09/14 20/08/2014 RUB 569,863,929.26 22,400,947.03 

TRS RUSSIA FF (JPM) 10/10 01/08/2012 RUB 419,164,361.28 14,224,565.75 

TRS RUSSIA FF (JPM) 10/15 15/07/2015 RUB 898,209,345.60 29,697,978.21 

585


586 



Dénomination Date 


Devise Notionnel Evaluation au 


(USD) 

TRS RUSSIA OFZ (CITI) 10/12 03/08/2012 RUB 174,651,817.20 5,926,902.39 



TRS RUSSIA OFZ (DB) 09/12 19/12/2012 RUB 499,005,192.00 18,017,444.77 

TRS RUSSIE (JPM) 10/12 01/08/2012 RUB 499,005,192.00 16,934,006.84 







(USD) 



11% TRS INDONESIA (JPM) 07/20 15/11/2020 IDR 2,997,615.08 429,435.40 

11% TRS INDONESIA (UBS) 07/20 15/11/2020 IDR 9,992,050.26 1,431,451.31 




FRN TRS INDONESIA FIN. (UBS) 07/20 15/11/2020 USD -1,217,941.71 -1,221,956.77 


30 septembre 2010 était de USD 580,206.96 et figure dans l’état des actifs nets. 





(JPY) 

TRS EQ. ASTELLAS PHARMA (NMR) 08/13 16/09/2013 JPY 26,499.98 79,897,431.86 

TRS EQ. CHUGOKU MAR. PAINTS (ML) 7/12 16/07/2012 JPY 78,999.93 47,162,959.77 

TRS EQ. DAIDO STEEL (ML) 07/12 16/07/2012 JPY -148,999.87 -60,493,948.40 

TRS EQ. DAINIPPON SUM. PHA (ML) 9/12 16/07/2012 JPY -39,999.97 -27,959,976.15 

TRS EQ. ISETAN MITSUKOSHI (ML)7/12 16/07/2012 JPY -48,999.96 -42,482,963.77 

TRS EQ. JX HOLDINGS (NMR) 08/13 16/09/2013 JPY 107,399.91 51,981,555.66 

TRS EQ. ROHTO PHARMA. (ML) 07/12 16/07/2012 JPY -48,999.96 -50,959,956.54 

TRS EQ. SWAP KEIO (NMR) 08/13 16/09/2013 JPY -121,999.90 -70,027,940.27 

TRS EQ. SWAP OSG CORP (NMR) 08/13 16/09/2013 JPY -25,599.98 -20,889,582.18 

TRS EQ. UNION TOOL (NMR) 08/13 16/09/2013 JPY 23,499.98 49,185,458.05 

TRS EQ.IDEMITSU KOSAN (NMR) 08/13 16/09/2013 JPY -7,499.99 -53,699,954.20 

TRS EQUITY CHIYODA (NMR) 08/13 16/09/2013 JPY -62,999.95 -43,028,963.30 

TRS EQUITY ELEC. POW. DEV. (ML) 07/12 16/07/2012 JPY 18,699.98 46,936,959.97 

TRS EQUITY FUJITSU (NMR) 08/13 16/09/2013 JPY 131,999.89 77,351,934.03 

TRS EQUITY JGC (NMR) 08/13 16/09/2013 JPY 30,999.97 44,918,961.69 

TRS EQUITY KAO (NMR) 08/13 16/09/2013 JPY 13,699.99 27,865,776.23 

TRS EQUITY KOSE (NMR) 08/13 16/09/2013 JPY -12,899.99 -25,567,778.19 

TRS EQUITY LION (NMR) 08/13 16/09/2013 JPY -108,999.91 -49,594,957.70 

TRS EQUITY MINEBEA (NMR) 08/13 16/09/2013 JPY 59,999.95 25,799,978.00 

TRS EQUITY MITSUBISHI (ML) 07/12 16/07/2012 JPY 222,499.81 86,552,426.18 

TRS EQUITY MITSUI OSK (NMR) 08/13 16/09/2013 JPY -87,999.92 -46,199,960.60 

TRS EQUITY MUSASHI SEI. (ML) 07/12 16/07/2012 JPY 28,099.98 54,963,553.12 

TRS EQUITY NEC NETWORKS (ML) 07/12 16/07/2012 JPY 46,699.96 49,315,157.94 

TRS EQUITY NIDEC (NMR) 08/13 16/09/2013 JPY -3,600.00 -26,711,977.22 

TRS EQUITY NIPPON YU. (NMR) 08/13 16/09/2013 JPY 137,999.88 47,195,959.75 

TRS EQUITY NITTO DENKO (ML) 07/12 16/07/2012 JPY 16,699.99 54,525,453.50



Pictet - Japanese Equities 130/30 (suite) 




(JPY) 

TRS EQUITY NSK (ML) 07/12 16/07/2012 JPY -79,999.93 -45,279,961.38 

TRS EQUITY OSG CORP (ML) 07/12 16/07/2012 JPY -25,599.98 -20,889,582.18 

TRS EQUITY SONY (NMR) 08/13 16/09/2013 JPY 9,699.99 25,035,678.65 

TRS EQUITY TOKIO MARINE (NMR) 8/13 16/09/2013 JPY 17,399.99 39,184,766.58 

TRS EQUITY TOKYO GAS (ML) 07/12 16/07/2012 JPY -127,999.89 -48,511,958.62 

TRS EQUITY TS TECH (ML) 07/12 16/07/2012 JPY 39,099.97 54,270,753.71 

TRS EQUITY UNIPRES (ML) 07/12 16/07/2012 JPY 36,099.97 49,854,057.48 

TRS FIN. LONG (ML) R1610 07/12 16/07/2012 JPY -418,706,586.88 -418,706,586.88 

TRS FIN. LONG (NMR) 08/13 16/09/2013 JPY -467,440,325.32 -467,440,329.35 

TRS FIN. SHORT (NMR) 08/13 16/09/2013 JPY 341,728,022.54 341,728,022.54 

TRS FIN. SHORT (ML) R1610 07/12 16/07/2012 JPY 287,394,351.88 287,394,351.88 


30 septembre 2010 était de JPY 22,674,819.66 et figure dans l’état des actifs nets. 





(CHF) 



11% TRS INDONESIA (BAR) 07/20 15/11/2020 IDR 669.64 93.83 

11% TRS INDONESIA (JPM) 07/20 15/11/2020 IDR 892.85 125.11 


11% TRS INDONESIA (UBS) 07/20 15/11/2020 IDR 7,949.74 1,109.37 

FRN TRS INDONESIA FIN. (BAR) 07/20 15/11/2020 USD -80.84 -79.32 

FRN TRS INDONESIA FIN. (JPM) 07/17 19/07/2017 USD -812.70 -793.03 



FRN TRS INDONESIA FIN. (JPM) 07/28 17/02/2028 USD -1,307.31 -1,275.16 

FRN TRS INDONESIA FIN. (UBS) 07/20 15/11/2020 USD -969.00 -947.02 

TRS COLOMBIA FF (CITI) 10/10 28/10/2015 COP 1,339.28 821.08 

TRS COLOMBIA FF (CITI) 10/20 27/07/2020 COP 107,142.24 74.42 

TRS COLOMBIA FF (CITI) 10/24 25/07/2024 COP 732.14 482.67 

TRS RUSSIA (CITI) 10/16 05/08/2016 RUB 33,481.95 1,071.52 

TRS RUSSIA (JPM) 10/13 23/01/2013 RUB 37,542.19 1,252.96 

TRS RUSSIA FF (CITI) 10/12 03/08/2012 RUB 8,928.52 296.60 

TRS RUSSIA FF (CITI) 10/12 03/08/2012 RUB 14,732.06 489.39 


TRS RUSSIA FF (DB) 09/14 20/08/2014 RUB 25,490.92 980.88 

TRS RUSSIA FF (JPM) 10/10 01/08/2012 RUB 18,749.89 622.86 

TRS RUSSIA FF (JPM) 10/15 15/07/2015 RUB 40,178.34 1,300.40 

TRS RUSSIA OFZ (CITI) 10/12 03/08/2012 RUB 7,812.46 259.52 



TRS RUSSIA OFZ (DB) 09/12 19/12/2012 RUB 22,321.30 788.94 

TRS RUSSIE (JPM) 10/12 01/08/2012 RUB 22,321.30 741.50 


30 septembre 2010 était de CHF 12,318.29 et figure dans l’état des actifs nets. 

