Pictet Pictet - Fideuram Vita
Pictet Pictet - Fideuram Vita
Pictet Pictet - Fideuram Vita
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
<strong>Pictet</strong>Società di investimento a capitale variabile di diritto lussemburghese,LussemburgoRelazione semestrale non certificata al31 marzo 20121
<strong>Pictet</strong>INDICEORGANIZZAZIONE DELLA SICAV 9INFORMAZIONI DI CARATTERE GENERALE 11DISTRIBUZIONE ALL'ESTERO 12PRESENTE BILANCIOSTATO PATRIMONIALE 16CONTO ECONOMICO E PROSPETTO DELLA VARIAZIONI DEL PATRIMONIO NETTO 34NUMERO DI AZIONI IN CIRCOLAZIONE E PATRIMONIO NETTO PER AZIONE 52Comparto: <strong>Pictet</strong> - EUR Bonds- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 75- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 98Comparto: <strong>Pictet</strong> - USD Government Bonds- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 100- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 104Comparto: <strong>Pictet</strong> - Short-Term Money Market CHF (nota 1)- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 105- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 111Comparto: <strong>Pictet</strong> - Short-Term Money Market USD (nota 1)- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 112- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 117Comparto: <strong>Pictet</strong> - Short-Term Money Market EUR (nota 1)- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 118- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 123Comparto: <strong>Pictet</strong> - EUR Corporate Bonds- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 124- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 133Comparto: <strong>Pictet</strong> - Global Emerging Debt- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 134- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 146Comparto: <strong>Pictet</strong> - World Government Bonds- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 148- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 155Comparto: <strong>Pictet</strong> - EUR High Yield- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 156- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 161Comparto: <strong>Pictet</strong> - EUR Short Mid-Term Bonds- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 162- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 1653
<strong>Pictet</strong>INDICE (segue)Comparto: <strong>Pictet</strong> - USD Short Mid-Term Bonds- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 166- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 168Comparto: <strong>Pictet</strong> - CHF Bonds- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 169- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 178Comparto: <strong>Pictet</strong> - EUR Government Bonds- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 179- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 184Comparto: <strong>Pictet</strong> - EUR Inflation Linked Bonds- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 185- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 186Comparto: <strong>Pictet</strong> - Emerging Local Currency Debt- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 187- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 196Comparto: <strong>Pictet</strong> - Asian Local Currency Debt- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 197- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 207Comparto: <strong>Pictet</strong> - Global Emerging Currencies- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 208- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 213Comparto: <strong>Pictet</strong> - Short-Term Money Market JPY (nota 1)- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 214- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 217Comparto: <strong>Pictet</strong> - Latin American Local Currency Debt- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 218- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 220Comparto: <strong>Pictet</strong> - Sovereign Short-Term Money Market USD (nota 1)- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 221- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 223Comparto: <strong>Pictet</strong> - Sovereign Short-Term Money Market EUR (nota 1)- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 224- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 226Comparto: <strong>Pictet</strong> - US High Yield- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 227- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 233Comparto: <strong>Pictet</strong> - EUR Corporate Bonds Ex Financial- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 234- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 242Comparto: <strong>Pictet</strong> - EUR Short Term High Yield (nota 1)- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 243- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 246Comparto: <strong>Pictet</strong> - Global Bonds Fundamental (nota 1)- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 247- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 2504
<strong>Pictet</strong>INDICE (segue)Comparto: <strong>Pictet</strong> - European Equity Selection- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 251- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 254Comparto: <strong>Pictet</strong> - Small Cap Europe- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 255- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 258Comparto: <strong>Pictet</strong> - Emerging Markets- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 259- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 265Comparto: <strong>Pictet</strong> - Eastern Europe- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 266- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 269Comparto: <strong>Pictet</strong> - Europe Index- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 270- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 281Comparto: <strong>Pictet</strong> - USA Index- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 282- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 293Comparto: <strong>Pictet</strong> - European Sustainable Equities- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 294- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 299Comparto: <strong>Pictet</strong> - Japan Index- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 300- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 307Comparto: <strong>Pictet</strong> - Pacific Ex Japan Index- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 308- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 312Comparto: <strong>Pictet</strong> - Digital Communication- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 313- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 316Comparto: <strong>Pictet</strong> - Biotech- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 317- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 319Comparto: <strong>Pictet</strong> - Premium Brands- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 320- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 322Comparto: <strong>Pictet</strong> - Water- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 323- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 327Comparto: <strong>Pictet</strong> - Indian Equities- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 328- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 329Comparto: <strong>Pictet</strong> - Japanese Equity Opportunities- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 330- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 3325
<strong>Pictet</strong>INDICE (segue)Comparto: <strong>Pictet</strong> - Asian Equities Ex Japan- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 333- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 337Comparto: <strong>Pictet</strong> - Greater China- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 338- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 341Comparto: <strong>Pictet</strong> - Japanese Equity Selection- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 342- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 344Comparto: <strong>Pictet</strong> - Generics- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 345- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 347Comparto: <strong>Pictet</strong> - Emerging Markets Index- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 348- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 367Comparto: <strong>Pictet</strong> - Euroland Index- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 368- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 375Comparto: <strong>Pictet</strong> - US Equity Growth Selection- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 376- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 378Comparto: <strong>Pictet</strong> - Security- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 379- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 382Comparto: <strong>Pictet</strong> - Clean Energy- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 383- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 386Comparto: <strong>Pictet</strong> - Russian Equities- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 387- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 389Comparto: <strong>Pictet</strong> - Timber- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 390- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 393Comparto: <strong>Pictet</strong> - Agriculture- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 394- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 398Comparto: <strong>Pictet</strong> - Global Megatrend Selection- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 399- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 413Comparto: <strong>Pictet</strong> - US Equity Value Selection- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 414- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 416Comparto: <strong>Pictet</strong> - Middle East And North Africa- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 417- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 4216
<strong>Pictet</strong>INDICE (segue)Comparto: <strong>Pictet</strong> - Environmental Megatrend Selection- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 422- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 431Comparto: <strong>Pictet</strong> - High Dividend Selection- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 432- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 435Comparto: <strong>Pictet</strong> - Brazil Index- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 436- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 438Comparto: <strong>Pictet</strong> - Bric Index- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 439- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 447Comparto: <strong>Pictet</strong> - China Index- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 448- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 452Comparto: <strong>Pictet</strong> - India Index- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 453- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 455Comparto: <strong>Pictet</strong> - Latam Index- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 456- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 460Comparto: <strong>Pictet</strong> - Russia Index- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 461- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 462Comparto: <strong>Pictet</strong> - Piclife- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 463- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 496Comparto: <strong>Pictet</strong> - Absolute Return Global Diversified- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 498- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 519Comparto: <strong>Pictet</strong> - Absolute Return Global Conservative- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 520- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 540Comparto: <strong>Pictet</strong> - Convertible Bonds- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 541- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 547Comparto: <strong>Pictet</strong> - Global Flexible Allocation (nota 1)- Prospetto di Composizione del Portafoglio titoli e Altre Attività nette 548- Ripartizione del portafoglio titoli per aree geografiche e per settori economici del portafoglio 570NOTA INTEGRATIVA AL BILANCIO 5717
<strong>Pictet</strong>INDICE (segue)TER (TOTAL EXPENSE RATIO) PER IL PERIODO CHIUSO AL 31 MARZO 2012 720TASSO DI MOVIMENTAZIONE DEL PORTAFOGLIO (C.D. TURNOVER) 742PERFORMANCE 7438
<strong>Pictet</strong>ORGANIZZAZIONE DELLA SICAVSede legale3, boulevard Royal, L-2449 LussemburgoConsiglio diamministrazionePresidenteMembriLaurent RAMSEY, Amministratore delegato, <strong>Pictet</strong> Funds S.A., GinevraMichèle BERGER, Direttore, <strong>Pictet</strong> Funds (Europe) S.A., Lussemburgo (fino al31 dicembre 2011)Christoph SCHWEIZER, Direttore, <strong>Pictet</strong> Funds S.A., GinevraPascal CHAUVAUX, Direttore aggiunto, <strong>Pictet</strong> & Cie (Europe) S.A., Lussemburgo finoal 31 dicembre 2011, Direttore aggiunto, FundPartner (Solutions) Europe S.A. dal1° gennaio 2012Marie-Claude LANGE, Vicedirettore, <strong>Pictet</strong> Funds (Europe) S.A., Lussemburgo (dal15 febbraio 2012)Società di gestione<strong>Pictet</strong> Funds (Europe) S.A., 3, boulevard Royal, L-2449 LussemburgoConsiglio diamministrazione dellaSocietà di gestionePresidenteMembriRémy BEST, Socio, <strong>Pictet</strong> & Cie, GinevraPierre ETIENNE, Amministratore delegato, <strong>Pictet</strong> & Cie (Europe) S.A., Lussemburgo(fino al 28 novembre 2011)Laurent RAMSEY, Amministratore delegato, <strong>Pictet</strong> Funds S.A., GinevraDaniel WANNER, CFO, <strong>Pictet</strong> & Cie, Geneva, (dal 28 novembre 2011)Amministratori dellaSocietà di gestioneMichèle BERGER, Direttore, <strong>Pictet</strong> Funds (Europe) S.A., Lussemburgo (fino al 1°gennaio 2012)Christoph SCHWEIZER, Direttore, <strong>Pictet</strong> Funds S.A., GinevraRolf BANZ, , Direttore, <strong>Pictet</strong> & Cie, Ginevra (fino al 31 dicembre 2011)Laurent RAMSEY, Amministratore delegato, <strong>Pictet</strong> Funds S.A., GinevraCédric VERMESSE, Direttore, <strong>Pictet</strong> Funds S.A., GinevraDavid MARTIN, Direttore aggiunto, <strong>Pictet</strong> Funds S.A., Ginevra (dal 28 novembre 2011)Alexandre RIS, Direttore aggiunto, <strong>Pictet</strong> Funds S.A., Ginevra (dal 28 novembre 2011)Laurent MOSER, Vicedirettore, <strong>Pictet</strong> Funds (Europe) S.A., Lussemburgo (dal28 dicembre 2011)Nicolas TSCHOPP, Direttore aggiunto, <strong>Pictet</strong> Funds S.A., Ginevra (dal28 dicembre 2011)9
<strong>Pictet</strong>ORGANIZZAZIONE DELLA SICAV (segue)Banca depositaria<strong>Pictet</strong> & Cie (Europe) S.A., 1, boulevard Royal, L-2449 LussemburgoAgente di trasferimento,Agente amministrativoe Agente pagatore<strong>Pictet</strong> & Cie (Europe) S.A., 1, boulevard Royal, L-2449 Lussemburgo fino al31 dicembre 2011, FundPartner Solutions (Europe) S.A., 3, boulevard Royal, L-2449Lussemburgo, Granducato di Lussemburgo, dal 1° gennaio 2012Gestori<strong>Pictet</strong> Asset Management S.A., 60, route des Acacias, CH-1211 Ginevra 73, SvizzeraSocietà di revisioneautorizzata (Cabinet derévision agréé) dellaSICAV e della Società digestione<strong>Pictet</strong> Asset Management Limited, Moor House, Level 11, 120 London Wall, LondraEC2Y 5ET, Regno UnitoBank <strong>Pictet</strong> & Cie (Asia) Ltd, Singapore, 8 Marina Boulevard #05-02, Marina Bay,Financial Centre Tower, 1, Singapore 018981<strong>Pictet</strong> Asset Management (Japan) Ltd, Kishimoto Building 7F, 2-2-1 Marunouchi,Chiyoda-ku, Tokyo 100-0005, GiapponeSectoral Asset Management Inc., 1000 Sherbrooke Street, Montreal, Quebec, H3A 3G4,CanadaWaddell & Reed Investment Management Company, 6300 Lamar, Shawnee Mission,Kansas 66202, Stati Uniti d'AmericaWestwood Management Corp., 200 Crescent Court Suite 1200, Dallas, Texas 75201,Stati Uniti d'AmericaMetropolitan West Asset Management LLC, 865 South Figueroa Street, Los Angeles,CA 90017, Stati Uniti d'AmericaJabre Capital Partners S.A., 1, rue des Moulins, CH-1204 Ginevra, SvizzeraDeloitte Audit, Société à responsabilité limitée, 560, rue de Neudorf, L-2220LussemburgoConsulente legaleElvinger, Hoss & Prussen, 2, place Winston Churchill, L-1340 Lussemburgo10
<strong>Pictet</strong>INFORMAZIONI DI CARATTERE GENERALELe relazioni annuali certificate e le relazioni semestrali non certificate sono messegratuitamente a disposizione degli azionisti presso la sede legale della SICAV, la Bancadepositaria, tutti gli Agenti pagatori o gli uffici di rappresentanza nei paesi nei quali laSICAV viene commercializzata, ovvero: Germania, Austria, Belgio (unicamente per leclassi di azioni autorizzate dalla "Commission Bancaire, Financière et des Assurances"),Cile, Danimarca (unicamente per i comparti autorizzati dalla FSA in Danimarca),Spagna (unicamente per le classi di azioni autorizzate alla vendita dalla "ComisiónNacional del Mercado de Valores"), Finlandia, Francia, Grecia (unicamente per icomparti autorizzati dalla HCMC), Hong Kong (unicamente per i comparti autorizzatidalla SFC), Italia (unicamente per le classi di azioni autorizzate dalla CONSOB e dallaBanca d'Italia), Liechtenstein, Macao (unicamente per i comparti autorizzati dallaMMA), Paesi Bassi, Perù, Portogallo, Regno Unito, Singapore, Svezia, Svizzera e Taiwan(unicamente per i comparti registrati a Taiwan).Tutte le altre informazioni di natura finanziaria oggetto di pubblicazione, come il valorepatrimoniale netto per azione della SICAV e i dettagli su qualsiasi sospensione delrelativo calcolo, sono messe a disposizione del pubblico presso la sede sociale dellaSICAV.La descrizione dettagliata delle variazioni intervenute nella composizione dei portafoglititoli dei comparti nel corso dell'esercizio chiuso al 31 marzo 2012 è disponibilegratuitamente su richiesta presso la sede legale della SICAV o gli uffici dirappresentanza in ciascuno dei paesi in cui la SICAV è commercializzata.11
<strong>Pictet</strong>DISTRIBUZIONE ALL'ESTEROCommercializzazione/Distribuzione inSvizzeraRappresentanteIl Rappresentante in Svizzera è <strong>Pictet</strong> Funds S.A., 60, route des Acacias, 1211 Ginevra73.Agente pagatoreL'agente pagatore in Svizzera è <strong>Pictet</strong> & Cie, con sede legale all'indirizzo 60, route desAcacias, 1211 Ginevra 73.Luogo di distribuzione dei documenti di riferimentoIl prospetto informativo completo, i documenti contenenti le informazioni chiave per gliinvestitori, lo statuto e le relazioni annuali e semestrali sono disponibili gratuitamentepresso il Rappresentante.PubblicazioniLe informazioni riguardanti gli investimenti collettivi di capitale esteri sono pubblicatein Svizzera nel Foglio ufficiale svizzero di commercio (FUSC) e su Swiss Fund Data AG.(www.swissfunddata.ch)I prezzi di sottoscrizione e di rimborso di ciascuna classe di azioni e il valorepatrimoniale netto seguito dalla nota "commissioni escluse" saranno pubblicati inconcomitanza con ogni sottoscrizione e rimborso di azioni. I prezzi sono pubblicati inogni giorno lavorativo su Swiss Fund Data AG. (www.swissfunddata.ch)Pagamento delle commissioni di retrocessione e dei compensi relativi alle attivitàdi distribuzioneNell'ambito della sua commercializzazione in Svizzera, la SICAV può corrispondereretrocessioni ai seguenti investitori autorizzati che detengono quote della SICAV perconto di beneficiari economici terzi:• compagnie di assicurazioni sulla vita;• fondi pensione e altri istituti di risparmio;• fondazioni d’investimento;• direzioni svizzere della SICAV;• direzioni e società di fondi estere della SICAV;• società d’investimento.Nell'ambito della sua commercializzazione in Svizzera, la SICAV può inoltre versareindennità connesse all'attività di distribuzione ai seguenti distributori e ai loro partner:• distributori soggetti ad autorizzazione;• distributori non vincolati all'ottenimento di un'autorizzazione;• partner di distribuzione i quali collochino le quote di investimenti collettivi dicapitale esclusivamente presso investitori istituzionali la cui tesoreria sia gestita atitolo professionale;• partner di distribuzione che investano le quote di investimenti collettivi di capitaleesclusivamente sulla base di un mandato scritto di gestione discrezionale.12
<strong>Pictet</strong>DISTRIBUZIONE ALL'ESTERO (segue)Giurisdizione e foro competenteIl luogo di esecuzione e il foro competente per le azioni della SICAV distribuite in o dallaSvizzera corrispondono alla sede legale del Rappresentante.Informazionisupplementariper gli investitoriresidentiin GermaniaAgente informativo e Agente pagatore:Deutsche Bank AGTaunusanlage 12D-60325 Francoforte sul MenoLe richieste di rimborso e di conversione di azioni possono essere inviate all'Agenteinformativo e Agente pagatore in Germania.Qualora lo desiderino, gli azionisti potranno chiedere di ricevere i rimborsi, gli eventualidividendi e altri pagamenti tramite l'Agente pagatore e Agente informativo inGermania.Le copie del prospetto informativo completo, dei documenti contenenti le informazionichiave per gli investitori, dello statuto della SICAV e delle più recenti relazioni annuali esemestrali possono essere ottenute gratuitamente presso l'Agente pagatore e Agenteinformativo in Germania. I prezzi di sottoscrizione, di rimborso e di conversione delleazioni, nonché tutti gli avvisi agli azionisti possono essere ugualmente ottenutigratuitamente presso l'Agente pagatore e Agente informativo in Germania.Inoltre, i seguenti documenti sono disponibili gratuitamente per la consultazione pressol'Agente pagatore e Agente informativo in Germania:• il contratto di gestione stipulato tra la SICAV e la Società di gestione;• il contratto di Banca depositaria stipulato tra <strong>Pictet</strong> & Cie (Europe) S.A. e la SICAV.Inoltre, i prezzi di emissione e di rimborso nonché gli eventuali avvisi agli azionisti sonopubblicati in ogni giorno di borsa aperta nel quotidiano Börsen-Zeitung.Agente pagatore nelLiechtensteinLGT Bank in Liechtenstein AktiengesellschaftHerrengasse 12FL-9490 VaduzIl prospetto informativo in vigore, i documenti contenenti le informazioni chiave per gliinvestitori, lo statuto e le relazioni annuali e semestrali sono disponibili gratuitamentepresso l'Agente pagatore nel Liechtenstein.Tutti gli avvisi e le modifiche apportate al prospetto informativo in vigore e allo statutodevono essere pubblicati su un quotidiano del Liechtenstein, il “LiechtensteinerVaterland”.I prezzi di sottoscrizione e di rimborso delle azioni della SICAV saranno pubblicatialmeno due volte al mese su un quotidiano del Liechtenstein, il “LiechtensteinerVaterland”.Il luogo di esecuzione e il foro giuridico competente per le azioni distribuite nelLiechtenstein è Vaduz.13
<strong>Pictet</strong>DISTRIBUZIONE ALL'ESTERO (segue)Belgio L'Agente pagatore in Belgio è:Fastnet Belgium S.A.Società di borsa di diritto belgaAvenue du Port/Havenlaan, 86C Bte 320B-1000 BruxellesTel.: (+32) 2/209.26.00Fax: (+32) 2/209.26.01Codice identificativo della Società: 0460.019.728.Informazioni aggiuntiveper gli investitoriresidenti in AustriaAgente pagatore e Agente informativo per le azioni della SICAV di cui è autorizzata ladistribuzione al pubblico in Austria:Raiffeisen Bank International AGAm Stadtpark 9A-1030 ViennaLe richieste di rimborso delle azioni della SICAV possono essere inoltrate all'Agentepagatore in Austria, che provvederà alla gestione dei rimborsi e al pagamento deirelativi proventi, oltre che alle altre erogazioni previste dalla SICAV a favore degliazionisti austriaci, su richiesta degli stessi, in collaborazione con la SICAV e la Bancadepositaria.La versione più recente del prospetto informativo, comprendente il foglio aggiuntivoper gli investitori austriaci, i documenti contenenti le informazioni chiave per gliinvestitori, le relazioni annuali e semestrali, lo statuto della SICAV, nonché i prezzi disottoscrizione e di rimborso delle azioni della SICAV stessa sono reperibili pressol'Agente pagatore in Austria, unitamente agli altri documenti disponibili per laconsultazione, se forniti a tale scopo.I valori patrimoniali netti dei comparti e delle classi di azioni pubblicati in Lussemburgosaranno pubblicati in Austria sul quotidiano "Der Standard".EccezioneIl comparto "<strong>Pictet</strong> - CHF Bonds" non è registrato presso le autorità austriache e la suadistribuzione al pubblico in Austria non è pertanto autorizzata.Il consulente fiscale della SICAV in Austria è:Deloitte Exinger GmbHRenngasse 1/FreyungP.O. Box 18A-1013 ViennaRegime fiscaleSi invitano gli azionisti a rivolgersi al proprio consulente fiscale per ottenereinformazioni in merito al regime fiscale applicabile alla loro partecipazione nel loropaese di residenza o in ogni altro paese interessato.14
<strong>Pictet</strong>15
<strong>Pictet</strong>STATO PATRIMONIALE AL 31 MARZO 2012Consolidato EUR Bonds USD Government BondsATTIVOEUR EUR USDPortafoglio titoli al costo di acquisizione 34,898,509,922.75 175,768,047.50 509,546,568.28Plusvalenza/minusvalenza netta non realizzata su investimenti 1,658,339,774.49 3,085,731.57 2,838,411.30Portafoglio titoli al valore di mercato (nota 2) 36,556,849,697.24 178,853,779.07 512,384,979.58Disponibilità liquide presso banche 2,125,850,945.91 8,931,943.45 2,545,014.32Interessi attivi netti 283,635,925.19 3,068,084.39 4,070,591.67Interessi attivi su swap 2,758,880.38 2,622.62 0.00Interessi attivi su credit default swap 522,919.25 1,976.31 0.00Plusvalenza netta non realizzata su contratti a termine su valute13,925,184.08 21,420.76 0.00(nota 11)Plusvalenza netta non realizzata su credit default swap (nota 13) 23,449,820.95 0.00 0.00Plusvalenza netta non realizzata su swap (nota 12) 98,765,192.55 175,589.98 0.00Altre attività 1,027,312.75 0.00 0.0039,106,785,878.30 191,055,416.58 519,000,585.57PASSIVO ESIGIBILEScoperto bancario 87,454,616.37 0.00 0.00Commissione di consulenza di investimento e di gestione dovuta23,788,194.82 75,205.82 85,823.72(nota 4)Commissione di performance dovuta (nota 8) 219,877.97 0.00 0.00Interessi passivi su swap 120,927.79 0.00 0.00Minusvalenza netta non realizzata su contratti a termine su valute37,577,179.22 0.00 0.00(nota 11)Minusvalenza netta non realizzata su credit default swap (nota 13) 2,676,002.01 20,739.62 0.00Minusvalenza netta non realizzata su swap (nota 12) 1,611,899.06 0.00 0.00"Taxe d’abonnement" dovuta (nota 3) 5,553,763.12 21,648.85 46,037.77Altre spese dovute (nota 6) 11,829,119.52 40,033.95 87,617.96Altre passività 730,868.80 0.00 0.00171,562,448.68 157,628.24 219,479.4531 MARZO 2012 38,935,223,429.62 190,897,788.34 518,781,106.1230 SETTEMBRE 2011 34,402,015,299.71 197,539,862.96 369,810,844.6130 SETTEMBRE 2010 35,298,881,895.17 258,401,018.91 230,931,834.24La nota integrativa costituisce parte integrante del presente bilancio.16