587


588 






(EUR) 

TRS BRENT CR. OIL(MS) 09/10 30/10/2010 USD -13,506,227.06 718,287.70 

TRS COPPER (MS) 09/10 30/10/2010 USD -9,655,897.49 589,279.29 

TRS GAS OIL (MS) 09/10 30/10/2010 USD -5,218,426.71 219,900.59 

TRS GASOLINE (MS) 09/10 30/10/2010 USD -4,208,353.83 203,718.89 

TRS GSCI S&P IDX TR. (MS)09/10 30/10/2010 USD 87,993,771.99 -4,586,298.93 

TRS HEATING OIL (MS) 09/10 30/10/2010 USD -4,203,920.64 302,049.80 

TRS LIVE CATTLE (MS) 09/10 30/10/2010 USD -3,908,644.67 -36,642.00 

TRS SOYBEAN (MS) 09/10 30/10/2010 USD -7,898,299.39 508,367.99 

TRS SUGAR (MS) 09/10 30/10/2010 USD -4,895,824.33 1,060,966.54 

TRS WTI (MS) 09/10 30/10/2010 USD -34,429,770.70 1,556,014.96 

TRS EQ. 1M-100BP SMIC (JPM) 10/10 25/11/2010 CHF -31,905.00 -36,998,008.19 

TRS EQUITY EMBI+IDX (JPM) 10/10 27/10/2010 USD -69,720.13 -28,788,411.26 

TRS EQUITY MSCI W.CUSTOM (DB) 10/10 03/11/2010 EUR -65,000.00 -66,255,800.01 

TRS EQUITY SMIMC CHF (DB) 10/10 11/11/2010 CHF -12,280.00 -14,240,261.42 

TRS FIN. 1M-100BP SMIC (JPM) 10/10 25/11/2010 CHF 48,856,126.50 36,698,203.08 

TRS FIN. 3ML DBCGWEFE (DB) 10/10 03/11/2010 EUR 64,967,500.01 64,990,485.59 

TRS FIN.1M-95 BP SMIMC (DB) 10/10 11/11/2010 CHF 18,555,448.40 13,934,515.90 

TRS FIN.1ML-0.25BP/EMBI(JPM)10/10 27/10/2010 USD 38,964,138.78 28,511,873.15 

La moins-value nette non réalisée sur ces contrats de Total Return Swaps au 

30 septembre 2010 était de EUR 1,611,758.33 et figure dans l’état des actifs nets. 





(EUR) 

TRS BRENT CR. OIL (MS) 09/10 30/10/2010 USD -688,130.87 36,596.15 

TRS COPPER (MS) 09/10 30/10/2010 USD -491,959.83 30,023.28 

TRS GAS OIL (MS) 09/10 30/10/2010 USD -265,874.44 11,203.75 

TRS GASOLINE (MS) 09/10 30/10/2010 USD -214,412.08 10,379.30 

TRS GSCI S&P IDX TR. (MS) 09/10 30/10/2010 USD 4,483,208.43 -233,668.06 

TRS HEATING OIL (MS) 09/10 30/10/2010 USD -214,186.21 15,389.19 

TRS LIVE CATTLE (MS) 09/10 30/10/2010 USD -199,142.15 -1,866.88 

TRS SOYBEAN (MS) 09/10 30/10/2010 USD -402,411.69 25,900.92 

TRS SUGAR (MS) 09/10 30/10/2010 USD -249,438.12 54,055.35 

TRS WTI (MS) 09/10 30/10/2010 USD -1,754,167.76 79,277.65 

TRS EQUITY EMBI+IDX (JPM) 10/10 27/10/2010 USD -4,506.67 -1,860,866.72 

TRS EQUITY MSCI W.CUSTOM(DB)10/10 03/11/2010 EUR -4,460.00 -4,546,167.30 

TRS EQUITY SMIMC CHF (DB) 10/10 11/11/2010 CHF -2,654.00 -3,077,659.10 

TRS FIN. 3ML DBCGWEFE (DB) 10/10 03/11/2010 EUR 4,457,770.00 4,459,347.16 

TRS FIN.1M-95 BP SMIMC (DB) 10/10 11/11/2010 CHF 4,010,273.62 3,011,580.23 

TRS FIN.1ML-0.25BP/EMBI (JPM) 10/10 27/10/2010 USD 2,518,620.13 1,842,991.53 

La moins-value nette non réalisée sur ces contrats de Total Return Swaps au 

30 septembre 2010 était de EUR 143,483.55 et figure dans l’état des actifs nets.







(EUR) 

CB-SWAP AIR FR. 4.97% (UBS) 10/PE 01/04/2015 EUR 1,171,000.00 17,418,625.00 

CB-SWAP ARCELOR 7.25% (UBS) 10/PE 01/04/2014 EUR 584,000.00 16,781,240.00 

CB-SWAP CAP GEMINI 3.5% (UBS) 10/PE 01/01/2014 EUR 407,270.00 17,889,334.75 

CB-SWAP KFW (DT PO.) 1.5% (UBS) 10/PE 30/07/2014 EUR 8,700,000.00 10,298,625.00 

CB-SWAP NEXANS 4% (UBS) 10/PE 01/01/2016 EUR 145,000.00 9,414,705.00 

CB-SWAP PEUGEOT 4.45% (UBS) 10/PE 01/01/2016 EUR 265,000.00 8,337,695.00 

CB-SWAP PUBLICIS 3.125% (UBS) 10/PE 30/07/2014 EUR 176,000.00 6,688,880.00 

CB-SWAP SOFTBANK 1.75% (UBS) 10/PE 31/03/2014 JPY 1,349,999,999.87 17,053,402.50 

FRN 1M CB-SWAP EUR (UBS) 10/PE 01/01/2016 EUR -86,457,653.19 -86,457,653.21 

FRN 1M CB-SWAP JPY (UBS) 10/PE 29/03/2013 JPY -1,953,058,440.80 -17,171,023.93 


30 septembre 2010 était de EUR 253,830.11 et figure dans l’état des actifs nets. 

NOTE 13 CREDIT DEFAULT SWAPS (CDS) 

Un "Credit Default Swaps" (CDS) est un contrat financier bilatéral par lequel une 

contrepartie (le "protection buyer") paie une prime contre un engagement du "protection 

seller" de payer un certain montant si l’émetteur de référence fait l’objet d’un risque de 

crédit prévu par le contrat. 

Le "protection buyer" acquiert le droit de vendre une obligation déterminée émise par 

l’émetteur de référence à sa valeur nominale (ou à une autre valeur de référence ou prix 

d’exercice) lorsqu’un risque de crédit se produit. Un risque de crédit recouvre 

communément la faillite, l’insolvabilité, la mise en redressement judiciaire/liquidation 

judiciaire, rééchelonnement déficitaire de dettes ou non-paiement de dettes échues. 

Au 30 septembre 2010, la SICAV avait en cours les "Credit Default Swaps" suivants: 


En tant que "protection buyer": 

Entité: Republic of Indonesia 

Nominal Devise Taux à payer Date de Date 

transaction d’échéance 

50,182.95 USD 1% 20/06/2010 20/09/2015 


En tant que "protection seller": 

Entité: Alstom SA 

Nominal Devise Taux à recevoir Date de 

Date 


240,812.00 EUR 1% 20/06/2010 20/09/2015 

589


590 



Entité: ArcelorMittal 


Date 



Entité: Belgelec Finance SA 


Date 


37,048.00 EUR 0.42% 25/07/2008 20/09/2013 

Entité: BNP Paribas 


Date 



Entité: BP PLC 


Date 



Entité: Credit Agricole SA 


Date 




Entité: Credit Suisse Group AG 


Date 



Entité: Enel SpA 


Date 



474,214.40 EUR 1% 20/12/2009 20/06/2015 

Entité: GDF Suez 


Date 


926,200.00 EUR 1% 20/06/2010 20/09/2015




Entité: General Electric Capital Corp 


Date 





Entité: Grohe Holding GmbH 


Date 



Entité: Iberdrola Finance Ireland Ltd 


Date 



Entité: NXP BV / NXP Funding LLC 


Date 



Entité: Republic of the Philippines 


Date 




Entité: Shell Finance Netherlands BV 


Date 



Entité: Societe Generale 


Date 



Entité: Total SA 


Date 



Entité: UBS AG 


Date 



591


592 



Entité: UniCredit SpA 


Date 



Entité: Volkswagen AG 


Date 



Entité: Xstrata Plc 


Date 




La moins-value nette non réalisée sur l’ensemble de ces contrats au 30 septembre 2010 

était de EUR 212,986.81 et figure dans l’état des actifs nets. 





Date 


6,241,870.09 EUR 1% 20/06/2010 20/09/2015 



Date 





Date 


960,287.71 EUR 0.42% 25/07/2008 20/09/2013 



Date 


11,523,452.48 EUR 1% 20/06/2010 20/09/2015



Pictet - EUR Corporate Bonds (suite) 



Date 





Date 






Date 





Date 



12,291,682.65 EUR 1% 20/12/2009 20/06/2015 



Date 





Date 







Date 





Date 



593


594 


Pictet - EUR Corporate Bonds (suite) 



Date 





Date 





Date 





Date 





Date 



Entité: Xstrata PLC 


Date 





était de EUR 4,983,812.30 et figure dans l’état des actifs nets. 




Nominal Devise Taux à payer Date de 

Date 


15,050,780.63 USD 1% 20/06/2010 20/09/2015 


19,654,953.48 USD 1% 20/09/2010 20/09/2015





Entité: China Development Bank Corp 


Date 



Entité: Export-Import Bank of China 


Date 





Date 





Indice Markit : North American Emerging Markets 


Date 



29,482,430.22 USD 5% 20/09/2010 20/12/2015 

La plus-value nette non réalisée sur l’ensemble de ces contrats au 30 septembre 2010 était 

de USD 5,266,804.17 et figure dans l’état des actifs nets. 





Date 





Date 





595


596 






Date 







Date 





de USD 39,349.96 et figure dans l’état des actifs nets. 