<strong>Pictet</strong>STATO PATRIMONIALE AL 31 MARZO 2012Short-Term Money Market CHF(nota 1)Short-Term Money MarketUSD (nota 1)Short-Term Money MarketEUR (nota 1)EUR Corporate BondsGlobal Emerging DebtCHF USD EUR EUR USD804,000,904.60 1,033,512,811.43 1,730,114,822.21 1,858,329,107.91 3,204,636,559.99-3,428,308.26 9,536,652.68 -226,776.03 46,079,998.29 215,028,701.96800,572,596.34 1,043,049,464.11 1,729,888,046.18 1,904,409,106.20 3,419,665,261.9596,835,050.09 11,540,329.15 115,995,448.23 79,916,857.22 364,327,050.654,386,725.69 1,456,145.74 3,548,679.40 37,615,900.10 53,886,292.2610,334.13 0.00 0.00 0.00 48,912.640.00 0.00 0.00 27,962.77 62,110.702,283,413.03 0.00 1,386,852.17 340,131.84 0.000.00 0.00 0.00 0.00 7,792,142.7957,592.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00904,145,711.28 1,056,045,939.00 1,850,819,025.98 2,022,309,958.13 3,845,781,770.990.00 0.00 0.00 0.00 0.0043,374.49 100,348.04 273,710.34 789,857.55 2,264,517.500.00 0.00 0.00 0.00 0.000.00 0.00 90,254.56 0.00 0.000.00 8,145,950.62 0.00 0.00 8,590,313.920.00 0.00 0.00 366,835.23 0.000.00 0.00 73.35 0.00 507,307.28110,422.99 109,310.58 212,782.15 198,282.50 394,333.82125,794.97 139,535.73 287,035.60 455,741.70 1,128,933.350.00 0.00 0.00 0.00 0.00279,592.45 8,495,144.97 863,856.00 1,810,716.98 12,885,405.87903,866,118.83 1,047,550,794.03 1,849,955,169.98 2,020,499,241.15 3,832,896,365.12722,121,291.22 798,153,189.08 1,988,536,982.99 1,651,473,048.24 2,795,302,363.861,358,408,384.18 851,699,965.25 1,571,866,378.09 2,044,037,734.79 2,519,741,894.09La nota integrativa costituisce parte integrante del presente bilancio.17
<strong>Pictet</strong>STATO PATRIMONIALE AL 31 MARZO 2012World GovernmentBondsEUR High YieldEUR Short Mid-Term BondsATTIVOEUR EUR EURPortafoglio titoli al costo di acquisizione 182,052,345.29 384,312,327.23 341,008,243.40Plusvalenza/minusvalenza netta non realizzata su investimenti 1,917,448.84 1,007,316.25 3,646,644.50Portafoglio titoli al valore di mercato (nota 2) 183,969,794.13 385,319,643.48 344,654,887.90Disponibilità liquide presso banche 3,980,874.42 70,679,111.50 5,941,196.21Interessi attivi netti 1,548,302.30 9,356,492.18 5,158,556.57Interessi attivi su swap 0.00 0.00 0.00Interessi attivi su credit default swap 0.00 113,184.18 0.00Plusvalenza netta non realizzata su contratti a termine su valute0.00 28,065.76 28,659.85(nota 11)Plusvalenza netta non realizzata su credit default swap (nota 13) 0.00 0.00 0.00Plusvalenza netta non realizzata su swap (nota 12) 0.00 0.00 0.00Altre attività 0.00 0.00 0.00189,498,970.85 465,496,497.10 355,783,300.53PASSIVO ESIGIBILEScoperto bancario 0.00 0.00 0.00Commissione di consulenza di investimento e di gestione dovuta39,442.26 323,876.35 67,767.39(nota 4)Commissione di performance dovuta (nota 8) 0.00 0.00 0.00Interessi passivi su swap 0.00 0.00 0.00Minusvalenza netta non realizzata su contratti a termine su valute71,825.85 0.00 0.00(nota 11)Minusvalenza netta non realizzata su credit default swap (nota 13) 0.00 2,286,040.01 0.00Minusvalenza netta non realizzata su swap (nota 12) 0.00 0.00 0.00"Taxe d’abonnement" dovuta (nota 3) 20,906.42 48,866.54 34,834.51Altre spese dovute (nota 6) 42,847.34 125,787.66 57,268.11Altre passività 0.00 0.00 0.00175,021.87 2,784,570.56 159,870.0131 MARZO 2012 189,323,948.98 462,711,926.54 355,623,430.5230 SETTEMBRE 2011 180,795,151.85 373,626,581.13 344,812,503.2430 SETTEMBRE 2010 168,601,015.25 345,270,286.52 687,214,203.74La nota integrativa costituisce parte integrante del presente bilancio.18
<strong>Pictet</strong>STATO PATRIMONIALE AL 31 MARZO 2012USD Short Mid-Term Bonds CHF Bonds EUR Government Bonds EUR Inflation LinkedBondsEmerging LocalCurrency DebtUSD CHF EUR EUR USD242,781,953.08 274,215,548.93 544,992,442.26 143,049,526.05 8,676,040,346.45331,795.82 9,022,816.92 8,046,571.43 2,896,746.82 21,883,739.38243,113,748.90 283,238,365.85 553,039,013.69 145,946,272.87 8,697,924,085.834,763,469.34 20,679,156.32 4,513,112.02 5,961,455.56 416,098,107.54913,114.12 3,594,174.68 9,322,284.97 1,326,798.63 123,126,497.480.00 0.00 0.00 0.00 2,684,429.780.00 0.00 0.00 0.00 76,661.730.00 109.93 17,866.63 868.18 0.000.00 0.00 0.00 0.00 10,991,996.460.00 0.00 0.00 60,363.00 122,776,679.070.00 0.00 0.00 0.00 0.00248,790,332.36 307,511,806.78 566,892,277.31 153,295,758.24 9,373,678,457.890.00 0.00 0.00 0.00 0.0061,879.05 92,613.20 105,309.85 51,698.76 5,225,921.820.00 0.00 0.00 0.00 0.000.00 31,821.44 0.00 0.00 0.000.00 0.00 0.00 0.00 13,397,083.750.00 0.00 0.00 0.00 0.000.00 36,458.38 0.00 0.00 0.0029,608.10 31,999.33 57,671.38 17,536.86 2,787,295.8847,655.96 56,317.76 92,308.33 35,106.42 2,977,491.850.00 0.00 0.00 0.00 0.00139,143.11 249,210.11 255,289.56 104,342.04 24,387,793.30248,651,189.25 307,262,596.67 566,636,987.75 153,191,416.20 9,349,290,664.59252,628,832.41 395,893,367.19 602,536,578.05 180,226,225.84 8,727,451,975.60285,310,237.78 453,259,961.95 680,566,353.03 222,513,454.22 8,772,965,857.34La nota integrativa costituisce parte integrante del presente bilancio.19
<strong>Pictet</strong>STATO PATRIMONIALE AL 31 MARZO 2012Asian LocalCurrency DebtGlobal EmergingCurrenciesShort-Term Money MarketJPY (nota 1)ATTIVOUSD USD JPYPortafoglio titoli al costo di acquisizione 1,616,812,328.22 548,028,837.96 7,363,605,414.00Plusvalenza/minusvalenza netta non realizzata su investimenti 55,181,593.70 1,996,826.40 297,043,756.00Portafoglio titoli al valore di mercato (nota 2) 1,671,993,921.92 550,025,664.36 7,660,649,170.00Disponibilità liquide presso banche 245,414,099.52 219,636,310.53 622,386,004.00Interessi attivi netti 15,327,686.40 2,072,524.32 4,372,596.00Interessi attivi su swap 477,127.35 0.00 0.00Interessi attivi su credit default swap 25,537.48 0.00 0.00Plusvalenza netta non realizzata su contratti a termine su valute0.00 0.00 0.00(nota 11)Plusvalenza netta non realizzata su credit default swap (nota 13) 1,820,960.13 0.00 0.00Plusvalenza netta non realizzata su swap (nota 12) 6,069,980.25 0.00 0.00Altre attività 0.00 0.00 0.001,941,129,313.05 771,734,499.21 8,287,407,770.00PASSIVO ESIGIBILEScoperto bancario 0.00 0.00 0.00Commissione di consulenza di investimento e di gestione dovuta1,535,829.25 434,713.83 397,761.00(nota 4)Commissione di performance dovuta (nota 8) 0.00 0.00 0.00Interessi passivi su swap 0.00 0.00 0.00Minusvalenza netta non realizzata su contratti a termine su valute1,773,278.95 3,443,576.24 270,804,699.43(nota 11)Minusvalenza netta non realizzata su credit default swap (nota 13) 0.00 0.00 0.00Minusvalenza netta non realizzata su swap (nota 12) 0.00 0.00 0.00"Taxe d’abonnement" dovuta (nota 3) 676,924.26 76,140.72 1,027,944.00Altre spese dovute (nota 6) 689,772.18 192,969.66 1,237,264.00Altre passività 0.00 0.00 0.004,675,804.64 4,147,400.45 273,467,668.4331 MARZO 2012 1,936,453,508.41 767,587,098.76 8,013,940,101.5730 SETTEMBRE 2011 1,791,323,498.56 994,273,150.94 5,665,479,528.3130 SETTEMBRE 2010 1,430,860,216.41 685,545,620.35 5,571,304,428.01La nota integrativa costituisce parte integrante del presente bilancio.20
<strong>Pictet</strong>STATO PATRIMONIALE AL 31 MARZO 2012Latin American LocalCurrency DebtSovereign Short-Term MoneyMarket USD (nota 1)Sovereign Short-TermMoney Market EUR(nota 1)US High YieldEUR Corporate Bonds ExFinancialUSD USD EUR USD EUR461,678,274.60 421,493,749.49 1,571,921,272.82 1,872,407,634.63 375,502,903.80-8,364,220.60 3,514,146.70 -1,971,745.03 10,948,505.78 9,093,452.84453,314,054.00 425,007,896.19 1,569,949,527.79 1,883,356,140.41 384,596,356.6480,245,686.33 9,115,592.37 0.00 117,902,795.88 19,489,161.293,506,271.99 1,977,425.65 4,933,460.64 37,484,418.11 7,308,333.2726,310.27 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 580.550.00 0.00 846,985.46 0.00 163,923.360.00 0.00 0.00 0.00 86,931.541,891,997.53 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00538,984,320.12 436,100,914.21 1,575,729,973.89 2,038,743,354.40 411,645,286.650.00 0.00 87,000,246.06 0.00 0.00384,117.62 25,605.42 201,329.34 906,056.33 215,360.260.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.002,258,325.21 3,628,720.56 0.00 2,493,932.45 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.0067,114.85 47,180.49 166,714.61 190,558.78 46,424.72200,401.78 69,123.51 274,309.32 473,785.78 107,274.360.00 0.00 0.00 0.00 0.002,909,959.46 3,770,629.98 87,642,599.33 4,064,333.34 369,059.34536,074,360.66 432,330,284.23 1,488,087,374.56 2,034,679,021.06 411,276,227.31401,718,698.40 444,946,547.10 1,412,884,941.93 1,394,024,925.18 192,026,080.85268,420,290.80 441,973,414.47 1,136,489,846.07 642,606,845.57 214,566,654.39La nota integrativa costituisce parte integrante del presente bilancio.21
<strong>Pictet</strong>STATO PATRIMONIALE AL 31 MARZO 2012EUR Short Term HighYield (nota 1)Global BondsFundamental (nota 1)European Equity SelectionATTIVOEUR EUR EURPortafoglio titoli al costo di acquisizione 215,219,913.97 12,779,779.95 131,583,358.54Plusvalenza/minusvalenza netta non realizzata su investimenti 1,435,654.90 -203,286.66 13,643,303.81Portafoglio titoli al valore di mercato (nota 2) 216,655,568.87 12,576,493.29 145,226,662.35Disponibilità liquide presso banche 72,281,335.83 4,046,291.99 2,837,145.27Interessi attivi netti 5,268,738.60 159,404.51 862.87Interessi attivi su swap 0.00 0.00 0.00Interessi attivi su credit default swap 78,650.58 0.00 0.00Plusvalenza netta non realizzata su contratti a termine su valute121,453.34 0.00 0.00(nota 11)Plusvalenza netta non realizzata su credit default swap (nota 13) 705,787.31 0.00 0.00Plusvalenza netta non realizzata su swap (nota 12) 0.00 0.00 0.00Altre attività 0.00 0.00 0.00295,111,534.53 16,782,189.79 148,064,670.49PASSIVO ESIGIBILEScoperto bancario 0.00 0.00 0.00Commissione di consulenza di investimento e di gestione dovuta140,499.10 2,389.97 127,262.73(nota 4)Commissione di performance dovuta (nota 8) 0.00 0.00 0.00Interessi passivi su swap 0.00 1,191.07 0.00Minusvalenza netta non realizzata su contratti a termine su valute0.00 7,539.10 0.00(nota 11)Minusvalenza netta non realizzata su credit default swap (nota 13) 0.00 0.00 0.00Minusvalenza netta non realizzata su swap (nota 12) 0.00 17,453.15 0.00"Taxe d’abonnement" dovuta (nota 3) 23,919.58 687.92 16,591.63Altre spese dovute (nota 6) 58,246.36 1,353.46 53,588.15Altre passività 0.00 0.00 0.00222,665.04 30,614.67 197,442.5131 MARZO 2012 294,888,869.49 16,751,575.12 147,867,227.9830 SETTEMBRE 2011 - - 199,740,154.8130 SETTEMBRE 2010 - - 252,365,498.81La nota integrativa costituisce parte integrante del presente bilancio.22
<strong>Pictet</strong>STATO PATRIMONIALE AL 31 MARZO 2012Small Cap Europe Emerging Markets Eastern Europe Europe Index USA IndexEUR USD EUR EUR USD158,111,951.90 861,243,371.39 290,306,363.03 776,582,666.87 1,280,782,745.6620,718,509.15 42,211,013.32 12,331,614.78 94,094,020.23 241,659,359.45178,830,461.05 903,454,384.71 302,637,977.81 870,676,687.10 1,522,442,105.117,390,530.20 11,847,597.31 2,294,077.55 6,955,930.88 10,221,578.12581.29 0.00 54.76 0.00 371.110.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.000.00 4,374.74 0.00 0.00 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 500,798.29186,221,572.54 915,306,356.76 304,932,110.12 877,632,617.98 1,533,164,852.630.00 0.00 0.00 0.00 0.00153,671.20 1,033,338.45 441,384.11 160,496.45 306,362.580.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 1,436.73 285,963.220.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.0017,992.05 76,936.34 38,532.55 0.00 0.0063,769.45 430,016.46 226,252.10 158,431.14 647,389.590.00 0.00 0.00 250,994.05 0.00235,432.70 1,540,291.25 706,168.76 571,358.37 1,239,715.39185,986,139.84 913,766,065.51 304,225,941.36 877,061,259.61 1,531,925,137.24158,518,565.50 976,743,319.12 307,817,379.90 636,572,180.50 1,134,804,518.96196,882,723.11 1,489,508,297.47 435,276,436.46 726,669,991.73 1,182,417,226.45La nota integrativa costituisce parte integrante del presente bilancio.23
<strong>Pictet</strong>STATO PATRIMONIALE AL 31 MARZO 2012European SustainableEquitiesJapan IndexPacific Ex Japan IndexATTIVOEUR JPY USDPortafoglio titoli al costo di acquisizione 92,981,688.18 52,022,338,636.00 327,818,703.59Plusvalenza/minusvalenza netta non realizzata su investimenti 7,762,192.28 -1,177,389,970.00 24,265,832.01Portafoglio titoli al valore di mercato (nota 2) 100,743,880.46 50,844,948,666.00 352,084,535.60Disponibilità liquide presso banche 1,025,720.75 882,656,045.57 2,162,262.71Interessi attivi netti 0.00 0.00 0.00Interessi attivi su swap 0.00 0.00 0.00Interessi attivi su credit default swap 0.00 0.00 0.00Plusvalenza netta non realizzata su contratti a termine su valute0.00 0.00 0.00(nota 11)Plusvalenza netta non realizzata su credit default swap (nota 13) 0.00 0.00 0.00Plusvalenza netta non realizzata su swap (nota 12) 0.00 0.00 0.00Altre attività 0.00 37,175,271.00 382,091.28101,769,601.21 51,764,779,982.57 354,628,889.59PASSIVO ESIGIBILEScoperto bancario 0.00 0.00 0.00Commissione di consulenza di investimento e di gestione dovuta49,083.60 5,605,432.00 59,976.35(nota 4)Commissione di performance dovuta (nota 8) 0.00 0.00 0.00Interessi passivi su swap 0.00 0.00 0.00Minusvalenza netta non realizzata su contratti a termine su valute0.00 0.00 0.00(nota 11)Minusvalenza netta non realizzata su credit default swap (nota 13) 0.00 0.00 0.00Minusvalenza netta non realizzata su swap (nota 12) 0.00 0.00 0.00"Taxe d’abonnement" dovuta (nota 3) 10,433.54 0.00 0.00Altre spese dovute (nota 6) 35,849.24 2,768,137.00 56,215.39Altre passività 0.00 0.00 0.0095,366.38 8,373,569.00 116,191.7431 MARZO 2012 101,674,234.83 51,756,406,413.57 354,512,697.8530 SETTEMBRE 2011 84,818,087.31 44,396,245,547.56 298,572,783.1830 SETTEMBRE 2010 92,333,122.24 46,155,285,452.90 288,619,954.06La nota integrativa costituisce parte integrante del presente bilancio.24
<strong>Pictet</strong>STATO PATRIMONIALE AL 31 MARZO 2012Digital Communication Biotech Premium Brands Water Indian EquitiesUSD USD EUR EUR USD149,389,376.05 806,735,076.85 426,617,309.57 1,752,924,229.53 244,373,311.1116,999,776.20 131,025,055.69 105,496,186.53 462,150,316.61 32,318,161.60166,389,152.25 937,760,132.54 532,113,496.10 2,215,074,546.14 276,691,472.717,345,032.68 4,455,676.05 18,059,512.41 32,559,539.84 8,237,703.590.00 60.75 2,692.25 0.00 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00417.81 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00173,734,602.74 942,215,869.34 550,175,700.76 2,247,634,085.98 284,929,176.300.00 0.00 0.00 0.00 0.00193,538.98 1,229,959.48 719,756.35 2,874,140.29 477,296.420.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.000.00 725,681.57 1,220.26 1,735.94 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.0020,638.39 116,129.11 68,374.44 275,534.07 34,250.6760,720.66 379,799.08 218,902.06 897,833.09 172,352.290.00 0.00 0.00 0.00 0.00274,898.03 2,451,569.24 1,008,253.11 4,049,243.39 683,899.38173,459,704.71 939,764,300.10 549,167,447.65 2,243,584,842.59 284,245,276.92148,628,963.46 917,040,721.42 440,598,341.31 2,009,919,715.95 298,248,024.94100,410,679.70 1,436,435,659.92 180,870,716.48 2,305,958,005.15 516,800,400.48La nota integrativa costituisce parte integrante del presente bilancio.25
<strong>Pictet</strong>STATO PATRIMONIALE AL 31 MARZO 2012Japanese EquityOpportunitiesAsian Equities Ex JapanGreater ChinaATTIVOJPY USD USDPortafoglio titoli al costo di acquisizione 4,316,998,735.26 352,011,993.00 298,156,281.96Plusvalenza/minusvalenza netta non realizzata su investimenti 390,817,055.90 34,530,090.09 17,518,917.25Portafoglio titoli al valore di mercato (nota 2) 4,707,815,791.16 386,542,083.09 315,675,199.21Disponibilità liquide presso banche 301,274,409.55 4,275,375.67 4,294,175.43Interessi attivi netti 0.00 0.00 0.00Interessi attivi su swap 0.00 0.00 0.00Interessi attivi su credit default swap 0.00 0.00 0.00Plusvalenza netta non realizzata su contratti a termine su valute0.00 2,473.65 0.00(nota 11)Plusvalenza netta non realizzata su credit default swap (nota 13) 0.00 0.00 0.00Plusvalenza netta non realizzata su swap (nota 12) 33,569,640.64 0.00 0.00Altre attività 0.00 0.00 0.005,042,659,841.35 390,819,932.41 319,969,374.64PASSIVO ESIGIBILEScoperto bancario 0.00 0.00 0.00Commissione di consulenza di investimento e di gestione dovuta4,097,872.00 474,442.61 468,571.88(nota 4)Commissione di performance dovuta (nota 8) 0.00 0.00 0.00Interessi passivi su swap 0.00 0.00 0.00Minusvalenza netta non realizzata su contratti a termine su valute0.00 0.00 0.00(nota 11)Minusvalenza netta non realizzata su credit default swap (nota 13) 0.00 0.00 0.00Minusvalenza netta non realizzata su swap (nota 12) 0.00 0.00 0.00"Taxe d’abonnement" dovuta (nota 3) 763,895.00 47,702.85 38,331.89Altre spese dovute (nota 6) 1,659,684.00 165,905.28 134,911.73Altre passività 0.00 0.00 0.006,521,451.00 688,050.74 641,815.5031 MARZO 2012 5,036,138,390.35 390,131,881.67 319,327,559.1430 SETTEMBRE 2011 5,587,237,364.18 394,516,477.58 309,439,299.6630 SETTEMBRE 2010 4,814,076,498.33 694,001,534.45 397,938,170.04La nota integrativa costituisce parte integrante del presente bilancio.26
<strong>Pictet</strong>STATO PATRIMONIALE AL 31 MARZO 2012Japanese Equity Selection Generics Emerging Markets Index Euroland Index US Equity GrowthSelectionJPY USD USD EUR USD16,774,397,127.34 289,852,735.70 1,048,430,163.89 110,461,992.24 600,864,903.02929,252,623.03 19,024,330.39 -97,035,962.05 2,214,327.68 216,341,312.6817,703,649,750.37 308,877,066.09 951,394,201.84 112,676,319.92 817,206,215.70293,716,514.32 5,561,476.30 2,361,988.47 182,478.15 20,379,522.600.00 237.12 0.00 0.00 3,034.280.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.000.00 13,438.89 0.00 0.00 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.0017,997,366,264.69 314,452,218.40 953,756,190.31 112,858,798.07 837,588,772.580.00 0.00 0.00 0.00 0.0012,063,017.25 384,382.23 187,725.38 18,863.37 719,332.260.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.0054,872,322.16 0.00 0.00 0.00 1,158,716.150.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.002,231,199.49 38,032.51 0.00 0.00 103,952.756,222,311.68 126,607.94 250,037.87 16,506.50 317,295.560.00 0.00 519,139.32 19,273.28 0.0075,388,850.58 549,022.68 956,902.57 54,643.15 2,299,296.7217,921,977,414.11 313,903,195.72 952,799,287.74 112,804,154.92 835,289,475.8612,681,147,798.78 354,508,996.46 773,739,845.76 93,513,867.49 855,427,644.8913,247,362,846.13 421,735,638.69 1,140,549,900.73 96,781,963.86 1,407,075,038.99La nota integrativa costituisce parte integrante del presente bilancio.27
<strong>Pictet</strong>STATO PATRIMONIALE AL 31 MARZO 2012Security Clean Energy Russian EquitiesATTIVOUSD USD USDPortafoglio titoli al costo di acquisizione 212,589,868.65 353,710,682.39 562,055,967.03Plusvalenza/minusvalenza netta non realizzata su investimenti 31,930,891.64 2,669,464.19 -8,062,111.36Portafoglio titoli al valore di mercato (nota 2) 244,520,760.29 356,380,146.58 553,993,855.67Disponibilità liquide presso banche 1,709,727.82 9,454,046.37 0.00Interessi attivi netti 0.00 0.00 0.00Interessi attivi su swap 0.00 0.00 0.00Interessi attivi su credit default swap 0.00 0.00 0.00Plusvalenza netta non realizzata su contratti a termine su valute0.00 0.00 0.00(nota 11)Plusvalenza netta non realizzata su credit default swap (nota 13) 0.00 0.00 0.00Plusvalenza netta non realizzata su swap (nota 12) 0.00 0.00 0.00Altre attività 0.00 0.00 0.00246,230,488.11 365,834,192.95 553,993,855.67PASSIVO ESIGIBILEScoperto bancario 0.00 0.00 605,086.46Commissione di consulenza di investimento e di gestione dovuta296,656.00 461,174.34 621,992.21(nota 4)Commissione di performance dovuta (nota 8) 0.00 0.00 0.00Interessi passivi su swap 0.00 0.00 0.00Minusvalenza netta non realizzata su contratti a termine su valute0.00 0.00 0.00(nota 11)Minusvalenza netta non realizzata su credit default swap (nota 13) 0.00 0.00 0.00Minusvalenza netta non realizzata su swap (nota 12) 0.00 0.00 0.00"Taxe d’abonnement" dovuta (nota 3) 29,772.77 42,782.77 67,681.20Altre spese dovute (nota 6) 89,706.92 142,359.03 216,514.37Altre passività 0.00 0.00 0.00416,135.69 646,316.14 1,511,274.2431 MARZO 2012 245,814,352.42 365,187,876.81 552,482,581.4330 SETTEMBRE 2011 194,599,113.24 366,318,013.48 369,523,159.9730 SETTEMBRE 2010 162,817,186.46 643,362,071.50 320,093,395.55La nota integrativa costituisce parte integrante del presente bilancio.28
<strong>Pictet</strong>STATO PATRIMONIALE AL 31 MARZO 2012Timber Agriculture Global MegatrendSelectionUS Equity ValueSelectionMiddle East And NorthAfricaUSD EUR USD USD USD249,822,933.76 177,461,181.86 810,086,428.40 70,113,792.50 25,683,344.7313,956,803.78 8,504,449.01 96,345,939.82 10,642,418.59 278,254.51263,779,737.54 185,965,630.87 906,432,368.22 80,756,211.09 25,961,599.245,335,331.82 6,749,309.83 20,407,352.56 2,120,421.77 324,387.500.00 4,058.16 2,732.38 306.51 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.002,234.03 0.00 4,068.83 0.00 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00269,117,303.39 192,718,998.86 926,846,521.99 82,876,939.37 26,285,986.740.00 0.00 0.00 0.00 0.00254,598.93 256,494.26 1,402,769.80 83,272.49 34,852.680.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 59,886.08 10,428.430.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.0032,574.26 23,437.98 114,937.82 10,314.83 3,252.10102,996.12 76,632.00 821,249.45 32,119.92 12,992.670.00 0.00 0.00 0.00 0.00390,169.31 356,564.24 2,338,957.07 185,593.32 61,525.88268,727,134.08 192,362,434.62 924,507,564.92 82,691,346.05 26,224,460.86182,833,398.43 183,157,891.40 850,914,760.82 154,459,999.38 22,560,529.05114,583,152.00 139,167,388.20 485,369,777.38 159,498,372.27 26,945,498.38La nota integrativa costituisce parte integrante del presente bilancio.29
<strong>Pictet</strong>STATO PATRIMONIALE AL 31 MARZO 2012EnvironmentalMegatrend SelectionHigh Dividend SelectionBrazil IndexATTIVOEUR EUR USDPortafoglio titoli al costo di acquisizione 16,799,233.67 408,187,569.96 8,571,529.45Plusvalenza/minusvalenza netta non realizzata su investimenti 1,668,259.74 11,721,974.58 -933,540.45Portafoglio titoli al valore di mercato (nota 2) 18,467,493.41 419,909,544.54 7,637,989.00Disponibilità liquide presso banche 454,080.29 5,404,649.32 1,466.11Interessi attivi netti 66.64 0.00 0.00Interessi attivi su swap 0.00 0.00 0.00Interessi attivi su credit default swap 0.00 0.00 0.00Plusvalenza netta non realizzata su contratti a termine su valute0.00 0.00 0.00(nota 11)Plusvalenza netta non realizzata su credit default swap (nota 13) 0.00 0.00 0.00Plusvalenza netta non realizzata su swap (nota 12) 0.00 0.00 0.00Altre attività 0.00 0.00 4,034.5618,921,640.34 425,314,193.86 7,643,489.67PASSIVO ESIGIBILEScoperto bancario 0.00 0.00 0.00Commissione di consulenza di investimento e di gestione dovuta27,586.34 627,478.21 1,592.10(nota 4)Commissione di performance dovuta (nota 8) 0.00 0.00 0.00Interessi passivi su swap 0.00 0.00 0.00Minusvalenza netta non realizzata su contratti a termine su valute371.48 0.00 0.00(nota 11)Minusvalenza netta non realizzata su credit default swap (nota 13) 0.00 0.00 0.00Minusvalenza netta non realizzata su swap (nota 12) 0.00 0.00 0.00"Taxe d’abonnement" dovuta (nota 3) 2,366.38 55,190.37 0.00Altre spese dovute (nota 6) 7,610.42 159,647.99 2,452.05Altre passività 0.00 0.00 0.0037,934.62 842,316.57 4,044.1531 MARZO 2012 18,883,705.72 424,471,877.29 7,639,445.5230 SETTEMBRE 2011 18,160,724.79 364,684,810.52 4,332,931.0230 SETTEMBRE 2010 3,077,792.84 84,472,728.97 -La nota integrativa costituisce parte integrante del presente bilancio.30
<strong>Pictet</strong>STATO PATRIMONIALE AL 31 MARZO 2012Bric Index China Index India Index Latam Index Russia IndexUSD USD USD USD USD1,462,902.10 46,706,894.78 15,208,003.98 1,221,919.34 5,559,438.08-177,977.67 -5,230,817.48 -2,371,325.82 -85,251.04 -780,968.061,284,924.43 41,476,077.30 12,836,678.16 1,136,668.30 4,778,470.025,847.27 37,355.20 19,643.38 5,545.76 253.580.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 1,193.61 0.001,290,771.70 41,513,432.50 12,856,321.54 1,143,407.67 4,778,723.600.00 0.00 0.00 0.00 0.00465.43 10,944.61 3,106.15 320.24 921.130.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00309.39 12,803.23 4,033.55 380.32 1,675.724,739.56 89,505.63 0.00 0.00 0.005,514.38 113,253.47 7,139.70 700.56 2,596.851,285,257.32 41,400,179.03 12,849,181.84 1,142,707.11 4,776,126.75122,668.76 10,701,928.59 5,234,648.05 1,049,081.58 2,061,220.68- - - - -La nota integrativa costituisce parte integrante del presente bilancio.31
<strong>Pictet</strong>STATO PATRIMONIALE AL 31 MARZO 2012Emerging MarketsSustainable Equities(nota 1)PiclifeAbsolute Return GlobalDiversifiedATTIVOUSD CHF EURPortafoglio titoli al costo di acquisizione 0.00 61,309,549.40 389,049,931.32Plusvalenza/minusvalenza netta non realizzata su investimenti 0.00 1,315,070.79 18,462,781.73Portafoglio titoli al valore di mercato (nota 2) 0.00 62,624,620.19 407,512,713.05Disponibilità liquide presso banche 54,279,950.13 17,046,851.84 208,162,882.69Interessi attivi netti 0.00 543,889.45 1,445,250.43Interessi attivi su swap 0.00 0.00 0.00Interessi attivi su credit default swap 0.00 108.42 166,701.22Plusvalenza netta non realizzata su contratti a termine su valute0.00 0.00 8,442,503.30(nota 11)Plusvalenza netta non realizzata su credit default swap (nota 13) 0.00 0.00 6,765,849.12Plusvalenza netta non realizzata su swap (nota 12) 0.00 1,274.07 0.00Altre attività 0.00 0.00 0.0054,279,950.13 80,216,743.97 632,495,899.81PASSIVO ESIGIBILEScoperto bancario 0.00 0.00 0.00Commissione di consulenza di investimento e di gestione dovuta0.00 58,679.74 353,147.14(nota 4)Commissione di performance dovuta (nota 8) 0.00 0.00 0.00Interessi passivi su swap 0.00 3,339.11 0.00Minusvalenza netta non realizzata su contratti a termine su valute0.00 182.97 0.00(nota 11)Minusvalenza netta non realizzata su credit default swap (nota 13) 0.00 1,270.40 0.00Minusvalenza netta non realizzata su swap (nota 12) 0.00 0.00 414,201.28"Taxe d’abonnement" dovuta (nota 3) 0.00 10,026.58 58,062.16Altre spese dovute (nota 6) 0.00 19,822.70 159,560.59Altre passività 0.00 0.00 0.000.00 93,321.50 984,971.1731 MARZO 2012 54,279,950.13 80,123,422.47 631,510,928.6430 SETTEMBRE 2011 - 79,562,125.07 589,098,262.0230 SETTEMBRE 2010 - 97,905,813.27 629,664,567.31La nota integrativa costituisce parte integrante del presente bilancio.32
<strong>Pictet</strong>STATO PATRIMONIALE AL 31 MARZO 2012Absolute Return GlobalConservativeConvertible BondsGlobal Flexible Allocation(nota 1)EUR EUR EUR39,569,634.89 471,393,336.61 8,334,156.791,761,704.74 -35,289,393.93 49,675.1341,331,339.63 436,103,942.68 8,383,831.9221,589,075.92 51,027,868.65 2,129,807.82250,176.30 3,044,111.13 56,132.750.00 317,115.78 0.0010,276.82 0.00 113.48219,637.54 383,902.46 5,484.08418,512.96 0.00 0.000.00 0.00 0.000.00 0.00 21,184.8163,819,019.17 490,876,940.70 10,596,554.860.00 0.00 0.0026,993.77 482,381.16 1,613.760.00 219,877.97 0.000.00 0.00 270.810.00 0.00 0.000.00 0.00 1,331.7045,237.89 723,697.42 0.226,356.52 60,955.21 173.6818,530.79 231,046.07 955.100.00 0.00 0.0097,118.97 1,717,957.83 4,345.2763,721,900.20 489,158,982.87 10,592,209.5985,252,590.42 639,759,649.85 -74,951,927.54 837,254,170.43 -La nota integrativa costituisce parte integrante del presente bilancio.33
<strong>Pictet</strong>CONTO ECONOMICO E PROSPETTO DELLE VARIAZIONI DELPATRIMONIO NETTO PER IL PERIODO CHIUSO AL 31 MARZO 2012Consolidato EUR Bonds USD Government BondsEUR EUR USDPATRIMONIO NETTO ALL’INIZIO DEL PERIODO 34,402,015,299.71 197,539,862.96 369,810,844.61PROVENTIInteressi su operazioni di prestito titoli 1,611,909.98 0.00 0.00Interessi su swap 10,038,753.08 48,134.85 0.00Interessi su credit default swap 4,999,796.52 5,506.70 0.00Interessi netti su obbligazioni 507,368,298.09 3,994,094.05 7,442,265.74Interessi bancari 2,792,932.30 12,415.84 488.92Dividendi 96,792,175.89 0.00 0.00Proventi diversi 29,603.10 0.00 0.00623,633,468.96 4,060,151.44 7,442,754.66SPESECommissione di consulenza di investimento e di gestione (nota 4) 133,372,788.95 429,257.73 502,990.00Commissione banca depositaria, interessi e spese bancarie 10,878,124.80 32,599.88 71,434.11Commissione di servizio (nota 5) 33,338,298.77 94,008.00 133,653.10Commissione di performance (nota 8) 219,911.68 0.00 0.00Spese di revisione e altri costi 7,058,009.57 31,795.74 83,679.25"Taxe d’abonnement" (nota 3) 6,148,547.06 32,887.56 74,352.78Interessi corrisposti su operazioni di pronti contro termine 987.41 0.00 0.00Interessi versati su operazioni di pronti contro termine 1,806,043.56 111.62 0.00spese di negoziazione 13,181,003.52 299.90 0.11Interessi versati su swap 908,358.29 36,149.52 0.00206,912,073.61 657,109.95 866,109.35PROVENTI NETTI DA INVESTIMENTI 416,721,395.35 3,403,041.49 6,576,645.31Plusvalenza/minusvalenza netta realizzata sulla vendita di titoli -280,515,488.28 1,071,943.33 2,424,075.04Plusvalenza/minusvalenza netta realizzata sulla vendita di pool –-36,299,388.00 143,433.60 -42,963.38effetto pooling (nota 1)Plusvalenza/minusvalenza netta realizzata su contratti a termine su 122,359,432.69 274,442.44 0.00valutePlusvalenza/minusvalenza netta su cambi -9,229,368.69 62,505.26 509.89Plusvalenza/minusvalenza netta realizzata su contratti a termine -18,725,262.80 444,629.09 45,181.92Plusvalenza/minusvalenza netta realizzata su swap/creditdefault swap-55,313,676.71 -670,612.30 0.00PLUSVALENZA NETTA REALIZZATA 138,997,643.56 4,729,382.91 9,003,448.78Variazione della plusvalenza/minusvalenza netta non realizzata:- su investimenti 3,207,623,947.05 5,572,602.63 -12,313,448.61- su contratti a termine su valute -129,291,078.25 -110,994.59 0.00- su credit default swap 21,160,726.96 453,516.98 0.00- su swap 29,631,706.64 71,805.50 0.00UTILE/PERDITA DI GESTIONE 3,268,122,945.96 10,716,313.43 -3,309,999.83Sottoscrizione di azioni 15,120,557,237.37 67,293,756.52 360,667,048.02Rimborso di azioni -13,853,281,249.88 -84,767,186.73 -207,156,512.57Dividendi distribuiti (nota 15) -114,474,704.42 -117,924.29 -1,230,274.11Differenza da rivalutazione* -11,656,026.73 232,966.45 0.00Differenza da rivalutazione del patrimonio netto all’inizio del123,939,927.61periodo**PATRIMONIO NETTO ALLA CHIUSURA DEL PERIODO 38,935,223,429.62 190,897,788.34 518,781,106.12*Il differenziale di cui sopra è il risultato delle fluttuazioni dei tassi di conversione nelle valute di riferimento dei comparti interessati delle differenti vocirelative alle classi di azioni denominate in valute diverse da quella del comparto tra il 1 ottobre 2011 e il 31 marzo 2012.**Il differenziale di cui sopra è il risultato delle fluttuazioni dei tassi di conversione nelle valute di riferimento dei comparti interessati delle differenti vocirelative ai comparti denominati in valute diverse dall’euro tra il 1 ottobre 2011 e il 31 marzo 2012.La nota integrativa costituisce parte integrante del presente bilancio.34
<strong>Pictet</strong>CONTO ECONOMICO E PROSPETTO DELLE VARIAZIONI DELPATRIMONIO NETTO PER IL PERIODO CHIUSO AL 31 MARZO 2012Short-Term Money Market CHF(nota 1)Short-Term Money MarketUSD (nota 1)Short-Term Money MarketEUR (nota 1)EUR Corporate BondsGlobal Emerging DebtCHF USD EUR EUR USD722,121,291.22 798,153,189.08 1,988,536,982.99 1,651,473,048.24 2,795,302,363.860.00 0.00 0.00 0.00 0.0029,390.80 0.00 26,344.50 777,953.26 0.000.00 0.00 0.00 382,291.18 1,273,286.445,818,619.46 3,809,568.83 11,356,575.60 39,780,102.91 90,518,597.689,771.32 44,038.97 304,246.33 40,804.38 206,482.230.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.005,857,781.58 3,853,607.80 11,687,166.43 40,981,151.73 91,998,366.35230,619.60 481,465.74 1,728,508.76 4,110,005.98 11,163,625.6345,488.33 84,487.63 192,122.70 306,843.03 493,274.5181,418.09 115,923.79 272,145.90 1,192,915.14 3,416,248.790.00 0.00 0.00 0.00 0.00166,970.07 162,001.89 371,027.43 287,586.73 552,170.81175,896.47 159,564.05 358,225.78 294,695.89 599,532.229.00 0.00 0.00 0.00 0.000.00 0.00 36,192.07 0.00 982,946.4814,884.61 0.53 0.85 0.00 0.0022,366.39 0.00 0.00 0.00 0.00737,652.56 1,003,443.63 2,958,223.49 6,192,046.77 17,207,798.445,120,129.02 2,850,164.17 8,728,942.94 34,789,104.96 74,790,567.91-6,375,749.46 -17,880,187.80 -9,321,899.72 -20,657,527.45 47,855,833.37-113,353.86 -324,214.19 -51,061.32 1,741,870.67 -4,560,650.764,299,466.21 2,047,391.91 1,437,747.85 956,578.18 19,931,999.44-3,195,834.18 15,221,199.77 6,199,418.16 -258,811.93 -41,433,494.668,525.00 0.00 8,750.00 -1,974,503.00 2,155,195.440.00 0.00 -2.03 -18,948,222.45 -1,168,298.65-256,817.27 1,914,353.86 7,001,895.88 -4,351,511.02 97,571,152.09-2,352,771.91 21,506,206.78 9,030,696.72 110,540,344.66 171,007,646.462,932,296.22 -20,575,768.33 -7,742,869.38 -115,962.55 -16,127,173.760.00 0.00 0.00 14,473,484.13 5,029,263.1983,304.00 0.00 12,636.90 0.00 1,932,406.67406,011.04 2,844,792.31 8,302,360.12 120,546,355.22 259,413,294.65408,013,085.76 1,030,072,574.75 1,486,552,913.99 756,492,079.24 1,792,983,536.61-226,249,119.38 -783,493,352.39 -1,633,074,081.62 -504,509,351.02 -993,340,758.63-425,149.81 -26,409.72 -363,005.50 -5,504,122.99 -4,849,566.180.00 0.00 0.00 2,001,232.46 -16,612,505.19903,866,118.83 1,047,550,794.03 1,849,955,169.98 2,020,499,241.15 3,832,896,365.12La nota integrativa costituisce parte integrante del presente bilancio.35
<strong>Pictet</strong>CONTO ECONOMICO E PROSPETTO DELLE VARIAZIONI DELPATRIMONIO NETTO PER IL PERIODO CHIUSO AL 31 MARZO 2012World GovernmentBondsEUR High YieldEUR Short Mid-Term BondsEUR EUR EURPATRIMONIO NETTO ALL’INIZIO DEL PERIODO 180,795,151.85 373,626,581.13 344,812,503.24PROVENTIInteressi su operazioni di prestito titoli 0.00 0.00 0.00Interessi su swap 0.00 1,267,583.67 0.00Interessi su credit default swap 0.00 162,736.76 0.00Interessi netti su obbligazioni 3,233,796.88 14,958,068.22 6,272,692.04Interessi bancari 4,531.60 174,064.60 5,857.18Dividendi 0.00 0.00 0.00Proventi diversi 0.00 0.00 0.003,238,328.48 16,562,453.25 6,278,549.22SPESECommissione di consulenza di investimento e di gestione (nota 4) 259,731.59 1,715,186.35 394,032.99Commissione banca depositaria, interessi e spese bancarie 51,820.60 70,812.16 52,977.38Commissione di servizio (nota 5) 73,148.71 326,879.63 77,290.38Commissione di performance (nota 8) 0.00 0.00 0.00Spese di revisione e altri costi 43,437.41 79,487.36 61,317.35"Taxe d’abonnement" (nota 3) 31,693.60 79,193.47 61,039.72Interessi corrisposti su operazioni di pronti contro termine 0.00 0.00 0.00Interessi versati su operazioni di pronti contro termine 0.00 0.00 0.00spese di negoziazione 0.02 10,643.06 0.00Interessi versati su swap 0.00 447,642.23 0.00459,831.93 2,729,844.26 646,657.82PROVENTI NETTI DA INVESTIMENTI 2,778,496.55 13,832,608.99 5,631,891.40Plusvalenza/minusvalenza netta realizzata sulla vendita di titoli 3,485,808.79 -9,354,828.11 -2,441,458.80Plusvalenza/minusvalenza netta realizzata sulla vendita di pool –1,294,940.79 -331,109.69 461,235.42effetto pooling (nota 1)Plusvalenza/minusvalenza netta realizzata su contratti a termine su240,373.30 422,390.63 297,253.22valutePlusvalenza/minusvalenza netta su cambi -214,884.08 208,751.19 -65,635.98Plusvalenza/minusvalenza netta realizzata su contratti a termine 249,347.22 735,072.61 -176,712.26Plusvalenza/minusvalenza netta realizzata su swap/creditdefault swap0.00 8,083,482.84 0.00PLUSVALENZA NETTA REALIZZATA 7,834,082.57 13,596,368.46 3,706,573.00Variazione della plusvalenza/minusvalenza netta non realizzata:- su investimenti -6,492,498.91 58,606,495.96 6,469,113.48- su contratti a termine su valute -77,346.61 -232,021.68 -53,108.50- su credit default swap 0.00 -6,256,574.40 0.00- su swap 0.00 0.00 0.00UTILE/PERDITA DI GESTIONE 1,264,237.05 65,714,268.34 10,122,577.98Sottoscrizione di azioni 184,393,252.45 268,675,906.73 165,432,446.48Rimborso di azioni -177,446,056.08 -244,522,181.62 -164,424,736.91Dividendi distribuiti (nota 15) -6,714.25 -1,246,456.95 -660,728.27Differenza da rivalutazione* 324,077.96 463,808.91 341,368.00PATRIMONIO NETTO ALLA CHIUSURA DEL PERIODO 189,323,948.98 462,711,926.54 355,623,430.52*Il differenziale di cui sopra è il risultato delle fluttuazioni dei tassi di conversione nelle valute di riferimento dei comparti interessati delle differenti vocirelative alle classi di azioni denominate in valute diverse da quella del comparto tra il 1 ottobre 2011 e il 31 marzo 2012.La nota integrativa costituisce parte integrante del presente bilancio.36
<strong>Pictet</strong>CONTO ECONOMICO E PROSPETTO DELLE VARIAZIONI DELPATRIMONIO NETTO PER IL PERIODO CHIUSO AL 31 MARZO 2012USD Short Mid-Term Bonds CHF Bonds EUR Government Bonds EUR Inflation LinkedBondsEmerging LocalCurrency DebtUSD CHF EUR EUR USD252,628,832.41 395,893,367.19 602,536,578.05 180,226,225.84 8,727,451,975.600.00 0.00 0.00 0.00 0.0015,557.66 15,543.71 0.00 0.00 5,285,348.800.00 0.00 0.00 0.00 3,462,871.621,861,604.14 4,010,495.83 10,128,431.88 1,679,886.63 284,171,016.193,407.89 1,798.89 17,303.28 474.09 283,889.370.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.001,880,569.69 4,027,838.43 10,145,735.16 1,680,360.72 293,203,125.98357,695.01 499,075.30 626,323.52 307,196.57 30,377,130.9639,709.45 40,007.31 83,112.61 34,144.87 2,032,339.8162,787.24 133,475.19 156,397.42 70,706.15 10,536,785.700.00 0.00 0.00 0.00 0.0051,896.60 50,501.03 92,918.86 29,998.10 1,506,244.5952,690.97 50,375.39 86,291.69 32,075.78 1,364,432.770.00 56.90 0.00 0.00 0.000.00 90,677.99 0.00 0.00 114,558.110.10 28,608.08 0.00 0.65 55,982.970.00 2,376.62 0.00 0.00 0.00564,779.37 895,153.81 1,045,044.10 474,122.12 45,987,474.911,315,790.32 3,132,684.62 9,100,691.06 1,206,238.60 247,215,651.072,082,123.73 6,292,805.04 762,499.34 -489,318.07 -70,674,932.410.00 36,560.47 60,678.52 0.00 -27,973,275.930.00 2,705.07 169,836.96 3,619.14 72,899,886.96-179.72 -4,939.03 -4,919.33 -1,869.46 29,505,465.60-491,294.53 -304,503.70 1,051,925.01 279,703.34 3,771,145.55156,442.34 -177,144.92 0.00 0.00 -18,122,880.233,062,882.14 8,978,167.55 11,140,711.56 998,373.55 236,621,060.61-1,549,624.87 -3,184,604.42 6,331,022.46 4,490,300.65 451,725,950.010.00 109.93 -45,695.53 868.18 -75,953,668.190.00 46,801.32 0.00 0.00 1,850,256.240.00 68,806.72 0.00 60,363.00 20,032,007.431,513,257.27 5,909,281.10 17,426,038.49 5,549,905.38 634,275,606.10100,482,127.02 169,784,843.15 205,499,476.72 91,430,344.74 2,558,514,518.63-105,926,831.66 -264,184,294.44 -258,674,528.61 -123,963,667.45 -2,448,073,307.55-46,195.79 -140,600.33 -334,876.50 -51,392.31 -115,629,920.590.00 0.00 184,299.60 0.00 -7,248,207.60248,651,189.25 307,262,596.67 566,636,987.75 153,191,416.20 9,349,290,664.59La nota integrativa costituisce parte integrante del presente bilancio.37
<strong>Pictet</strong>CONTO ECONOMICO E PROSPETTO DELLE VARIAZIONI DELPATRIMONIO NETTO PER IL PERIODO CHIUSO AL 31 MARZO 2012Asian LocalCurrency DebtGlobal EmergingCurrenciesShort-Term Money MarketJPY (nota 1)USD USD JPYPATRIMONIO NETTO ALL’INIZIO DEL PERIODO 1,791,323,498.56 994,273,150.94 5,665,479,528.31PROVENTIInteressi su operazioni di prestito titoli 0.00 0.00 0.00Interessi su swap 321,744.81 609,822.52 0.00Interessi su credit default swap 668,720.79 0.00 0.00Interessi netti su obbligazioni 31,108,733.33 14,782,576.57 23,290,014.00Interessi bancari 108,275.45 142,083.88 100,411.00Dividendi 0.00 0.00 0.00Proventi diversi 0.00 0.00 0.0032,207,474.38 15,534,482.97 23,390,425.00SPESECommissione di consulenza di investimento e di gestione (nota 4) 8,325,042.59 2,950,380.85 2,013,359.00Commissione banca depositaria, interessi e spese bancarie 570,182.87 173,788.69 722,164.00Commissione di servizio (nota 5) 2,348,158.47 625,117.65 1,013,356.00Commissione di performance (nota 8) 0.00 0.00 0.00Spese di revisione e altri costi 353,316.32 141,889.28 1,412,312.00"Taxe d’abonnement" (nota 3) 356,439.60 141,667.00 1,433,099.00Interessi corrisposti su operazioni di pronti contro termine 0.00 0.00 0.00Interessi versati su operazioni di pronti contro termine 590,857.16 0.00 0.00spese di negoziazione 0.14 0.00 0.00Interessi versati su swap 0.00 0.00 0.0012,543,997.15 4,032,843.47 6,594,290.00PROVENTI NETTI DA INVESTIMENTI 19,663,477.23 11,501,639.50 16,796,135.00Plusvalenza/minusvalenza netta realizzata sulla vendita di titoli -13,397,994.31 -68,685,399.04 -127,607,549.00Plusvalenza/minusvalenza netta realizzata sulla vendita di pool –666,709.45 4,035,434.24 -2,868,565.00effetto pooling (nota 1)Plusvalenza/minusvalenza netta realizzata su contratti a termine su14,827,449.46 22,918,021.17 -44,629,774.00valutePlusvalenza/minusvalenza netta su cambi 4,366,105.34 21,496,566.34 140,492,988.00Plusvalenza/minusvalenza netta realizzata su contratti a termine 2,205,954.82 0.00 0.00Plusvalenza/minusvalenza netta realizzata su swap/creditdefault swap2,897,469.68 -885,338.02 0.00PLUSVALENZA NETTA REALIZZATA 31,229,171.67 -9,619,075.81 -17,816,765.00Variazione della plusvalenza/minusvalenza netta non realizzata:- su investimenti 31,655,980.09 70,374,711.04 472,570,104.00- su contratti a termine su valute -9,502,433.16 -33,353,333.88 -447,625,335.74- su credit default swap -2,562,852.16 0.00 0.00- su swap 3,086,232.51 367,001.41 0.00UTILE/PERDITA DI GESTIONE 53,906,098.95 27,769,302.76 7,128,003.26Sottoscrizione di azioni 684,212,398.86 176,532,903.23 4,478,867,446.00Rimborso di azioni -588,255,144.73 -426,443,422.67 -2,137,527,976.00Dividendi distribuiti (nota 15) -4,733,343.23 -207,306.37 -6,900.00Differenza da rivalutazione* 0.00 -4,337,529.13 0.00PATRIMONIO NETTO ALLA CHIUSURA DEL PERIODO 1,936,453,508.41 767,587,098.76 8,013,940,101.57*Il differenziale di cui sopra è il risultato delle fluttuazioni dei tassi di conversione nelle valute di riferimento dei comparti interessati delle differenti vocirelative alle classi di azioni denominate in valute diverse da quella del comparto tra il 1 ottobre 2011 e il 31 marzo 2012.La nota integrativa costituisce parte integrante del presente bilancio.38
<strong>Pictet</strong>CONTO ECONOMICO E PROSPETTO DELLE VARIAZIONI DELPATRIMONIO NETTO PER IL PERIODO CHIUSO AL 31 MARZO 2012Latin American LocalCurrency DebtSovereign Short-Term MoneyMarket USD (nota 1)Sovereign Short-TermMoney Market EUR(nota 1)US High YieldEUR Corporate Bonds ExFinancialUSD USD EUR USD EUR401,718,698.40 444,946,547.10 1,412,884,941.93 1,394,024,925.18 192,026,080.850.00 0.00 0.00 0.00 0.00125,614.26 0.00 0.00 0.00 16,976.3573,867.29 0.00 0.00 0.00 9,217.1416,369,872.34 1,155,498.37 3,653,200.60 60,983,958.14 6,811,020.4035,833.26 9,720.20 136,718.44 166,703.83 17,539.300.00 0.00 0.00 3.48 0.000.00 0.00 0.00 0.00 0.0016,605,187.15 1,165,218.57 3,789,919.04 61,150,665.45 6,854,753.191,908,165.39 143,206.57 1,233,905.65 4,678,933.26 881,526.09172,478.03 46,278.90 183,615.46 274,729.72 49,414.70628,215.34 63,034.76 261,215.11 1,250,672.16 248,221.490.00 0.00 0.00 0.00 0.0096,472.67 87,092.00 352,181.56 285,095.04 59,219.2589,504.69 58,741.84 327,715.21 273,872.00 69,983.360.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.000.01 1,721.10 4,542.26 78,982.68 0.000.00 0.00 0.00 0.00 0.002,894,836.13 400,075.17 2,363,175.25 6,842,284.86 1,308,364.8913,710,351.02 765,143.40 1,426,743.79 54,308,380.59 5,546,388.30-4,596,344.09 -16,650,207.07 7,770,246.26 6,598,610.05 254,990.99-247,800.07 176,342.63 339,946.95 -4,972,898.75 -541,172.543,433,577.90 20,804,563.38 -23,625,458.21 11,795,651.89 790,371.38-3,725,001.51 -4,369,126.76 15,833,168.99 -21,368,820.15 -80,151.53225,956.23 0.00 0.00 0.00 -22,650.51308,362.00 0.00 0.00 0.00 -522,750.749,109,101.48 726,715.58 1,744,647.78 46,360,923.63 5,425,025.3520,800,918.49 13,231,430.83 11,357,794.69 121,095,447.77 12,122,087.52-186,697.23 -13,563,694.00 -12,748,391.33 4,437,942.38 -77,284.660.00 0.00 0.00 0.00 525,946.58490,444.75 0.00 0.00 0.00 0.0030,213,767.49 394,452.41 354,051.14 171,894,313.78 17,995,774.79242,156,040.59 324,108,884.98 1,956,879,190.58 854,990,390.49 298,576,061.30-134,925,256.29 -337,116,391.29 -1,881,800,294.50 -383,664,389.49 -96,769,069.94-2,669,596.53 -3,208.97 -230,514.59 -1,268,659.98 -1,385,874.83-419,293.00 0.00 0.00 -1,297,558.92 833,255.14536,074,360.66 432,330,284.23 1,488,087,374.56 2,034,679,021.06 411,276,227.31La nota integrativa costituisce parte integrante del presente bilancio.39
<strong>Pictet</strong>CONTO ECONOMICO E PROSPETTO DELLE VARIAZIONI DELPATRIMONIO NETTO PER IL PERIODO CHIUSO AL 31 MARZO 2012EUR Short Term HighYield (nota 1)Global BondsFundamental (nota 1)European Equity SelectionEUR EUR EURPATRIMONIO NETTO ALL’INIZIO DEL PERIODO - - 199,740,154.81PROVENTIInteressi su operazioni di prestito titoli 0.00 0.00 64,483.05Interessi su swap 600,108.55 0.00 0.00Interessi su credit default swap 78,142.12 0.00 0.00Interessi netti su obbligazioni 1,246,912.27 56,047.26 0.00Interessi bancari 22,537.78 289.93 12,014.49Dividendi 0.00 0.00 1,760,968.11Proventi diversi 0.00 0.00 0.001,947,700.72 56,337.19 1,837,465.65SPESECommissione di consulenza di investimento e di gestione (nota 4) 200,989.70 3,106.15 1,077,181.72Commissione banca depositaria, interessi e spese bancarie 8,888.92 612.55 74,357.59Commissione di servizio (nota 5) 50,920.07 817.31 239,954.53Commissione di performance (nota 8) 0.00 0.00 0.00Spese di revisione e altri costi 14,058.19 449.39 34,643.22"Taxe d’abonnement" (nota 3) 23,919.58 687.92 37,474.51Interessi corrisposti su operazioni di pronti contro termine 0.00 0.00 0.00Interessi versati su operazioni di pronti contro termine 0.00 1,191.07 0.00spese di negoziazione 80.86 0.00 153,304.05Interessi versati su swap 404,010.07 0.00 0.00702,867.39 6,864.39 1,616,915.62PROVENTI NETTI DA INVESTIMENTI 1,244,833.33 49,472.80 220,550.03Plusvalenza/minusvalenza netta realizzata sulla vendita di titoli 71,337.43 -919.60 -5,372,997.22Plusvalenza/minusvalenza netta realizzata sulla vendita di pool –259,458.43 0.00 116,806.64effetto pooling (nota 1)Plusvalenza/minusvalenza netta realizzata su contratti a termine su-354,777.34 2,770.86 94,872.68valutePlusvalenza/minusvalenza netta su cambi -115,224.93 -37,914.21 -288,948.95Plusvalenza/minusvalenza netta realizzata su contratti a termine 0.00 0.00 0.00Plusvalenza/minusvalenza netta realizzata su swap/creditdefault swap-506,082.99 0.00 0.00PLUSVALENZA NETTA REALIZZATA 599,543.93 13,409.85 -5,229,716.82Variazione della plusvalenza/minusvalenza netta non realizzata:- su investimenti 1,435,654.90 -203,286.66 36,806,640.48- su contratti a termine su valute 121,453.34 -7,539.10 0.00- su credit default swap 705,787.31 0.00 0.00- su swap 0.00 -17,453.15 0.00UTILE/PERDITA DI GESTIONE 2,862,439.48 -214,869.06 31,576,923.66Sottoscrizione di azioni 296,459,241.74 16,966,444.18 21,131,910.88Rimborso di azioni -4,432,811.73 0.00 -104,576,926.73Dividendi distribuiti (nota 15) 0.00 0.00 -4,834.64Differenza da rivalutazione* 0.00 0.00 0.00PATRIMONIO NETTO ALLA CHIUSURA DEL PERIODO 294,888,869.49 16,751,575.12 147,867,227.98*Il differenziale di cui sopra è il risultato delle fluttuazioni dei tassi di conversione nelle valute di riferimento dei comparti interessati delle differenti vocirelative alle classi di azioni denominate in valute diverse da quella del comparto tra il 1 ottobre 2011 e il 31 marzo 2012.La nota integrativa costituisce parte integrante del presente bilancio.40
<strong>Pictet</strong>CONTO ECONOMICO E PROSPETTO DELLE VARIAZIONI DELPATRIMONIO NETTO PER IL PERIODO CHIUSO AL 31 MARZO 2012Small Cap Europe Emerging Markets Eastern Europe Europe Index USA IndexEUR USD EUR EUR USD158,518,565.50 976,743,319.12 307,817,379.90 636,572,180.50 1,134,804,518.9626,030.37 67,930.14 24,780.88 327,520.01 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 14,177.30 0.0014,401.80 3,147.00 10,220.30 0.00 1,891.76607,033.46 7,452,789.26 662,108.89 10,188,035.42 10,779,380.850.00 0.00 0.00 5,507.24 9,616.70647,465.63 7,523,866.40 697,110.07 10,535,239.97 10,790,889.31858,947.59 5,858,796.65 2,497,147.17 912,775.25 1,640,772.4955,157.63 1,071,263.48 307,083.18 373,564.89 262,698.98231,998.46 1,059,441.05 813,977.75 250,663.71 500,150.490.00 0.00 0.00 0.00 0.0027,942.11 160,612.06 63,172.97 153,357.42 627,305.9929,556.34 133,367.07 68,020.03 0.00 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00125,923.96 4,258,829.59 460,528.15 349,881.40 20,400.510.00 0.00 0.00 0.00 0.001,329,526.09 12,542,309.90 4,209,929.25 2,040,242.67 3,051,328.46-682,060.46 -5,018,443.50 -3,512,819.18 8,494,997.30 7,739,560.851,243,413.09 -52,234,419.63 -14,449,605.78 5,098,875.01 14,651,815.670.00 -35,639.65 0.00 0.00 -1,070,706.93-1,507.33 169,101.43 -65,336.26 -107,976.54 1,153,811.01-31,115.62 -2,344,826.84 -186,403.83 34,746.39 -571,456.310.00 0.00 0.00 0.00 949,484.060.00 0.00 0.00 0.00 0.00528,729.68 -59,464,228.19 -18,214,165.05 13,520,642.16 22,852,508.3531,304,181.54 197,193,498.93 60,148,673.16 116,759,944.46 266,793,916.160.00 650,765.68 0.00 5,042.22 -285,963.220.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.0031,832,911.22 138,380,036.42 41,934,508.11 130,285,628.84 289,360,461.2913,145,985.38 67,883,042.96 35,040,746.67 290,007,291.32 382,820,208.94-17,510,148.63 -268,947,364.83 -80,566,693.32 -179,148,518.34 -274,847,705.78-1,173.63 0.00 0.00 -655,322.71 -212,346.170.00 -292,968.16 0.00 0.00 0.00185,986,139.84 913,766,065.51 304,225,941.36 877,061,259.61 1,531,925,137.24La nota integrativa costituisce parte integrante del presente bilancio.41
<strong>Pictet</strong>CONTO ECONOMICO E PROSPETTO DELLE VARIAZIONI DELPATRIMONIO NETTO PER IL PERIODO CHIUSO AL 31 MARZO 2012European SustainableEquitiesJapan IndexPacific Ex Japan IndexEUR JPY USDPATRIMONIO NETTO ALL’INIZIO DEL PERIODO 84,818,087.31 44,396,245,547.56 298,572,783.18PROVENTIInteressi su operazioni di prestito titoli 46,736.92 2,024,326.00 8,894.08Interessi su swap 0.00 0.00 0.00Interessi su credit default swap 0.00 0.00 0.00Interessi netti su obbligazioni 0.00 0.00 1,015.49Interessi bancari 0.00 0.00 0.00Dividendi 984,840.56 551,023,559.00 6,729,158.45Proventi diversi 0.00 375,669.00 4,796.531,031,577.48 553,423,554.00 6,743,864.55SPESECommissione di consulenza di investimento e di gestione (nota 4) 256,460.02 29,114,247.00 340,670.30Commissione banca depositaria, interessi e spese bancarie 103,945.52 13,190,046.00 205,305.95Commissione di servizio (nota 5) 130,832.24 10,860,812.00 28,377.51Commissione di performance (nota 8) 0.00 0.00 0.00Spese di revisione e altri costi 18,441.16 6,392,771.00 55,298.22"Taxe d’abonnement" (nota 3) 16,800.47 0.00 0.00Interessi corrisposti su operazioni di pronti contro termine 0.00 0.00 0.00Interessi versati su operazioni di pronti contro termine 0.00 0.00 0.00spese di negoziazione 34,508.09 715,376.00 42,253.91Interessi versati su swap 0.00 0.00 0.00560,987.50 60,273,252.00 671,905.89PROVENTI NETTI DA INVESTIMENTI 470,589.98 493,150,302.00 6,071,958.66Plusvalenza/minusvalenza netta realizzata sulla vendita di titoli -700,507.89 -1,102,175,688.43 -1,510,111.89Plusvalenza/minusvalenza netta realizzata sulla vendita di pool –0.02 0.00 0.00effetto pooling (nota 1)Plusvalenza/minusvalenza netta realizzata su contratti a termine su1,300.46 30,796.00 -222,038.11valutePlusvalenza/minusvalenza netta su cambi 14,285.85 -2,272,105.04 -57,035.52Plusvalenza/minusvalenza netta realizzata su contratti a termine 0.00 19,565,948.00 0.00Plusvalenza/minusvalenza netta realizzata su swap/creditdefault swap0.00 0.00 0.00PLUSVALENZA NETTA REALIZZATA -214,331.58 -591,700,747.47 4,282,773.14Variazione della plusvalenza/minusvalenza netta non realizzata:- su investimenti 11,321,783.96 6,413,314,650.00 49,007,280.76- su contratti a termine su valute -24,634.07 301,359.44 0.00- su credit default swap 0.00 0.00 0.00- su swap 0.00 0.00 0.00UTILE/PERDITA DI GESTIONE 11,082,818.31 5,821,915,261.97 53,290,053.90Sottoscrizione di azioni 40,425,051.29 11,532,099,426.00 76,191,911.15Rimborso di azioni -34,433,692.33 -9,992,978,795.00 -73,445,842.58Dividendi distribuiti (nota 15) -218,029.75 -875,026.96 -96,207.80Differenza da rivalutazione* 0.00 0.00 0.00PATRIMONIO NETTO ALLA CHIUSURA DEL PERIODO 101,674,234.83 51,756,406,413.57 354,512,697.85*Il differenziale di cui sopra è il risultato delle fluttuazioni dei tassi di conversione nelle valute di riferimento dei comparti interessati delle differenti vocirelative alle classi di azioni denominate in valute diverse da quella del comparto tra il 1 ottobre 2011 e il 31 marzo 2012.La nota integrativa costituisce parte integrante del presente bilancio.42
<strong>Pictet</strong>CONTO ECONOMICO E PROSPETTO DELLE VARIAZIONI DELPATRIMONIO NETTO PER IL PERIODO CHIUSO AL 31 MARZO 2012Digital Communication Biotech Premium Brands Water Indian EquitiesUSD USD EUR EUR USD148,628,963.46 917,040,721.42 440,598,341.31 2,009,919,715.95 298,248,024.944,519.17 0.00 132,115.31 10,975.06 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.002,933.19 7,824.36 59,708.73 54,787.97 0.00858,412.93 1,091,881.73 2,081,268.68 20,206,079.42 855,273.390.00 0.00 0.00 0.00 0.00865,865.29 1,099,706.09 2,273,092.72 20,271,842.45 855,273.391,126,905.64 7,191,679.30 3,851,699.09 16,241,284.58 2,711,517.5567,268.20 104,446.81 109,789.99 283,735.93 277,786.27223,995.83 1,474,388.69 754,321.61 3,321,051.98 638,349.520.00 0.00 0.00 0.00 0.0033,994.30 188,628.70 103,232.13 439,056.54 58,969.7534,782.50 213,160.43 114,104.62 501,931.04 62,575.460.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00206,650.35 832,838.70 539,968.42 967,735.39 499,231.620.00 0.00 0.00 0.00 0.001,693,596.82 10,005,142.63 5,473,115.86 21,754,795.46 4,248,430.17-827,731.53 -8,905,436.54 -3,200,023.14 -1,482,953.01 -3,393,156.78-1,981,793.58 27,859,479.53 -4,689,053.73 6,853,949.73 -29,175,276.20182,327.95 -330,209.31 -751,380.18 993,957.70 0.00117,454.22 3,246,701.67 -42,296.59 47,547.08 0.00-156,401.90 -6,791,465.88 -192,387.26 -389,974.42 -345,985.800.00 0.00 0.00 0.00 1,222,488.580.00 0.00 0.00 0.00 0.00-2,666,144.84 15,079,069.47 -8,875,140.90 6,022,527.08 -31,691,930.2028,073,638.26 178,202,991.43 123,504,157.60 391,396,835.96 27,225,531.649,860.91 1,563,119.69 -67,006.90 -140,232.40 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.0025,417,354.33 194,845,180.59 114,562,009.80 397,279,130.64 -4,466,398.5639,003,549.92 75,041,216.72 181,236,250.56 215,858,499.32 34,449,152.40-39,585,818.13 -246,138,877.26 -187,260,058.30 -379,398,094.34 -43,985,501.860.00 0.00 0.00 -140,597.83 0.00-4,344.87 -1,023,941.37 30,904.28 66,188.85 0.00173,459,704.71 939,764,300.10 549,167,447.65 2,243,584,842.59 284,245,276.92La nota integrativa costituisce parte integrante del presente bilancio.43