Entité: Export-Import Bank of Korea 


Date 


999,205.03 USD 5% 11/10/2008 20/12/2011 

Entité: Korea Development Bank 


Date 


999,205.03 USD 4.9% 11/10/2008 20/12/2011 



Date 




Entité: Republic of Korea 


Date 


1,998,410.05 USD 2.5% 07/10/2008 20/12/2013




Entité: Woori Bank 


Date 


999,205.03 USD 1.35% 11/01/2008 20/03/2013 




Date 






Date 









Date 







Entité: British Telecommunications PLC 


Date 



597


598 


Pictet - EUR Corporate Bonds Ex Financial (suite) 




Date 





Date 





Date 





Date 





Date 


1,300,000.00 EUR 1% 20/06/2010 20/09/2015 



Date 





Date 




était de EUR 78,262.90 et figure dans l’état des actifs nets.





Entité: Export-Import Bank of Korea 


Date 


794.97 USD 5% 11/10/2008 20/12/2011 

Entité: Korea Development Bank 


Date 


794.97 USD 4.9% 11/10/2008 20/12/2011 



Date 




Entité: Republic of Korea 


Date 


1,589.95 USD 2.5% 07/10/2008 20/12/2013 

Entité: Woori Bank 


Date 


794.97 USD 1.35% 11/01/2008 20/03/2013 




Date 





Date 





Date 


2,664.46 EUR 0.42% 25/07/2008 20/09/2013 

599


600 





Date 





Date 





Date 






Date 





Date 



34,105.04 EUR 1% 20/12/2009 20/06/2015 



Date 





Date 







Date 








Date 





Date 





Date 






Date 





Date 





Date 





Date 





Date 





Date 



601


602 



Entité: Xstrata PLC 


Date 



37,302.39 EUR 1% 20/06/2010 20/12/2015 



Date 



La moins-value nette non réalisée sur l'ensemble de ces contrats au 30 septembre 2010 

était de CHF 18,469.35 et figure dans l'état des actifs nets. 





Date 








Date 





Date 





Date 





Date 








Date 





Date 







Date 










Date 








Date 





Date 



603


604 





NOTE 14 PRET DE TITRES 


Date 




Date 





Date 





Date 







Date 






Au cours de l’exercice clôturé au 30 septembre 2010, la SICAV a procédé à des 

opérations de prêts de titres. Au 30 septembre 2010, les valeurs d’évaluation des titres 

prêtés s’élèvent, pour les compartiments suivants, à : 

Pictet - European Equity Selection EUR 13,381,044.28 

Pictet - Small Cap Europe EUR 4,401,249.74 

Pictet - Emerging Markets USD 7,673,143.76 

Pictet - Eastern Europe EUR 4,415,270.61 

Pictet - Europe Index EUR 26,732,422.15 

Pictet - European Sustainable Equities EUR 1,337,424.00 

Pictet - Japan Index JPY 3,014,411,000.00 

Pictet - Pacific Ex Japan Index USD 6,594,424.87 

Pictet - Digital Communication USD 516,732.97 

Pictet - Premium Brands EUR 6,317,817.61 

Pictet - Water EUR 73,804,767.16 

Pictet - Asian Equities Ex Japan USD 19,886,351.37 

Pictet - Greater China USD 12,295,512.60 

Pictet - Japanese Equity Selection JPY 773,848,579.16 

Pictet - Generics USD 4,044,151.13



Pictet - Emerging Markets Index USD 6,973,920.93 

Pictet - Euroland Index EUR 5,915,670.51 

Pictet - Clean Energy USD 52,769,384.08 

Pictet - Russian Equities USD 5,350,785.00 

Pictet - Agriculture EUR 716,220.66 

Pictet - Global Megatrend Selection USD 9,065,597.79 

Pictet - Environmental Megatrend Selection EUR 119,010.63 

Pictet - High Dividend Selection EUR 2,634,702.00 

Pictet - Piclife CHF 126,458.95 

Pictet - Absolute Return Global Diversified EUR 1,538,290.11 

Pictet - Absolute Return Global Conservative EUR 107,379.78 

NOTE 15 DIVIDENDES DISTRIBUES 

L’Assemblée Générale des Actionnaires de la SICAV a décidé en date du 

20 novembre 2009 la distribution des dividendes aux classes d’action suivantes. Le 

Conseil d’Administration du 2 décembre 2009 a décidé, conformément aux pouvoirs 

conférés par ladite assemblée, de procéder à la mise en paiment du montant des 

dividendes ordinaires comme suit (ancienne dénomination des classes et 

compartiments): 

Pictet Funds (LUX) - EUR Bonds P Distr EUR 10.72 par action 

Pictet Funds (LUX) - USD Government Bonds P Distr USD 9.74 par action 

Pictet Funds (LUX) - CHF Liquidity P Distr CHF 0.36 par action 

Pictet Funds (LUX) - CHF Liquidity Z Distr* CHF 0.55 par action 

Pictet Funds (LUX) - USD Liquidity P Distr USD 0.71 par action 

Pictet Funds (LUX) - EUR Liquidity P Distr EUR 1.32 par action 

Pictet Funds (LUX) - EUR Corporate Bonds P Distr EUR 3.71 par action 

Pictet Funds (LUX) - EUR Corporate Bonds Z Distr EUR 5.03 par action 

Pictet Funds (LUX) - Global Emerging Debt P Distr USD 7.49 par action 

Pictet Funds (LUX) - World Government Bonds P Distr-USD USD 2.91 par action 

Pictet Funds (LUX) - World Government Bonds P Distr EUR 4.84 par action 

Pictet Funds (LUX) - EUR High Yield P Distr EUR 4.52 par action 

Pictet Funds (LUX) - EUR Short Mid-Term Bonds P Distr EUR 3.08 par action 

Pictet Funds (LUX) - USD Short Mid-Term Bonds P Distr USD 1.79 par action 

Pictet Funds (LUX) - CHF Bonds P Distr CHF 6.83 par action 

Pictet Funds (LUX) - EUR Government Bonds P Distr EUR 3.27 par action 

Pictet Funds (LUX) - EUR Inflation Linked Bonds P Distr EUR 1.22 par action 

Pictet Funds (LUX) - Emerging Local Currency Debt P Distr USD 7.09 par action 

Pictet Funds (LUX) - Emerging Local Currency Debt P Distr-GBP GBP 4.37 par action 

Pictet Funds (LUX) - Global Emerging Currencies P Distr USD 1.63 par action 

Pictet Funds (LUX) - (JPY) Liquidity P Distr JPY 79 par action 

Pictet Funds (LUX) - Latin American Local Currency Debt P Distr USD 7.53 par action 

Pictet Funds (LUX) - Latin American Local Currency Debt P Distr-GBP GBP 4.99 par action 

Pictet Funds (LUX) - (USD) Sovereign Liquidity P Distr USD 0.79 par action 

Pictet Funds (LUX) - (EUR) Sovereign Liquidity P Distr EUR 1.12 par action 

Pictet Funds (LUX) - European Equity Selection P Distr EUR 6.83 par action 

Pictet Funds (LUX) - Small Cap Europe P Distr EUR 0.67 par action 

Pictet Funds (LUX) - Emerging Markets P Distr USD 1.27 par action 

Pictet Funds (LUX) - Eastern Europe P Distr EUR 0.37 par action 

Pictet Funds (LUX) - Eastern Europe P Distr-GBP GBP 0.34 par action 

Pictet Funds (LUX) - Europe Index P Distr EUR 2.84 par action 

Pictet Funds (LUX) - Europe Index R Distr-GBP GBP 1.97 par action 

Pictet Funds (LUX) - USA Index P Distr USD 0.9 par action 

Pictet Funds (LUX) - USA Index R Distr-GBP GBP 0.43 par action 

Pictet Funds (LUX) - European Sustainable Equities P Distr EUR 2.15 par action 

Pictet Funds (LUX) - Japan Index P Distr JPY 100 par action 

Pictet Funds (LUX) - Japan Index R Distr-GBP GBP 0.55 par action 

Pictet Funds (LUX) - Pacific (Ex Japan) Index P Distr USD 6.85 par action 

Pictet Funds (LUX) - Pacific (Ex Japan) Index R Distr-GBP GBP 4.15 par action 

Pictet Funds (LUX) - Digital Communication P Distr USD 1.36 par action 

Pictet Funds (LUX) - Digital Communication P Distr-GBP GBP 0.82 par action 

* Pour les actions Z Distr du compartiment Pictet Funds (LUX) - CHF Liquidity, les 

dividendes ont été payés avec ex-date au 25 janvier 2010 et date de paiement au 

29 janvier 2010. 