<strong>Pictet</strong>CONTO ECONOMICO E PROSPETTO DELLE VARIAZIONI DELPATRIMONIO NETTO PER IL PERIODO CHIUSO AL 31 MARZO 2012Japanese EquityOpportunitiesAsian Equities Ex JapanGreater ChinaJPY USD USDPATRIMONIO NETTO ALL’INIZIO DEL PERIODO 5,587,237,364.18 394,516,477.58 309,439,299.66PROVENTIInteressi su operazioni di prestito titoli 150,565.00 28,963.52 78,518.01Interessi su swap 0.00 0.00 0.00Interessi su credit default swap 0.00 0.00 0.00Interessi netti su obbligazioni 0.00 0.00 0.00Interessi bancari 21,456.00 395.71 1,917.69Dividendi 56,914,993.00 1,948,909.06 793,594.80Proventi diversi 0.00 0.00 0.0057,087,014.00 1,978,268.29 874,030.50SPESECommissione di consulenza di investimento e di gestione (nota 4) 25,315,320.00 2,785,506.41 2,657,491.07Commissione banca depositaria, interessi e spese bancarie 15,377,628.00 409,572.68 83,692.30Commissione di servizio (nota 5) 6,596,008.00 501,538.10 501,380.06Commissione di performance (nota 8) 0.00 0.00 0.00Spese di revisione e altri costi 845,931.00 81,142.54 63,348.81"Taxe d’abonnement" (nota 3) 962,635.00 82,139.68 69,760.29Interessi corrisposti su operazioni di pronti contro termine 0.00 0.00 0.00Interessi versati su operazioni di pronti contro termine 0.00 0.00 0.00spese di negoziazione 9,670,997.00 1,326,972.17 979,319.45Interessi versati su swap 0.00 0.00 0.0058,768,519.00 5,186,871.58 4,354,991.98PROVENTI NETTI DA INVESTIMENTI -1,681,505.00 -3,208,603.29 -3,480,961.48Plusvalenza/minusvalenza netta realizzata sulla vendita di titoli -121,644,738.28 -8,511,106.17 -11,307,308.14Plusvalenza/minusvalenza netta realizzata sulla vendita di pool –-10.63 -198,402.08 83.76effetto pooling (nota 1)Plusvalenza/minusvalenza netta realizzata su contratti a termine su-1.00 444,611.37 -0.02valutePlusvalenza/minusvalenza netta su cambi -2,167,842.15 -1,206,836.86 -153,443.05Plusvalenza/minusvalenza netta realizzata su contratti a termine 0.00 0.00 469.27Plusvalenza/minusvalenza netta realizzata su swap/creditdefault swap5,601,181.25 0.00 0.00PLUSVALENZA NETTA REALIZZATA -119,892,915.81 -12,680,337.03 -14,941,159.66Variazione della plusvalenza/minusvalenza netta non realizzata:- su investimenti 715,278,130.23 68,737,802.97 54,203,545.17- su contratti a termine su valute 0.00 161,910.81 0.00- su credit default swap 0.00 0.00 0.00- su swap 21,956,860.75 0.00 0.00UTILE/PERDITA DI GESTIONE 617,342,075.17 56,219,376.75 39,262,385.51Sottoscrizione di azioni 339,264,825.00 26,656,274.31 40,094,403.21Rimborso di azioni -1,507,705,874.00 -87,112,724.77 -69,464,927.80Dividendi distribuiti (nota 15) 0.00 -1,828.79 -3,601.44Differenza da rivalutazione* 0.00 -145,693.41 0.00PATRIMONIO NETTO ALLA CHIUSURA DEL PERIODO 5,036,138,390.35 390,131,881.67 319,327,559.14*Il differenziale di cui sopra è il risultato delle fluttuazioni dei tassi di conversione nelle valute di riferimento dei comparti interessati delle differenti vocirelative alle classi di azioni denominate in valute diverse da quella del comparto tra il 1 ottobre 2011 e il 31 marzo 2012.La nota integrativa costituisce parte integrante del presente bilancio.44
<strong>Pictet</strong>CONTO ECONOMICO E PROSPETTO DELLE VARIAZIONI DELPATRIMONIO NETTO PER IL PERIODO CHIUSO AL 31 MARZO 2012Japanese Equity Selection Generics Emerging Markets Index Euroland Index US Equity GrowthSelectionJPY USD USD EUR USD12,681,147,798.78 354,508,996.46 773,739,845.76 93,513,867.49 855,427,644.89396,141.30 10,300.74 43,940.32 92,079.23 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 4,469.10 0.0025,303.98 2,379.77 475.81 0.00 26,582.62199,813,224.14 973,022.62 5,923,581.98 660,137.43 4,576,145.530.00 0.00 10,042.42 1,829.77 0.00200,234,669.42 985,703.13 5,978,040.53 758,515.53 4,602,728.1557,442,607.23 2,405,660.42 922,912.47 100,330.20 4,708,640.897,496,044.52 40,336.23 927,962.15 14,027.94 137,341.4219,693,973.48 533,066.22 223,079.40 23,074.00 1,238,083.560.00 0.00 0.00 0.00 0.002,733,621.49 66,988.35 197,041.24 15,810.22 177,471.892,934,397.95 65,570.24 0.00 0.00 185,314.840.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.0014,702,868.42 358,916.96 263,052.14 6,916.48 361,298.510.00 0.00 0.00 0.00 0.00105,003,513.09 3,470,538.42 2,534,047.40 160,158.84 6,808,151.1195,231,156.33 -2,484,835.29 3,443,993.13 598,356.69 -2,205,422.96-451,535,696.47 -8,850,722.54 -15,593,673.01 -1,664,619.14 55,590,354.96-375,634,130.96 -1,746,952.65 -5,149,912.96 0.00 -2,735,904.85378,504,115.52 675,439.48 -465,030.94 0.00 4,147,901.01-89,982,951.85 -2,800,354.68 -256,921.36 182.41 -9,526,043.800.00 0.00 127,580.00 0.00 0.000.00 0.00 0.00 0.00 0.00-443,417,507.43 -15,207,425.68 -17,893,965.14 -1,066,080.04 45,270,884.362,187,726,073.27 45,096,305.25 150,643,992.98 16,266,816.60 147,945,138.54-47,274,293.99 944,722.75 0.00 0.00 2,861,449.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.001,697,034,271.85 30,833,602.32 132,750,027.84 15,200,736.56 196,077,471.905,824,614,515.55 32,795,410.39 150,013,652.97 36,923,077.94 197,534,857.44-2,520,028,729.01 -103,811,485.61 -103,626,154.62 -32,815,665.68 -411,948,910.81-22,946.19 0.00 -78,084.21 -17,861.39 0.00239,232,503.13 -423,327.84 0.00 0.00 -1,801,587.5617,921,977,414.11 313,903,195.72 952,799,287.74 112,804,154.92 835,289,475.86La nota integrativa costituisce parte integrante del presente bilancio.45
<strong>Pictet</strong>CONTO ECONOMICO E PROSPETTO DELLE VARIAZIONI DELPATRIMONIO NETTO PER IL PERIODO CHIUSO AL 31 MARZO 2012Security Clean Energy Russian EquitiesUSD USD USDPATRIMONIO NETTO ALL’INIZIO DEL PERIODO 194,599,113.24 366,318,013.48 369,523,159.97PROVENTIInteressi su operazioni di prestito titoli 889.31 269,567.04 20,130.38Interessi su swap 0.00 0.00 0.00Interessi su credit default swap 0.00 0.00 0.00Interessi netti su obbligazioni 0.00 0.00 0.00Interessi bancari 3,831.81 3,210.56 2,642.19Dividendi 844,872.68 2,851,132.07 1,473,525.09Proventi diversi 0.00 0.00 0.00849,593.80 3,123,909.67 1,496,297.66SPESECommissione di consulenza di investimento e di gestione (nota 4) 1,632,592.95 2,717,833.45 3,062,409.64Commissione banca depositaria, interessi e spese bancarie 71,338.14 103,187.53 155,801.87Commissione di servizio (nota 5) 319,684.41 550,935.86 688,260.20Commissione di performance (nota 8) 0.00 0.00 0.00Spese di revisione e altri costi 42,376.95 72,929.71 89,862.81"Taxe d’abonnement" (nota 3) 48,550.17 74,490.94 94,380.25Interessi corrisposti su operazioni di pronti contro termine 0.00 0.00 0.00Interessi versati su operazioni di pronti contro termine 0.00 0.00 0.00spese di negoziazione 358,421.34 503,114.38 432,671.36Interessi versati su swap 0.00 0.00 0.002,472,963.96 4,022,491.87 4,523,386.13PROVENTI NETTI DA INVESTIMENTI -1,623,370.16 -898,582.20 -3,027,088.47Plusvalenza/minusvalenza netta realizzata sulla vendita di titoli -1,918,966.44 -24,488,516.76 -33,318,570.22Plusvalenza/minusvalenza netta realizzata sulla vendita di pool –-1,177,490.69 292,305.08 0.00effetto pooling (nota 1)Plusvalenza/minusvalenza netta realizzata su contratti a termine su-2,505.06 25,506.14 0.00valutePlusvalenza/minusvalenza netta su cambi -30,887.18 -42,309.34 18,025.50Plusvalenza/minusvalenza netta realizzata su contratti a termine 0.00 0.00 0.00Plusvalenza/minusvalenza netta realizzata su swap/creditdefault swap0.00 0.00 0.00PLUSVALENZA NETTA REALIZZATA -4,753,219.53 -25,111,597.08 -36,327,633.19Variazione della plusvalenza/minusvalenza netta non realizzata:- su investimenti 46,235,450.65 66,542,892.86 117,017,461.79- su contratti a termine su valute 0.00 0.00 0.00- su credit default swap 0.00 0.00 0.00- su swap 0.00 0.00 0.00UTILE/PERDITA DI GESTIONE 41,482,231.12 41,431,295.78 80,689,828.60Sottoscrizione di azioni 74,842,205.75 25,509,625.76 198,598,257.22Rimborso di azioni -65,109,197.69 -68,047,356.22 -96,328,664.36Dividendi distribuiti (nota 15) 0.00 -23,701.99 0.00Differenza da rivalutazione* 0.00 0.00 0.00PATRIMONIO NETTO ALLA CHIUSURA DEL PERIODO 245,814,352.42 365,187,876.81 552,482,581.43*Il differenziale di cui sopra è il risultato delle fluttuazioni dei tassi di conversione nelle valute di riferimento dei comparti interessati delle differenti vocirelative alle classi di azioni denominate in valute diverse da quella del comparto tra il 1 ottobre 2011 e il 31 marzo 2012.La nota integrativa costituisce parte integrante del presente bilancio.46
<strong>Pictet</strong>CONTO ECONOMICO E PROSPETTO DELLE VARIAZIONI DELPATRIMONIO NETTO PER IL PERIODO CHIUSO AL 31 MARZO 2012Timber Agriculture Global MegatrendSelectionUS Equity ValueSelectionMiddle East And NorthAfricaUSD EUR USD USD USD182,833,398.43 183,157,891.40 850,914,760.82 154,459,999.38 22,560,529.053,325.34 70,657.13 141,710.24 0.00 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.001,901.93 12,587.31 27,125.51 3,441.83 368.051,598,843.81 904,144.25 4,587,382.09 1,173,548.03 463,181.940.00 0.00 0.00 0.00 0.001,604,071.08 987,388.69 4,756,217.84 1,176,989.86 463,549.991,279,374.70 1,495,972.67 7,985,367.28 779,359.70 199,303.14171,361.57 37,812.10 230,708.17 84,201.97 70,586.78246,923.15 293,552.89 1,385,524.24 172,311.34 13,858.400.00 0.00 0.00 0.00 0.0044,248.10 39,975.00 184,514.67 24,090.69 5,408.3045,634.80 41,389.77 197,950.45 22,165.31 5,378.130.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00119,728.88 193,730.40 929,976.25 36,388.18 51,067.890.00 0.00 0.00 0.00 0.001,907,271.20 2,102,432.83 10,914,041.06 1,118,517.19 345,602.64-303,200.12 -1,115,044.14 -6,157,823.22 58,472.67 117,947.35-5,824,399.23 -5,715,548.41 -20,446,651.79 1,956,046.46 -188,537.93-714,178.05 -4,510.74 5,375,673.13 -571,555.82 -36,673.90198,713.44 -4,825.20 -182,044.97 167,761.35 85,358.68-1,044,021.06 -183,957.78 -169,302.76 -924,135.48 -214,570.840.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00-7,687,085.02 -7,023,886.27 -21,580,149.61 686,589.18 -236,476.6450,332,194.83 36,187,107.21 171,481,667.25 27,466,158.69 2,207,814.07301,586.69 0.00 90,232.56 218,122.34 43,795.840.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.0042,946,696.50 29,163,220.94 149,991,750.20 28,370,870.21 2,015,133.27106,612,547.04 19,872,628.60 153,607,432.52 19,248,736.15 13,072,374.49-63,442,587.76 -39,831,306.32 -230,005,808.95 -119,266,877.65 -11,393,072.22-88,334.24 0.00 -569.67 0.00 -5,333.25-134,585.89 0.00 0.00 -121,382.04 -25,170.48268,727,134.08 192,362,434.62 924,507,564.92 82,691,346.05 26,224,460.86La nota integrativa costituisce parte integrante del presente bilancio.47
<strong>Pictet</strong>CONTO ECONOMICO E PROSPETTO DELLE VARIAZIONI DELPATRIMONIO NETTO PER IL PERIODO CHIUSO AL 31 MARZO 2012EnvironmentalMegatrend SelectionHigh Dividend SelectionBrazil IndexEUR EUR USDPATRIMONIO NETTO ALL’INIZIO DEL PERIODO 18,160,724.79 364,684,810.52 4,332,931.02PROVENTIInteressi su operazioni di prestito titoli 5,472.70 210,233.86 0.00Interessi su swap 0.00 0.00 0.00Interessi su credit default swap 0.00 0.00 0.00Interessi netti su obbligazioni 0.00 0.00 0.00Interessi bancari 421.11 13,238.49 0.00Dividendi 139,343.67 6,871,069.76 96,246.53Proventi diversi 0.00 0.00 55.91145,237.48 7,094,542.11 96,302.44SPESECommissione di consulenza di investimento e di gestione (nota 4) 152,449.06 3,487,104.88 6,066.40Commissione banca depositaria, interessi e spese bancarie 4,228.93 227,516.62 6,504.70Commissione di servizio (nota 5) 27,976.60 544,069.68 2,523.78Commissione di performance (nota 8) 0.00 0.00 0.00Spese di revisione e altri costi 3,737.25 85,435.05 2,518.31"Taxe d’abonnement" (nota 3) 4,370.06 98,594.82 0.00Interessi corrisposti su operazioni di pronti contro termine 0.00 0.00 0.00Interessi versati su operazioni di pronti contro termine 0.00 0.00 0.00spese di negoziazione 15,324.73 705,014.53 1,152.37Interessi versati su swap 0.00 0.00 0.00208,086.63 5,147,735.58 18,765.56PROVENTI NETTI DA INVESTIMENTI -62,849.15 1,946,806.53 77,536.88Plusvalenza/minusvalenza netta realizzata sulla vendita di titoli -406,044.89 -6,668,163.94 -52,735.72Plusvalenza/minusvalenza netta realizzata sulla vendita di pool –-459,112.28 -291,890.12 405,365.77effetto pooling (nota 1)Plusvalenza/minusvalenza netta realizzata su contratti a termine su-8,401.09 1,956.16 -533.17valutePlusvalenza/minusvalenza netta su cambi 199,313.34 -175,740.87 -47,843.87Plusvalenza/minusvalenza netta realizzata su contratti a termine 0.00 0.00 0.00Plusvalenza/minusvalenza netta realizzata su swap/creditdefault swap0.00 0.00 0.00PLUSVALENZA NETTA REALIZZATA -737,094.07 -5,187,032.24 381,789.89Variazione della plusvalenza/minusvalenza netta non realizzata:- su investimenti 3,532,286.39 21,166,533.67 717,944.95- su contratti a termine su valute -371.48 0.00 0.00- su credit default swap 0.00 0.00 0.00- su swap 0.00 0.00 0.00UTILE/PERDITA DI GESTIONE 2,794,820.84 15,979,501.43 1,099,734.84Sottoscrizione di azioni 2,886,365.23 127,823,886.72 3,850,504.77Rimborso di azioni -4,947,825.97 -79,526,633.88 -1,643,725.11Dividendi distribuiti (nota 15) -10,379.17 -4,489,687.50 0.00Differenza da rivalutazione* 0.00 0.00 0.00PATRIMONIO NETTO ALLA CHIUSURA DEL PERIODO 18,883,705.72 424,471,877.29 7,639,445.52*Il differenziale di cui sopra è il risultato delle fluttuazioni dei tassi di conversione nelle valute di riferimento dei comparti interessati delle differenti vocirelative alle classi di azioni denominate in valute diverse da quella del comparto tra il 1 ottobre 2011 e il 31 marzo 2012.La nota integrativa costituisce parte integrante del presente bilancio.48
<strong>Pictet</strong>CONTO ECONOMICO E PROSPETTO DELLE VARIAZIONI DELPATRIMONIO NETTO PER IL PERIODO CHIUSO AL 31 MARZO 2012Bric Index China Index India Index Latam Index Russia IndexUSD USD USD USD USD122,668.76 10,701,928.59 5,234,648.05 1,049,081.58 2,061,220.6846.71 6,436.87 0.00 0.00 81.400.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00707.79 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.001,912.26 7,812.14 25,515.50 14,695.79 3,650.614.91 471.22 48.19 15.65 35.242,671.67 14,720.23 25,563.69 14,711.44 3,767.25733.31 37,017.32 9,573.68 1,327.20 3,474.52381.16 23,952.90 8,598.68 1,239.65 4,319.12137.94 8,883.54 2,949.42 460.09 1,476.830.00 0.00 0.00 0.00 0.00136.40 8,988.56 3,036.61 418.67 1,591.910.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00111.75 10,743.66 4,419.81 163.82 123.250.00 0.00 0.00 0.00 0.001,500.56 89,585.98 28,578.20 3,609.43 10,985.631,171.11 -74,865.75 -3,014.51 11,102.01 -7,218.38-3,778.41 -237,928.32 -167,840.76 -11,812.46 -75,737.4490,079.12 3,257,000.68 922,776.93 -7,107.67 481,419.18-1,183.39 -592.97 -3,208.51 0.47 -94.80-4,917.14 -126,248.53 -51,656.12 -4,872.05 -2,808.510.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.0081,371.29 2,817,365.11 697,057.03 -12,689.70 395,560.05-134,081.01 -1,167,233.61 -1,159,484.09 262,246.99 174,814.250.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00-52,709.72 1,650,131.50 -462,427.06 249,557.29 570,374.301,215,298.28 29,889,692.38 8,717,138.85 382,566.44 2,439,553.970.00 -841,573.44 -640,178.00 -538,498.20 -295,022.200.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.001,285,257.32 41,400,179.03 12,849,181.84 1,142,707.11 4,776,126.75La nota integrativa costituisce parte integrante del presente bilancio.49
<strong>Pictet</strong>CONTO ECONOMICO E PROSPETTO DELLE VARIAZIONI DELPATRIMONIO NETTO PER IL PERIODO CHIUSO AL 31 MARZO 2012Emerging MarketsSustainable Equities(nota 1)PiclifeAbsolute Return GlobalDiversifiedUSD CHF EURPATRIMONIO NETTO ALL’INIZIO DEL PERIODO - 79,562,125.07 589,098,262.02PROVENTIInteressi su operazioni di prestito titoli 0.00 905.80 56,612.19Interessi su swap 0.00 0.00 2,200,803.76Interessi su credit default swap 0.00 321.17 219,401.20Interessi netti su obbligazioni 0.00 601,061.29 1,505,694.68Interessi bancari 0.00 650.46 708,033.36Dividendi 0.00 162,710.42 2,294,736.62Proventi diversi 0.00 0.00 0.000.00 765,649.14 6,985,281.81SPESECommissione di consulenza di investimento e di gestione (nota 4) 0.00 342,356.35 2,109,966.65Commissione banca depositaria, interessi e spese bancarie 0.00 13,358.78 332,680.47Commissione di servizio (nota 5) 0.00 47,722.37 532,689.02Commissione di performance (nota 8) 0.00 0.00 0.00Spese di revisione e altri costi 0.00 16,160.14 92,540.42"Taxe d’abonnement" (nota 3) 0.00 19,744.60 96,806.30Interessi corrisposti su operazioni di pronti contro termine 0.00 6.65 0.00Interessi versati su operazioni di pronti contro termine 0.00 4,533.41 394,276.00spese di negoziazione 0.00 16,667.24 322,311.17Interessi versati su swap 0.00 0.00 0.000.00 460,549.54 3,881,270.03PROVENTI NETTI DA INVESTIMENTI 0.00 305,099.60 3,104,011.78Plusvalenza/minusvalenza netta realizzata sulla vendita di titoli -0.29 116,597.91 -8,715,058.00Plusvalenza/minusvalenza netta realizzata sulla vendita di pool –0.00 86,221.42 -10,164,644.37effetto pooling (nota 1)Plusvalenza/minusvalenza netta realizzata su contratti a termine su0.01 1,969.96 -5,640,312.02valutePlusvalenza/minusvalenza netta su cambi -0.68 -76,278.97 7,136,310.53Plusvalenza/minusvalenza netta realizzata su contratti a termine 0.00 2,596,985.13 1,993,993.59Plusvalenza/minusvalenza netta realizzata su swap/creditdefault swap0.00 -93,088.58 -28,292,055.16PLUSVALENZA NETTA REALIZZATA -0.96 2,937,506.47 -40,577,753.65Variazione della plusvalenza/minusvalenza netta non realizzata:- su investimenti 0.00 2,285,685.20 45,314,868.67- su contratti a termine su valute 0.00 -4,603.67 8,335,824.27- su credit default swap 0.00 50,502.93 7,459,666.28- su swap 0.00 10,323.40 9,435,028.18UTILE/PERDITA DI GESTIONE -0.96 5,279,414.33 29,967,633.75Sottoscrizione di azioni 54,279,951.09 5,985,816.66 102,704,785.25Rimborso di azioni 0.00 -10,703,933.59 -95,188,926.72Dividendi distribuiti (nota 15) 0.00 0.00 -10,898.25Differenza da rivalutazione* 0.00 0.00 4,940,072.59PATRIMONIO NETTO ALLA CHIUSURA DEL PERIODO 54,279,950.13 80,123,422.47 631,510,928.64*Il differenziale di cui sopra è il risultato delle fluttuazioni dei tassi di conversione nelle valute di riferimento dei comparti interessati delle differenti vocirelative alle classi di azioni denominate in valute diverse da quella del comparto tra il 1 ottobre 2011 e il 31 marzo 2012.La nota integrativa costituisce parte integrante del presente bilancio.50
<strong>Pictet</strong>CONTO ECONOMICO E PROSPETTO DELLE VARIAZIONI DELPATRIMONIO NETTO PER IL PERIODO CHIUSO AL 31 MARZO 2012Absolute Return GlobalConservativeConvertible BondsGlobal Flexible Allocation(nota 1)EUR EUR EUR85,252,590.42 639,759,649.85 -5,426.02 0.00 5.03152,183.38 136,994.59 -64.1428,001.97 0.00 143.53263,298.95 8,903,505.61 4,156.53110,064.77 229,895.05 33.44218,347.92 314,189.35 -0.990.00 0.00 0.00777,323.01 9,584,584.60 4,273.40159,196.27 3,033,952.08 1,613.7668,543.07 1,034,118.80 94.3162,813.41 570,165.06 703.690.00 219,911.68 0.0011,783.77 109,117.05 157.109,837.95 94,399.84 173.680.00 927.14 0.0027,350.04 0.00 0.0023,153.11 176,207.28 335.450.00 0.00 0.00362,677.62 5,238,798.93 3,077.99414,645.39 4,345,785.67 1,195.41-869,046.51 -12,407,144.80 22,601.41-344,841.72 1,798,651.13 -83,317.60-410,920.54 7,440,414.94 -6,845.07363,141.20 -14,353,096.16 -715.90-163,431.04 -30,831,679.48 -78,416.26-2,743,698.12 1,085,383.27 397.55-3,754,151.34 -42,921,685.43 -145,100.464,363,616.27 65,771,832.58 49,675.13274,045.50 4,334,661.60 5,484.08477,928.35 0.00 -1,331.701,002,864.18 -723,697.42 -0.222,364,302.96 26,461,111.33 -91,273.1715,715,593.65 61,371,218.73 10,683,482.76-39,609,666.46 -240,579,158.22 0.00-920.37 -43,822.13 0.000.00 2,189,983.31 0.0063,721,900.20 489,158,982.87 10,592,209.59La nota integrativa costituisce parte integrante del presente bilancio.51
<strong>Pictet</strong>NUMERO DI AZIONI IN CIRCOLAZIONE E PATRIMONIO NETTO PERAZIONECompartoTipologia diazioneValutaNumero di azioni incircolazioneValorepatrimonialenetto per azioneValorepatrimonialenetto per azioneValorepatrimonialenetto per azione31.03.2012 31.03.2012 30.09.2011 30.09.2010<strong>Pictet</strong> - EUR Bonds I EUR 76,953.70 442.67 415.79 423.60P EUR 186,965.29 426.16 401.00 410.07P dy EUR 10,536.27 291.93 284.67 300.71R EUR 33,960.83 412.09 388.38 398.45Z EUR 88,339.73 451.18 422.75 428.72HI CHF CHF 36,610.00 597.20 563.18 580.72HP CHF CHF 4,355.25 574.86 543.10 562.15<strong>Pictet</strong> - USD Government Bonds I USD 317,636.36 594.51 595.67 568.64P USD 138,919.24 574.49 576.25 551.41P dy USD 130,924.08 386.77 399.57 394.27R USD 26,466.89 556.96 559.23 536.20Z USD 306,964.11 601.89 602.12 573.15<strong>Pictet</strong> - Short-Term Money Market CHF (nota 1) I CHF 2,482,341.64 125.32 125.26 125.03P CHF 3,222,389.88 124.33 124.29 124.13P dy CHF 431,151.15 92.21 93.12 93.34R CHF 724,706.23 123.60 123.58 123.46Z CHF 499,425.44 125.75 125.62 125.30Z dy CHF 100.00 93.65 94.64 94.91<strong>Pictet</strong> - Short-Term Money Market USD (nota 1) I USD 3,073,900.57 133.78 133.36 132.99P USD 1,900,360.53 131.74 131.40 131.19P dy USD 63,989.54 84.53 84.80 84.95R USD 1,000,781.08 128.89 128.65 128.65Z USD 1,874,783.36 134.20 133.68 133.13<strong>Pictet</strong> - Short-Term Money Market EUR (nota 1) I EUR 4,777,560.96 139.96 139.32 138.10P EUR 4,860,106.46 137.69 137.17 136.22P dy EUR 264,820.09 96.16 96.94 96.85R EUR 1,730,389.10 134.56 134.20 133.57Z EUR 1,807,599.29 140.40 139.66 138.26La nota integrativa costituisce parte integrante del presente bilancio.52
<strong>Pictet</strong>NUMERO DI AZIONI IN CIRCOLAZIONE E PATRIMONIO NETTO PERAZIONECompartoTipologia diazioneValutaNumero di azioni incircolazioneValorepatrimonialenetto per azioneValorepatrimonialenetto per azioneValorepatrimonialenetto per azione31.03.2012 31.03.2012 30.09.2011 30.09.2010<strong>Pictet</strong> - EUR Corporate Bonds I EUR 4,083,838.57 168.58 156.85 162.62P EUR 1,643,440.43 161.37 150.46 156.70P dy EUR 1,845,486.60 101.13 98.12 106.23R EUR 1,084,299.56 157.30 146.92 153.56R dm EUR 110,995.31 152.24 144.61 -Z EUR 2,977,380.16 171.70 159.29 164.28Z dy EUR 100.00 111.96 109.24 118.32DH I EUR 8,181.25 166.12 158.09 -DH P EUR 8,722.95 159.00 151.65 -DH R EUR 442.31 154.99 148.09 -HI CHF CHF 260,985.23 227.25 212.31 222.99HZ CHF CHF 135,357.06 229.19 213.50 223.02HP CHF CHF 441,727.54 217.64 203.76 214.95HI USD USD 14,300.00 192.48 179.22 187.03HP USD USD 82,214.76 184.31 171.97 180.25R USD USD 71,923.00 192.21 - -<strong>Pictet</strong> - Global Emerging Debt I USD USD 1,628,809.25 310.71 284.79 281.44P USD USD 1,492,993.77 295.02 271.19 269.57P dy USD USD 478,365.63 173.10 167.60 175.07P dm USD USD 41,491.31 173.20 163.50 171.46R USD USD 475,491.74 283.40 261.16 260.91Z USD USD 632,190.36 322.29 294.30 288.75HI CHF CHF 247,916.17 360.26 331.56 329.80HP CHF CHF 409,278.28 341.97 315.63 315.81HI EUR EUR 2,086,456.49 220.77 202.54 199.72HI dy EUR EUR 84,407.80 220.65 202.54 -HP EUR EUR 1,515,725.59 211.01 194.14 192.56HR EUR EUR 1,191,647.53 215.62 198.88 198.24HR dm EUR EUR 183,501.81 206.10 194.41 -HZ EUR EUR 2,061,204.70 224.36 205.06 200.74HI JPY JPY 938,765.29 12,107.00 11,126.00 11,043.00HI ILS ILS 2,433.92 1,092.41 994.90 -La nota integrativa costituisce parte integrante del presente bilancio.53
<strong>Pictet</strong>NUMERO DI AZIONI IN CIRCOLAZIONE E PATRIMONIO NETTO PERAZIONECompartoTipologia diazioneValutaNumero di azioni incircolazioneValorepatrimonialenetto per azioneValorepatrimonialenetto per azioneValorepatrimonialenetto per azione31.03.2012 31.03.2012 30.09.2011 30.09.2010<strong>Pictet</strong> - World Government Bonds I EUR EUR 872,480.52 142.12 141.51 134.45P EUR EUR 11,280.63 137.89 137.45 130.92P dy EUR EUR 435.01 104.41 106.60 104.57R EUR EUR 174,756.12 134.45 134.16 128.03Z EUR EUR 178,445.98 144.08 143.26 135.74I USD USD 58,415.50 188.13 189.42 181.85P USD USD 17,916.74 182.59 184.05 177.12P dy USD USD 5,356.36 140.69 145.32 143.63R USD USD 23,963.19 178.11 179.71 173.28<strong>Pictet</strong> - EUR High Yield I EUR 755,997.37 185.39 158.44 175.57P EUR 590,072.17 176.14 150.96 168.28P dy EUR 197,552.91 85.33 78.22 92.24R EUR 385,219.90 168.59 144.85 162.28R dm EUR 48,059.43 159.93 141.70 -Z EUR 625,867.44 143.94 122.57 134.88HI CHF CHF 29,728.74 251.65 216.01 242.08HP CHF CHF 165,433.80 239.10 205.83 232.04<strong>Pictet</strong> - EUR Short Mid-Term Bonds I EUR 511,126.77 128.19 124.64 123.39P EUR 616,265.92 126.03 122.66 121.64P dy EUR 209,340.76 89.93 90.57 92.91R EUR 628,373.33 124.13 120.89 120.07Z EUR 732,808.53 129.63 125.88 124.33HI CHF CHF 89,112.00 112.15 109.49 109.65HP CHF CHF 134,800.71 110.11 107.60 107.95<strong>Pictet</strong> - USD Short Mid-Term Bonds I USD 439,826.58 127.16 126.32 125.34P USD 913,265.69 125.12 124.40 123.67P dy USD 31,974.29 98.28 99.42 100.53R USD 505,400.94 123.32 122.71 122.16Z USD 102,477.32 126.75 125.76 124.50La nota integrativa costituisce parte integrante del presente bilancio.54
<strong>Pictet</strong>NUMERO DI AZIONI IN CIRCOLAZIONE E PATRIMONIO NETTO PERAZIONECompartoTipologia diazioneValutaNumero di azioni incircolazioneValorepatrimonialenetto per azioneValorepatrimonialenetto per azioneValorepatrimonialenetto per azione31.03.2012 31.03.2012 30.09.2011 30.09.2010<strong>Pictet</strong> - CHF Bonds I CHF 262,319.32 460.77 448.92 442.99P CHF 158,930.31 447.48 436.65 432.26P dy CHF 18,449.88 398.16 395.66 399.09R CHF 105,025.55 436.06 426.04 422.81Z CHF 553,512.44 112.25 109.12 107.22<strong>Pictet</strong> - EUR Government Bonds I EUR 2,064,524.87 126.57 121.74 122.21P EUR 1,003,298.05 124.80 120.17 120.92P dy EUR 53,996.00 101.64 101.40 105.75R EUR 259,629.67 123.34 118.88 119.87Z EUR 1,009,155.01 128.57 123.47 123.59HI CHF CHF 95,160.66 116.22 112.25 114.08HP CHF CHF 38,695.68 114.60 110.80 112.88<strong>Pictet</strong> - EUR Inflation Linked Bonds I EUR 414,347.22 116.96 112.98 115.38P EUR 154,860.13 115.34 111.53 114.18P dy EUR 26,416.80 105.47 103.47 107.41R EUR 600,160.56 114.05 110.40 113.24Z EUR 131,498.28 118.85 114.61 116.70La nota integrativa costituisce parte integrante del presente bilancio.55
<strong>Pictet</strong>NUMERO DI AZIONI IN CIRCOLAZIONE E PATRIMONIO NETTO PERAZIONECompartoTipologia diazioneValutaNumero di azioni incircolazioneValorepatrimonialenetto per azioneValorepatrimonialenetto per azioneValorepatrimonialenetto per azione31.03.2012 31.03.2012 30.09.2011 30.09.2010<strong>Pictet</strong> - Emerging Local Currency Debt I USD USD 10,837,984.30 194.96 180.77 185.59P USD USD 4,079,212.56 187.76 174.63 180.44P dy USD USD 910,647.47 142.81 140.41 152.27P dm USD USD 762,503.24 142.75 136.50 149.07R USD USD 1,146,943.48 181.81 169.56 176.17R dm USD USD 322.86 175.28 167.89 -Z USD USD 8,168,649.11 203.59 188.02 191.56I dy GBP GBP 2,931,728.54 109.81 110.45 117.48P dy GBP GBP 526,204.67 92.40 92.71 99.11I EUR EUR 4,442,111.88 146.84 134.73 136.47P EUR EUR 3,264,627.21 141.38 130.12 132.65R EUR EUR 3,390,205.30 136.94 126.38 129.55Z dy EUR EUR 3,181,854.84 134.98 132.00 140.86J dy EUR EUR 344,153.83 142.74 138.93 140.83HI EUR EUR 1,493,508.28 129.16 120.32 124.09HP EUR EUR 974,698.69 124.42 116.27 120.67HR EUR EUR 407,459.23 120.48 112.90 117.82HI dy EUR EUR 458,678.52 125.49 120.32 -HZ EUR EUR 550.00 157.09 145.76 149.12HZ dy EUR EUR 2,329,447.10 145.82 144.55 149.12HZ CHF CHF 160,854.72 168.33 156.66 -<strong>Pictet</strong> - Asian Local Currency Debt I USD USD 2,743,034.24 152.72 147.49 141.75I dy USD USD 171,489.00 148.24 147.08 141.75P USD USD 3,248,173.49 147.05 142.46 137.79P dy USD USD 861,980.48 129.06 128.57 127.68R USD USD 339,192.98 142.42 138.36 134.56Z USD USD 902,119.37 159.43 153.36 146.26Z dy USD USD 124,072.00 159.43 - -I GBP GBP 159,925.06 95.38 94.46 89.19P dy GBP GBP 105,003.99 81.83 83.56 81.49I EUR EUR 1,565,146.98 114.40 109.05 103.72P EUR EUR 1,876,933.64 110.15 105.33 100.83R EUR EUR 858,123.70 106.68 102.29 98.46HP EUR EUR 110,642.35 107.44 104.46 -La nota integrativa costituisce parte integrante del presente bilancio.56
<strong>Pictet</strong>NUMERO DI AZIONI IN CIRCOLAZIONE E PATRIMONIO NETTO PERAZIONECompartoTipologia diazioneValutaNumero di azioni incircolazioneValorepatrimonialenetto per azioneValorepatrimonialenetto per azioneValorepatrimonialenetto per azione31.03.2012 31.03.2012 30.09.2011 30.09.2010<strong>Pictet</strong> - Global Emerging Currencies I USD USD 476,464.34 108.99 105.29 106.00P USD USD 473,881.65 106.94 103.55 104.78P dy USD USD 54,986.27 98.90 98.44 100.98R USD USD 204,746.45 105.24 102.14 103.81Z USD USD 1,306,478.62 111.43 107.30 107.40I EUR EUR 412,266.51 81.73 78.11 77.54P EUR EUR 914,818.75 80.21 76.84 76.66R EUR EUR 1,347,951.84 78.85 75.71 75.87HI EUR EUR 1,102,369.25 68.81 66.73 67.45HP EUR EUR 412,695.28 67.54 65.64 66.69HR EUR EUR 163,727.32 66.38 64.67 66.00P CHF CHF 71,711.22 96.82 93.82 102.08Z GBP GBP 442,667.43 70.04 68.89 -<strong>Pictet</strong> - Short-Term Money Market JPY (nota 1) I JPY 55,701.56 101,516.08 101,398.71 101,311.37P JPY 203,111.93 10,124.67 10,114.94 10,112.07P dy JPY 100.00 9,756.32 9,793.03 9,852.63R JPY 28,783.12 10,100.83 10,093.64 10,095.83Z JPY 100.00 10,201.50 10,182.80 10,162.98J JPY 100.00 101,650.26 101,498.03 101,382.21<strong>Pictet</strong> - Latin American Local Currency Debt I USD USD 2,237,521.40 151.68 139.04 136.76I dy USD USD 81,896.70 141.03 138.82 136.77P USD USD 313,136.85 147.53 135.65 134.29P dy USD USD 26,130.66 112.81 110.70 115.78P dm USD USD 297,105.53 112.41 107.00 113.54R USD USD 109,651.19 144.04 132.81 132.19Z USD USD 1,747.07 156.83 143.21 139.77P dy GBP GBP 120,260.40 73.27 73.43 75.72I EUR EUR 151,968.68 115.26 104.52 101.45P EUR EUR 99,061.55 112.11 101.99 99.63R EUR EUR 237,454.67 109.42 99.82 98.05La nota integrativa costituisce parte integrante del presente bilancio.57
<strong>Pictet</strong>NUMERO DI AZIONI IN CIRCOLAZIONE E PATRIMONIO NETTO PERAZIONECompartoTipologia diazioneValutaNumero di azioni incircolazioneValorepatrimonialenetto per azioneValorepatrimonialenetto per azioneValorepatrimonialenetto per azione31.03.2012 31.03.2012 30.09.2011 30.09.2010<strong>Pictet</strong> - Sovereign Short-Term Money MarketUSD (nota 1)I USD 1,138,479.61 102.15 102.08 101.91P USD 1,328,020.94 101.78 101.73 101.63P dy USD 185,495.61 100.25 100.22 100.12R USD 849,068.71 101.37 101.35 101.32Z USD 742,882.36 102.58 102.43 102.16<strong>Pictet</strong> - Sovereign Short-Term Money MarketEUR (nota 1)I EUR 4,239,637.63 103.44 103.38 102.72P EUR 3,250,466.59 102.99 102.99 102.44P dy EUR 1,122,156.22 100.30 100.46 99.96R EUR 3,733,062.23 102.44 102.50 102.11Z EUR 2,113,365.84 103.91 103.78 102.99J EUR 2,100.00 103.46 103.40 102.70<strong>Pictet</strong> - US High Yield I USD USD 5,316,331.91 126.62 114.12 113.42P USD USD 923,733.89 124.82 112.82 112.79P dy USD USD 184,345.12 112.27 107.56 112.79P dm USD USD 28,980.40 111.56 104.46 109.56R USD USD 454,852.42 123.33 111.76 112.29Z USD USD 4,889,065.13 128.77 115.63 114.12HI EUR EUR 2,106,249.41 84.93 76.70 76.09HP EUR EUR 291,751.89 83.73 75.84 75.69HR EUR EUR 672,947.49 84.58 76.80 77.03HR dm EUR EUR 225,101.25 80.63 75.10 -HI CHF CHF 299,887.49 126.46 114.53 114.57HP CHF CHF 635,047.07 124.68 113.24 113.96HP ILS ILS 319,325.93 444.01 398.26 -La nota integrativa costituisce parte integrante del presente bilancio.58
<strong>Pictet</strong>NUMERO DI AZIONI IN CIRCOLAZIONE E PATRIMONIO NETTO PERAZIONECompartoTipologia diazioneValutaNumero di azioni incircolazioneValorepatrimonialenetto per azioneValorepatrimonialenetto per azioneValorepatrimonialenetto per azione31.03.2012 31.03.2012 30.09.2011 30.09.2010<strong>Pictet</strong> - EUR Corporate Bonds Ex Financial I EUR 656,026.95 124.66 117.62 117.56P EUR 804,183.80 123.04 116.34 116.80P dy EUR 330,767.93 111.78 109.83 114.11R EUR 570,878.97 121.74 115.31 116.17Z EUR 253,327.63 126.95 119.44 118.60HI CHF CHF 336,878.00 184.92 175.18 177.46HP CHF CHF 128,925.00 150.41 - -HZ CHF CHF 109,714.16 163.47 154.42 -HP USD USD 73,812.00 165.81 - -<strong>Pictet</strong> - EUR Short Term High Yield (nota 1) I EUR 1,168,916.60 102.33 - -P EUR 692,094.87 102.25 - -P dy EUR 139,654.44 102.25 - -R EUR 278,504.80 102.18 - -Z EUR 146,269.80 102.45 - -HI CHF CHF 46,054.21 123.11 - -HP CHF CHF 121,011.39 123.02 - -RC CHF 100.00 122.94 - -IU USD 5,200.00 134.21 - -PU USD 288,849.17 134.10 - -RU USD 100.00 134.02 - -<strong>Pictet</strong> - Global Bonds Fundamental (nota 1) I EUR EUR 100.00 98.28 - -P EUR EUR 21,677.00 98.23 - -P dy EUR EUR 21,909.22 98.23 - -R EUR EUR 16,049.41 98.18 - -Z EUR EUR 11,790.50 98.38 - -I USD USD 100.00 130.49 - -P USD USD 2,593.94 130.42 - -R USD USD 100.00 130.35 - -Z USD USD 96,059.88 130.62 - -La nota integrativa costituisce parte integrante del presente bilancio.59
<strong>Pictet</strong>NUMERO DI AZIONI IN CIRCOLAZIONE E PATRIMONIO NETTO PERAZIONECompartoTipologia diazioneValutaNumero di azioni incircolazioneValorepatrimonialenetto per azioneValorepatrimonialenetto per azioneValorepatrimonialenetto per azione31.03.2012 31.03.2012 30.09.2011 30.09.2010<strong>Pictet</strong> - European Equity Selection I EUR EUR 85,637.55 465.13 394.40 440.10P EUR EUR 117,338.99 444.17 377.80 424.28P dy EUR EUR 949.83 413.90 354.56 402.41R EUR EUR 84,482.84 420.78 358.80 404.96Z EUR EUR 41,595.49 480.22 405.59 449.11<strong>Pictet</strong> - Small Cap Europe I EUR EUR 82,576.49 601.92 496.16 544.99P EUR EUR 112,187.70 566.69 469.03 519.53P dy EUR EUR 1,562.00 559.20 463.51 513.41R EUR EUR 34,029.83 531.45 441.41 492.37Z EUR EUR 84,722.51 634.40 520.33 566.03<strong>Pictet</strong> - Emerging Markets I USD USD 242,436.98 554.90 487.02 594.43P USD USD 424,074.52 524.01 461.11 565.84P dy USD USD 810.00 518.63 456.37 560.02R USD USD 81,336.75 496.84 438.30 540.55Z USD USD 598,346.43 614.10 534.31 641.02I EUR EUR 85,065.43 415.66 362.99 434.97P EUR EUR 75,504.95 392.51 343.67 414.05R EUR EUR 53,650.63 372.17 326.67 395.55HI EUR EUR 11,701.82 378.63 334.65 411.35HP EUR EUR 21,372.52 357.56 316.84 391.57HR EUR EUR 42,420.80 339.03 301.18 374.08<strong>Pictet</strong> - Eastern Europe I EUR EUR 165,869.31 351.75 305.06 370.93P EUR EUR 598,185.84 339.45 294.93 360.00P dy EUR EUR 1,923.12 339.14 294.67 359.57R EUR EUR 132,217.04 317.96 277.24 340.78Z EUR EUR 106.00 385.62 331.52 396.23P dy GBP GBP 283.44 283.01 253.79 309.40La nota integrativa costituisce parte integrante del presente bilancio.60
<strong>Pictet</strong>NUMERO DI AZIONI IN CIRCOLAZIONE E PATRIMONIO NETTO PERAZIONECompartoTipologia diazioneValutaNumero di azioni incircolazioneValorepatrimonialenetto per azioneValorepatrimonialenetto per azioneValorepatrimonialenetto per azione31.03.2012 31.03.2012 30.09.2011 30.09.2010<strong>Pictet</strong> - Europe Index I EUR EUR 2,995,074.93 112.73 96.03 106.81IS EUR EUR 989,164.99 112.67 95.97 107.45P EUR EUR 1,887,411.95 111.54 95.06 105.87P dy EUR EUR 220,167.30 95.45 83.68 95.37R EUR EUR 427,775.20 108.29 92.32 103.72Z EUR EUR 1,309,684.04 114.32 97.24 107.84R dy GBP GBP 3,801.92 83.70 75.68 87.15<strong>Pictet</strong> - USA Index I USD USD 6,035,752.62 118.23 94.70 94.33IS USD USD 649,200.12 119.05 95.17 94.29P USD USD 3,525,106.22 116.90 93.69 93.44P dy USD USD 103,317.17 110.58 89.47 90.23R USD USD 1,069,226.69 113.91 91.22 90.76Z USD USD 1,174,034.89 119.88 95.85 95.20P EUR EUR 9,852.00 88.05 69.83 -R EUR EUR 1,527.24 85.80 67.99 -R dy GBP GBP 7,797.33 70.18 57.78 57.02HI dy EUR EUR 454,600.00 87.42 - -<strong>Pictet</strong> - European Sustainable Equities I EUR EUR 134,592.64 150.12 132.78 145.54P EUR EUR 155,320.65 144.20 127.78 140.60P dy EUR EUR 235,070.06 129.28 116.65 130.26R EUR EUR 37,798.04 140.29 124.57 137.62Z EUR EUR 152,936.90 152.88 134.75 146.71<strong>Pictet</strong> - Japan Index I JPY JPY 1,274,921.36 8,659.52 7,594.44 8,260.26IS JPY JPY 1,154,751.04 8,770.12 7,652.15 8,326.57P JPY JPY 561,465.71 8,566.20 7,516.13 8,185.97P dy JPY JPY 5,739.00 7,970.61 7,120.96 7,845.18R JPY JPY 114,126.25 8,443.54 7,374.22 8,049.70Z JPY JPY 2,357,398.16 8,879.55 7,777.28 8,434.84IS EUR EUR 425,763.20 80.36 73.86 73.38P EUR EUR 7,261.66 78.17 72.33 -R EUR EUR 2,659.74 77.04 70.93 -R dy GBP GBP 368.66 62.05 60.24 60.08La nota integrativa costituisce parte integrante del presente bilancio.61
<strong>Pictet</strong>NUMERO DI AZIONI IN CIRCOLAZIONE E PATRIMONIO NETTO PERAZIONECompartoTipologia diazioneValutaNumero di azioni incircolazioneValorepatrimonialenetto per azioneValorepatrimonialenetto per azioneValorepatrimonialenetto per azione31.03.2012 31.03.2012 30.09.2011 30.09.2010<strong>Pictet</strong> - Pacific Ex Japan Index I USD USD 191,226.90 311.29 263.64 296.74IS USD USD 350,331.51 312.38 263.15 297.93P USD USD 124,629.32 307.83 260.84 293.97P dy USD USD 622.26 252.42 222.26 257.49R USD USD 134,182.40 301.76 254.52 288.95Z USD USD 326,490.59 316.02 267.25 299.89P EUR EUR 100.00 230.58 192.86 -R EUR EUR 2,164.49 226.03 188.18 -R dy GBP GBP 9,644.44 173.21 155.05 177.15<strong>Pictet</strong> - Digital Communication I USD USD 205,915.20 160.21 136.16 145.13P USD USD 263,559.56 146.62 125.13 134.49P dy USD USD 4,478.00 141.41 120.68 129.71R USD USD 88,260.72 135.88 116.37 125.95Z USD USD 58,174.98 162.38 137.32 144.95I EUR EUR 142,848.01 120.01 101.48 106.20P EUR EUR 245,917.56 109.83 93.26 98.41R EUR EUR 124,479.52 101.78 86.73 92.16I dy GBP GBP 137.09 99.74 87.13 91.32P dy GBP GBP 3,322.61 89.38 78.39 82.59HI EUR EUR 23,865.70 106.65 90.89 97.06<strong>Pictet</strong> - Biotech I USD USD 299,477.64 351.34 283.46 298.57P USD USD 1,716,744.42 322.76 261.47 277.74P dy USD USD 16,850.13 322.63 261.36 277.63R USD USD 283,295.43 301.10 244.78 261.83Z USD USD 21,512.00 354.72 284.98 297.74I EUR EUR 30,746.72 264.62 211.27 219.55P EUR EUR 92,854.22 243.10 194.88 204.24R EUR EUR 19,729.86 226.78 182.44 192.54I dy GBP GBP 1,802.13 220.83 181.96 188.99P dy GBP GBP 6,204.29 202.79 167.78 175.73HI EUR EUR 85,900.67 234.37 190.29 201.75HP EUR EUR 222,050.94 241.11 196.57 210.16HR EUR EUR 116,904.60 224.93 184.03 198.12La nota integrativa costituisce parte integrante del presente bilancio.62
<strong>Pictet</strong>NUMERO DI AZIONI IN CIRCOLAZIONE E PATRIMONIO NETTO PERAZIONECompartoTipologia diazioneValutaNumero di azioni incircolazioneValorepatrimonialenetto per azioneValorepatrimonialenetto per azioneValorepatrimonialenetto per azione31.03.2012 31.03.2012 30.09.2011 30.09.2010<strong>Pictet</strong> - Premium Brands I EUR EUR 1,157,610.57 110.67 87.41 88.58P EUR EUR 1,651,651.51 101.33 80.36 82.12P dy EUR EUR 75,681.75 101.27 80.31 82.08R EUR EUR 1,181,696.19 94.28 75.03 77.21Z EUR EUR 56,663.80 111.00 87.22 87.51I USD USD 72,897.35 147.74 117.28 121.05P USD USD 999,193.15 135.28 107.82 112.22R USD USD 38,680.83 125.85 100.67 105.51I dy GBP GBP 3,692.62 92.23 75.25 76.13P dy GBP GBP 72,772.99 84.45 69.17 70.58HP USD USD 71,200.03 136.87 108.74 -HR USD USD 1,119.55 127.32 101.51 -HP SGD SGD 1,671.23 176.62 140.68 -<strong>Pictet</strong> - Water I EUR EUR 2,123,511.63 175.86 145.76 144.93P EUR EUR 8,013,089.29 161.21 134.17 134.52P dy EUR EUR 330,738.98 159.03 132.57 133.39R EUR EUR 1,717,312.66 150.04 125.31 126.53Z EUR EUR 274,711.23 180.06 148.48 146.17I dy GBP GBP 29,239.76 143.60 124.18 124.62P dy GBP GBP 113,254.73 133.15 114.65 115.17I USD USD 386,071.11 234.77 195.57 198.06P USD USD 693,165.43 215.22 180.02 183.83R USD USD 33,605.18 200.30 168.13 172.92HP USD USD 68,986.77 209.75 175.04 177.58HR USD USD 190.50 195.21 163.48 167.03La nota integrativa costituisce parte integrante del presente bilancio.63
<strong>Pictet</strong>NUMERO DI AZIONI IN CIRCOLAZIONE E PATRIMONIO NETTO PERAZIONECompartoTipologia diazioneValutaNumero di azioni incircolazioneValorepatrimonialenetto per azioneValorepatrimonialenetto per azioneValorepatrimonialenetto per azione31.03.2012 31.03.2012 30.09.2011 30.09.2010<strong>Pictet</strong> - Indian Equities I USD USD 45,096.62 318.02 320.09 453.03P USD USD 353,254.82 298.76 301.94 430.96P dy USD USD 3,722.00 298.76 301.94 430.96R USD USD 325,439.23 283.81 287.84 413.72Z USD USD 2,335.00 336.88 337.13 471.83I EUR EUR 8,295.57 238.22 236.67 331.50P EUR EUR 33,840.82 223.79 223.25 315.35R EUR EUR 201,210.11 212.59 212.82 302.74P dy GBP GBP 833.25 186.60 193.38 271.16<strong>Pictet</strong> - Japanese Equity Opportunities I JPY JPY 39,090.93 4,881.73 4,285.00 4,332.12P JPY JPY 574,942.24 4,661.31 4,104.64 4,176.59P dy JPY JPY 104.58 4,623.31 4,071.17 4,142.40R JPY JPY 115,251.17 4,449.76 3,928.16 4,017.04I EUR EUR 86,232.63 44.54 41.21 38.07P EUR EUR 16,729.61 42.53 39.48 36.70R EUR EUR 53,734.47 40.60 37.78 35.30Z EUR EUR 185,726.00 44.85 41.35 -I GBP GBP 100.00 37.14 - -P GBP GBP 100.00 35.46 - -<strong>Pictet</strong> - Asian Equities Ex Japan I USD USD 599,305.07 182.48 157.75 187.34P USD USD 1,233,701.75 170.44 147.94 177.18P dy USD USD 7,087.15 166.96 145.16 173.84R USD USD 135,762.90 156.73 136.52 164.65Z USD USD 36,500.00 190.50 163.90 192.87I EUR EUR 10,274.24 136.70 116.64 137.09P EUR EUR 100,152.77 127.67 109.38 129.65R EUR EUR 12,869.12 117.40 100.94 120.48HI EUR EUR 17,006.18 120.06 104.58 125.14HP EUR EUR 40,995.52 129.24 113.05 136.40HR EUR EUR 65,119.11 118.76 104.24 126.66La nota integrativa costituisce parte integrante del presente bilancio.64
<strong>Pictet</strong>NUMERO DI AZIONI IN CIRCOLAZIONE E PATRIMONIO NETTO PERAZIONECompartoTipologia diazioneValutaNumero di azioni incircolazioneValorepatrimonialenetto per azioneValorepatrimonialenetto per azioneValorepatrimonialenetto per azione31.03.2012 31.03.2012 30.09.2011 30.09.2010<strong>Pictet</strong> - Greater China I USD USD 113,392.87 376.37 330.99 390.33P USD USD 308,271.55 353.12 311.81 370.81P dy USD USD 1,559.52 342.79 303.53 362.30R USD USD 216,337.39 334.75 296.63 355.24Z USD USD 30,782.56 389.93 341.29 398.80I EUR EUR 22,197.56 281.93 244.72 285.62P EUR EUR 81,309.33 264.51 230.54 271.34R EUR EUR 135,147.89 250.75 219.32 259.95P dy GBP GBP 1,552.36 213.38 193.74 227.03<strong>Pictet</strong> - Japanese Equity Selection I JPY JPY 1,204,299.53 7,772.54 6,868.37 7,245.77P JPY JPY 262,888.08 7,432.06 6,587.91 6,994.37P dy JPY JPY 155.00 7,332.61 6,525.76 6,935.94R JPY JPY 86,428.14 7,115.81 6,323.38 6,747.24Z JPY JPY 2,700.00 8,081.40 7,114.39 7,451.52P dy GBP GBP 826.69 55.94 54.52 52.61I EUR EUR 3,485.19 70.92 66.06 63.67P EUR EUR 122,109.55 67.81 63.36 61.46R EUR EUR 6,981.68 64.92 60.81 59.29HI EUR EUR 614,512.62 44.36 39.30 41.60HP EUR EUR 134,266.40 51.60 45.85 48.85HR EUR EUR 227,646.12 49.40 44.01 47.12La nota integrativa costituisce parte integrante del presente bilancio.65
<strong>Pictet</strong>NUMERO DI AZIONI IN CIRCOLAZIONE E PATRIMONIO NETTO PERAZIONECompartoTipologia diazioneValutaNumero di azioni incircolazioneValorepatrimonialenetto per azioneValorepatrimonialenetto per azioneValorepatrimonialenetto per azione31.03.2012 31.03.2012 30.09.2011 30.09.2010<strong>Pictet</strong> - Generics I USD USD 566,525.94 149.55 135.32 150.79P USD USD 472,914.39 140.77 127.90 143.72P dy USD USD 21,016.91 140.73 127.86 143.68R USD USD 324,780.53 134.03 122.20 138.28Z USD USD 44,860.69 159.60 143.81 158.94I EUR EUR 202,079.56 112.03 100.86 110.34P EUR EUR 130,100.02 105.45 95.33 105.17R EUR EUR 91,439.98 100.40 91.08 101.19I dy GBP GBP 100.00 93.40 86.87 94.88P dy GBP GBP 46,264.73 87.90 82.08 90.40HI EUR EUR 35,370.64 101.20 91.91 102.75HP EUR EUR 43,743.15 110.57 100.83 113.69HR EUR EUR 216,288.19 105.31 96.37 109.41<strong>Pictet</strong> - Emerging Markets Index I USD USD 857,568.43 249.14 211.75 253.53IS USD USD 268,877.40 248.28 211.05 256.00P USD USD 293,850.07 243.92 207.51 249.01P dy USD USD 17,414.67 225.17 194.91 236.20R USD USD 173,975.62 236.51 201.34 244.53Z USD USD 1,998,806.84 257.07 217.99 259.80P EUR EUR 166,053.00 183.72 154.66 -R EUR EUR 2,089.01 178.14 150.06 -R dy GBP GBP 3,471.73 145.18 127.95 154.26<strong>Pictet</strong> - Euroland Index I EUR EUR 303,271.60 85.32 73.63 87.76P EUR EUR 277,087.16 84.78 73.21 87.38P dy EUR EUR 845.00 72.80 65.12 79.57R EUR EUR 183,186.81 83.39 72.11 86.28Z EUR EUR 553,304.54 86.51 74.51 88.61R dy GBP GBP 3,021.84 64.38 59.38 72.96La nota integrativa costituisce parte integrante del presente bilancio.66
<strong>Pictet</strong>NUMERO DI AZIONI IN CIRCOLAZIONE E PATRIMONIO NETTO PERAZIONECompartoTipologia diazioneValutaNumero di azioni incircolazioneValorepatrimonialenetto per azioneValorepatrimonialenetto per azioneValorepatrimonialenetto per azione31.03.2012 31.03.2012 30.09.2011 30.09.2010<strong>Pictet</strong> - US Equity Growth Selection I USD USD 1,635,998.75 133.35 105.65 103.80P USD USD 2,120,440.46 128.58 102.19 101.04P dy USD USD 503,791.64 128.58 102.19 101.04R USD USD 405,630.68 124.94 99.54 98.92Z USD USD 175.00 138.09 109.05 106.48R EUR EUR 120,911.43 94.10 74.19 72.74HI EUR EUR 515,483.45 99.16 79.11 78.21HP EUR EUR 972,327.08 95.59 76.50 76.11HR EUR EUR 183,360.17 92.87 74.50 74.50<strong>Pictet</strong> - Security I USD USD 341,361.68 136.70 111.49 119.49P USD USD 311,991.30 130.63 106.98 115.62P dy USD USD 15,280.45 130.63 106.98 115.62R USD USD 334,364.35 125.77 103.36 112.48Z USD USD 58,194.43 141.49 114.81 121.81I EUR EUR 343,830.01 102.40 83.10 87.44P EUR EUR 183,628.77 97.85 79.74 84.60R EUR EUR 274,268.91 94.21 77.03 82.31I dy GBP GBP 100.00 85.38 71.57 75.18P dy GBP GBP 4,689.33 81.59 68.67 72.75<strong>Pictet</strong> - Clean Energy I USD USD 710,549.81 68.74 61.30 79.21P USD USD 778,393.83 65.98 59.09 76.99P dy USD USD 66,711.84 65.98 59.09 76.99R USD USD 967,616.92 63.76 57.30 75.18Z USD USD 465,980.26 71.49 63.43 81.15I EUR EUR 694,644.05 51.49 45.69 57.96I dy EUR EUR 117,565.00 51.27 45.69 -P EUR EUR 820,787.49 49.42 44.04 56.34R EUR EUR 803,567.25 47.76 42.71 55.01I dy GBP GBP 1,023.76 42.84 39.35 49.83P dy GBP GBP 65,318.92 41.22 37.93 48.44La nota integrativa costituisce parte integrante del presente bilancio.67
<strong>Pictet</strong>NUMERO DI AZIONI IN CIRCOLAZIONE E PATRIMONIO NETTO PERAZIONECompartoTipologia diazioneValutaNumero di azioni incircolazioneValorepatrimonialenetto per azioneValorepatrimonialenetto per azioneValorepatrimonialenetto per azione31.03.2012 31.03.2012 30.09.2011 30.09.2010<strong>Pictet</strong> - Russian Equities I USD USD 3,881,426.83 71.97 58.17 71.70P USD USD 673,173.59 69.46 56.37 70.06P dy USD USD 17,832.41 69.41 56.33 70.02R USD USD 501,932.06 67.47 54.95 68.77Z USD USD 300.00 74.81 60.18 73.50I EUR EUR 556,446.66 54.04 43.36 52.52P EUR EUR 480,464.87 52.16 42.01 51.32R EUR EUR 1,697,601.05 50.66 40.96 50.38P dy GBP GBP 47,338.18 43.44 36.16 44.43<strong>Pictet</strong> - Timber I USD USD 589,787.06 117.55 94.52 112.89P USD USD 203,036.88 114.15 92.16 111.00P dy USD USD 5,573.51 109.09 88.92 110.75R USD USD 65,526.63 111.38 90.25 109.46Z USD USD 75,805.53 120.10 96.07 113.61I EUR EUR 859,225.83 88.06 70.46 82.61P EUR EUR 144,235.11 85.51 68.69 81.22R EUR EUR 139,597.94 83.43 67.27 80.10I dy GBP GBP 3,051.22 69.09 58.22 71.04P dy GBP GBP 70,744.80 68.13 57.08 69.70HP EUR EUR 106,303.17 75.39 61.17 74.03HR EUR EUR 71,112.37 78.29 63.74 77.69<strong>Pictet</strong> - Agriculture I EUR EUR 268,114.26 142.55 121.84 139.19P EUR EUR 252,293.30 139.19 119.46 137.62P dy EUR EUR 16,455.49 139.19 119.46 137.62R EUR EUR 410,091.85 136.45 117.52 136.34Z EUR EUR 46,536.79 145.63 123.83 140.06I USD USD 76,904.33 190.30 163.47 190.22P USD USD 260,164.21 185.82 160.28 188.07P dy USD USD 9,735.66 185.82 160.28 188.07R USD USD 14,972.85 182.16 157.68 186.32I dy GBP GBP 4,905.77 118.86 104.94 119.69P dy GBP GBP 19,626.51 116.06 102.89 118.34La nota integrativa costituisce parte integrante del presente bilancio.68
<strong>Pictet</strong>NUMERO DI AZIONI IN CIRCOLAZIONE E PATRIMONIO NETTO PERAZIONECompartoTipologia diazioneValutaNumero di azioni incircolazioneValorepatrimonialenetto per azioneValorepatrimonialenetto per azioneValorepatrimonialenetto per azione31.03.2012 31.03.2012 30.09.2011 30.09.2010<strong>Pictet</strong> - Global Megatrend Selection I USD USD 847,222.13 157.49 132.01 146.03P USD USD 177,052.07 153.04 128.81 143.68P dy USD USD 2,499.05 153.04 128.81 143.68R USD USD 46,775.61 148.41 125.48 141.22Z USD USD 9,340.00 162.19 135.25 148.27I EUR EUR 769,062.84 117.97 98.04 106.86P EUR EUR 767,229.85 114.64 96.00 105.14P dy EUR EUR 152,361.79 114.64 96.00 105.14R EUR EUR 2,746,917.93 111.17 93.52 103.34P CHF CHF 392,879.18 138.13 117.00 139.96I dy GBP GBP 28,860.59 97.97 84.44 91.89P dy GBP GBP 108,357.92 95.58 82.69 90.40HI EUR EUR 12,453.27 107.89 90.92 -HP EUR EUR 7,576.93 104.84 88.71 -HR EUR EUR 11,180.56 101.67 86.41 -<strong>Pictet</strong> - US Equity Value Selection I USD USD 111,944.56 143.34 114.34 118.90P USD USD 287,605.44 140.83 112.68 117.92P dy USD USD 7,898.00 140.82 112.67 117.92R USD USD 90,086.48 138.89 111.41 117.18R EUR EUR 10,499.74 104.60 83.03 85.83HP EUR EUR 66,118.10 97.44 78.54 82.83HR EUR EUR 19,631.74 96.13 77.67 82.32<strong>Pictet</strong> - Middle East And North Africa I USD USD 166,759.09 50.60 46.01 52.07P USD USD 98,466.16 49.00 44.73 51.05P dy USD USD 205.00 47.94 44.40 51.02R USD USD 2,784.40 47.69 43.70 50.22Z USD USD 1,200.00 52.24 47.30 53.09P EUR EUR 17,855.21 36.79 33.34 37.39R EUR EUR 155,285.41 35.81 32.57 36.79HP EUR EUR 49,571.65 30.60 27.98 31.85HR EUR EUR 61,910.54 29.78 27.33 31.33La nota integrativa costituisce parte integrante del presente bilancio.69
<strong>Pictet</strong>NUMERO DI AZIONI IN CIRCOLAZIONE E PATRIMONIO NETTO PERAZIONECompartoTipologia diazioneValutaNumero di azioni incircolazioneValorepatrimonialenetto per azioneValorepatrimonialenetto per azioneValorepatrimonialenetto per azione31.03.2012 31.03.2012 30.09.2011 30.09.2010<strong>Pictet</strong> - Environmental Megatrend Selection I EUR EUR 17,385.00 100.50 85.19 96.80P EUR EUR 30,019.59 99.21 84.44 96.76P dy EUR EUR 17,660.58 99.21 84.44 96.76R EUR EUR 46,490.90 98.14 83.82 96.73I USD USD 100.00 134.17 114.30 132.29P USD USD 8,548.70 132.45 113.29 132.23P dy USD USD 100.00 132.45 113.29 132.23R USD USD 100.00 131.02 112.47 132.19P CHF CHF 30,176.95 119.55 102.90 128.81I dy GBP GBP 466.69 83.63 73.37 -P dy GBP GBP 39,567.70 82.72 72.72 83.20<strong>Pictet</strong> - High Dividend Selection I EUR EUR 396,550.70 104.37 99.97 99.65P EUR EUR 381,381.05 102.81 98.89 99.37P dy EUR EUR 120,259.46 97.09 97.29 99.38P dm EUR EUR 50,811.22 97.74 95.95 -R EUR EUR 464,520.50 101.60 98.06 99.19R dm EUR EUR 1,456,850.18 94.25 92.91 97.87Z EUR EUR 41,295.89 105.07 100.13 -I USD USD 347,364.01 138.57 136.44 135.51P USD USD 201,143.77 136.50 134.97 135.15P dm USD USD 379,366.98 126.70 127.91 133.35R USD USD 28,775.23 134.89 133.84 134.89R dm USD USD 38,836.05 125.14 126.81 133.09I dm GBP GBP 113,161.67 81.08 82.60 84.65P dm GBP GBP 51,645.56 80.06 81.85 84.41P SGD SGD 475.00 171.90 174.42 -P dm SGD SGD 1,193.92 164.03 169.83 -P dy CHF CHF 89,832.00 116.96 118.64 131.87P CHF CHF 134,529.37 123.85 120.59 131.87La nota integrativa costituisce parte integrante del presente bilancio.70
<strong>Pictet</strong>NUMERO DI AZIONI IN CIRCOLAZIONE E PATRIMONIO NETTO PERAZIONECompartoTipologia diazioneValutaNumero di azioni incircolazioneValorepatrimonialenetto per azioneValorepatrimonialenetto per azioneValorepatrimonialenetto per azione31.03.2012 31.03.2012 30.09.2011 30.09.2010<strong>Pictet</strong> - Brazil Index I USD USD 45,480.00 94.19 76.56 -IS USD USD 100.00 94.58 76.55 -P USD USD 12,458.62 94.08 76.53 -R USD USD 100.00 94.34 76.50 -P EUR EUR 13,735.12 70.86 57.03 -R EUR EUR 9,248.78 71.06 57.02 -<strong>Pictet</strong> - Bric Index I USD USD 100.00 89.79 76.71 -IS USD USD 100.00 89.37 76.71 -P USD USD 2,825.00 89.66 76.67 -R USD USD 100.00 89.11 76.64 -P EUR EUR 820.00 67.53 57.14 -R EUR EUR 10,456.09 67.11 57.12 -<strong>Pictet</strong> - China Index I USD USD 287,288.72 90.98 77.35 -IS USD USD 100.00 90.42 77.36 -P USD USD 6,842.54 90.87 77.32 -R USD USD 93,976.13 90.15 77.29 -P EUR EUR 208.00 68.44 57.63 -R EUR EUR 68,108.74 67.90 57.61 -<strong>Pictet</strong> - India Index I USD USD 146,249.70 81.48 81.59 -IS USD USD 100.00 81.44 81.59 -P USD USD 7,637.08 81.33 81.54 -R USD USD 1,280.00 81.12 81.49 -P EUR EUR 424.96 61.26 60.77 -R EUR EUR 2,028.90 61.09 60.74 -<strong>Pictet</strong> - Latam Index I USD USD 6,700.00 96.65 78.21 -IS USD USD 100.00 97.10 78.18 -P USD USD 1,191.15 96.55 78.18 -R USD USD 100.00 96.84 78.12 -P EUR EUR 1,195.00 72.72 58.27 -R EUR EUR 2,433.53 72.94 58.22 -R GBP GBP 100.00 60.87 50.15 -La nota integrativa costituisce parte integrante del presente bilancio.71
<strong>Pictet</strong>NUMERO DI AZIONI IN CIRCOLAZIONE E PATRIMONIO NETTO PERAZIONECompartoTipologia diazioneValutaNumero di azioni incircolazioneValorepatrimonialenetto per azioneValorepatrimonialenetto per azioneValorepatrimonialenetto per azione31.03.2012 31.03.2012 30.09.2011 30.09.2010<strong>Pictet</strong> - Russia Index I USD USD 48,000.00 85.36 69.64 -IS USD USD 100.00 85.44 69.64 -P USD USD 5,773.91 85.29 69.63 -R USD USD 1,558.34 85.28 69.60 -P EUR EUR 100.00 64.24 51.89 -R EUR EUR 429.17 64.23 51.87 -<strong>Pictet</strong> - Emerging Markets Sustainable Equities I USD USD 100.00 100.00 - -(nota 1)P USD USD 100.00 100.00 - -P dy USD USD 100.00 100.00 - -R USD USD 100.00 100.00 - -Z USD USD 541,600.00 100.00 - -I EUR EUR 100.00 75.09 - -P EUR EUR 100.00 75.09 - -P dy EUR EUR 100.00 75.09 - -R EUR EUR 100.00 75.09 - -HI EUR EUR 100.00 100.00 - -HP EUR EUR 100.00 100.00 - -HR EUR EUR 100.00 100.00 - -<strong>Pictet</strong> - Piclife P CHF CHF 33,704.45 798.31 745.43 788.72R CHF CHF 52,938.39 787.82 737.11 783.05S CHF CHF 13,868.14 830.15 773.80 815.88La nota integrativa costituisce parte integrante del presente bilancio.72