605


606 


Pictet Funds (LUX) - Premium Brands I Distr-GBP GBP 0.04 par action 

Pictet Funds (LUX) - Water P Distr EUR 0.46 par action 

Pictet Funds (LUX) - Water P Distr-GBP GBP 0.42 par action 

Pictet Funds (LUX) - Japanese Equities 130/30 P Distr JPY 13 par action 

Pictet Funds (LUX) - Asian Equities (Ex Japan) P Distr USD 0.54 par action 

Pictet Funds (LUX) - Greater China P Distr USD 1.87 par action 

Pictet Funds (LUX) - Greater China P Distr GBP GBP 2.77 par action 

Pictet Funds (LUX) - Japanese Equity Selection P Distr JPY 25 par action 

Pictet Funds (LUX) - Japanese Equity Selection P Distr-GBP GBP 0.17 par action 

Pictet Funds (LUX) - Emerging Markets Index P Distr USD 1.98 par action 

Pictet Funds (LUX) - Emerging Markets Index R Distr GBP GBP 0.98 par action 

Pictet Funds (LUX) - Euroland Index P Distr EUR 2.14 par action 

Pictet Funds (LUX) - Euroland Index R Distr-GBP GBP 1.88 par action 

Pictet Funds (LUX) - Russian Equities P Distr-GBP GBP 0.02 par action 

Pictet Funds (LUX) - Russian Equities P Distr USD 0.04 par action 

Pictet Funds (LUX) - Timber P Distr USD 0.22 par action 

Pictet Funds (LUX) - Timber P Distr-GBP GBP 0.13 par action 

Pictet Funds (LUX) - Absolute Return Global Conservative P Distr EUR 0.02 par action 

Les dividendes ont été payés avec ex-date au 3 décembre 2009 et avec date de paiement 

au 14 décembre 2009. 

En date du 20 avril 2010, le Conseil d’Administration a décidé la distribution des 

dividendes aux classes d’action suivantes: 

Pictet - Global Emerging Debt P dm USD 0.68 par action 

Pictet - Emerging Local Currency Debt P dm USD 0.58 par action 

Pictet - Latin American Local Currency Debt P dm USD 0.13 par action 

Pictet - US High Yield P dm USD 0.62 par action 

Les dividendes ont été payés avec ex-date au 20 avril 2010 et avec date de paiement au 

26 avril 2010. 

En date du 20 mai 2010, le Conseil d’Administration a décidé la distribution des 






Les dividendes ont été payés avec ex-date au 20 mai 2010 et avec date de paiement au 

26 mai 2010. 

En date du 21 juin 2010, le Conseil d’Administration a décidé la distribution des 






Pictet - High Dividend Selection I dm GBP 0.27 par action 

Pictet - High Dividend Selection P dm GBP 0.27 par action 

Pictet - High Dividend Selection P dm USD 0.40 par action 

Pictet - High Dividend Selection R dm EUR 0.33 par action 

Pictet - High Dividend Selection R dm USD 0.40 par action 

Les dividendes ont été payés avec ex-date au 21 juin 2010 et avec date de paiement au 

25 juin 2010.



En date du 20 juillet 2010, le Conseil d’Administration a décidé la distribution des 











Les dividendes ont été payés avec ex-date au 20 juillet 2010 et avec date de paiement au 

26 juillet 2010. 

En date du 20 août 2010, le Conseil d’Administration a décidé la distribution des 











Les dividendes ont été payés avec ex-date au 20 août 2010 et avec date de paiement au 

26 août 2010. 

En date du 20 septembre 2010, le Conseil d’Administration a décidé la distribution des 








Pictet - High Dividend Selection P dm USD 0.4305 par action 


Pictet - High Dividend Selection R dm USD 0.4305 par action 

Les dividendes ont été payés avec ex-date au 20 septembre 2010 et avec date de paiement 

au 24 septembre 2010. 

607


608 


NOTE 16 INVESTISSEMENTS EN TITRES INDIENS 

Conformément aux termes du prospectus en vigueur, les compartiments Pictet - 

Emerging Markets, Pictet - Indian Equities et Pictet - Asian Equities Ex Japan 

investissent indirectement dans des titres émis par des sociétés indiennes. Ces 

investissements se font à travers respectivement de Pictet Funds (Mauritius) Limited, 

Pictet Country Fund (Mauritius) Limited et Pictet Asian Equities (Mauritius) Limited, trois 

sociétés établies à l’Ile Maurice, entièrement contrôlées par la SICAV et qui exercent 

exclusivement des activités de conseil au profit des trois compartiments concernés. 

Ces investissements indirects bénéficient actuellement de la convention contre la double 

imposition conclue entre l’Inde et l’Ile Maurice. 

Il ne peut être garanti que la SICAV pourra toujours bénéficier de ces avantages fiscaux.


TER (TOTAL EXPENSE RATIO) 

Compartiment Type d’actions TER annualisé 

(en %) 

Pictet - EUR Bonds I 0.57% 

P 0.95% 

Pdy 0.94% 

R 1.26% 

Z 0.10% 

HI CHF 0.60% 

HP CHF 1.00% 

Pictet - USD Government Bonds I 0.37% 

P 0.61% 

Pdy 0.61% 

R 0.82% 

Z 0.08% 

Pictet - CHF Liquidity I 0.19% 

P 0.25% 

Pdy 0.25% 

R 0.29% 

Z 0.07% 

Zdy 0.07% 

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% 

609


610 

TER (TOTAL EXPENSE RATIO) (suite) 


(en %) 

Pictet - EUR Corporate Bonds I 0.67% 

P 1.12% 

Pdy 1.11% 

R 1.47% 

Z 0.12% 

Zdy 0.11% 

HI CHF 0.73% 

HP CHF 1.17% 

HZ CHF 0.17% 

HI USD 0.73% 

HP USD 1.17% 

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%




(en %) 

Pictet - World Government Bonds I EUR 0.38% 

P EUR 0.62% 

Pdy 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% 

Pictet - EUR High Yield I 0.83% 

P 1.41% 

Pdy 1.41% 

R 1.92% 

Z 0.12% 

HI CHF 0.87% 

HP CHF 1.47% 

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% 

611


612 



(en %) 

Pictet - CHF Bonds I 0.50% 

P 0.82% 

Pdy 0.82% 

R 1.07% 

Z 0.07% 

Pictet - EUR Government Bonds I 0.37% 

P 0.61% 

Pdy 0.61% 

R 0.81% 

Z 0.08% 

HI CHF 0.43% 

HP CHF 0.67% 

Pictet - EUR Inflation Linked Bonds I 0.41% 

P 0.65% 

Pdy 0.65% 

R 0.85% 

Z 0.09%




(en %) 

Pictet - Emerging Local Currency Debt I USD 0.97% 

P USD 1.62% 

P dy USD 1.62% 


R USD 2.17% 

Z USD 0.19% 

I dy GBP 0.96% 

P dy GBP 1.62% 

I EUR 0.97% 

P EUR 1.62% 

R EUR 2.16% 

Z dy EUR 0.18% 

J dy EUR 0.78% 

HI EUR 1.00% 

HP EUR 1.63% 

HR EUR 2.16% 

HZ EUR 0.24% 

HZ dy EUR 0.24% 

Pictet - Asian Local Currency Debt I USD 0.97% 

I dy USD 1.00% 

P USD 1.62% 

Pdy USD 1.63% 

R USD 2.15% 

Z USD 0.18% 

I GBP 0.97% 


I EUR 0.97% 

P EUR 1.62% 

R EUR 2.15% 

613


614 



(en %) 

Pictet - Global Emerging Currencies I USD 0.72% 

P USD 1.22% 

Pdy USD 1.20% 

R USD 1.65% 

Z USD 0.11% 

I EUR 0.71% 

P EUR 1.22% 

R EUR 1.65% 

HI EUR 0.77% 

HP EUR 1.25% 

HR EUR 1.69% 

P CHF 1.23% 

Pictet - JPY Liquidity (note 1) I 0.17% 

P 0.24% 

Pdy 0.24% 

R 0.29% 

Z 0.07% 

J 0.16% 

Pictet - Latin American Local Currency Debt I USD 0.98% 

I dy USD 1.00% 

P USD 1.62% 

Pdy USD 1.62% 


R USD 2.16% 

Z USD 0.18% 


I EUR 0.95% 

P EUR 1.61% 

R EUR 2.18%




(en %) 

Pictet - USD Sovereign Liquidity (note 1) I 0.19% 

P 0.29% 

Pdy 0.30% 

R 0.39% 

Z 0.06% 

Pictet - EUR Sovereign Liquidity (note 1) I 0.19% 

P 0.30% 

Pdy 0.30% 

R 0.44% 

Z 0.07% 

J 0.18% 

Pictet - US High Yield (note 1) I USD 0.80% 

P USD 1.42% 

Pdy USD 1.43% 


R USD 1.90% 

Z USD 0.11% 

HI EUR 0.87% 

HP EUR 1.48% 

HR EUR 1.91% 

HI CHF 0.88% 

HP CHF 1.48% 

Pictet - EUR Corporate Bonds Ex Financial (note 1) I 0.68% 

P 1.15% 

P dy 1.13% 

R 1.49% 

Z 0.11% 

HI CHF 0.73% 

615


616 



(en %) 

Pictet - European Equity Selection I EUR 0.98% 

P EUR 1.62% 

Pdy EUR 1.62% 

R EUR 2.12% 

Z EUR 0.19% 

Pictet - Small Cap Europe I EUR 1.23% 

P EUR 2.06% 

Pdy 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% 

Pdy EUR 2.42% 

R EUR 3.12% 

Z EUR 0.30% 

P dy GBP 2.42%




(en %) 

Pictet - Europe Index I EUR 0.38% 

IS EUR 0.37% 

P EUR 0.51% 

Pdy EUR 0.51% 

R EUR 0.81% 

Z EUR 0.08% 

R dy GBP 0.81% 

Pictet - USA Index I USD 0.38% 

IS USD 0.38% 

P USD 0.52% 

Pdy USD 0.51% 

R USD 0.82% 

Z USD 0.08% 


Pictet - European Sustainable Equities I EUR 0.88% 

P EUR 1.27% 

Pdy EUR 1.27% 

R EUR 1.67% 

Z EUR 0.20% 

Pictet - Japan Index I JPY 0.38% 

IS JPY 0.38% 

P JPY 0.52% 

P dy JPY 0.51% 

R JPY 0.82% 

Z JPY 0.07% 

IS EUR 0.37% 


617


618 



(en %) 