<strong>Pictet</strong>NUMERO DI AZIONI IN CIRCOLAZIONE E PATRIMONIO NETTO PERAZIONECompartoTipologia diazioneValutaNumero di azioni incircolazioneValorepatrimonialenetto per azioneValorepatrimonialenetto per azioneValorepatrimonialenetto per azione31.03.2012 31.03.2012 30.09.2011 30.09.2010<strong>Pictet</strong> - Absolute Return Global Diversified I EUR EUR 1,066,124.91 120.59 114.40 114.32P EUR EUR 946,387.82 116.23 110.61 111.23P dy EUR EUR 21,457.18 112.68 107.57 108.73R EUR EUR 1,363,521.14 112.78 107.60 108.75Z EUR EUR 445,396.50 125.23 118.39 117.52HI CHF CHF 122,352.67 175.04 166.69 168.04HP CHF CHF 47,154.50 168.68 161.13 163.49HZ CHF CHF 2,000.00 181.79 172.51 172.76HI USD USD 3,500.00 152.49 144.75 145.41HP USD USD 43,727.76 146.95 139.93 141.46HI GBP GBP 2,520.00 101.45 96.23 96.45HP dy GBP GBP 10,725.00 94.89 90.51 91.74HZ GBP GBP 1,183,384.90 105.37 99.60 99.16HI JPY JPY 100.00 13,397.00 12,745.00 12,824.00HZ JPY JPY 100.00 13,913.00 13,190.00 13,181.00<strong>Pictet</strong> - Absolute Return Global Conservative I EUR EUR 302,354.20 104.90 101.28 100.99P EUR EUR 13,330.05 102.87 99.53 99.68P dy EUR EUR 1,460.90 100.08 97.45 98.15R EUR EUR 146,014.39 101.29 98.18 98.67Z EUR EUR 145,963.78 107.55 103.53 102.65La nota integrativa costituisce parte integrante del presente bilancio.73
<strong>Pictet</strong>NUMERO DI AZIONI IN CIRCOLAZIONE E PATRIMONIO NETTO PERAZIONECompartoTipologia diazioneValutaNumero di azioni incircolazioneValorepatrimonialenetto per azioneValorepatrimonialenetto per azioneValorepatrimonialenetto per azione31.03.2012 31.03.2012 30.09.2011 30.09.2010<strong>Pictet</strong> - Convertible Bonds I EUR EUR 1,459,626.00 102.01 95.78 100.44P EUR EUR 1,030,357.27 100.21 94.33 99.88P dy EUR EUR 86,974.65 100.00 94.61 100.00MG EUR EUR 191,906.37 100.21 94.33 99.88R EUR EUR 52,020.95 98.23 92.79 99.48I USD USD 98,923.39 135.44 128.51 136.59P USD USD 108,547.92 133.05 126.56 135.83MG USD USD 991.40 133.05 126.56 135.83HI CHF CHF 456,020.02 148.40 139.72 147.65HP CHF CHF 351,816.15 145.75 137.77 146.92HR CHF CHF 120.00 141.13 134.00 146.27HI GBP GBP 123,317.72 88.82 83.27 -HI USD USD 419,997.96 141.32 132.65 139.88HP USD USD 233,340.05 139.06 131.04 139.22HMG USD USD 18,001.25 139.06 131.04 139.22<strong>Pictet</strong> - Global Flexible Allocation (nota 1) I EUR EUR 90,000.00 99.13 - -P EUR EUR 7,371.00 99.12 - -P dy EUR EUR 100.00 99.12 - -R EUR EUR 417.60 99.09 - -HI CHF CHF 100.00 119.59 - -HP CHF CHF 8,451.04 119.56 - -HI GBP GBP 100.00 82.60 - -HP GBP GBP 100.00 82.59 - -HI USD USD 100.00 131.30 - -HP USD USD 100.00 131.28 - -La nota integrativa costituisce parte integrante del presente bilancio.74
<strong>Pictet</strong> - EUR BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoI. VALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOOBBLIGAZIONIANTILLE OLANDESI8.5% HERTZ HOLDINGS 10/15 EUR 16,166.36 17,540.50 0.0117,540.50 0.01AUSTRALIA2.125% WESTPAC BANK.12/16 C5 SR-S EUR 1,097,974.26 1,107,867.00 0.583.5% NAT. AUSTRALIA BANK 09/15 EUR 134,851.09 141,255.85 0.073.50% TELSTRA 12/22 SR- S EUR 116,309.07 117,960.08 0.063.75% ANZ BANKING GROUP 10/17 EUR 148,336.20 156,789.88 0.083.875% TELSTRA 05/15 EUR 202,276.64 217,300.74 0.113.875% WESTPAC BANKING 10/17 EUR 266,330.91 279,716.70 0.154% NAT.AUSTRALIA BANK 10/20 EUR 87,653.21 92,159.02 0.054.25% COMMONWEAL. BANK AUST. 09/16 EUR 87,653.21 94,792.57 0.054.25% TELSTRA 10/20 EUR 151,707.48 166,571.02 0.094.625% NAT. AUSTRALIA BANK 10/20 EUR 185,420.25 188,095.87 0.105.125% ANZ BANKING GROUP 09/19 EUR 67,425.55 71,052.37 0.045.5% COMMONWEAL. BANK AUST. 09/19 EUR 134,851.09 144,974.37 0.082,778,535.47 1.46AUSTRIA4% TELEKOM FINANZMANAGEMENT 12/22 EUR 173,620.78 173,286.56 0.094.15% AUSTRIA 06/37 EUR 233,258.53 258,105.23 0.146.25% AUSTRIA 97/27 EUR 911,562.63 1,226,461.94 0.646.375% TELEKOM FINANZ. 09/16 EUR 121,365.98 138,136.94 0.076.625% SAPPI PAPIER 11/18-SR-REG S EUR 12,124.77 11,518.53 0.016.75% SUB. OMV 11/49 -SR- EUR 135,862.48 141,193.72 0.0711.75% SAPPI PAPIER HLDGS 09/14 EUR 10,103.98 10,962.81 0.011,959,665.73 1.03BELGIO3.5% BELGIO OLO 09/15 EUR 683,183.98 719,191.19 0.383.75% BELGIO 09/20 EUR 390,390.85 405,379.90 0.214% BELGIO OLO 54 08/14 EUR 878,379.41 924,977.43 0.484.25% BELGIO OLO 43 09/14 EUR 195,195.42 208,451.14 0.114.625% FORTIS BANQUE 04/PE EUR 101,138.32 79,861.35 0.045% BELGIO OLO 44 04/35 EUR 487,988.56 565,407.94 0.305.50% BELGIO OLO 31 98/28 EUR 683,183.98 821,863.50 0.436.57% ANHEUSER-BUSH INBEV 09/14 EUR 175,306.42 192,282.22 0.108% KBC BANK CV 08/PE EUR 56,582.26 44,770.71 0.028.625% ANHEUSER-BUSH INBEV 09/17 EUR 94,395.77 122,994.38 0.064,085,179.76 2.13La nota integrativa costituisce parte integrante del presente bilancio.75
<strong>Pictet</strong> - EUR BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoBERMUDAFRN CENTRAL EURO MEDIA 07/14 EUR 16,166.36 14,064.73 0.017% SUB. C K INFRASTRUCTURE 12/PERP USD 12,954.07 9,817.77 0.0111.625% CENTRAL EURO MEDIA 09/16 EUR 14,549.72 13,822.24 0.0137,704.74 0.03BRASILETBI BRASILE 01/07/12 BRL 1000 BRL 96.36 38,700.50 0.024.375% VALE 10/18 EUR 87,653.21 94,253.50 0.056% BRASILE (INFLATION) 09/20 BRL 20.13 19,077.76 0.016.00% TBD BRASILE (INFL.) 11/22 B BRL 94.78 90,291.40 0.056.00% TBD BRASILE (INFLATION) 10/16 B BRL 198.38 184,534.92 0.1010% BRASILE (NOTAS DE T.) 06/16 BRL 310.28 131,134.25 0.0710% BRASILE (NOTAS DE T.) 07/17 BRL 556.20 228,268.58 0.1210% BRASILE 10/21 BRL 299.98 119,035.21 0.06905,296.12 0.48CANADA5.25% XSTRATA FINANCE 07/17 EUR 134,851.09 149,293.65 0.086% GMAC CANADA 07/12-SR-S- EUR 10,103.98 10,154.50 0.016.125% BOMBARDIER 10/21 EUR 40,415.90 40,466.42 0.026.25% XSTRATA CANADA 08/15 EUR 80,910.66 90,623.58 0.05290,538.15 0.16CILE5.5% CILE 10/20 CLP 10,265,454.36 16,471.14 0.0116,471.14 0.01COLOMBIA7.75% COLOMBIA (DUAL CUR.) 10/21 COP 111,029,351.11 56,030.28 0.039.85% COLOMBIA 07/27 COP 218,852,569.40 131,260.73 0.07187,291.01 0.10COREA DEL SUD3.875% KT CORP. 12/17 -SR- USD 5,246.40 4,101.80 0.004.125% BUSAN BANK 12/17 SR- REG S- USD 4,331.84 3,364.76 0.007% WOORI BANK 09/15 USD 518.16 436.38 0.007,902.94 0.00CROAZIA10% AGROKOR DD 09/16 EUR 4,041.59 4,213.36 0.004,213.36 0.00DANIMARCAFRN DANSKE BANK 05/18 EUR 202,276.64 196,503.67 0.10FRN DANSKE BANK 12/14 -SR- EUR 303,414.96 303,242.01 0.163.125% DANIMARCA 09/14 EUR 683,183.98 717,923.89 0.38La nota integrativa costituisce parte integrante del presente bilancio.76
<strong>Pictet</strong> - EUR BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto4.375% TDC 11/18 EUR 162,495.57 177,530.47 0.095.50% DONG (PE) 05/3005 EUR 67,425.55 69,305.03 0.048.875% FS FUNDING 06/16 EUR 26,270.34 26,927.09 0.011,491,432.16 0.78EGITTO8.75% EGITTO 07/12 EGP 6,477.04 751.19 0.00751.19 0.00FILIPPINETBI FILIPPINE 06/02/13 SR PHP 371,134.16 6,350.60 0.004.95% FILIPPINE 10/21 PHP 2,918,552.42 52,998.81 0.036.25% FILIPPINE 11/36 PHP 1,909,430.21 35,552.22 0.027% PETRON (D. CCY) 10/17 PHP 1,952,178.65 35,022.53 0.02129,924.16 0.07FINLANDIAFRN METSO 09/14 EUR 144,897.50 159,567.65 0.08STEP M-REAL 06/13 EUR 22,228.75 22,673.32 0.012.625% POHJOLA BANK 12/17 -SR- EUR 104,509.60 105,751.69 0.062.75% SAMPO HOUSING L.BK 10/16 EUR 907,658.72 940,375.28 0.493.375% FINLANDIA 04/20 EUR 344,519.92 377,385.41 0.204% FINLANDIA 09/25 EUR 223,498.76 255,839.03 0.134% FORTUM 11/21 EUR 67,425.55 73,476.99 0.045.5% NOKIA 02/14 EUR 97,767.04 103,137.88 0.052,038,207.25 1.06FRANCIAFRN AXA 10/20 EUR 121,365.98 104,644.79 0.05FRN B.F.C.M. 05/PE EUR 50,569.16 39,949.64 0.02FRN BNP PARIBAS 06/PE EUR 67,425.55 52,760.49 0.03FRN BNP PARIBAS 08/PE EUR 26,970.22 27,167.91 0.01FRN BPCE 10/PE EUR 128,108.54 118,847.57 0.06FRN CNP ASSURANCES 06/PE EUR 134,851.09 91,698.74 0.05FRN CREDIT LOGEMENT 07/17 EUR 26,970.22 26,430.81 0.011.875% CSSE AMORTISSEMENT 12/15 EUR 1,317,569.11 1,338,142.95 0.702.875% BPCE 10/15 -SR- EUR 168,563.87 172,922.93 0.092.875% SOCIETE GENERALE 12/19 EUR 390,390.85 394,056.62 0.213% B.F.C.M. 10/15 EUR 337,127.74 344,075.94 0.183% UNIBAIL-RODAMCO 12/19 -SR- EUR 104,509.60 104,904.12 0.053.00% AUCHAN 11/16 -SR- EUR 161,821.31 170,101.71 0.093.00% BNP PARIBAS 12/17 SR -S- EUR 751,794.85 769,871.76 0.403.125% EUTELSAT 10/17 EUR 101,138.32 108,573.00 0.063.125% GDF SUEZ 12/20 -SR- EUR 195,534.09 201,864.50 0.113.25% S.F.E.F. 09/14 EUR 2,708,336.50 2,817,942.88 1.483.375% UNIBAIL-RODAMCO 10/15 EUR 161,821.31 168,793.38 0.093.375% VINCI 12/20 -SR- EUR 80,910.66 81,879.97 0.043.5% O.A.T. 04/15 EUR 930,106.19 999,999.03 0.523.50% SAINT-GOBAIN 11/15 -SR- EUR 134,851.09 141,665.79 0.073.50% UNIBAIL-RODAMCO 11/16 EUR 124,737.26 130,998.45 0.073.6% DANONE 10/20 EUR 124,737.26 134,791.71 0.07La nota integrativa costituisce parte integrante del presente bilancio.77
<strong>Pictet</strong> - EUR BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto3.625% EDENRED 10/17 EUR 202,276.64 211,261.77 0.113.75% BFCM 10/18 287 -SR- EUR 185,420.25 190,785.39 0.103.75% STE GENERALE 12/17 -SR- EUR 505,691.60 523,878.80 0.273.875% BANQUE PSA FIN. 11/15 EUR 219,133.03 220,931.01 0.123.875% CREDIT AGRICOLE 12/19 -SR- EUR 168,563.87 170,953.26 0.093.875% VIVENDI 11/15 EUR 144,964.93 152,655.32 0.084% BOUYGUES 10/18 EUR 337,127.74 360,357.52 0.194% C.I.F. 10/18 EUR 168,563.87 165,081.34 0.094% O.A.T. 04/14 EUR 186,411.63 199,072.71 0.104% O.A.T. 04/55 EUR 488,964.54 516,982.20 0.274% O.A.T. 05/38 EUR 790,541.46 834,637.87 0.444% O.A.T. 09/60 EUR 167,868.06 177,987.15 0.094% O.A.T. 10/14 EUR 780,781.69 843,462.85 0.444% SAINT GOBAIN 10/18 EUR 297,515.23 316,278.02 0.174.125% ALSTOM 10/17 EUR 235,989.41 249,099.81 0.134.125% C.F.F. FIN. FONCIER 10/17 EUR 975,977.12 1,058,466.70 0.554.125% MERCIALYS 12/19 -SR- EUR 111,252.15 112,086.54 0.064.125% VIVENDI 12/17 SR EUR 273,073.47 285,768.65 0.154.25% KLEPIERRE 06/16 EUR 134,851.09 141,413.62 0.074.25% O.A.T. 04/19 EUR 906,682.74 1,016,808.43 0.534.25% O.A.T. 06/23 EUR 400,150.62 444,311.24 0.234.25% O.A.T. 10/17 EUR 878,379.41 985,357.23 0.524.25% VALLOUREC 11/17 EUR 87,653.21 93,598.29 0.054.375% AUTO.PARIS-R.-RHONE 11/16 EUR 273,073.47 289,437.39 0.154.375% CARREFOUR 06/16 -SR- EUR 421,409.67 453,660.15 0.244.375% L.V.M.H. 05/14 EUR 134,851.09 143,528.76 0.084.375% RCI BANQUE 10/15 EUR 101,610.30 105,527.88 0.064.375% SUB. BNP PARIBAS 07/19 -JR- EUR 47,197.88 46,267.14 0.024.375% THALES 09/13 EUR 153,393.12 158,039.40 0.084.379% CASINO GUICHARD 10/17 EUR 337,127.74 358,007.74 0.194.5% CREDIT AGRICOLE CB 09/16 EUR 1,317,569.11 1,448,535.48 0.764.5% NATIXIS 07/19 EUR 168,563.87 155,994.90 0.084.5% O.A.T. 09/41 EUR 418,694.18 479,660.24 0.254.5% SANOFI-AVENTIS 09/16 EUR 107,880.88 121,152.92 0.064.50% BPCE 12/22 -SR- EUR 141,593.65 151,171.04 0.084.625% AGF 05/PE EUR 185,420.25 163,332.07 0.094.625% VEOLIA ENVIRON. 12/27 -SR- EUR 50,569.16 50,679.40 0.034.726% CASINO GUICHARD PERR. 11/21 SR EUR 134,851.09 141,909.20 0.074.75% O.A.T. 03/35 EUR 726,126.97 850,287.43 0.454.82% SUEZ ENVIRONNEMENT 10/PE EUR 67,425.55 63,703.66 0.035% BQUE FED. CR. MUTUEL 03/15 EUR 92,710.13 97,383.18 0.055% CRH 02/13 EUR 1,756,758.81 1,870,983.27 0.985% CRH 09/19 EUR 1,073,574.83 1,237,305.73 0.655% IMERYS 07/17 EUR 296,672.41 318,240.49 0.175% PERNOD-RICARD 11/17 EUR 202,276.64 221,183.44 0.125.00% EUTELSAT 11/19 EUR 289,929.85 323,084.78 0.175.019% SUB. TV BNP PARIBAS 07/PERP EUR 107,880.88 84,160.57 0.045.125% TOTAL CAPITAL 09/24 EUR 222,504.31 265,727.99 0.145.25% CARREFOUR 11/18 50 -SR- S EUR 67,425.55 74,757.74 0.045.375% C.F.C.M. 09/14 EUR 107,880.88 115,509.67 0.065.375% SCHNEIDER ELECTRIC 07/15 EUR 251,160.16 277,567.14 0.155.50% O.A.T. 97/29 EUR 711,487.32 887,808.11 0.47La nota integrativa costituisce parte integrante del presente bilancio.78
<strong>Pictet</strong> - EUR BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto5.625% A.S.F. 07/22 EUR 323,642.63 377,710.36 0.205.625% FRANCE TELECOM 08/18 EUR 269,702.19 318,414.45 0.175.625% GDF SUEZ 09/16 EUR 219,133.03 251,210.82 0.135.625% RCI BANQUE 12/15 -SR- EUR 343,870.29 368,058.13 0.195.75% GIE SUEZ ALLIANCE 03/23 -SR- EUR 155,078.76 191,631.91 0.105.75% O.A.T. 00/32 EUR 238,138.42 311,311.21 0.165.75% VALEO 12/17 -SR- EUR 455,122.44 496,131.25 0.265.777% AXA 06/PE EUR 87,653.21 72,268.32 0.045.95% GDF SUEZ 11/2111 EUR 57,311.71 55,019.25 0.035.971% CREDIT AGRICOLE 08/18 EUR 168,563.87 170,250.35 0.096% CNP ASSURANCE 10/20 EUR 114,623.43 91,693.01 0.056% O.A.T. 94/25 EUR 921,322.40 1,190,155.06 0.626% TPSA EUROFINANCE 09/14 EUR 134,851.09 146,577.07 0.086.125% SUB. STE GENERALE 08/18 EUR 109,566.51 113,132.90 0.066.125% VEOLIA ENVIRON. 03/33 EUR 151,707.48 174,846.66 0.096.154% SCOR ASSISTANCE 06/PE EUR 57,311.71 48,855.37 0.036.25% SODEXHO 09/15 EUR 101,138.32 113,775.05 0.066.25% VINCI 06/PE EUR 84,281.93 84,330.82 0.046.50% B.F.C.M. 01/13 EUR 193,848.45 203,197.76 0.116.75% VEOLIA ENVIRON. 09/19 EUR 225,875.58 276,276.33 0.147% REXEL 11/18 EUR 16,166.36 17,055.51 0.017.125% CROWN EURO HOLDINGS 10/18 EUR 12,124.77 12,882.57 0.017.781% BNP PARIBAS 08/PERP. EUR 23,598.94 22,831.98 0.017.875% CREDIT AGRICOLE 09/PE EUR 50,569.16 46,282.16 0.028.125% FRANCE TELECOM 03/33 EUR 188,791.53 275,095.69 0.148.25% REXEL 09/16 EUR 16,166.36 17,378.84 0.018.5% LABCO SAS 11/18 EUR 40,415.90 35,970.15 0.028.50% O.A.T. 10/19 EUR 981,832.98 1,390,638.78 0.738.625% PPR 09/14 EUR 134,851.09 152,855.06 0.089% PICARD BONDCO 10/18 EUR 16,166.36 17,459.67 0.019.375% EUROPCAR 10/18 EUR 8,083.18 6,668.62 0.009.375% FAURECIA 11/16 -SR- EUR 20,207.95 22,733.94 0.019.375% FAURECIA 11/16 -SR- S EUR 8,083.18 9,194.62 0.009.375% SUB. SOC. GENERALE 09/PE EUR 47,197.88 44,248.02 0.0235,894,069.01 18.79GEORGIA9.875% GEORGIAN RAILWAY 10/15 USD 4,728.24 3,810.52 0.003,810.52 0.00GERMANIAFRN AUTO-TEILE-UNGER 04/14 EUR 14,549.72 7,420.36 0.00FRN MUENCHENER RUECK. 11/41 EUR 138,222.37 137,335.67 0.072.00% DAIMLER 12/17 -SR- EUR 134,851.09 134,643.42 0.072.00% GERMANY 11/22 -SR- EUR 1,210,211.62 1,231,184.59 0.642.125% MAN 12/17 -SR- EUR 109,566.51 110,962.39 0.062.25% VOLKSWAGEN LEASING 11/14 SR EUR 74,168.10 75,610.30 0.042.5% GERMANIA 10/14 EUR 975,977.12 1,031,168.62 0.542.625% DAIMLER 12/19 -SR- EUR 155,078.76 154,665.47 0.083.25% GERMANIA 10/42 EUR 439,189.70 511,030.16 0.273.25% DG DT HYPOBK 05/15 EUR 2,537,540.50 2,697,050.30 1.41La nota integrativa costituisce parte integrante del presente bilancio.79
<strong>Pictet</strong> - EUR BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto3.25% VOLKSWAGEN LEASING 11/18-SR- EUR 101,138.32 106,071.85 0.063.375% VOLKSWAGEN LEASING 11/16 EUR 330,385.18 350,132.30 0.183.625% COMMERZBANK 12/17 796-SR- EUR 173,620.78 177,784.21 0.094% GERMANIA 05/37 EUR 265,465.78 337,000.84 0.184% GERMANIA 06/16 EUR 683,183.98 779,307.97 0.414.25% GERMANIA 07/18 EUR 702,703.52 834,664.22 0.444.25% GERMANIA 07/39 EUR 341,591.99 458,928.84 0.244.375% THYSSENKRUPP 12/17 SR EUR 87,653.21 89,810.36 0.054.5% MERCK FINANC. SERV. 10/20 EUR 117,994.71 132,652.01 0.074.625% R.W.E 10/PE EUR 69,111.19 66,001.18 0.034.75% GERMANIA 08/40 EUR 1,307,809.34 1,900,547.76 1.004.75% GERMANIA 98/28 EUR 1,268,770.25 1,647,333.23 0.864.75% COMMERZBANK 09/15 EUR 292,289.75 313,232.31 0.165% BAYER AG 05/05 EUR 77,539.38 78,164.73 0.045% DEUTSCHE BANK 10/20 EUR 67,425.55 68,779.11 0.045.125% DEUTSCHE BANK 07/17 EUR 397,810.73 450,260.08 0.245.125% ROBERT BOSCH 09/17 EUR 101,138.32 118,115.90 0.065.25% EWE 09/21 EUR 75,853.74 88,400.33 0.055.375% HENKEL 05/04 EUR 262,959.63 271,964.69 0.145.625% GERMANIA 98/28 EUR 1,280,481.98 1,803,635.69 0.945.625% K.F.W. 10/17 PEN 70,755.14 21,548.45 0.015.767% MUENCHENER RUECK. 07/49 EUR 107,880.88 98,879.83 0.056.25% GERMANIA 00/30 EUR 613,889.61 938,397.79 0.496.25% GERMANIA 94/24 EUR 959,385.51 1,374,051.11 0.726.25% ELSTER FINANCE 11/18 EUR 16,166.36 16,934.26 0.016.5% GERMANIA 97/27 EUR 697,823.64 1,060,786.14 0.566.50% KABEL DEUTSCH.11/18SR-S- EUR 16,166.36 17,136.34 0.016.75% HEIDELBERGCEMENT 10/15 EUR 8,083.18 8,790.46 0.007.25% MAN 09/16 EUR 117,994.71 143,500.44 0.087.375% SUB. ENBW 11/72 TR. 2-SR-S EUR 33,712.77 34,746.74 0.027.5% KABEL BW ERSTE BET. 11/19 EUR 32,332.72 34,295.32 0.027.625% METRO 09/15 EUR 141,593.65 163,723.32 0.097.875% BERTELSMANN 09/14 EUR 134,851.09 149,642.91 0.088% HEIDELBERG CEMENT 09/17 EUR 51,813.19 57,862.38 0.038.00% ALBA GRP PLC 11/18 SR REG. S EUR 34,353.52 35,899.42 0.028.125% UPC GERMANY 09/17 EUR 64,665.44 68,626.20 0.048.625% TUI 05/PE EUR 4,849.91 4,655.91 0.009.625% IESY 09/19 EUR 4,041.59 4,415.44 0.009.75% NORDENIA 10/17 EUR 10,912.29 11,894.40 0.0120,409,645.75 10.70GIAPPONE8.375% EACCESS 11/18 EUR 48,297.00 44,191.76 0.0244,191.76 0.02GUERNSEY2.875% CREDIT SUISSE 10/18 -SR- EUR 1,854,356.52 1,903,014.84 1.002.875% CS GROUP FIN. GUERN. 09/15 EUR 337,127.74 346,788.13 0.182,249,802.97 1.18La nota integrativa costituisce parte integrante del presente bilancio.80
<strong>Pictet</strong> - EUR BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoHONG KONG2.46% HONG KONG SAR GOVERNMENT 11/21 HKD 395,099.20 41,153.63 0.022.93% HK SAR GOVERNMENT 10/20 HKD 485,777.70 52,389.34 0.0393,542.97 0.05INDONESIA0% INDONESIA 08/13 IDR 10,492,798.32 828.99 0.004% PERUSAHAAN PE. (SUKUK) 11/18-SR-S USD 15,544.89 12,003.73 0.014.875% INDONESIA 11/21 USD 18,216.02 14,816.92 0.015.25% PERTAMINA 11/21 USD 17,980.25 14,270.34 0.017.00% INDONESIA 11/22 FR0061 SR IDR 103,632,576.00 9,196.03 0.007.3% INDONESIA 11/14 0RI8 SR IDR 104,604,131.40 9,014.55 0.007.375% INDONESIA 10/16 IDR 1,269,499.06 113.14 0.008.15% INDONESIA 11/14 IDR 64,770,360.00 5,612.53 0.008.25% INDONESIA 10/21 IDR 118,814,748.38 11,327.55 0.018.7% INDONESIA 10/13 IDR 64,252,197.12 5,486.94 0.009% INDONESIA 07/13 IDR 20,726,515.20 1,808.95 0.009% INDONESIA 07/18 IDR 73,838,210.40 7,126.72 0.009.25% INDONESIA 09/15 IDR 88,191,322.18 8,055.58 0.009.35% INDONESIA 09/12 IDR 33,680,587.20 2,820.78 0.009.5% INDONESIA 04/15 IDR 130,254,489.37 12,140.29 0.019.5% INDONESIA 07/23 IDR 669,984,603.84 69,009.98 0.049.5% INDONESIA 10/31 IDR 55,822,982.47 5,874.55 0.009.5% INDONESIA 11/41 FR0057 SR IDR 78,416,179.44 8,482.02 0.009.75% INDONESIA 07/37 IDR 298,202,737.44 32,606.57 0.0210% INDONESIA 05/17 IDR 103,632,576.00 10,289.60 0.0110% INDONESIA 07/24 IDR 501,581,667.84 53,556.99 0.0310% INDONESIA 07/28 IDR 760,404,026.40 82,158.57 0.0410.00% INDONESIA 11/36 S.IF10-SR IDR 62,179,545.60 6,389.36 0.0010.25% INDONESIA 07/22 IDR 636,692,638.80 68,155.26 0.0410.25% INDONESIA 07/27 IDR 637,130,486.43 70,411.79 0.0410.25% INDONESIA 10/30 IDR 66,713,470.80 6,729.75 0.0010.5% INDONESIA 08/38 IDR 425,668,215.11 50,051.50 0.0310.5% INDONESIA 09/30 IDR 264,282,499.91 29,938.41 0.0210.75% INDONESIA 05/16 IDR 75,133,617.60 7,438.23 0.0011% INDONESIA 03/12 IDR 20,726,515.20 1,784.29 0.0011% INDONESIA 04/14 IDR 12,954,072.00 1,222.62 0.0011% INDONESIA 05/20 IDR 222,810,038.40 24,516.67 0.0111% INDONESIA 06/25 IDR 77,320,264.95 8,891.60 0.0011.45% INDONESIA 08/13 IDR 22,021,922.40 1,977.03 0.0011.5% INDONESIA 06/19 IDR 79,944,759.94 8,792.11 0.0011.6% INDONESIA 06/18 IDR 47,930,066.40 5,163.72 0.0012.5% INDONESIA 06/13 IDR 12,954,072.00 1,145.94 0.0012.8% INDONESIA 05/21 IDR 125,654,498.40 15,265.71 0.0112.9% INDONESIA 05/22 IDR 58,941,027.60 7,275.47 0.0014.25% INDONESIA 02/13 IDR 38,862,216.00 3,558.13 0.0014.275% INDONESIA 02/13 IDR 6,477,036.00 616.07 0.0015% INDONESIA 05/18 FR0032 -SR- IDR 25,908,144.00 3,172.54 0.00699,097.52 0.34La nota integrativa costituisce parte integrante del presente bilancio.81
<strong>Pictet</strong> - EUR BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoIRLANDAFRN ALLIED IRISH BK 07/12 83-SR-S- EUR 12,124.77 12,106.58 0.012% GE CAPITAL EUR. FUND. 12/15 SR-S- EUR 167,552.48 168,722.00 0.092.875% GE CAP. EUROP. FUND. 10/15 EUR 337,127.74 350,159.41 0.183.75% GE CAP. EURO FDG 11/16 EUR 219,133.03 233,445.70 0.124% INTESA S.BK IRL 12/13 -SR-S EUR 134,851.09 136,442.34 0.074.5% ALLIED IRISH BANK 09/12 EUR 40,415.90 39,253.94 0.024.625% BANK OF IRELAND 09/13 EUR 40,415.90 38,799.27 0.025.25% FGA CAPITAL IREL. 12/14 SR EUR 47,197.88 48,602.02 0.035.375% GE CAP. EUROP. FUND. 09/20 EUR 235,989.41 270,458.03 0.147.25% SMURFIT KAPPA ACQUI. 09/17 EUR 16,166.36 17,217.17 0.017.375% ARDAGH PACK. FIN. 10/17 EUR 19,197.55 20,253.42 0.017.5% CLOVERIE 09/39 EUR 128,108.54 139,273.20 0.077.75% JSG FUNDING 05/15 EUR 18,995.47 19,090.45 0.017.75% SMURFIT KAPPA ACQUI. 09/19 EUR 25,462.02 27,594.46 0.018.75% ARDAGH GLASS FIN. 10/20 EUR 48,499.08 47,529.10 0.028.875% NARA CABLE FUNDING 10/18 EUR 16,166.36 14,994.30 0.019.25% ARDAGH PACK. FIN. 10/20 EUR 25,057.86 25,433.73 0.019.5% INAER AVIATION 10/17 EUR 20,207.95 18,389.24 0.011,627,764.36 0.84ISOLE CAYMAN0% CAP. GUARD. NOM. 'S' 01/13 USD 4.04 0.00 0.003.25% THAMES WATER UT. CAY. 10/16 EUR 75,853.74 79,696.87 0.044.5% SANTANDER ISSUANCES 04/19 EUR 67,425.55 53,242.58 0.034.75% HUTCHISON WHAMP. INTL 9/16 EUR 269,702.19 294,354.32 0.15427,293.77 0.22ITALIA3.375% INTESA SANPAOLO 10/15 EUR 195,534.09 196,014.12 0.103.5% ENI 10/18 EUR 203,962.28 210,517.63 0.113.75% ITALIA 08/15 EUR 1,022,824.02 1,026,066.37 0.543.75% ITALIA 08/16 EUR 860,811.82 852,466.25 0.453.75% ITALIA 08/21 EUR 3,068,472.06 2,784,362.23 1.463.75% BANCO POPOLARE 09/12 EUR 286,558.57 287,452.64 0.153.75% SANPAOLO IMI 05/20 EUR 286,558.57 243,123.46 0.133.875% EDISON 10/17 EUR 202,276.64 199,215.18 0.104% ITALIA 02/17 EUR 558,258.91 553,929.61 0.294.00% INTESA SANP 10/18 579 -SR-S EUR 202,276.64 193,177.23 0.104.125% INTESA SANPAOLO 10/20 EUR 225,875.58 215,358.82 0.114.125% MONTE PASCHI SIENA 11/13 EUR 187,105.89 186,440.73 0.104.25% ITALIA 02/15 EUR 534,835.46 548,126.12 0.294.25% ITALIA 03/20 EUR 1,515,692.46 1,462,279.46 0.774.25% ITALIA 08/14 EUR 1,116,517.82 1,141,360.34 0.604.25% ENI 12/20 S.9 -SR- EUR 66,414.16 70,123.39 0.044.375% UNICREDIT 04/20 EUR 74,168.10 71,778.78 0.044.5% ITALIA 02/18 EUR 1,673,800.76 1,676,018.55 0.884.5% ITALIA 07/18 EUR 2,139,341.84 2,131,747.18 1.124.50% ATLANTIA 12/19 SRSS.9 EUR 121,365.98 126,573.80 0.074.50% TV SUB. UNICR. ITAL. 04/19-S- EUR 0.00 0.00 0.00La nota integrativa costituisce parte integrante del presente bilancio.82
<strong>Pictet</strong> - EUR BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto4.625% MEDIOBANCA 11/16 SR-S- EUR 77,539.38 79,181.66 0.044.75% MONTE PASCHI SIENA 09/14 EUR 202,276.64 204,048.58 0.114.75% TELECOM ITALIA 11/18 REG-S EUR 74,168.10 75,212.39 0.044.75% TERNA 11/21 EUR 262,959.63 275,206.98 0.144.875% UNICREDIT 12/17 SR S489-S- EUR 215,761.75 214,579.38 0.115% ITALIA (BTP) 07/39 EUR 860,811.82 756,472.82 0.405% ENI 09/16 EUR 404,553.28 444,802.29 0.235.00% INTESA SANPAOLO 12/17 -SR- EUR 195,534.09 198,188.46 0.105.00% TBOND ITALIA (BTP) 11/22 EUR 4,147,902.75 4,099,164.89 2.175.25% ITALIA (BTP) 08/17 EUR 1,460,061.77 1,518,668.65 0.805.25% ITALIA 98/29 EUR 930,106.19 888,204.91 0.475.25% TELECOM ITALIA 05/55 EUR 117,994.71 89,422.88 0.055.375% LOTTOMATICA 10/18 EUR 101,138.32 104,116.34 0.055.625% ATLANTIA 09/16 EUR 279,816.02 310,311.77 0.165.75% ITALIA 02/33 EUR 1,022,824.02 1,004,893.91 0.536.25% FIAT INDUSTRIAL 11/18 EUR 72,748.62 73,021.43 0.046.50% ITALIA 97/27 EUR 93,693.80 100,326.39 0.056.9% ASSICURAZIONI GEN. 00/22 EUR 208,951.77 208,690.58 0.117.25% ITALIA 96/26 EUR 744,670.54 862,641.25 0.458.25% LOTTOMATICA 'S' 06/66 EUR 48,499.08 47,044.11 0.028.25% TELECOM ITALIA 09/16 EUR 185,420.25 215,421.25 0.119% ITALIA 93/23 EUR 864,715.73 1,114,618.57 0.5810.5% SEAT PAGINE GIALLE 10/17 EUR 24,249.54 16,974.68 0.0110.5% SEAT PAGINE GIALLE 10/17 EUR 4,041.59 2,728.07 0.0027,080,074.13 14.22JERSEY4.125% BAA FUDING 10/18 EUR 33,712.77 35,459.26 0.024.28% UBS PREF. FUNDING 05/PE EUR 131,479.82 109,621.30 0.064.5% UBS JERSEY BRANCH 04/19 EUR 85,967.57 83,640.86 0.044.6% BAA FUNDING 08/16 EUR 128,108.54 136,339.51 0.074.75% UBS JERSEY BRANCH 07/17 EUR 191,117.71 211,369.50 0.115.3687% HSBC CAP FUNDING 03/PE EUR 243,709.64 225,075.60 0.12801,506.03 0.42LUSSEMBURGOFRN KION FINANCE 11/18 EUR 8,083.18 7,355.69 0.00FRN LECTA (UNSEC.) 07/14 EUR 32,332.72 31,039.41 0.023.25% JOHN DEERE BANK11/16 SR REG. S EUR 87,653.21 93,042.13 0.054.125% ENEL FIN. INTL 11/17 SR -S- EUR 303,414.96 310,995.78 0.164.125% GLENCORE FIN. 12/18 EUR 175,306.42 175,607.07 0.094.25% NOVARTIS 09/16 EUR 101,138.32 113,192.49 0.064.75% SES 11/21 EUR 116,983.32 129,901.79 0.075% HANNOVER FINANCE 05/PE EUR 91,024.49 80,849.77 0.045.00% ENEL FIN. INTL 11/21 SR -S- EUR 413,655.73 433,101.69 0.235.25% FIMECCANICA FIN. 09/22 EUR 107,880.88 99,989.93 0.055.25% FMC FINANCE VIII 12/19 SR -S- EUR 36,374.31 38,738.64 0.025.25% GLENCORE FINANCE 10/17 EUR 40,455.33 42,741.05 0.025.625% CLARIANT F.LUX 12/17 -SR-S EUR 13,337.25 14,213.10 0.015.75% HANNOVER FINANCE 04/24 EUR 362,412.32 366,942.47 0.196.375% FIAT FIN. & TRADE 11/16 EUR 16,166.36 15,974.39 0.01La nota integrativa costituisce parte integrante del presente bilancio.83
<strong>Pictet</strong> - EUR BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto6.875% FIAT FIN. & TRADE 09/15 EUR 8,083.18 8,260.00 0.007.125% GLENCORE FINANCE 08/15 EUR 134,851.09 150,716.33 0.087.375% GREIF LUX.11/21 -SR- S EUR 8,083.18 8,487.34 0.007.375% WIND ACQUISITION 10/18 EUR 58,603.06 54,354.34 0.037.875% AGUILA 3 11/18 CHF 16,166.36 14,158.42 0.017.875% KION FINANCE 11/18 EUR 8,083.18 7,921.52 0.008% XEFIN LUX 11/18 EUR 16,166.36 16,408.86 0.018.25% CODERE FINANCE (LUX) 05/15 EUR 14,145.57 14,004.11 0.018.25% CODERE-FINANCE(LUX) 10/15 EUR 12,933.09 12,868.42 0.018.5% SUNRISE COMMUNICA. 10/18 EUR 8,083.18 8,628.79 0.008.625% MICHELIN LUXEMBOURG 09/14 EUR 67,425.55 77,081.90 0.048.75% CIRSA FUNDING 10/18 EUR 56,582.26 54,884.79 0.038.875% CEMEX LUXEMBOURG 10/17 EUR 11,882.28 10,872.28 0.018.875% ZINC CAPITAL 11/18 EUR 48,499.08 45,104.15 0.029.375% ARCELORMITTAL 09/16 EUR 101,138.32 119,636.52 0.069.5% BEVERAGE PACKAGING 07/17 EUR 24,249.54 21,824.59 0.019.625% OXEA FINANCE 10/17 EUR 28,266.88 28,733.29 0.0210% BORMIOLI ROCCO HOLD. 11/18 SR -S- EUR 23,845.38 24,679.97 0.0110.75% TMD FRICTION FIN. 10/17 EUR 19,068.22 20,593.68 0.0111.00% SPIE BONDCO 3 12/19 REG.S EUR 3,233.27 3,269.65 0.0011.125% ARDAGH FIN. -PIK- 11/18 EUR 482.10 453.17 0.0011.75% WIND AQUISITION 09/17 EUR 65,675.84 62,063.67 0.032,718,691.19 1.41MALAYSIA2.615% DANGA CAPITAL 10/15 SGD 20,726.52 12,428.19 0.013.418% MALAYSIA 12/22 S.12/0001 SR MYR 129.54 31.17 0.003.434% MALAYSIA 11/14 S.11/0002 SR MYR 168,402.94 41,597.18 0.023.58% MALAYSIA S11/0005 11/18 SR MYR 103,632.58 25,463.40 0.013.7% MALAYSIA 07/13 MYR 4,533.93 1,120.70 0.003.725% DANGA CAPITAL 10/20 SGD 22,993.48 13,790.27 0.013.741% MALAYSIA 09/15 MYR 468,160.16 116,559.76 0.063.814% MALAYSIA 07/17 MYR 50,909.50 12,700.15 0.013.82% MALAYSIA 06/16 MYR 10,881.42 2,714.54 0.003.835% MALAYSIA 10/15 MYR 245,609.21 61,421.71 0.033.90% SILTERRA CAPITAL 07/14 MYR 8,031.52 1,993.73 0.004.012% MALAYSIA 10/17 MYR 370,097.84 93,326.12 0.054.02% CAGAMAS 05/17 MYR 647.70 159.13 0.004.16% MALAYSIA 11/21 MYR 427,989.58 108,660.07 0.064.24% MALAYSIA 03/18 MYR 10,363.26 2,638.71 0.004.378% MALAYSIA 09/19 -SR- S09/0002 MYR 445,101.91 114,261.45 0.064.498% MALAYSIA 10/30 MYR 38,862.22 10,066.91 0.015.094% MALAYSIA 04/14 MYR 834,177.47 212,809.12 0.115.248% MALAYSIA 08/28 MYR 9,456.47 2,658.59 0.005.734% MALAYSIA 04/19 MYR 58,293.32 16,216.79 0.01850,617.69 0.45MESSICO4.75% AMERICA MOVIL 10/22 EUR 134,851.09 152,381.74 0.086.5% MESSICO 11/22 MXN100 MXN 1,967.72 11,660.47 0.016.50% MESSICO 10/21 MXN100 MXN 5,388.89 32,143.48 0.02La nota integrativa costituisce parte integrante del presente bilancio.84
<strong>Pictet</strong> - EUR BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto7.25% MESSICO 07/16 MXN 4,885.37 30,923.26 0.027.5% MESSICO 06/27 MXN 9,249.21 57,228.00 0.037.75% MESSICO 08/17 MXN 7,458.95 48,504.20 0.038% MESSICO 05/15 MXN 8,788.04 56,461.33 0.038% MESSICO 09/20 MXN 13,452.80 88,815.87 0.0510% MESSICO 04/24 MXN 16,202.95 124,015.85 0.0610% MESSICO 06/36 MXN 17,752.26 132,956.47 0.07735,090.67 0.40NORVEGIA2.50% DNB BOLIGKR. 11/17 SR-144A-S EUR 1,883,635.84 1,940,144.91 1.023.875% DNB NOR BANK 10/20 EUR 134,851.09 141,903.81 0.074.125% TELENOR 10/20 EUR 168,563.87 187,471.68 0.104.5% DNB NOR BANK 09/14 EUR 286,558.57 305,259.39 0.164.75% SUB. DNB BANK 12/22 -JR-S- EUR 235,989.41 237,365.23 0.125.5% STATKRAFT 09/15 EUR 64,054.27 71,148.60 0.047% NORSKE SKOGINDUSTR. 07/17 EUR 8,083.18 5,173.24 0.002,888,466.86 1.51NUOVA ZELANDA3.00% ANZ NATL INTL 12/16 SR-S- EUR 361,111.53 373,793.77 0.20373,793.77 0.20PAESI BASSIFRN CARLSON WAGONLIT 06/15 EUR 11,316.45 11,090.12 0.012.50% BANK NED. GEMEENTEN 10/17 SR-S- EUR 1,171,172.54 1,198,876.63 0.632.50% HEINEKEN 12/19 SR EUR 42,140.97 42,101.14 0.022.625% ABB FINANCE 12/19 EUR 281,501.66 284,043.62 0.152.75% SCHLUMBERGER FIN. 10/15 EUR 99,452.68 104,417.86 0.053% PACCAR FINANCIAL 11/14 EUR 116,309.07 119,813.46 0.063.00% DEUTSCHE BAHN FIN. 12/24 -SR- EUR 421,409.67 423,322.87 0.223.25% BMW FINANCE 11/16 EUR 101,138.32 106,815.21 0.063.25% EDP FINANCE 10/15 S.20 SR-S- EUR 24,249.54 21,763.96 0.013.25% ING BANK 12/19 SR EUR 330,385.18 328,859.46 0.173.5% ALLIANZ FINANCE II 12/22 -SR- EUR 67,425.55 70,123.24 0.043.5% VOLKSWAGEN 09/15 EUR 202,276.64 213,316.90 0.113.50% HEINEKEN 12/24 SR EUR 47,197.88 47,635.41 0.023.50% RABOBANK NEDERLAND 11/18 SR EUR 303,414.96 313,245.61 0.163.625% ING BANK 11/21 EUR 975,977.12 1,033,022.98 0.543.625% SNS BANK 10/13 EUR 168,563.87 169,222.95 0.093.75% RABOBANK 10/20 EUR 168,563.87 162,794.77 0.093.75% ROYAL BANK SCOTLAND 09/14 EUR 878,379.41 929,685.55 0.493.75% WUERTH FINANCE INTL 11/18 SR EUR 68,099.80 73,464.70 0.043.875% BMW FINANCE 10/17 EUR 101,138.32 109,483.75 0.063.875% GENERALI FINANCE 05/15 EUR 151,707.48 158,796.01 0.083.875% ING BANK 11/16 EUR 608,178.43 643,261.21 0.344% PAESI BASSI 05/37 EUR 744,670.54 904,893.85 0.474% ALLIANZ FINANCE II 06/16 EUR 168,563.87 186,102.94 0.104% FORTIS BANK NED. 10/15 EUR 512,434.16 540,561.67 0.284% URENCO FINANCE 10/17 EUR 67,425.55 70,524.43 0.044.00% RABOBK INTL EQ.DER.12/22-SR- EUR 367,469.23 381,817.07 0.20La nota integrativa costituisce parte integrante del presente bilancio.85
<strong>Pictet</strong> - EUR BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto4.125% LANXESS FINANCE 11/18 EUR 151,707.48 163,685.54 0.094.125% RABOBANK 10/20 EUR 202,276.64 213,765.95 0.114.125% RABOBANK 11/21 EUR 370,840.51 389,191.55 0.204.125% SUEDZUCKER 11/18 EUR 58,997.35 65,004.46 0.034.25% COCA COLA HBC FIN. 09/16 EUR 117,994.71 127,554.05 0.074.25% DEUTSCHE TEL. FIN. 10/22 EUR 259,588.36 285,416.10 0.154.25% KPN KONINKLIJKE 12/22- EUR 144,964.93 148,780.40 0.084.25% REPSOL 11/16 -SR-S EUR 138,222.37 141,189.31 0.074.31% ABN AMRO 06/PE EUR 24,249.54 18,793.39 0.014.375% RABOBANK 09/16 EUR 337,127.74 363,671.49 0.194.5% KBC IFIMA 09/14 EUR 202,276.64 207,342.66 0.114.625% ING BANK 04/19 EUR 235,989.41 225,959.86 0.124.75% ABN AMRO BANK12/19 S63 -SR-S EUR 67,425.55 73,136.83 0.044.75% ADECCO INTL FIN. 11/18SR-S- EUR 134,851.09 144,770.74 0.084.75% RABOBANK 08/18 EUR 438,266.06 483,650.70 0.254.875% ALLIANDER 10/PE EUR 209,019.20 211,752.12 0.115.00% CRH FINANCE 12/19 SR -REG.S- EUR 97,767.04 106,382.76 0.065.125% BASF FINANCE 09/15 EUR 286,558.57 320,183.36 0.175.25% SIEMENS FINANCE 06/66 EUR 404,553.28 430,034.07 0.235.252% ELM 06/PE EUR 107,880.88 95,973.52 0.055.317% GENERALI FINANCE 06/PE EUR 64,054.27 49,420.43 0.035.5% E. ON INTL FINANCE 09/16 EUR 235,989.41 269,332.36 0.145.5% EADS FINANCE 03/18 EUR 96,553.38 115,368.74 0.065.5% EDP FINANCE 09/14 EUR 16,166.36 16,247.19 0.015.50% PAESI BASSI 98/28 EUR 465,541.08 625,747.74 0.335.625% KPN KONINKLIJKE 09/24 EUR 74,168.10 84,393.66 0.045.75% ALLIANZ FINANCE II 11/41 EUR 168,563.87 160,195.51 0.085.75% ASML HLDG 07/17 EUR 254,531.44 284,949.22 0.155.75% DEUTSCHE TELEKOM INT.08/14 EUR 67,425.55 72,386.72 0.045.75% E. ON INTL FINANCE 08/20 EUR 235,989.41 292,433.36 0.155.875% TELEFONICA EUROPE 03/33 EUR 101,138.32 104,488.02 0.056.125% ALLIANZ FINANCE 02/22 EUR 134,851.09 134,617.13 0.076.125% DAIMLER INTL 08/15 EUR 84,281.93 96,866.91 0.056.25% ING VERZEKERINGEN 01/21 EUR 32,332.72 30,392.76 0.026.375% SUB. ABN AMRO 11/21 EUR 87,653.21 88,702.86 0.056.375% WOLTERS KLUWER 08/18 EUR 101,138.32 121,009.98 0.066.5% CONTI-GUMMI FINANCE 10/16 EUR 16,166.36 17,055.51 0.016.5% REPSOL INTL FINANCE 09/14 EUR 247,788.89 265,853.93 0.146.625% RWE FINANCE 08/19 EUR 286,558.57 360,426.21 0.196.655% TENNET HOLDING BV 10/PE EUR 195,534.09 205,310.79 0.116.75% OI EUROP GROUP 10/20 EUR 24,249.54 25,643.89 0.016.95% LISTRINDO CAP. 12/19 SR REG.S USD 3,577.91 2,768.80 0.007.375% CRH FINANCE 09/14 EUR 87,653.21 96,811.22 0.057.375% EUREKO 09/14 EUR 117,994.71 129,001.84 0.077.375% LINDE FINANCE 06/66 EUR 305,404.02 341,050.77 0.187.375% NEW WORLD RESOUR. 07/15 EUR 16,974.68 17,059.55 0.017.5% CONTI-GUMMI FINANCE 10/17 EUR 32,332.72 34,313.10 0.027.5% GMAC INTERNAT. FIN. 10/15 EUR 32,332.72 33,383.53 0.027.5% KPN KONINKLIJKE 09/19 EUR 202,276.64 252,778.04 0.137.75% SCHAEFFLER FIN.12/17 SR REG.S EUR 27,482.81 28,341.65 0.017.875% DAIMLER INTL 09/14 EUR 438,266.06 488,136.35 0.267.875% NEW WORLD RESOURCES 10/18 EUR 12,124.77 12,306.64 0.01La nota integrativa costituisce parte integrante del presente bilancio.86
<strong>Pictet</strong> - EUR BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto8% CLONDALKIN BV 04/14 EUR 36,479.39 29,548.31 0.028% ZIGGO BOND 10/18 EUR 72,748.62 78,659.45 0.048.5% THYSSEN KRUPP FIN. 09/16 EUR 101,138.32 118,431.46 0.068.50% INTERGEN NV 07/17 SR REG.S EUR 10,912.29 11,212.38 0.018.75% SCHAEFFLER F.12/19 -SR-S- EUR 28,291.13 30,094.69 0.029.5% HEIDELBERGCEMENT FIN. 11/18 SR EUR 72,344.46 85,276.04 0.049.5% INTERXION HOLDING 10/17 EUR 5,658.23 6,280.63 0.0011% BOATS INVES -PIK- 07/17 EUR 59,047.63 71,198.72 0.0411.25% SNS BANK 09/PE EUR 12,124.77 10,396.99 0.0118,163,189.31 9.54PERÙ6.85% PERÙ (DUAL CUR.) 10/42 PEN 96.04 28,526.39 0.016.9% PERÙ (DUAL CUR.) 07/37 PEN 105.96 32,051.22 0.026.95% PERÙ (DUAL CUR.) 09/31 PEN 8.55 2,598.59 0.007.84% PERÙ (DUAL CUR.) 05/20 PEN 149.25 48,904.03 0.038.2% PERÙ (DUAL CUR.) 06/26 PEN 141.32 48,625.46 0.03160,705.69 0.09POLONIA2.75% POLONIA (INFLATION) 08/23 PLN 225,271.31 60,558.28 0.033% POLONIA (INFLATION) 04/16 PLN 6,477.04 2,019.23 0.005.25% POLONIA 06/17 PLN 263,654.23 63,994.84 0.035.25% POLONIA 09/20 PLN 316,395.44 74,947.46 0.045.5% POLONIA 08/19 PLN 723,402.02 175,742.59 0.095.5% POLONIA 09/15 PLN 467,382.92 114,798.74 0.065.75% POLONIA 01/22 PLN 128,707.77 31,379.57 0.025.75% POLONIA 08/29 PLN 22,900.21 5,554.82 0.006.25% POLONIA 04/15 PLN 608,258.45 153,108.59 0.087.125% CYFROWY POLSAT 11/18 EUR 24,249.54 24,492.04 0.0111% TVN 10/17 EUR 36,374.31 36,738.05 0.02743,334.21 0.38PORTOGALLO7.875% REN SGPS (FR/RAT.) 08/13 SR EUR 51,328.19 52,868.04 0.0352,868.04 0.03REGNO UNITOSUB. FR LLOYDS TSB BK 12/24 4680 JR-S EUR 13,410.00 13,845.82 0.012.25% BARCLAYS BANK 12/17 EUR 975,977.12 982,467.36 0.512.375% ROYAL BANK SCOTLAND 05/15 CHF 32,332.72 22,948.71 0.012.994% BP CAPITAL MARKETS 12/19 EUR 252,845.80 258,946.97 0.143.125% NATIONWIDE BUILD. 12/17 SR EUR 192,162.81 192,329.03 0.103.125% UBS LONDON 12/16 -SR-S- EUR 202,276.64 207,638.99 0.113.25% MOTABILITY OP. 12/18 SR-S- EUR 155,753.01 161,437.22 0.083.375% ROYAL BK SCOT. 11/16 SR -S- EUR 1,854,356.52 1,945,683.58 1.023.5% ANGLO AMERICAN CAP. 12/22 EUR 227,898.35 230,996.63 0.123.625% BAT INTL FIN. 11/21-SR- EUR 67,425.55 70,018.06 0.043.625% HSBC HOLDINGS 05/20 EUR 384,325.62 381,900.52 0.203.875% HSBC BANK 11/18 -SR- EUR 337,127.74 360,949.18 0.193.875% STAND.CHARTERED 11/16 -SR- EUR 153,393.12 162,963.32 0.09La nota integrativa costituisce parte integrante del presente bilancio.87
<strong>Pictet</strong> - EUR BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto3.875% UBS LDN 09/19 EUR 780,781.69 850,895.89 0.454% BARCLAYS BANK 09/19 EUR 975,977.12 1,060,779.77 0.564% BARCLAYS BANK 10/17 EUR 269,702.19 285,245.13 0.154.125% BARCLAYS BANK 11/16 EUR 168,563.87 178,887.56 0.094.125% STAND. CHARTERED 12/19 -SR-S EUR 185,420.25 196,388.79 0.104.25% ABBEY NAT.TREAS. 06/21 -SR-S EUR 1,171,172.54 1,244,195.15 0.654.35% ROYAL BK SCOT. 06/17 EUR 70,796.82 61,332.35 0.034.375% ANGLO AMERICAN CAP. 09/16 EUR 161,821.31 176,945.94 0.094.375% REXAM 06/13 EUR 134,851.09 137,894.01 0.074.5% SABMILLER 09/15 EUR 67,425.55 72,847.24 0.044.625% LLOYDS BANKING GR12/17SR-S- EUR 229,246.86 234,944.79 0.124.7291% AVIVA 04/PE EUR 67,425.55 55,959.83 0.034.75% CREDIT SUISSE LDN 09/19 SR-S- EUR 67,425.55 74,579.06 0.044.75% ROYAL BANK OF SCOTLAND 11/16 SR-S- EUR 50,569.16 53,008.11 0.034.875% BARCLAYS BANK 04/PE EUR 87,653.21 57,433.01 0.034.875% ROYAL BK SCOTLAND 10/15 EUR 269,702.19 283,791.43 0.155% IMPERIAL TOBACCO FIN. 11/19SR-S- EUR 113,949.17 127,280.09 0.075.025% SCOTTISH & SOUTHERN 10/PE EUR 202,276.64 196,882.93 0.105.125% TESCO 09/15 EUR 269,702.19 297,600.18 0.165.25% AVIVA 03/23 EUR 84,281.93 82,807.00 0.045.25% BARCLAYS BANK 09/14 EUR 84,281.93 90,276.49 0.055.25% BRITISH TELECOM 07/14 EUR 202,276.64 218,126.03 0.115.375% BAT INTL FINANCE 07/17 EUR 269,702.19 311,537.04 0.165.375% VODAFONE 07/22 EUR 117,994.71 141,524.62 0.075.5% ROYAL BANK SCLOTLAND 10/20 EUR 296,672.41 303,970.55 0.165.625% LLOYDS TSB BANK 08/18 EUR 50,569.16 44,384.55 0.025.875% STANDARD CHARTERED 07/17 EUR 279,816.02 301,329.67 0.166% BARCLAYS BANK 08/18 EUR 101,138.32 101,879.16 0.056.25% LLOYDS TSB BANK 09/14 EUR 168,563.87 179,858.49 0.096.25% SUB. HSBC HOLDINGS 08/1811 EUR 101,138.32 112,975.55 0.066.25% VODAFONE 09/16 EUR 134,851.09 157,216.82 0.086.35% LLOYDS TSB BANK 02/PE EUR 16,166.36 12,771.42 0.016.375% LLOYDS TSB BANK 09/16 EUR 235,989.41 260,011.96 0.146.467% RBS CAP. TRUST A 02/PE EUR 32,332.72 18,752.98 0.016.5% SUB. LLOYDS TSB 10/20 3997-S- EUR 182,048.98 160,133.01 0.086.625% BARCLAYS BANK 11/22 EUR 158,450.04 151,001.30 0.086.625% NATIONAL GRID ELEC. 08/14 EUR 235,989.41 258,623.16 0.146.625% WPP GROUP 08/16 EUR 134,851.09 156,944.42 0.087.75% ECO-BAT FIN.12/17 SR-S- EUR 37,384.71 37,384.71 0.027.875% INEOS GROUP REG. S 06/16 EUR 64,835.19 57,703.32 0.038.25% JAGUAR LAND ROVER 12/20-SR-S GBP 19,399.63 23,421.16 0.018.375% IMPERIAL TOBACCO FR/RATG .9/16 EUR 308,370.74 376,287.85 0.209.125% INFINIS 09/14 GBP 22,608.66 28,178.62 0.019.25% INEOS FINANCE 10/15 EUR 10,508.13 11,164.89 0.019.375% FCE BANK 09/14 EUR 0.00 0.00 0.0010.625% KERLING 10/17 EUR 16,166.36 15,923.87 0.0110.75% LOWELL GRP.FIN. 12/19 SR -S- GBP 20,207.95 24,094.35 0.0110.75% TVN FINANCE 09/17 EUR 30,716.09 32,943.00 0.0211% ISS FINANCING 09/14 EUR 12,124.77 12,882.57 0.0111.125% ONO FINANCE 11/19 EUR 56,582.26 49,792.39 0.0311.125% VIRIDIAN GR.F.II 12/17 SR-S- EUR 39,607.58 36,637.01 0.0214,409,554.61 7.55La nota integrativa costituisce parte integrante del presente bilancio.88
<strong>Pictet</strong> - EUR BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoREPUBBLICA CECA9% CET 21 10/17 EUR 12,124.77 12,670.39 0.0112,670.39 0.01RUSSIASTEP ROSSELHOZBANK 10/20 RUB 842,014.68 21,758.88 0.016.88% RUSSIA 10/15 25075 RUB 572,116.59 14,565.18 0.017.00% RUSSIA 25079 11/15 RUB 1,288,930.16 32,912.86 0.027.35% RUSSIA 11/16 25077 -SR- RUB 695,983.43 17,896.36 0.017.40% RUSSIA 11/17 26206 RUB 5,866,564.99 150,102.48 0.087.5% RSHB CAPITAL 10/13 RUB 713,121.66 18,300.63 0.017.50% RUSSIA 11/18 26204 -SR- RUB 7,260,498.27 186,138.58 0.107.50% RUSSIA 12/19 6208 RUB 339,396.69 8,662.17 0.007.6% RUSSIA 11/21 26205 -SR- RUB 1,552,800.72 39,393.07 0.028.15% RUSSIA 12/27 6207 -SR- RUB 234,747.22 6,087.82 0.008.3% RZD/RUSS. RAIL. -LPN-12/19 SR-S RUB 2,839,532.58 72,371.94 0.048.7% RSHB CAPITAL -LPN- 11/16 RUB 5,129,942.05 134,268.02 0.07702,457.99 0.37SINGAPORE2.5% SINGAPORE 09/19 SGD 5,181.63 3,343.81 0.002.75% SINGAPORE 12/42 SR SGD 5,181.63 3,058.70 0.003.25% SINGAPORE 05/20 SGD 11,982.52 8,098.76 0.0010.75% BUMI INVESTMENT 10/17 USD 7,591.09 6,239.20 0.0020,740.47 0.00SOVRANAZIONALE2.85% ASIAN DEV. BANK 10/20 CNY 52,463.99 6,281.54 0.003.875% WORLDBANK 09/19 EUR 3,098,727.35 3,515,614.63 1.846.3% E.B.R.D. (D. CCY) 11/13 IDR 12,954,072.00 1,077.07 0.007% AFRICAN DEV. BK (DUAL) 10/12 ZMK 54,854,017.88 7,698.66 0.007.20% E.B.R.D. (DUAL) 11/16 -SR- IDR 220,219,224.00 19,218.70 0.018% WORLDBANK 10/20 COP 62,037,050.81 30,070.16 0.023,579,960.76 1.87SPAGNAFRN SANTANDER ISSUANCES 07/19 EUR 67,425.55 53,667.36 0.032.625% BANESTO 09/13 EUR 2,049,551.95 2,058,979.88 1.083% F.R.O.B. 09/14 EUR 1,268,770.25 1,257,598.73 0.663.15% SPAGNA 01/16 EUR 349,399.81 342,563.80 0.183.25% BANCO SANTANDER 12/15-SR- EUR 292,793.14 295,315.55 0.153.25% BBVA SENIOR FIN. 10/15 EUR 364,097.95 358,845.84 0.193.406% TELEFONICA EMIS. 10/15 EUR 286,558.57 290,844.06 0.153.5% SANTANDER INTL 10/14 SR REG.S EUR 235,989.41 235,924.52 0.123.57% CAJA MADRID 10/13 EUR 2,635,138.22 2,674,283.19 1.404% SPAGNA 04/20 EUR 558,258.91 519,515.74 0.274.00% SANTANDER INTL 12/17 -SR- EUR 80,910.66 78,512.46 0.044.1% SPAGNA 07/18 EUR 302,552.91 293,232.76 0.154.125% SANTANDER INTL 10/17 EUR 134,851.09 133,093.98 0.074.2% SPAGNA 07/13 EUR 683,183.98 702,675.22 0.37La nota integrativa costituisce parte integrante del presente bilancio.89
<strong>Pictet</strong> - EUR BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto4.20% SPAGNA 05/37 EUR 767,118.01 582,511.06 0.314.3% SPAGNA 10/19 EUR 767,118.01 736,183.98 0.394.375% BBVA 04/19 EUR 84,281.93 72,018.91 0.044.50% SANTANDER INT. 11/15 SR-S- EUR 111,252.15 113,199.62 0.064.6% SPAGNA 07/19 EUR 767,118.01 753,194.82 0.394.625% ABERTIS INFRASTR. 09/16 EUR 347,241.57 355,865.31 0.194.8% SPAGNA 08/24 EUR 790,541.46 731,827.95 0.384.967% TELEFONICA 11/16 -SR- EUR 229,246.86 239,193.88 0.135% GAS NATURAL CAP. 12/18-SR-REG.S EUR 91,024.49 94,322.76 0.055.25% GAS NATURAL FINANCE 09/14 EUR 414,667.11 436,694.23 0.235.5% SPAGNA 07/17 EUR 650,976.74 682,145.50 0.365.625% GAS NATURAL CAP. 11/17 EUR 168,563.87 181,648.64 0.105.625% IBERDROLA FINANZAS 08/18 EUR 182,048.98 199,733.21 0.105.75% SPAGNA 01/32 EUR 339,640.04 327,080.15 0.177.375% HUARTE LAIN 10/15 EUR 48,499.08 50,863.41 0.037.5% IBERDROLA FINANZAS 08/15 EUR 320,271.35 369,788.50 0.198.25% CAMPOFRIO ALIMENT. 09/16 EUR 16,166.36 16,449.27 0.018.5% ABENGOA 10/16 EUR 40,415.90 41,224.22 0.028.5% BBVA INT. PREF. 09/PE EUR 47,197.88 45,767.32 0.028.75% HUARTE LAIN 11/18 EUR 20,207.95 21,395.17 0.0115,346,161.00 8.04SRI LANKATBI SRI LANKA 19/10/12 364 LKR 1,031,144.13 5,710.58 0.00TBI SRI LANKA 30/03/12 LKR 140,887.19 830.07 0.006.25% SRI LANKA 11/21 USD 4,576.67 3,434.15 0.007.4% SRI LANKA 09/15 USD 1,036.33 831.28 0.0010,806.08 0.00STATI UNITI3.5% CITIGROUP 05/15 EUR 246,103.25 250,779.21 0.133.625% CITIGROUP 05/17 EUR 207,333.56 181,632.49 0.103.625% SUB. CS GROUP FIN (US) 05/20-S EUR 148,336.20 141,532.76 0.073.75% JPMORGAN CHASE 11/16 SR-S- EUR 471,978.83 501,040.93 0.263.75% MORGAN STANLEY 06/13 EUR 168,563.87 170,845.38 0.094% CITIGROUP 10/15 EUR 370,840.51 383,111.62 0.204% MORGAN STANLEY 05/15 EUR 321,956.99 323,904.83 0.174.375% AMERICAN INTL GROUP 06/16 EUR 202,276.64 203,288.02 0.114.375% JP MORGAN 06/21 EUR 168,563.87 160,557.08 0.084.375% WELLS FARGO 06/18 EUR 67,425.55 67,814.59 0.044.45% MERRILL LYNCH 07/14 EUR 141,593.65 145,296.32 0.084.5% HSBC FINANCE 06/16 EUR 337,127.74 360,519.34 0.194.50% MORGAN STANLEY 11/16 EUR 296,672.41 301,530.42 0.164.625% JP MORGAN CHASE 07/17 EUR 303,414.96 285,210.06 0.154.75% BANK OF AMERICA 04/19 EUR 230,258.24 202,051.61 0.114.75% BANK OF AMERICA 07/17 EUR 101,138.32 85,967.57 0.054.75% BANK OF AMERICA 10/17 EUR 286,558.57 295,901.82 0.164.75% CITIGROUP 04/19 EUR 84,281.93 76,691.92 0.044.75% PFIZER 09/16 EUR 155,078.76 174,715.61 0.095% 3M 07/14 REG.S EUR 32,027.13 34,688.27 0.025.125% GOLDMAN SACHS 07/14 EUR 404,553.28 427,113.20 0.22La nota integrativa costituisce parte integrante del presente bilancio.90
<strong>Pictet</strong> - EUR BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto5.125% PROCTER & GAMBLE 07/17 EUR 202,276.64 237,682.13 0.125.33% DEUTSCHE CAP. TR . 03/PE 19.09 EUR 47,197.88 39,741.80 0.025.5% GE CAPITAL TRUST II 10/67 EUR 269,702.19 238,956.14 0.135.625% ROCHE HOLDINGS 09/16 EUR 404,553.28 469,065.37 0.255.75% PFIZER 09/21 EUR 202,276.64 254,163.63 0.135.75% PHILIP MORRIS 09/16 EUR 101,138.32 117,185.43 0.065.983% DEUTSCHE POSTBANK 07/PE EUR 31,524.40 23,958.55 0.016% WACHOVIA BANK 08/09 EUR 50,569.16 53,309.50 0.036.125% BANK OF AMERICA 09/21 GBP 16,166.36 20,175.33 0.016.25% AMERICAN HONDA 08/13 EUR 101,138.32 107,482.73 0.066.25% CARGILL 08/17 EUR 117,994.71 134,940.52 0.076.25% CHESAPEAKE ENERGY 06/17 EUR 16,166.36 16,732.18 0.016.375% TRW AUTOMOTIVE REG. S 7/14 EUR 6,991.95 7,271.63 0.006.50% KRONOS INT. 06/13 EUR 16,150.19 13,049.36 0.017% BANK OF AMERICA 09/16 EUR 257,902.72 290,068.34 0.157% SWISS RE TREASURY 09/14 EUR 117,994.71 130,989.46 0.077.375% CITIGROUP 09/19 EUR 192,162.81 228,255.79 0.127.375% CONVATEC HEALTHCARE 10/17 EUR 27,757.64 28,590.37 0.017.75% LEVI STRAUSS 10/18 EUR 12,124.77 12,397.58 0.018.5% REYNOLDS ESCROW 09/16 EUR 16,166.36 16,893.85 0.018.75% VERIZON WIRELESS 08/15 EUR 128,108.54 160,773.65 0.0810.875% TRAVELPORT LLC 07/16 EUR 18,591.31 5,391.48 0.007,381,267.87 3.88SUDAFRICAFRN EDCON (PROPRIETARY) 07/14 EUR 4,041.59 3,597.02 0.006.75% SUDAFRICA 06/21 R208-SR ZAR 417,840.07 37,530.72 0.027% SUDAFRICA 10/31 ZAR 1,339,357.13 108,704.56 0.067.25% SUDAFRICA 05/20 ZAR 2,954,589.35 276,797.81 0.147.625% CONSOL GLASS 07/14 EUR 31,120.24 31,976.05 0.028% SUDAFRICA 04/18 ZAR 383,051.91 37,840.77 0.028.25% SUDAFRICA 04/17 ZAR 1,356,108.14 136,922.30 0.078.75% FOODCORP 11/18 EUR 28,291.13 27,725.31 0.0110.5% SUDAFRICA 97/26 ZAR 1,582,586.02 180,109.14 0.0913.5% SUDAFRICA S157 91/15 ZAR 1,292,039.14 151,060.84 0.0813.5% TRANSNET 98/28 ZAR 135,499.59 15,841.80 0.011,008,106.32 0.52SVEZIA1.75% SCANIA CV 12/16 -SR- EUR 175,306.42 174,876.92 0.091.875% STADSHYPOTEK 12/17 41 REG.S EUR 1,146,773.11 1,151,474.88 0.602.625% ATLAS COPCO 12/19 -SR-S EUR 77,539.38 78,317.87 0.043.375% SWEDBANK 12/17 SR -S- EUR 67,425.55 69,601.03 0.043.625% SVENSKA CELLULOSA11/16 SR-S- EUR 134,176.84 143,107.65 0.073.75% SVENSKA HANDELSBANK 10/17 EUR 303,414.96 325,423.17 0.173.875% SKANDINA. ENSK. BANK 12/17 SR S EUR 197,219.72 208,436.60 0.113.875% SKF 11/18 EUR 107,880.88 117,392.19 0.063.875% SWEDISH MATCH 10/17 EUR 101,138.32 108,396.51 0.064% NORDEA BANK 10/20 EUR 337,127.74 358,164.51 0.194.00% TELIASONERA 11/22 -SR-S EUR 67,425.55 72,467.29 0.044.25% SKAND. ENSKILDA BK. 11/18 EUR 50,569.16 54,324.17 0.03La nota integrativa costituisce parte integrante del presente bilancio.91
<strong>Pictet</strong> - EUR BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto4.5% SUB. NORDEA BANK 10/20 S137 -S- EUR 114,623.43 114,073.24 0.064.875% INVESTOR 09/21 EUR 101,138.32 115,718.93 0.065% VOLVO TREASURY 07/17 EUR 151,707.48 169,549.04 0.095.25% VATTENFALL TREASURY 05/PE EUR 232,618.14 239,166.34 0.135.375% ERICSSON TEL. 07/17 EUR 67,425.55 75,463.68 0.045.5% SKANDINAV. ENSKILDA 09/14 EUR 168,563.87 182,380.20 0.107.375% SUB. SWEDBANK 08/18 S.106 EUR 67,425.55 70,113.47 0.0410.75% NORCELL SWEDEN 2 11/19-SR-S EUR 8,083.18 8,366.09 0.0011.75% EILEME 2 12/20 SR-S- EUR 36,374.31 37,647.41 0.0215% CORRAL PETROL. 11/17 PIK SR-S- EUR 0.00 0.00 0.003,874,461.19 2.04THAILANDIAFRN THAILAND M.O.F. 11/16 SR THB 2,020,187.53 49,632.34 0.031.20% THAILAND M.O.F. (CPI) 11/21 SR THB 1,101,096.12 27,816.25 0.012.8% M.O.F. (THAILANDIA) 10/17 THB 942,408.74 21,991.17 0.013.625% THAILAND GOV. 09/15 THB 5,930,374.16 145,008.40 0.083.625% M.O.F. (THAILANDIA) 10/23 THB 209,013.95 4,963.83 0.003.65% M.O.F. (THAILANDIA) 10/21 THB 18,135.70 437.81 0.003.875% THAILAND GOV. 09/19 THB 4,887,312.28 120,142.87 0.064.125% THAILAND GOV. 09/16 THB 5,803,035.63 144,806.78 0.084.25% THAILAND GOV. 07/13 THB 226,696.26 5,584.99 0.004.75% THAILAND GOV. 09/24 THB 667,458.56 17,652.97 0.014.85% M.O.F. (THAILANDIA) 11/61 SR THB 268,149.29 6,993.50 0.004.875% THAILAND GOV. 09/29 THB 103,632.58 2,782.15 0.005% THAILANDIA 09/40 THB 352,998.46 9,621.80 0.015% THAILAND GOV. 07/17 THB 1,943.11 50.39 0.005.125% THAILAND GOV. 07/18 THB 80,962.95 2,121.61 0.005.125% M.O.F. (THAILANDIA) 02/22 THB 103,632.58 2,816.22 0.005.25% THAILAND GOV. 07/14 THB 875,695.27 22,188.49 0.015.25% THAILAND GOV. 08/38 THB 129,540.72 3,762.83 0.005.4% THAILAND GOV. 06/16 THB 64,770.36 1,693.83 0.005.5% M.O.F. (THAILANDIA) 07/23 THB 25,908.14 724.59 0.005.67% THAILAND GOV. 07/28 THB 3,886.22 112.76 0.005.85% THAILAND GOV. 06/21 THB 2,649,237.26 74,730.16 0.046.15% M.O.F. (THAILANDIA) 06/26 THB 2,590.81 78.23 0.00665,713.97 0.34TURCHIA0% TURCHIA 11/12 TRY 456,941.94 181,856.42 0.100% TURCHIA 11/150513 TRY 766,013.14 291,008.28 0.150% TURKIYE IS BANKASI 11/12 TRY 90,160.34 35,734.37 0.02TBI TURCHIA 200213 TRY 412,392.88 159,833.02 0.083.00% TURCHIA (CPI) 11/210721 -SR- TRY 39,937.40 17,218.57 0.013.00% TURCHIA (CPI) 12/22 TRY 33,415.03 13,627.05 0.014.00% TURCHIA (CPI) 10/15-SR- TRY 62,360.90 30,984.14 0.028.00% TURCHIA 11/14 TRY 246,127.37 101,538.62 0.059.00% TURCHIA 11/16 -SR- TRY 33,939.67 14,180.42 0.0110% TURCHIA 10/13 TRY 126,172.66 53,607.08 0.0310% TURCHIA 11/13 SR TRY 264,781.23 112,771.18 0.06La nota integrativa costituisce parte integrante del presente bilancio.92
<strong>Pictet</strong> - EUR BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Quantità/Valore nominale Valore di stima (nota 2) % del patrimonionetto10.5% TURCHIA 10/20 TRY 298,147.03 133,364.17 0.0711% TURCHIA 09/14 TRY 32,294.50 14,112.24 0.0116% TURCHIA 08/13 TRY 2,590.81 1,184.55 0.001,161,020.11 0.62UNGHERIA5.5% UNGHERIA 03/14 HUF 13,277,923.80 42,818.11 0.026% UNGHERIA 07/23 A -SR- HUF 1,295,407.20 3,427.94 0.006.5% UNGHERIA 08/19 HUF 21,161,772.02 61,976.82 0.036.75% UNGHERIA 01/17 A SR HUF 9,922,560.07 30,298.07 0.026.75% UNGHERIA 11/28 A HUF 1,554,488.64 4,252.48 0.006.75% UNGHERIA 'B' 06/17 HUF 18,582,292.43 57,541.46 0.037% UNGHERIA 11/22 A -SR- HUF 5,589,682.07 16,278.88 0.017.5% UNGHERIA 'A' 04/20 HUF 33,436,299.31 102,256.62 0.058% UNGHERIA 'A' 04/15 HUF 23,109,934.91 76,818.93 0.04395,669.31 0.20VENEZUELA5.25% PETROLEOS VENEZUELA 07/17 USD 12,954.07 7,415.16 0.0011.95% VENEZUELA 11/31 -S- USD 52,359.06 38,943.04 0.0212.75% PETROL. VENEZUELA 11/22 SR-S- USD 10,104.18 7,600.79 0.0053,958.99 0.02ZAMBIA12% ZAMBIA 07/12 ZMK 6,477,036.00 934.40 0.00934.40 0.00TOTALE OBBLIGAZIONI 178,591,693.36 93.57OPZIONIISOLA DI MANCALL USD 26/12/2012 6.6 -127,685.70 -211.58 0.00CALL USD 27/12/2012 6.6 -127,685.70 -213.50 0.00PUT USD 26/04/2012 1080 132,641.92 2.00 0.00PUT USD 27/04/2012 2.95 130,015.21 23.50 0.00PUT USD 28/06/2012 6.2 163,207.63 33.19 0.00-366.39 0.00LUSSEMBURGOPUT EUR 05/04/2012 108.35 76,619.32 228.33 0.00PUT EUR 10/04/2012 1.665 127,758.68 310.45 0.00538.78 0.00La nota integrativa costituisce parte integrante del presente bilancio.93
<strong>Pictet</strong> - EUR BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Quantità/Valore nominale Valore di stima (nota 2) % del patrimonionettoREGNO UNITOCALL ITRAX XOVER EUR CDSI S16 5YR 201216 20/06/2012 8 -242,495.41 -1,445.22 0.00PUT CHF 05/04/2012 90 95,774.17 245.67 0.00PUT EUR/AUD SPOT CROSS RATES 04/04/2012 1.202 3,250.38 0.00 0.00PUT EUR/AUD SPOT CROSS RATES 13/04/2012 1.2 2,284.90 1.12 0.00PUT EUR/CAD SPOT CROSS RATE 10/05/2012 1.253 2,275.25 169.76 0.00-1,028.67 0.00STATI UNITIPUT GBP/AUD SPOT CROSS RATE 02/05/2012 1.385 3,312.36 1.59 0.00PUT USA TREASURY NOTE 10 YEARS 20/04/2012 127.5 -83.93 -6,914.76 0.00PUT USA TREASURY NOTE 10 YEARS 20/04/2012 129.5 83.93 32,596.96 0.02PUT USA TREASURY NOTE 5 YEARS 20/04/2012 121.25 -132.73 -6,248.26 0.0019,435.53 0.02TOTALE OPZIONI 18,579.25 0.02PRODOTTI STRUTTURATILUSSEMBURGOFRN SIGN. LUX. CLN (ISS DC 2D) 07/15 28,291.13 26,993.33 0.0126,993.33 0.01TOTALE PRODOTTI STRUTTURATI 26,993.33 0.01TOTALE I. 178,637,265.94 93.60II. ALTRI VALORI MOBILIARIOBBLIGAZIONIFILIPPINE6.125% FILIPPINE 10/20 PHP 181,357.01 3,384.04 0.006.375% FILIPPINE (PROV.) 11/22 PHP 184,421.88 3,482.28 0.006,866.32 0.00GHANA15% GHANA 07/12 GHS 1,295.41 557.13 0.00557.13 0.00MALAYSIA3.461% MALAYSIA 08/13 MYR 12,954.07 3,195.65 0.004.232% MALAYSIA 11/31 S.11 MYR 50,883.59 12,681.19 0.014.392% MALAYSIA 11/26 MYR 467,512.46 120,071.83 0.06135,948.67 0.07SINGAPORE2.875% SINGAPORE 10/30 SGD 2,590.81 1,644.79 0.001,644.79 0.00La nota integrativa costituisce parte integrante del presente bilancio.94
<strong>Pictet</strong> - EUR BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Quantità/Valore nominale Valore di stima (nota 2) % del patrimonionettoSOVRANAZIONALE6.5% E.B.R.D. 11/14 IDR 49,225,473.60 3,994.27 0.003,994.27 0.00SRI LANKATBI SRI LANKA 26/10/12 364 LKR 128,465.53 710.02 0.006.75% GOVT OF SRI LANKA 10/13 LKR 181,331.10 1,008.03 0.006.85% SRI LANKA 06/12 LKR 864,684.31 5,001.72 0.007.5% SRI LANKA 03/13 LKR 906,785.04 5,098.50 0.0011,818.27 0.00TOTALE OBBLIGAZIONI 160,829.45 0.07OPZIONICINACALL USD/CNY SPOT CROSS RATES 13/03/2013 6.35 65,007.60 494.52 0.00CALL USD/CNY SPOT CROSS RATES 29/11/2012 6.1 -3,195.77 -98.37 0.00CALL USD/CNY SPOT CROSS RATES 29/11/2012 6.1875 3,195.77 310.43 0.00PUT USD/CNY SPOT CROSS RATES 12/04/2012 6.15 -139,165.60 0.00 0.00PUT USD/CNY SPOT CROSS RATES 12/04/2012 6.3 139,165.60 168.76 0.00PUT USD/CNY SPOT CROSS RATES 13/03/2013 6.35 65,007.60 633.09 0.00PUT USD/CNY SPOT CROSS RATES 13/12/2012 6.1 -3,196.16 -110.30 0.00PUT USD/CNY SPOT CROSS RATES 13/12/2012 6.18 3,196.16 305.46 0.00PUT USD/CNY SPOT CROSS RATES 26/12/2012 5.99 127,685.70 25.00 0.00PUT USD/CNY SPOT CROSS RATES 26/12/2012 6.05 -255,371.39 -96.17 0.00PUT USD/CNY SPOT CROSS RATES 26/12/2012 6.3 127,685.70 699.16 0.00PUT USD/CNY SPOT CROSS RATES 27/12/2012 5.99 127,685.70 25.97 0.00PUT USD/CNY SPOT CROSS RATES 27/12/2012 6.05 -255,371.39 -98.09 0.00PUT USD/CNY SPOT CROSS RATES 27/12/2012 6.3 127,685.70 702.05 0.00PUT USD/CNY SPOT CROSS RATES 29/03/2012 6.23 127,846.33 0.00 0.00PUT USD/CNY SPOT CROSS RATES 29/03/2012 6.26 -255,692.65 0.00 0.002,961.51 0.00GERMANIACALL JPY/KRW SPOT CROSS RATE 08/01/2013 0 319,619.70 0.00 0.000.00 0.00GIAPPONEPUT EUR/JPY CROSS-RATES 05/02/2013 100.25 165,414.43 87.67 0.0087.67 0.00REGNO UNITOCALL JPY/KRW SPOT CROSS RATE 08/01/2013 0 159,809.20 0.00 0.00CALL USD/JPY SPOT CROSS RATES 09/01/2013 0 3,195.77 0.00 0.00CALL USD/JPY SPOT CROSS RATES 10/01/2013 0 3,195.77 0.00 0.00CALL USD/JPY SPOT CROSS RATES 12/02/2013 0 3,312.36 0.00 0.00CALL USD/JPY SPOT CROSS RATES 21/12/2012 0 4,474.34 0.00 0.00CALL USD/JPY SPOT CROSS RATES 27/12/2012 0 3,195.77 0.00 0.00PUT EUR/CHF SPOT CROSS RATES 15/05/2012 1.12 3,199.66 0.00 0.00La nota integrativa costituisce parte integrante del presente bilancio.95