Pictet - Pacific Ex Japan Index (note 1) I USD 0.38% 

IS USD 0.38% 

P USD 0.52% 

Pdy USD 0.52% 

R USD 0.82% 

Z USD 0.08% 


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% 



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% 



HI EUR 1.26% 

HP EUR 2.09% 

HR EUR 2.80%




(en %) 

Pictet - Premium Brands I EUR 1.20% 

P EUR 2.05% 

Pdy EUR 2.05% 

R EUR 2.75% 

Z EUR 0.19% 

I USD 1.21% 

P USD 2.05% 

R USD 2.73% 



Pictet - Water I EUR 1.21% 

P EUR 2.04% 

Pdy EUR 2.04% 

R EUR 2.74% 

Z EUR 0.18% 



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% 


I EUR 1.42% 

P EUR 2.27% 

R EUR 2.95% 


619


620 



(en %) 

Pictet - Japanese Equities 130/30 I JPY 0.99% 

P JPY 1.62% 


R JPY 2.13% 

I EUR 0.97% 

P EUR 1.68% 

R EUR 2.06% 

Pictet - Asian Equities Ex Japan (note 1) I USD 1.22% 

P USD 2.06% 

Pdy USD 2.06% 

R USD 2.77% 


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%




(en %) 

Pictet - Japanese Equity Selection I JPY 0.98% 

P JPY 1.61% 


R JPY 2.12% 

Z JPY 0.25% 


I EUR 0.98% 

P EUR 1.64% 

R EUR 2.06% 

HI EUR 1.03% 

HP EUR 1.65% 

HR EUR 2.17% 

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% 



HI EUR 1.25% 

HP EUR 2.11% 

HR EUR 2.79% 

Pictet - Emerging Markets Index I USD 0.72% 

IS USD 0.72% 

P USD 0.97% 

Pdy USD 0.96% 

R USD 1.26% 

Z USD 0.25% 


621


622 



(en %) 

Pictet - Japanese Mid-Small Cap I JPY 1.24% 

P JPY 2.07% 


R JPY 2.77% 

Z JPY 0.30% 

I EUR 1.23% 

P EUR 2.05% 

R EUR 2.77% 

Pictet - Euroland Index I EUR 0.38% 

P EUR 0.52% 

Pdy EUR 0.50% 

R EUR 0.82% 

Z EUR 0.08% 


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% 


P dy GBP 2.04%




(en %) 

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% 



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% 


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% 



HP EUR 2.10% 

HR EUR 2.79% 

623


624 



(en %) 

Pictet - Agriculture I EUR 1.20% 

P EUR 2.05% 

Pdy EUR 2.06% 

R EUR 2.74% 

Z EUR 0.19% 

I USD 1.21% 

P USD 2.05% 


R USD 2.74% 



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% 



Pictet - US Equity Value Selection I USD 0.96% 

P USD 1.60% 

Pdy USD 1.62% 

R USD 2.10% 

R EUR 2.16% 

HP EUR 1.66% 

HR EUR 2.12%




(en %) 

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% 

Pictet - Environmental Megatrend Selection (note 1) I EUR 1.21% 

P EUR 2.12% 

Pdy EUR 2.05% 

R EUR 2.79% 

I USD 1.21% 

P USD 2.06% 


R USD 2.74% 

P CHF 2.12% 


Pictet - High Dividend Selection (note 1) I EUR 0.96% 

P EUR 1.67% 

Pdy EUR 1.64% 

R EUR 2.09% 

R dm EUR 2.09% 

I USD 0.96% 

P USD 1.61% 


R USD 2.10% 

R dm USD 2.16% 

I dm GBP 0.96% 

P dm GBP 1.65% 

P dy CHF 1.65% 

P CHF 1.62% 

625


626 



(en %) 

Pictet - Piclife P CHF 0.97% 

R CHF 1.37% 

S CHF 0.62% 

Pictet - Absolute Return Global Diversified I EUR 0.83% 

P EUR 1.46% 

Pdy 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% 

Pdy EUR 1.16% 

R EUR 1.51% 

Z EUR 0.15%




Pictet - Convertible Bonds (note 1) I EUR 1.28% 

Calcul du Total Expense Ratio (TER): 

TER % = CHARGES OPERATIONNELLES * 100 

FORTUNE MOYENNE DU FONDS (*) 

(en %) 

P EUR 2.12% 

Pdy EUR 2.12% 

MG EUR 2.16% 

R EUR 2.84% 

I USD 1.28% 

P USD 2.13% 

MG USD 2.23% 

HI CHF 1.33% 

HP CHF 2.17% 

HR CHF 2.87% 

HI USD 1.33% 

HP USD 2.18% 

HMG USD 2.17% 

(*) Calculé sur base de la moyenne journalière du total des actifs nets pour la période du 1er octobre 2009 au 30 septembre 2010. 

627


628 

PTR (Portfolio Turnover Ratio) 

Compartiment Compartiment 

Pictet - EUR Bonds 207.65% Pictet - Japan Index -13.66% 

Pictet - USD Government Bonds 17.74% Pictet - Pacific Ex Japan Index (note 1) 3.79% 

Pictet - CHF Liquidity 485.12% Pictet - Digital Communication 93.19% 

Pictet - USD Liquidity 400.89% Pictet - Biotech 58.89% 

Pictet - EUR Liquidity 456.40% Pictet - Premium Brands 79.92% 

Pictet - EUR Corporate Bonds 321.06% Pictet - Water 53.12% 

Pictet - Global Emerging Debt 39.46% Pictet - Indian Equities 46.63% 

Pictet - World Government Bonds -1.36% Pictet - Japanese Equities 130/30 174.74% 

Pictet - EUR High Yield 80.31% Pictet - Asian Equities Ex Japan (note 1) 239.32% 

Pictet - EUR Short Mid-Term Bonds 435.58% Pictet - Greater China 269.90% 

Pictet - USD Short Mid-Term Bonds 89.06% Pictet - Japanese Equity Selection 178.18% 

Pictet - CHF Bonds 58.84% Pictet - Generics -82.07% 

Pictet - EUR Government Bonds 66.17% Pictet - Emerging Markets Index 9.65% 

Pictet - EUR Inflation Linked Bonds 57.38% Pictet - Japanese Mid-Small Cap 253.60% 

Pictet - Emerging Local Currency Debt 41.13% Pictet - Euroland Index -16.60% 

Pictet - Asian Local Currency Debt -5.64% Pictet - US Equity Growth Selection 82.07% 

Pictet - Global Emerging Currencies 191.32% Pictet - Security 135.34% 

Pictet - JPY Liquidity (note 1) 356.32% Pictet - Clean Energy 60.90% 

Pictet - Latin American Local Currency Debt 5.25% Pictet - Russian Equities 97.20% 

Pictet - USD Sovereign Liquidity (note 1) 633.54% Pictet - Timber 12.31% 

Pictet - EUR Sovereign Liquidity (note 1) 767.08% Pictet - Agriculture 87.56% 

Pictet - US High Yield (note 1) 109.70% Pictet - Global Megatrend Selection -30.15% 

Pictet - EUR Corporate Bonds Ex Financial (note 1) 29.93% Pictet - US Equity Value Selection (note 1) 64.10% 

Pictet - European Equity Selection 52.37% Pictet - Middle East And North Africa 158.18% 

Pictet - Small Cap Europe 139.00% Pictet - Environmental Megatrend Selection (note 1) -147.12% 

Pictet - Emerging Markets 213.16% Pictet - High Dividend Selection (note 1) 25.64% 

Pictet - Eastern Europe 167.19% Pictet - Piclife 398.23% 

Pictet - Europe Index 3.63% Pictet - Absolute Return Global Diversified 113.31% 

Pictet - USA Index -5.23% Pictet - Absolute Return Global Conservative 118.84% 

Pictet - European Sustainable Equities 89.06% Pictet - Convertible Bonds (note 1) 355.36% 

Calcul du Portfolio Turnover Ratio: 

PTR = (TOTAL ACHATS + TOTAL VENTES) - (TOTAL SOUSCRIPTIONS + TOTAL RACHATS) 

VNI MOYENNE (*) 

(*) Calculé sur base de la moyenne journalière du total des actifs nets pour la période du 1er octobre 2009 au 30 septembre 2010.


PERFORMANCE 


Pictet - EUR Bonds-I 7.13% Pictet - Global Emerging Debt-P dm USD* 10.00% 

Pictet - EUR Bonds-P 6.73% Pictet - Global Emerging Debt-R USD 12.15% 

Pictet - EUR Bonds-P dy 6.73% Pictet - Global Emerging Debt-Z USD 14.22% 

Pictet - EUR Bonds-R 6.39% Pictet - Global Emerging Debt-HI CHF 12.65% 

Pictet - EUR Bonds-Z 7.64% Pictet - Global Emerging Debt-HP CHF 11.99% 

Pictet - EUR Bonds-HI CHF 6.53% Pictet - Global Emerging Debt-HI EUR 13.09% 

Pictet - EUR Bonds-HP CHF 6.13% Pictet - Global Emerging Debt-HP EUR 12.42% 

Pictet - USD Government Bonds-I 7.34% Pictet - Global Emerging Debt-HR EUR 11.86% 

Pictet - USD Government Bonds-P 7.08% Pictet - Global Emerging Debt-HZ EUR* 9.95% 

Pictet - USD Government Bonds-P dy 7.08% Pictet - Global Emerging Debt-HI JPY* 10.43% 

Pictet - USD Government Bonds-R 6.86% Pictet - World Government Bonds-I EUR 13.71% 

Pictet - USD Government Bonds-Z 7.66% Pictet - World Government Bonds-P EUR 13.42% 

Pictet - CHF Liquidity-I -0.02% Pictet - World Government Bonds-P dy EUR 13.42% 

Pictet - CHF Liquidity-P -0.08% Pictet - World Government Bonds-R EUR 13.19% 

Pictet - CHF Liquidity-P dy -0.07% Pictet - World Government Bonds-Z EUR 14.02% 

Pictet - CHF Liquidity-R -0.11% Pictet - World Government Bonds-I USD 5.77% 

Pictet - CHF Liquidity-Z 0.11% Pictet - World Government Bonds-P USD 5.52% 

Pictet - CHF Liquidity-Z dy 0.11% Pictet - World Government Bonds-P dy USD 5.52% 

Pictet - USD Liquidity-I 0.31% Pictet - World Government Bonds-R USD 5.31% 

Pictet - USD Liquidity-P 0.15% Pictet - EUR High Yield-I 20.97% 

Pictet - USD Liquidity-P dy 0.14% Pictet - EUR High Yield-P 20.25% 

Pictet - USD Liquidity-R -0.06% Pictet - EUR High Yield-P dy 20.25% 

Pictet - USD Liquidity-Z 0.45% Pictet - EUR High Yield-R 19.65% 

Pictet - EUR Liquidity-I 0.43% Pictet - EUR High Yield-Z 21.83% 

Pictet - EUR Liquidity-P 0.25% Pictet - EUR High Yield-HI CHF 20.36% 

Pictet - EUR Liquidity-P dy 0.25% Pictet - EUR High Yield-HP CHF 19.66% 

Pictet - EUR Liquidity-R 0.03% Pictet - EUR Short Mid-Term Bonds-I 0.55% 

Pictet - EUR Liquidity-Z 0.57% Pictet - EUR Short Mid-Term Bonds-P 0.35% 

Pictet - EUR Corporate Bonds-I 8.30% Pictet - EUR Short Mid-Term Bonds-P dy 0.35% 

Pictet - EUR Corporate Bonds-P 7.82% Pictet - EUR Short Mid-Term Bonds-R 0.20% 

Pictet - EUR Corporate Bonds-P dy 7.81% Pictet - EUR Short Mid-Term Bonds-Z 0.79% 

Pictet - EUR Corporate Bonds-R 7.44% Pictet - EUR Short Mid-Term Bonds-HI CHF 0.06% 

Pictet - EUR Corporate Bonds-Z 8.89% Pictet - EUR Short Mid-Term Bonds-HP CHF -0.13% 

Pictet - EUR Corporate Bonds-Z dy 8.91% Pictet - USD Short Mid-Term Bonds-I 2.50% 

Pictet - EUR Corporate Bonds-HI CHF 7.69% Pictet - USD Short Mid-Term Bonds-P 2.31% 

Pictet - EUR Corporate Bonds-HP CHF 7.22% Pictet - USD Short Mid-Term Bonds-P dy 2.30% 

Pictet - EUR Corporate Bonds-HZ CHF* 0.16% Pictet - USD Short Mid-Term Bonds-R 2.15% 

Pictet - EUR Corporate Bonds-HI USD 8.19% Pictet - USD Short Mid-Term Bonds-Z 2.75% 

Pictet - EUR Corporate Bonds-HP USD 7.71% Pictet - CHF Bonds-I 4.20% 

Pictet - Global Emerging Debt-I USD 13.39% Pictet - CHF Bonds-P 3.87% 

Pictet - Global Emerging Debt-P USD 12.72% Pictet - CHF Bonds-P dy 3.87% 

Pictet - Global Emerging Debt-P dy USD 12.71% Pictet - CHF Bonds-R 3.60% 

629



PERFORMANCE (suite) 


Pictet - CHF Bonds-Z 4.66% Pictet - Global Emerging Currencies -I USD 4.86% 

Pictet - EUR Government Bonds-I 4.15% Pictet - Global Emerging Currencies -P USD 4.31% 

Pictet - EUR Government Bonds-P 3.89% Pictet - Global Emerging Currencies -P dy USD 4.31% 

Pictet - EUR Government Bonds-P dy 3.90% Pictet - Global Emerging Currencies -R USD 3.84% 

Pictet - EUR Government Bonds-R 3.68% Pictet - Global Emerging Currencies -Z USD 5.47% 

Pictet - EUR Government Bonds-Z 4.45% Pictet - Global Emerging Currencies -I EUR 11.92% 

Pictet - EUR Government Bonds-HI CHF 3.59% Pictet - Global Emerging Currencies -P EUR 11.34% 

Pictet - EUR Government Bonds-HP CHF 3.34% Pictet - Global Emerging Currencies -R EUR 10.84% 

Pictet - EUR Inflation Linked Bonds-I 4.11% Pictet - Global Emerging Currencies -HI EUR 4.03% 

Pictet - EUR Inflation Linked Bonds-P 3.87% Pictet - Global Emerging Currencies -HP EUR 3.49% 

Pictet - EUR Inflation Linked Bonds-P dy 3.86% Pictet - Global Emerging Currencies -HR EUR 3.03% 

Pictet - EUR Inflation Linked Bonds-R 3.65% Pictet - Global Emerging Currencies -P CHF* -5.65% 

Pictet - EUR Inflation Linked Bonds-Z 4.43% Pictet - JPY Liquidity-I 0.15% 

Pictet - Emerging Local Currency Debt-I USD 17.98% Pictet - JPY Liquidity-P 0.09% 

Pictet - Emerging Local Currency Debt-P USD 17.21% Pictet - JPY Liquidity-P dy 0.09% 

Pictet - Emerging Local Currency Debt-P dy USD 17.21% Pictet - JPY Liquidity-R 0.04% 

Pictet - Emerging Local Currency Debt-P dm USD* 12.60% Pictet - JPY Liquidity-Z 0.26% 

Pictet - Emerging Local Currency Debt-R USD 16.57% Pictet - JPY Liquidity-J 0.17% 

Pictet - Emerging Local Currency Debt-Z USD 18.90% Pictet - Latin American Local Currency Debt-I USD 17.59% 

Pictet - Emerging Local Currency Debt-I dy GBP* 17.86% Pictet - Latin American Local Currency Debt-I dy USD* 3.31% 

Pictet - Emerging Local Currency Debt-P dy GBP 18.24% Pictet - Latin American Local Currency Debt-P USD 16.83% 

Pictet - Emerging Local Currency Debt-I EUR 26.16% Pictet - Latin American Local Currency Debt-P dy USD 16.84% 

Pictet - Emerging Local Currency Debt-P EUR 25.35% Pictet - Latin American Local Currency Debt-P dm USD* 11.62% 

Pictet - Emerging Local Currency Debt-R EUR 24.66% Pictet - Latin American Local Currency Debt-R USD 16.19% 

Pictet - Emerging Local Currency Debt-Z dy EUR* 8.61% Pictet - Latin American Local Currency Debt-Z USD 18.52% 

Pictet - Emerging Local Currency Debt-J dy EUR* -2.82% Pictet - Latin American Local Currency Debt-P dy GBP 17.85% 

Pictet - Emerging Local Currency Debt-HI EUR 17.08% Pictet - Latin American Local Currency Debt-I EUR 25.68% 

Pictet - Emerging Local Currency Debt-HP EUR 16.32% Pictet - Latin American Local Currency Debt-P EUR 24.88% 

Pictet - Emerging Local Currency Debt-HR EUR 15.69% Pictet - Latin American Local Currency Debt-R EUR 24.18% 

Pictet - Emerging Local Currency Debt-HZ EUR* 7.41% Pictet - USD Sovereign Liquidity-I 0.16% 

Pictet - Emerging Local Currency Debt-HZ dy EUR* 4.49% Pictet - USD Sovereign Liquidity-P 0.06% 

Pictet - Asian Local Currency Debt-I USD 12.88% Pictet - USD Sovereign Liquidity-P dy 0.06% 

Pictet - Asian Local Currency Debt-I dy USD* 1.93% Pictet - USD Sovereign Liquidity-R -0.07% 

Pictet - Asian Local Currency Debt-P USD 12.14% Pictet - USD Sovereign Liquidity-Z 0.28% 

Pictet - Asian Local Currency Debt-P dy USD 12.14% Pictet - EUR Sovereign Liquidity-I 0.17% 

Pictet - Asian Local Currency Debt-R USD 11.52% Pictet - EUR Sovereign Liquidity-P 0.06% 

Pictet - Asian Local Currency Debt-Z USD 13.76% Pictet - EUR Sovereign Liquidity-P dy 0.06% 

Pictet - Asian Local Currency Debt-I GBP* 0.21% Pictet - EUR Sovereign Liquidity-R -0.08% 

Pictet - Asian Local Currency Debt-P dy GBP 13.53% Pictet - EUR Sovereign Liquidity-Z 0.30% 

Pictet - Asian Local Currency Debt-I EUR 21.14% Pictet - EUR Sovereign Liquidity-J 0.19% 

Pictet - Asian Local Currency Debt-P EUR 20.37% Pictet - US High Yield-I USD* 13.42% 

Pictet - Asian Local Currency Debt-R EUR 19.68% Pictet - US High Yield-P USD* 12.79%




Pictet - US High Yield-P dy USD* 12.79% Pictet - Europe Index-I EUR 9.99% 

Pictet - US High Yield-P dm USD* 7.62% Pictet - Europe Index-IS EUR 10.23% 

Pictet - US High Yield-R USD* 12.29% Pictet - Europe Index-P EUR 9.86% 

Pictet - US High Yield-Z USD* 14.12% Pictet - Europe Index-P dy EUR 9.85% 

Pictet - US High Yield-HI EUR* 13.16% Pictet - Europe Index-R EUR 10.05% 

Pictet - US High Yield-HP EUR* 12.57% Pictet - Europe Index-Z EUR 10.33% 

Pictet - US High Yield-HR EUR* 6.26% Pictet - Europe Index-R dy GBP 4.47% 

Pictet - US High Yield-HI CHF* 12.82% Pictet - USA Index-I USD 9.19% 

Pictet - US High Yield-HP CHF* 12.22% Pictet - USA Index-IS USD 8.55% 

Pictet - EUR Corporate Bonds Ex Financial-I* 1.95% Pictet - USA Index-P USD 9.03% 

Pictet - EUR Corporate Bonds Ex Financial-P* 1.83% Pictet - USA Index-P dy USD 9.03% 

Pictet - EUR Corporate Bonds Ex Financial-P dy* 1.83% Pictet - USA Index-R USD 8.15% 

Pictet - EUR Corporate Bonds Ex Financial-R* 1.73% Pictet - USA Index-Z USD 9.50% 

Pictet - EUR Corporate Bonds Ex Financial-Z* 2.09% Pictet - USA Index-R dy GBP 9.96% 

Pictet - EUR Corporate Bonds Ex Financial-HI CHF* 1.75% Pictet - European Sustainable Equities-I EUR 10.99% 

Pictet - European Equity Selection-I EUR 9.19% Pictet - European Sustainable Equities-P EUR 10.55% 

Pictet - European Equity Selection-P EUR 8.49% Pictet - European Sustainable Equities-P dy EUR 10.55% 

Pictet - European Equity Selection-P dy EUR 8.49% Pictet - European Sustainable Equities-R EUR 10.11% 

Pictet - European Equity Selection-R EUR 7.95% Pictet - European Sustainable Equities-Z EUR 11.74% 

Pictet - European Equity Selection-Z EUR 10.05% Pictet - Japan Index-I JPY -6.73% 

Pictet - Small Cap Europe-I EUR 19.26% Pictet - Japan Index-IS JPY -6.29% 

Pictet - Small Cap Europe-P EUR 18.26% Pictet - Japan Index-P JPY -6.86% 

Pictet - Small Cap Europe-P dy EUR 18.26% Pictet - Japan Index-P dy JPY -6.86% 

Pictet - Small Cap Europe-R EUR 17.44% Pictet - Japan Index-R JPY -6.56% 

Pictet - Small Cap Europe-Z EUR 20.43% Pictet - Japan Index-Z JPY -6.43% 

Pictet - Emerging Markets-I USD 15.91% Pictet - Japan Index-IS EUR* -6.78% 

Pictet - Emerging Markets-P USD 15.28% Pictet - Japan Index-R dy GBP 1.87% 

Pictet - Emerging Markets-P dy USD 15.28% Pictet - Pacific Ex Japan Index-I USD 13.24% 

Pictet - Emerging Markets-R USD 14.71% Pictet - Pacific Ex Japan Index-IS USD 13.16% 

Pictet - Emerging Markets-Z USD 17.93% Pictet - Pacific Ex Japan Index-P USD 13.07% 

Pictet - Emerging Markets-I EUR 24.40% Pictet - Pacific Ex Japan Index-P dy USD 13.08% 

Pictet - Emerging Markets-P EUR 23.73% Pictet - Pacific Ex Japan Index-R USD 12.74% 

Pictet - Emerging Markets-R EUR 23.11% Pictet - Pacific Ex Japan Index-Z USD 13.60% 

Pictet - Emerging Markets-HI EUR 14.82% Pictet - Pacific Ex Japan Index-R dy GBP 14.15% 

Pictet - Emerging Markets-HP EUR 14.19% Pictet - Digital Communication-I USD 24.29% 

Pictet - Emerging Markets-HR EUR 13.63% Pictet - Digital Communication-P USD 23.25% 

Pictet - Eastern Europe-I EUR 31.58% Pictet - Digital Communication-P dy USD 23.25% 

Pictet - Eastern Europe-P EUR 31.07% Pictet - Digital Communication-R USD 22.39% 

Pictet - Eastern Europe-P dy EUR 31.07% Pictet - Digital Communication-Z USD 25.49% 

Pictet - Eastern Europe-R EUR 30.15% Pictet - Digital Communication-I EUR 33.40% 

Pictet - Eastern Europe-Z EUR 33.86% Pictet - Digital Communication-P EUR 32.27% 

Pictet - Eastern Europe-P dy GBP 23.49% Pictet - Digital Communication-R EUR 31.36% 

631


632 



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% 

Pictet - Water-I EUR 16.99% Pictet - Greater China-R USD 14.30% 

Pictet - Water-P EUR 16.01% Pictet - Greater China-Z USD 17.14% 

Pictet - Water-P dy EUR 16.01% Pictet - Greater China-I EUR 24.58% 

Pictet - Water-R EUR 15.21% Pictet - Greater China-P EUR 23.53% 

Pictet - Water-Z EUR 18.18% Pictet - Greater China-R EUR 22.68% 

Pictet - Water-I dy GBP 10.37% Pictet - Greater China-P dy GBP 16.54% 

Pictet - Water-P dy GBP 9.44% Pictet - Japanese Equity Selection-I JPY -7.07% 

Pictet - Water-I USD 9.01% Pictet - Japanese Equity Selection-P JPY -7.66% 

Pictet - Water-P USD 8.08% Pictet - Japanese Equity Selection-P dy JPY -7.66% 

Pictet - Water-R USD 7.34% Pictet - Japanese Equity Selection-R JPY -8.12% 

Pictet - Water-HP USD 14.98% Pictet - Japanese Equity Selection-Z JPY -6.39% 

Pictet - Water-HR USD 14.19% Pictet - Japanese Equity Selection-P dy GBP 0.47% 

Pictet - Indian Equities-I USD 26.28% Pictet - Japanese Equity Selection-I EUR 7.19% 

Pictet - Indian Equities-P USD 25.22% Pictet - Japanese Equity Selection-P EUR 6.50% 

Pictet - Indian Equities-P dy USD 25.22% Pictet - Japanese Equity Selection-R EUR 5.97% 

Pictet - Indian Equities-R USD 24.34% Pictet - Japanese Equity Selection-HI EUR -8.33%




Pictet - Japanese Equity Selection-HP EUR -8.90% Pictet - US Equity Growth Selection-HI EUR 5.39% 

Pictet - Japanese Equity Selection-HR EUR -9.35% Pictet - US Equity Growth Selection-HP EUR 4.70% 

Pictet - Generics-I USD 26.27% Pictet - US Equity Growth Selection-HR EUR 4.18% 

Pictet - Generics-P USD 25.21% Pictet - Security-I USD 25.88% 

Pictet - Generics-P dy USD 25.21% Pictet - Security-P USD 24.83% 

Pictet - Generics-R USD 24.33% Pictet - Security-P dy USD 24.83% 

Pictet - Generics-Z USD 27.31% Pictet - Security-R USD 23.96% 

Pictet - Generics-I EUR 35.52% Pictet - Security-Z USD 27.14% 

Pictet - Generics-P EUR 34.39% Pictet - Security-I EUR 35.11% 

Pictet - Generics-R EUR 33.44% Pictet - Security-P EUR 33.97% 

Pictet - Generics-I dy GBP 27.85% Pictet - Security-R EUR 33.04% 

Pictet - Generics-P dy GBP 26.77% Pictet - Security-I dy GBP 27.45% 

Pictet - Generics-HI EUR 25.72% Pictet - Security-P dy GBP 26.39% 

Pictet - Generics-HP EUR 24.69% Pictet - Clean Energy-I USD -4.90% 

Pictet - Generics-HR EUR 23.81% Pictet - Clean Energy-P USD -5.70% 

Pictet - Emerging Markets Index-I USD 19.03% Pictet - Clean Energy-P dy USD -5.70% 

Pictet - Emerging Markets Index-IS USD 19.12% Pictet - Clean Energy-R USD -6.35% 

Pictet - Emerging Markets Index-P USD 18.75% Pictet - Clean Energy-Z USD -3.93% 

Pictet - Emerging Markets Index-P dy USD 18.74% Pictet - Clean Energy-I EUR 2.06% 

Pictet - Emerging Markets Index-R USD 18.56% Pictet - Clean Energy-P EUR 1.22% 

Pictet - Emerging Markets Index-Z USD 19.65% Pictet - Clean Energy-R EUR 0.49% 

Pictet - Emerging Markets Index-R dy GBP 21.27% Pictet - Clean Energy-I dy GBP -3.73% 

Pictet - Japanese Mid-Small Cap -I JPY -13.08% Pictet - Clean Energy-P dy GBP -4.51% 

Pictet - Japanese Mid-Small Cap -P JPY -13.80% Pictet - Russian Equities-I USD 27.38% 

Pictet - Japanese Mid-Small Cap -P dy JPY -13.80% Pictet - Russian Equities-P USD 26.28% 

Pictet - Japanese Mid-Small Cap -R JPY -14.40% Pictet - Russian Equities-P dy USD 26.29% 

Pictet - Japanese Mid-Small Cap -Z JPY -12.26% Pictet - Russian Equities-R USD 25.45% 

Pictet - Japanese Mid-Small Cap -I EUR 0.26% Pictet - Russian Equities-Z USD 28.54% 

Pictet - Japanese Mid-Small Cap -P EUR -0.59% Pictet - Russian Equities-I EUR 36.38% 

Pictet - Japanese Mid-Small Cap -R EUR -1.28% Pictet - Russian Equities-P EUR 35.19% 

Pictet - Euroland Index-I EUR 1.13% Pictet - Russian Equities-R EUR 34.35% 

Pictet - Euroland Index-P EUR 1.06% Pictet - Russian Equities-P dy GBP 28.15% 

Pictet - Euroland Index-P dy EUR 1.09% Pictet - Timber-I USD 17.54% 

Pictet - Euroland Index-R EUR 0.74% Pictet - Timber-P USD 16.56% 

Pictet - Euroland Index-Z EUR 1.51% Pictet - Timber-P dy USD 16.55% 

Pictet - Euroland Index-R dy GBP -4.48% 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% 

633


634 



Pictet - Timber-HP EUR 15.82% Pictet - Environmental Megatrend Selection-P EUR* -3.24% 

Pictet - Timber-HR EUR 14.99% Pictet - Environmental Megatrend Selection-P dy EUR* -3.24% 

Pictet - Agriculture-I EUR 33.85% Pictet - Environmental Megatrend Selection-R EUR* -3.27% 

Pictet - Agriculture-P EUR 32.72% Pictet - Environmental Megatrend Selection-I USD* 3.34% 

Pictet - Agriculture-P dy EUR 32.72% Pictet - Environmental Megatrend Selection-P USD* 3.30% 

Pictet - Agriculture-R EUR 31.81% Pictet - Environmental Megatrend Selection-P dy USD* 3.30% 

Pictet - Agriculture-Z EUR* 9.45% Pictet - Environmental Megatrend Selection-R USD* 3.27% 

Pictet - Agriculture-I USD 24.72% Pictet - Environmental Megatrend Selection-P CHF* -0.71% 

Pictet - Agriculture-P USD 23.67% Pictet - Environmental Megatrend Selection-P dy GBP* 0.29% 

Pictet - Agriculture-P dy USD 23.67% Pictet - High Dividend Selection-I EUR* -0.35% 

Pictet - Agriculture-R USD 22.81% Pictet - High Dividend Selection-P EUR* -0.63% 

Pictet - Agriculture-I dy GBP 26.28% Pictet - High Dividend Selection-P dy EUR* -0.62% 

Pictet - Agriculture-P dy GBP 25.21% Pictet - High Dividend Selection-R EUR* -0.81% 

Pictet - Global Megatrend Selection-I USD 15.51% Pictet - High Dividend Selection-R dm EUR* -0.81% 

Pictet - Global Megatrend Selection-P USD 14.54% Pictet - High Dividend Selection-I USD* 6.87% 

Pictet - Global Megatrend Selection-P dy USD 14.54% Pictet - High Dividend Selection-P USD* 6.59% 

Pictet - Global Megatrend Selection-R USD 13.51% Pictet - High Dividend Selection-P dm USD* 6.57% 

Pictet - Global Megatrend Selection-Z USD 16.46% Pictet - High Dividend Selection-R USD* 6.38% 

Pictet - Global Megatrend Selection-I EUR 23.98% Pictet - High Dividend Selection-R dm USD* 6.37% 

Pictet - Global Megatrend Selection-P EUR 22.93% Pictet - High Dividend Selection-I dm GBP * 0.52% 

Pictet - Global Megatrend Selection-P dy EUR 22.93% Pictet - High Dividend Selection-P dm GBP* 0.23% 

Pictet - Global Megatrend Selection-R EUR 21.83% Pictet - High Dividend Selection-P dy CHF* -6.12% 

Pictet - Global Megatrend Selection-P CHF 8.45% Pictet - High Dividend Selection-P CHF* -6.12% 

Pictet - Global Megatrend Selection-I dy GBP 16.97% Pictet - Piclife-P CHF 1.59% 

Pictet - Global Megatrend Selection-P dy GBP 15.97% Pictet - Piclife-R CHF 1.19% 

Pictet - US Equity Value Selection-I USD 7.08% Pictet - Piclife-S CHF 1.95% 

Pictet - US Equity Value Selection-P USD 6.38% Pictet - Absolute Return Global Diversified-I EUR 3.97% 

Pictet - US Equity Value Selection-P dy USD* -0.72% Pictet - Absolute Return Global Diversified-P EUR 3.31% 

Pictet - US Equity Value Selection-R USD 5.84% Pictet - Absolute Return Global Diversified-P dy EUR 3.31% 

Pictet - US Equity Value Selection-R EUR* -9.91% Pictet - Absolute Return Global Diversified-R EUR 2.80% 

Pictet - US Equity Value Selection-HP EUR 5.41% Pictet - Absolute Return Global Diversified-Z EUR 4.68% 

Pictet - US Equity Value Selection-HR EUR 4.89% Pictet - Absolute Return Global Diversified-HI CHF 3.50% 

Pictet - Middle East And North Africa-I USD 1.68% Pictet - Absolute Return Global Diversified-HP CHF 2.84% 

Pictet - Middle East And North Africa-P USD 0.81% Pictet - Absolute Return Global Diversified-HZ CHF 4.22% 

Pictet - Middle East And North Africa-P dy USD 0.75% Pictet - Absolute Return Global Diversified-HI USD 3.98% 

Pictet - Middle East And North Africa-R USD 0.12% Pictet - Absolute Return Global Diversified-HP USD 3.32% 

Pictet - Middle East And North Africa-Z USD 2.55% Pictet - Absolute Return Global Diversified-HI GBP 4.03% 

Pictet - Middle East And North Africa-P EUR 7.94% Pictet - Absolute Return Global Diversified-HP dy GBP 3.40% 

Pictet - Middle East And North Africa-R EUR 7.20% Pictet - Absolute Return Global Diversified-HZ GBP 4.78% 

Pictet - Middle East And North Africa-HP EUR 0.35% Pictet - Absolute Return Global Diversified-HI JPY 3.69% 

Pictet - Middle East And North Africa-HR EUR -0.35% Pictet - Absolute Return Global Diversified-HZ JPY 4.38% 

Pictet - Environmental Megatrend Selection-I EUR* -3.20% Pictet - Absolute Return Global Conservative-I EUR 3.22%




Pictet - Absolute Return Global Conservative-P EUR 2.76% Pictet - Convertible Bonds-I USD* -1.73% 

Pictet - Absolute Return Global Conservative-P dy EUR 2.76% Pictet - Convertible Bonds-P USD* -2.28% 

Pictet - Absolute Return Global Conservative-R EUR 2.41% Pictet - Convertible Bonds-MG USD* -2.28% 

Pictet - Absolute Return Global Conservative-Z EUR 3.82% Pictet - Convertible Bonds-HI CHF* 0.31% 

Pictet - Convertible Bonds-I EUR* 0.44% Pictet - Convertible Bonds-HP CHF* -0.19% 

Pictet - Convertible Bonds-P EUR* -0.12% Pictet - Convertible Bonds-HR CHF* -0.63% 

Pictet - Convertible Bonds-P dy EUR* 0.00% Pictet - Convertible Bonds-HI USD* 0.63% 

Pictet - Convertible Bonds-MG EUR* -0.12% Pictet - Convertible Bonds-HP USD* 0.16% 

Pictet - Convertible Bonds-R EUR* -0.52% Pictet - Convertible Bonds-HMG USD* 0.90% 

Performance annuelle calculée pour l’exercice clôturé au 30 septembre 2010. 

La performance par classe d’actions a été calculée par comparaison entre l’actif net par action au 30 septembre 2009 et l’actif net au 30 septembre 2010. 

Pour les classes d’actions ayant effectué une distribution de dividende (cf note 15), le montant du dividende a été réintégré dans l’actif net au 30 septembre 2010 

afin de calculer une performance incluant le dividende. 

*La performance pour les classes d’actions lancées en cours d’exercice a été calculée par comparaison entre l’actif net par action à la date de lancement de la classe 

et l’actif net au 30 septembre 2010. 

635

Pour plus d'informations, contactez nous au: 

www.pictetfunds.com 

Tel.41 (58) 323 3000 

E-mail: pictetfunds@pictet.com

Rapport annuel révisé au 30 septembre 2010 - MMA Solution

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