<strong>Pictet</strong> - EUR BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoPUT JPY/KRW SPOT CROSS RATE 29/08/2012 14 266,834.45 1,032.47 0.00PUT USD/HKD SPOT CROSS RATES 21/06/2012 7.5 -498,165.03 0.00 0.00PUT USD/HKD SPOT CROSS RATES 21/06/2012 7.79 332,110.02 1,005.56 0.00PUT USD/KRW SPOT CROSS RATES 09/11/2012 1100 3,312.36 305.17 0.00PUT USD/KRW SPOT CROSS RATES 09/11/2012 1100 3,312.36 305.17 0.00PUT USD/MYR SPOT CROSS RATES 05/04/2012 3.005 2,600.30 83.26 0.00PUT USD/MYR SPOT CROSS RATES 07/05/2012 3.005 2,600.30 242.99 0.00PUT USD/MYR SPOT CROSS RATES 27/04/2012 3 131,682.46 50.58 0.003,025.20 0.00SINGAPORECALL USD/JPY SPOT CROSS RATES 28/12/2012 0 3,838.29 0.00 0.000.00 0.00STATI UNITIPUT EUR/CHF SPOT CROSS RATES 15/05/2012 1.12 3,199.66 0.00 0.000.00 0.00SVIZZERACALL EUR / USD 05/04/2012 1.306 130,015.20 62.41 0.00CALL JPY/KRW SPOT CROSS RATE 28/12/2012 0 319,619.70 0.00 0.00PUT USD/KRW SPOT CROSS RATES 23/11/2012 1101 3,312.36 303.17 0.00365.58 0.00TOTALE OPZIONI 6,439.96 0.00PRODOTTI STRUTTURATIGHANA18.75% REP. GHANA (STANDARD) CLN 10/13 7,759.49 4,964.08 0.004,964.08 0.00INDONESIA9.75% CLN INDONESIA (HSBC) 07/37 1,865.38 1,831.09 0.0010% CLN INDONESIA (DB) 08/28 129.54 235.51 0.0011% CLN INDONESIA (CITI) 08/14 906.79 806.01 0.0011.5% CLN INDONESIA (CITI) 07/19 1,723.64 1,429.16 0.004,301.77 0.00TOTALE PRODOTTI STRUTTURATI 9,265.85 0.00TOTALE II. 176,535.26 0.07III. STRUMENTI DEL MERCATO MONETARIOINDONESIA0% INDONESIA 11/12 38,862,216.00 3,192.18 0.003,192.18 0.00La nota integrativa costituisce parte integrante del presente bilancio.96
<strong>Pictet</strong> - EUR BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoSRI LANKA0% SRI LANKA 11/12 129,540.72 754.22 0.00754.22 0.00TURCHIA0% TURCHIA 10/12 88,411.54 36,031.47 0.0236,031.47 0.02TOTALE III. 39,977.87 0.02TOTALE INVESTIMENTI 178,853,779.07 93.69DISPONIBILITÀ LIQUIDE PRESSO BANCHE 8,931,943.45 4.68ALTRE PASSIVITÀ NETTE 3,112,065.82 1.63PATRIMONIO NETTO COMPLESSIVO 190,897,788.34 100.00La nota integrativa costituisce parte integrante del presente bilancio.97
<strong>Pictet</strong> - EUR BondsRipartizione per aree geografiche(in % del patrimonio netto)RIPARTIZIONE PER AREE GEOGRAFICHE DEL PORTAFOGLIO AL31 MARZO 2012Ripartizione per aree geografiche (segue)(in % del patrimonio netto)Francia 18.79Italia 14.22Germania 10.70Paesi Bassi 9.54Spagna 8.04Regno Unito 7.55Stati Uniti 3.90Belgio 2.13Svezia 2.04Sovranazionale 1.87Norvegia 1.51Australia 1.46Lussemburgo 1.42Guernsey 1.18Finlandia 1.06Austria 1.03Irlanda 0.84Danimarca 0.78Turchia 0.64Malaysia 0.52Sudafrica 0.52Brasile 0.48Jersey 0.42Messico 0.40Polonia 0.38Russia 0.37Indonesia 0.34Thailandia 0.34Isole Cayman 0.22Ungheria 0.20Nuova Zelanda 0.20Canada 0.16Colombia 0.10Perù 0.09Filippine 0.07Hong Kong 0.05Portogallo 0.03Bermuda 0.03Venezuela 0.02Giappone 0.02Cile 0.01Antille olandesi 0.01Repubblica ceca 0.01Ghana 0.00Sri Lanka 0.00Singapore 0.00Corea del Sud 0.00Egitto 0.00Croazia 0.00Georgia 0.00Zambia 0.00Cina 0.00Svizzera 0.00Isola Di Man 0.0093.69La nota integrativa costituisce parte integrante del presente bilancio.98
<strong>Pictet</strong> - EUR BondsRipartizione per settori economici(in % del patrimonio netto)RIPARTIZIONE PER SETTORI ECONOMICI DEL PORTAFOGLIO AL31 MARZO 2012Obbligazioni societarie 55.54Obbligazioni emesse da Stati o enti locali 36.23Obbligazioni di istituzioni sovranazionali 1.87Strumenti del mercato monetario 0.02Opzioni 0.02Prodotti strutturati 0.0193.69La nota integrativa costituisce parte integrante del presente bilancio.99
<strong>Pictet</strong> - USD Government BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoVALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOOBBLIGAZIONIAUSTRALIA2.25% COMWLTH BK AUST. 12/17 -SR-S USD 750,000.00 753,165.00 0.152.40% ANZ BANKING GRP 11/16 REG.S USD 1,450,000.00 1,466,537.25 0.282.45% WESTPAC BANKING 11/16 T.1 -S- USD 3,200,000.00 3,240,672.00 0.625,460,374.25 1.05CANADA1.95% BANK NOVA SCOTIA 12/17 -SR-S USD 3,000,000.00 3,045,450.00 0.593,045,450.00 0.59FRANCIA1.375% COUNCIL EUROPE 12/16 -SR- USD 3,100,000.00 3,096,652.00 0.601.75% CDC CAISSE DEP. CONS. 10/13 USD 3,300,000.00 3,327,555.00 0.642.125% CIE FIN. FONCIERE 10/13 -S- USD 1,200,000.00 1,209,522.00 0.232.875% CADES 09/14 USD 1,000,000.00 1,038,985.00 0.203.375% S.F.E.F. 09/14 USD 3,000,000.00 3,138,705.00 0.615.625% C.E.F. FIN.FONCIER 07/17 USD 2,000,000.00 2,221,100.00 0.4314,032,519.00 2.71GIAPPONE1.5% DEV. BK JAPAN 12/17 REG.S USD 3,000,000.00 2,994,750.00 0.582,994,750.00 0.58NORVEGIA2.375% KOMMUNALBANKEN 11/16 -SR-S USD 3,000,000.00 3,117,195.00 0.602.90% DNB NOR BOLIGKR.11/16 S.2-S- USD 3,000,000.00 3,114,480.00 0.606,231,675.00 1.20PAESI BASSI1% BANK NED. GEMEENTEN 11/14 -SR- S USD 2,600,000.00 2,597,088.00 0.501.25% NED. WATERSCHAP. 11/14 -SR- S USD 3,760,000.00 3,765,320.40 0.732.50% RABOBANK 10/13 USD 1,000,000.00 1,020,320.00 0.202.8% NIBC BANK 09/14 USD 1,400,000.00 1,456,609.00 0.288,839,337.40 1.71REGNO UNITO1.875% UBS LDN 12/15 -SR-S USD 3,600,000.00 3,631,824.00 0.703,631,824.00 0.70STATI UNITI0% STRIPS USA -PRIN- 151140 USD 10,039,000.00 3,755,238.54 0.720.75% TNOTE USA 10/13 AC-2013 USD 9,957,000.00 10,025,066.05 1.931% TNOTE USA 11/16 AB-2016-SR- USD 4,677,000.00 4,702,578.51 0.91La nota integrativa costituisce parte integrante del presente bilancio.100
<strong>Pictet</strong> - USD Government BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto1.25% US TREASURY 10/15 USD 5,390,000.00 5,505,168.13 1.061.375% TNOTE USA 11/18 S-2018 USD 4,942,000.00 4,910,341.55 0.951.5% US TREASURY 08/13 USD 3,487,000.00 3,559,055.37 0.691.50% TNOTE USA 11/16 AA-2016 USD 4,317,000.00 4,434,536.80 0.851.75% TNOTE USA 11/16 Y-2016 USD 4,211,000.00 4,373,847.79 0.841.75% US TREASURY 09/14 USD 7,305,000.00 7,495,046.88 1.441.75% US TREASURY 09/14 USD 7,408,000.00 7,615,194.35 1.471.875% TNOTE USA 09/14 H-2014 USD 4,199,000.00 4,322,018.10 0.831.875% US TREASURY 09/14 USD 1,175,000.00 1,211,581.28 0.231.875% US TREASURY 10/15 USD 6,555,000.00 6,827,953.48 1.321.875% US TREASURY 10/17 USD 6,259,000.00 6,493,712.50 1.252% US TREASURY 08/13 USD 7,909,000.00 8,131,132.17 1.572.25% TNOTE USA 11/16 V-2016 USD 418,000.00 442,737.03 0.092.25% US TREASURY 09/14 USD 5,622,000.00 5,848,636.88 1.132.25% US TREASURY 10/15 USD 1,400,000.00 1,468,878.60 0.282.375% TNOTE USA 11/18 L USD 4,624,000.00 4,908,484.66 0.952.375% US TREASURY 09/14 USD 7,843,000.00 8,210,334.75 1.582.375% US TREASURY 09/14 USD 3,403,000.00 3,570,357.84 0.692.375% US TREASURY 10/15 USD 3,783,000.00 3,985,744.21 0.772.5% US TREASURY 10/15 USD 3,803,000.00 4,026,277.93 0.782.5% US TREASURY 10/17 USD 2,635,000.00 2,823,875.48 0.542.625% US TREASURY 09/14 USD 7,202,000.00 7,562,942.63 1.462.625% US TREASURY 09/14 USD 6,943,000.00 7,299,099.53 1.412.625% US TREASURY 09/14 USD 6,983,000.00 7,390,388.22 1.422.625% US TREASURY 09/16 USD 3,924,000.00 4,212,321.79 0.812.625% US TREASURY 10/20 USD 8,238,000.00 8,697,523.88 1.682.75% US TREASURY 08/13 USD 7,077,000.00 7,351,233.75 1.422.75% US TREASURY 09/16 USD 5,642,000.00 6,104,378.83 1.182.75% US TREASURY 09/19 USD 4,973,000.00 5,376,086.52 1.042.75% US TREASURY 11/18 USD 5,175,000.00 5,614,875.00 1.083% US TREASURY 09/16 USD 7,014,000.00 7,661,150.22 1.483.125% TBOND USA 11/41 S.2041 USD 4,491,000.00 4,366,444.36 0.843.125% TBOND USA 12/42 USD 530,000.00 515,052.41 0.103.125% US TREASURY 10/17 USD 367,000.00 404,001.12 0.083.25% US TREASURY 09/16 USD 4,474,000.00 4,923,847.28 0.953.25% US TREASURY 09/16 USD 2,929,000.00 3,239,749.33 0.623.25% US TREASURY 10/17 USD 2,273,000.00 2,520,366.04 0.493.375% US TREASURY 09/19 USD 9,647,000.00 10,808,407.15 2.083.5% US TREASURY 08/18 USD 6,629,000.00 7,469,016.94 1.443.5% US TREASURY 09/39 USD 4,871,000.00 5,122,540.88 0.993.5% US TREASURY 10/20 USD 6,066,000.00 6,848,419.98 1.323.625% US TREASURY 10/20 USD 4,294,000.00 4,888,618.09 0.943.625% US TREASURY 11/21 USD 6,853,000.00 7,789,935.31 1.503.75% US TREASURY 08/18 USD 4,038,000.00 4,632,817.59 0.893.875% US TREASURY 08/18 USD 4,635,000.00 5,336,586.05 1.033.875% US TREASURY 10/40 USD 6,730,000.00 7,537,997.07 1.454% US TREASURY 04/14 USD 4,376,000.00 4,674,970.51 0.904% US TREASURY 05/15 USD 2,559,000.00 2,813,601.31 0.544% US TREASURY 08/18 USD 9,631,000.00 11,200,554.44 2.164.125% US TREASURY 05/15 USD 7,681,000.00 8,529,808.11 1.644.25% US TREASURY 03/13 USD 9,864,000.00 10,403,052.80 2.014.25% US TREASURY 03/13 USD 5,428,000.00 5,775,942.94 1.11La nota integrativa costituisce parte integrante del presente bilancio.101
<strong>Pictet</strong> - USD Government BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto4.25% US TREASURY 04/14 USD 3,718,000.00 4,083,990.63 0.794.25% US TREASURY 05/15 USD 5,581,000.00 6,258,896.17 1.214.25% US TREASURY 07/17 USD 6,323,000.00 7,376,174.69 1.424.375% US TREASURY 09/39 USD 3,164,000.00 3,847,658.14 0.744.5% US TREASURY 06/36 USD 1,875,000.00 2,313,537.19 0.454.5% US TREASURY 08/38 USD 2,817,000.00 3,486,755.84 0.674.5% US TREASURY 09/39 USD 2,944,000.00 3,649,121.86 0.704.50% US TREASURY 07/17 USD 2,027,000.00 2,376,103.12 0.464.625% US TREASURY 07/17 USD 4,485,000.00 5,260,763.72 1.014.625% US TREASURY 10/40 USD 6,571,000.00 8,305,129.61 1.604.75% US TREASURY 07/17 USD 4,031,000.00 4,796,575.58 0.924.75% US TREASURY 11/41 USD 7,985,000.00 10,303,768.14 1.995% US TREASURY 07/37 USD 2,084,000.00 2,761,748.06 0.535.25% US TREASURY 98/28 USD 539,000.00 710,606.28 0.145.25% US TREASURY 99/29 USD 1,605,000.00 2,119,853.51 0.415.375% US TREASURY 01/31 USD 1,170,000.00 1,587,566.57 0.316% US TREASURY 96/26 USD 1,330,000.00 1,848,622.20 0.366.125% US TREASURY 97/27 USD 1,654,000.00 2,356,658.90 0.456.25% US TREASURY 00/30 USD 1,167,000.00 1,724,128.72 0.336.25% US TREASURY 93/23 USD 1,684,000.00 2,346,022.50 0.456.375% US TREASURY 97/27 USD 1,382,000.00 2,010,270.33 0.396.5% US TREASURY 96/26 USD 1,217,000.00 1,776,321.03 0.347.125% US TREASURY 93/23 USD 1,258,000.00 1,854,075.62 0.367.25% US TREASURY 86/16 USD 2,701,000.00 3,408,536.40 0.667.25% US TREASURY 92/22 USD 1,385,000.00 2,043,740.63 0.397.5% US TREASURY 86/16 USD 4,700,000.00 6,099,902.05 1.187.5% US TREASURY 94/24 USD 787,000.00 1,217,989.93 0.237.625% US TREASURY 95/25 USD 1,628,000.00 2,548,900.99 0.498% US TREASURY 91/21 USD 5,835,000.00 8,904,528.01 1.728.125% US TREASURY 89/19 USD 5,140,000.00 7,493,156.25 1.448.125% US TREASURY 91/21 USD 5,102,000.00 7,754,642.04 1.498.125% US TREASURY 91/21 USD 5,495,000.00 8,401,769.83 1.628.75% US TREASURY 87/17 USD 2,368,000.00 3,280,789.41 0.638.75% US TREASURY 90/20 USD 3,590,000.00 5,540,800.62 1.078.875% US TREASURY 89/19 USD 2,960,000.00 4,402,421.32 0.859.875% US TREASURY 85/15 USD 5,476,000.00 7,293,774.63 1.41457,264,829.48 88.14SVEZIA1.625% KOMMUNINV. I 12/17 SR-S-144A USD 4,250,000.00 4,215,787.50 0.812.95% SWEDBANK MORTG.11/16 REG. S USD 3,060,000.00 3,189,193.20 0.613.25% SWEDISH EXPORT 09/14 USD 3,270,000.00 3,441,021.00 0.6610,846,001.70 2.08TOTALE OBBLIGAZIONI 512,346,760.83 98.76La nota integrativa costituisce parte integrante del presente bilancio.102
<strong>Pictet</strong> - USD Government BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoOPZIONISTATI UNITIPUT USA TREASURY NOTE 10 YEARS 20/04/2012 127.5 -123.00 -13,453.74 0.00PUT USA TREASURY NOTE 10 YEARS 20/04/2012 129.5 123.00 63,422.49 0.01PUT USA TREASURY NOTE 5 YEARS 20/04/2012 121.25 -188.00 -11,750.00 0.0038,218.75 0.01TOTALE OPZIONI 38,218.75 0.01TOTALE INVESTIMENTI 512,384,979.58 98.77DISPONIBILITÀ LIQUIDE PRESSO BANCHE 2,545,014.32 0.49ALTRE PASSIVITÀ NETTE 3,851,112.22 0.74PATRIMONIO NETTO COMPLESSIVO 518,781,106.12 100.00La nota integrativa costituisce parte integrante del presente bilancio.103
<strong>Pictet</strong> - USD Government BondsRIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Stati Uniti 88.15Francia 2.71Svezia 2.08Paesi Bassi 1.71Norvegia 1.20Australia 1.05Regno Unito 0.70Canada 0.59Giappone 0.5898.77Ripartizione per settori economici(in % del patrimonio netto)Obbligazioni emesse da Stati o enti locali 89.86Obbligazioni societarie 8.90Opzioni 0.0198.77La nota integrativa costituisce parte integrante del presente bilancio.104
<strong>Pictet</strong> - Short-Term Money Market CHF (nota 1)PROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN CHF)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoI. VALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOOBBLIGAZIONIAUSTRALIAFRN COMWTH BK AUSTR.07/12 CHF 3,000,000.00 2,993,700.00 0.332.25% NAT. AUSTRALIA BANK 06/12 CHF 3,000,000.00 3,000,000.00 0.333.87% TOYOTA F.AUST.10/12112-SR-S NZD 7,674,000.00 5,687,689.84 0.634.375% WESTPAC BANKING 08/12 CHF 3,930,000.00 3,993,666.00 0.4415,675,055.84 1.73AUSTRIA2.25% PFBST. OEST. L-HYPO. 05/13 CHF 2,500,000.00 2,540,250.00 0.282.5% O.K.B. 04/12 CHF 12,660,000.00 12,824,580.00 1.4215,364,830.00 1.70BELGIOTBI BELGIO 19/07/12 SR EUR 7,500,000.00 9,022,484.90 1.009,022,484.90 1.00BERMUDA3.5% NOVARTIS SEC. INVEST. 08/12 CHF 9,440,000.00 9,512,688.00 1.059,512,688.00 1.05CANADAFRN ROYAL BANK CANADA 07/12 CHF 2,600,000.00 2,595,060.00 0.292,595,060.00 0.29COREA DEL SUD4.25% IND. BANK OF KOREA 08/12 CHF 7,010,000.00 7,061,173.00 0.787,061,173.00 0.78DANIMARCA2.125% FIN. DANISH INDUSTRY 03/13 EUR 7,000,000.00 8,538,986.72 0.948,538,986.72 0.94FINLANDIAFRN MUNICIPALITY FINANCE 11/13 CHF 1,500,000.00 1,497,300.00 0.171,497,300.00 0.17FRANCIAFRN BPCE 10/12 CHF 6,000,000.00 5,995,800.00 0.66FRN SOCIETE GENERALE 11/12 SR -S- EUR 7,000,000.00 8,427,768.53 0.931.5% CADES 09/12 CHF 3,525,000.00 3,539,805.00 0.39La nota integrativa costituisce parte integrante del presente bilancio.105
<strong>Pictet</strong> - Short-Term Money Market CHF (nota 1)PROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN CHF)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto2.375% TOTAL CAPITAL 04/12 CHF 4,500,000.00 4,541,850.00 0.503.5% GDF SUEZ 08/12 CHF 8,500,000.00 8,687,000.00 0.963.625% TOTAL 08/12 CHF 1,640,000.00 1,652,628.00 0.1832,844,851.53 3.62GERMANIAFRN STATE OF HESSE 09/12 S.905 EUR 3,000,000.00 3,614,627.09 0.401.5% NRW. BANK 09/12 CHF 7,075,000.00 7,079,952.50 0.782.25% LANDW. RENTENBANK 08/12 CHF 35,000.00 35,052.50 0.002.75% LAND BERLIN 08/12 CHF 1,320,000.00 1,339,272.00 0.152.875% NORDRHEIN-WESTFALEN 08/12 CHF 1,205,000.00 1,207,530.50 0.133% LBK HESSEN-THUER. 02/12 CHF 1,000,000.00 1,014,200.00 0.113.25% DEUTSCHE BANK 07/12 CHF 5,725,000.00 5,778,242.50 0.643.25% LANDW. RENTENBANK 02/12 CHF 2,000,000.00 2,024,800.00 0.223.375% B.A.S.F. SE 05/12 EUR 1,000,000.00 1,209,190.82 0.133.625% K.F.W. 02/12 CHF 2,480,000.00 2,489,920.00 0.283.625% NRW. BANK 08/12 CHF 2,350,000.00 2,373,735.00 0.264.875% DEUTSCHE BANK 07/12 EUR 2,000,000.00 2,451,073.04 0.2730,617,595.95 3.37GIAPPONE1.875% N.T.T. 05/12 CHF 12,240,000.00 12,282,840.00 1.3612,282,840.00 1.36IRLANDA5.125% CATERPILLAR 09/12 EUR 1,200,000.00 1,454,235.53 0.161,454,235.53 0.16JERSEY4% UBS JERSEY BRANCH 08/12 CHF 5,780,000.00 5,791,560.00 0.645,791,560.00 0.64LUSSEMBURGOFRN SWISS RE FINANCE 10/12 CHF 7,000,000.00 7,000,700.00 0.771.25% NESTLE FINANCE 09/12 CHF 19,450,000.00 19,461,670.00 2.1626,462,370.00 2.93NORVEGIA2.625% STATNETT 08/12 CHF 7,795,000.00 7,843,329.00 0.877,843,329.00 0.87PAESI BASSIFRN ABN AMRO BANK 10/12 -SR- CHF 5,000,000.00 4,987,500.00 0.55FRN RABOBANK 10/12 CHF 5,665,000.00 5,667,266.00 0.63FRN RABOBANK NED. 11/13 -SR- CHF 2,600,000.00 2,594,800.00 0.29FRN RABOBK NEDER. 08/13 -SR- CHF 5,000,000.00 4,981,000.00 0.551.75% ENERGIE BEHEER NED. 05/12 CHF 275,000.00 277,310.00 0.032.125% RABOBANK 06/12 CHF 685,000.00 689,589.50 0.082.5% RABOBANK 07/13 CHF 2,445,000.00 2,486,565.00 0.282.5% RABOBANK 09/13 CHF 2,230,000.00 2,268,356.00 0.25La nota integrativa costituisce parte integrante del presente bilancio.106
<strong>Pictet</strong> - Short-Term Money Market CHF (nota 1)PROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN CHF)Descrizione Valuta Quantità/Valore nominale Valore di stima (nota 2) % del patrimonionetto3.375% NED. WATERSCHAPSBANK 02/12 CHF 5,950,000.00 6,026,755.00 0.673.6% TOYOTA MOTOR FIN. 10/12 SR NZD 2,000,000.00 1,480,297.89 0.164% ABN AMRO BANK 02/12 CHF 140,000.00 140,308.00 0.024.25% RABOBANK 00/12 CHF 3,320,000.00 3,380,092.00 0.375.5% RABOBANK 09/12 AUD 4,428,000.00 4,151,710.77 0.4639,131,550.16 4.34REGNO UNITOFRN CREDIT SUISSE LONDON 10/12 -SR- CHF 500,000.00 499,200.00 0.06FRN LLOYDS TSB BANK 11/12 CHF 3,600,000.00 3,576,240.00 0.402.625% BP CAPITAL MARKET 06/12 CHF 11,395,000.00 11,443,998.50 1.272.625% HBOS TREASURY SERV. 06/12 CHF 765,000.00 767,142.00 0.082.75% BRADFORD & BINGLEY 06/12 CHF 5,380,000.00 5,400,444.00 0.603% CSFB LONDON 07/12 CHF 9,820,000.00 9,863,208.00 1.094.5% BP CAPITAL MARKETS 07/12 EUR 3,000,000.00 3,689,157.72 0.4135,239,390.22 3.91STATI UNITIFRN GENERAL ELECTRIC CAP. 10/13 CHF 2,500,000.00 2,500,000.00 0.283% NESTLE HOLDINGS 07/12 CHF 10,465,000.00 10,619,882.00 1.173.5% GENERAL ELEC. CAP. 08/12 CHF 6,340,000.00 6,359,654.00 0.704% PHILIP MORRIS 08/12 CHF 14,920,000.00 15,173,640.00 1.684.375% GENERAL EL.CAPITAL 00/12 CHF 1,110,000.00 1,139,415.00 0.134.625% ROCHE HOLDINGS 03/13 EUR 2,900,000.00 3,616,153.93 0.4039,408,744.93 4.36SVEZIA1.75% KOMMUNINVEST I SV. 05/12 CHF 5,230,000.00 5,280,208.00 0.583% STADSHYPOTEK 07/12 CHF 15,000.00 15,267.00 0.005,295,475.00 0.58SVIZZERACLAIM SWISS CONFED. 26/04/12 S 3.795 CHF 14,000,000.00 14,000,884.80 1.5514,000,884.80 1.55TOTALE I. 319,640,405.58 35.35II. STRUMENTI DEL MERCATO MONETARIOAUSTRALIAC. PAP. ING BANK SYDNEY 19/04/12 4,000,000.00 4,812,076.69 0.534,812,076.69 0.53AUSTRIAC. PAP. KA FINANZ 18/06/12 4,000,000.00 4,811,986.17 0.53C. PAP. KA FINANZ 22/05/12 7,500,000.00 9,024,252.48 1.0013,836,238.65 1.53La nota integrativa costituisce parte integrante del presente bilancio.107
<strong>Pictet</strong> - Short-Term Money Market CHF (nota 1)PROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN CHF)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoBELGIOC. PAP. SUMITOMO MIT. BKG CORP. 10/04/12 9,000,000.00 10,832,355.02 1.2010,832,355.02 1.20COREA DEL SUDC. PAP. EXPORT-IM. BANK KOREA (CHF) 20/04/12 8,500,000.00 8,499,424.55 0.94C. PAP. KOREA DEV. BANK 04/09/12 6,500,000.00 7,814,945.99 0.8616,314,370.54 1.80FINLANDIAC. PAP. FINGRID 02/04/12 I 4,000,000.00 4,814,640.00 0.53C. PAP. POHJOLA BANK 30/07/12 6,000,000.00 7,206,264.51 0.8012,020,904.51 1.33FRANCIAC. PAP. BQUE FED. CR. MUTUEL 12/04/12 5,000,000.00 6,017,388.83 0.67C. PAP. BQUE FED. CR. MUTUEL 19/09/12 4,000,000.00 4,800,948.13 0.53C. PAP. BQUE FED. CR. MUTUEL 21/05/12 4,000,000.00 4,810,741.10 0.53C. PAP. CDC CAISSE DEP. CONS. 14/08/12 8,000,000.00 9,620,326.70 1.06C. PAP. CDC CAISSE DEP. CONS. 15/05/12 8,000,000.00 8,000,605.60 0.89C. PAP. CDC CAISSE DEP. CONS. 24/04/12 5,000,000.00 5,000,190.50 0.55C. PAP. CSSE AMORTISSEMENT 09/07/12 II 6,000,000.00 5,412,121.48 0.60C. PAP. CSSE AMORTISSEMENT 21/05/12 8,500,000.00 8,502,312.00 0.94C. PAP. CSSE AMORTISSEMENT 23/08/12 8,500,000.00 7,659,686.04 0.85C. PAP. CSSE AMORTISSEMENT 24/05/12 5,500,000.00 6,619,432.90 0.73C. PAP. CSSE AMORTISSEMENT 30/05/12 II 3,500,000.00 3,162,302.93 0.35C. PAP. LOREAL 21/06/12 8,000,000.00 7,996,574.40 0.88C. PAP. REG. PROV. ALPES C. AZUR 20/04/12 3,500,000.00 4,212,041.16 0.47C. PAP. UNEDIC 24/07/12 7,600,000.00 9,130,740.69 1.01CD BANK OF CHINA (PARIS) 25/04/12 6,500,000.00 7,819,706.76 0.87CD BNP PARIBAS 01/06/12 7,000,000.00 8,416,596.16 0.93CD BNP PARIBAS 02/05/12 6,500,000.00 7,819,684.86 0.87CD BPCE 03/05/12 2,500,000.00 3,007,504.00 0.33CD BPCE 22/05/12 6,000,000.00 7,215,494.18 0.80CD CRCAM NORD DE FRANCE 02/07/12 2,500,000.00 3,004,062.43 0.33CD CREDIT AGRICOLE 02/04/12 6,500,000.00 7,823,790.00 0.87CD CREDIT AGRICOLE 02/05/12 4,500,000.00 5,413,621.48 0.60CD SOCIETE GENERALE 02/07/12 6,300,000.00 7,570,427.66 0.84149,036,299.99 16.50GERMANIAC. PAP. ALLIANZ 12/09/12 6,000,000.00 7,191,429.89 0.80C. PAP. ALLIANZ 16/04/12 2,500,000.00 3,008,125.08 0.33C. PAP. ALLIANZ 28/08/12 2,000,000.00 2,398,073.24 0.27C. PAP. DZ BANK 12/04/12 8,000,000.00 8,000,034.40 0.89C. PAP. DZ BANK 24/09/12 6,500,000.00 7,814,634.60 0.86C. PAP. ERSTE ABWICKLUNG. 11/05/12 7,000,000.00 8,418,055.48 0.93C. PAP. ERSTE ABWICKLUNG. 30/04/12 7,000,000.00 6,324,088.32 0.70C. PAP. FMS WERTMANAGEMENT 03/08/12 7,000,000.00 6,998,569.90 0.77C. PAP. FMS WERTMANAGEMENT 08/05/12 5,000,000.00 7,215,978.24 0.80La nota integrativa costituisce parte integrante del presente bilancio.108
<strong>Pictet</strong> - Short-Term Money Market CHF (nota 1)PROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN CHF)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoC. PAP. FMS WERTMANAGEMENT 19/06/12 6,000,000.00 5,999,279.40 0.66C. PAP. FMS WERTMANAGEMENT 26/07/12 8,500,000.00 8,498,391.80 0.94C. PAP. FMS WERTMANAGEMENT 29/06/12 6,000,000.00 5,999,164.80 0.66C. PAP. FMS WERTMANAGEMENT 30/04/12 2,500,000.00 2,499,898.75 0.2880,365,723.90 8.89IRLANDAC. PAP. GE CAPITAL EURO. FDG 24/08/12 7,000,000.00 8,414,255.52 0.938,414,255.52 0.93LUSSEMBURGOC. PAP. BQE CAISSE EPARGNE 31 08/12 6,000,000.00 7,213,422.92 0.807,213,422.92 0.80NORVEGIAC. PAP. DNB NOR BK 10/04/12 10,500,000.00 12,637,600.92 1.4012,637,600.92 1.40PAESI BASSIC. PAP. ABN AMRO BANK 10/09/12 7,000,000.00 8,414,355.79 0.93C. PAP. ING BANK 01/06/12 3,000,000.00 3,604,882.50 0.40C. PAP. ING BANK 12/09/12 6,000,000.00 7,188,667.49 0.80C. PAP. PACCAR FINANCIAL 26/04/12 1,500,000.00 1,804,859.34 0.20C. PAP. PACCAR FINANCIAL 27/04/12 5,000,000.00 6,016,106.33 0.6727,028,871.45 3.00REGNO UNITOC. PAP. BANK OF CHINA (LDN) 25/06/12 8,000,000.00 7,992,212.00 0.88C. PAP. BARCLAYS BANK 13/04/12 4,000,000.00 4,814,308.75 0.53C. PAP. BARCLAYS BANK 23/07/12 7,000,000.00 8,419,081.72 0.93C. PAP. BARCLAYS BANK 24/09/12 2,000,000.00 2,404,406.42 0.27C. PAP. MITSUBISHI CORP FIN. 11/06/12 7,000,000.00 8,412,966.40 0.93C. PAP. MITSUBISHI CORP FIN. 22/06/12 6,000,000.00 7,209,393.79 0.80C. PAP. NATIONWIDE BLDG 10/04/12 7,000,000.00 8,424,698.24 0.93C. PAP. PRUDENTIAL 23/04/12 3,000,000.00 3,610,368.66 0.40C. PAP. ROYAL BK SCOT. LDN 12/04/12 6,500,000.00 7,822,513.94 0.87C. PAP. STANDARD CHARTERED BK 05/09/12 6,500,000.00 7,804,110.82 0.86C. PAP. STANDARD CHARTERED BK 24/08/12 6,000,000.00 8,624,850.09 0.95CD BK OF TOKYO-MITSUB. 24/05/12 7,500,000.00 9,023,768.61 1.0084,562,679.44 9.35SPAGNAC. PAP. SANTANDER 07/06/12 7,500,000.00 9,012,964.55 1.009,012,964.55 1.00STATI UNITIC. PAP. ZURICH FINANCE USA 05/09/12 6,500,000.00 5,857,087.96 0.655,857,087.96 0.65La nota integrativa costituisce parte integrante del presente bilancio.109
<strong>Pictet</strong> - Short-Term Money Market CHF (nota 1)PROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN CHF)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoSVEZIAC. PAP. NORDEA BANK 03/07/12 5,000,000.00 6,015,281.22 0.67C. PAP. NORDEA BANK 20/06/12 30,000,000.00 4,733,811.31 0.52C. PAP. NORDEA BANK 29/06/12 38,000,000.00 5,993,277.34 0.66C. PAP. STADSHYPOTEK 20/04/12 8,500,000.00 10,230,403.03 1.13C. PAP. SVENSKA HANDELSBANK. 14/05/12 3,000,000.00 3,608,957.49 0.40C. PAP. SVENSKA HANDELSBANK. 24/09/12 7,000,000.00 8,405,608.31 0.9338,987,338.70 4.31TOTALE II. 480,932,190.76 53.22TOTALE INVESTIMENTI 800,572,596.34 88.57DISPONIBILITÀ LIQUIDE PRESSO BANCHE 96,835,050.09 10.71ALTRE PASSIVITÀ NETTE 6,458,472.40 0.72PATRIMONIO NETTO COMPLESSIVO 903,866,118.83 100.00La nota integrativa costituisce parte integrante del presente bilancio.110
<strong>Pictet</strong> - Short-Term Money Market CHF (nota 1)RIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Francia 20.12Regno Unito 13.26Germania 12.26Paesi Bassi 7.34Stati Uniti 5.01Svezia 4.89Lussemburgo 3.73Austria 3.23Corea del Sud 2.58Norvegia 2.27Australia 2.26Belgio 2.20Svizzera 1.55Finlandia 1.50Giappone 1.36Irlanda 1.09Bermuda 1.05Spagna 1.00Danimarca 0.94Jersey 0.64Canada 0.2988.57Ripartizione per settori economici(in % del patrimonio netto)Strumenti del mercato monetario 53.22Obbligazioni societarie 32.40Obbligazioni emesse da Stati o enti locali 2.9588.57La nota integrativa costituisce parte integrante del presente bilancio.111
<strong>Pictet</strong> - Short-Term Money Market USD (nota 1)PROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoI. VALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOOBBLIGAZIONIAUSTRALIAFRN C.B. AUSTRALIA 09/12 T5 SR REG.S USD 1,000,000.00 1,002,400.00 0.10FRN NAT.AUST.BK 10/13 SR-S- USD 5,300,000.00 5,313,912.50 0.51FRN WESTPAC BANKING 10/13 -SR-144A- USD 10,000,000.00 10,041,750.00 0.9616,358,062.50 1.57BELGIOTBI BELGIO 17/05/12 SR EUR 10,000,000.00 13,314,366.59 1.2713,314,366.59 1.27CANADAFRN BK MONTREAL 07/12 USD 9,850,000.00 9,848,916.50 0.949,848,916.50 0.94COREA DEL SUD5.5% EXPORT-IM. KOREA 07/12 -SR- USD 1,500,000.00 1,532,430.00 0.151,532,430.00 0.15DANIMARCAFRN DANSKE BANK 09/12 -SR-REGS USD 500,000.00 500,195.00 0.05TBI DANIMARCA 01/06/12 -SR- DKK 50,000,000.00 8,949,711.15 0.859,449,906.15 0.90FRANCIAFRN BNP PARIBAS 09/12 SR USD 9,000,000.00 9,013,239.00 0.86FRN S.F.E.F. 09/12 USD 15,000,000.00 15,005,550.00 1.43FRN SFEF 09/12-SR -144A- USD 15,480,000.00 15,485,727.60 1.482.25% A.F.D. 09/12 USD 5,442,000.00 5,456,911.08 0.525.375% CSSE AMORTISSEMENT 07/12 SR USD 9,000,000.00 9,124,155.00 0.8754,085,582.68 5.16GERMANIAFRN DEUTSCHE BANK 11/13 USD 6,000,000.00 6,006,204.00 0.57FRN ERSTE ABWICKLUNGS. 11/12 -SR-S- USD 13,000,000.00 12,994,215.00 1.24FRN ERSTE ABWICKLUNGS.12/13 -SR- S USD 5,000,000.00 5,000,000.00 0.48FRN KRED.WIEDERAUFBAU 11/13 -SR- USD 27,455,000.00 27,480,121.33 2.62FRN LAN. BAD. -W.09/12 S5263 USD 12,200,000.00 12,213,908.00 1.1763,694,448.33 6.08La nota integrativa costituisce parte integrante del presente bilancio.112
<strong>Pictet</strong> - Short-Term Money Market USD (nota 1)PROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoGIAPPONETBI GIAPPONE 09/04/12 N248 JPY 1,000,000,000.00 12,151,231.03 1.16TBI GIAPPONE 20/04/12 N187 SR JPY 1,000,000,000.00 12,150,744.98 1.16TBI GIAPPONE 25/05/12 N267 JPY 1,500,000,000.00 18,224,477.04 1.74TBI GIAPPONE 27/04/12 N254 SR JPY 2,000,000,000.00 24,301,003.91 2.3266,827,456.96 6.38IRLANDA5.25% GE CAP. EUROP. FUND. 09/13 EUR 1,500,000.00 2,065,601.19 0.202,065,601.19 0.20NORVEGIAFRN DNB NOR BK CD 11/12 -SR- USD 1,700,000.00 1,699,751.46 0.16FRN KOMMUNALBANKEN 10/13 3219 SR-S USD 3,480,000.00 3,481,705.20 0.335,181,456.66 0.49PAESI BASSIFRN BANK NED. GEMEENTEN 09/12799SR-S- USD 6,000,000.00 6,000,000.00 0.57FRN ING BANK 11/13 -SR- REG S USD 2,700,000.00 2,700,486.00 0.263% LEASEPLAN 09/12 USD 3,380,000.00 3,387,892.30 0.323% LEASEPLAN CORP. 09/12 -SR-144A- USD 3,800,000.00 3,809,253.00 0.3615,897,631.30 1.51REGNO UNITOFRN BANK SCOTLAND 07/12-SR USD 3,000,000.00 2,997,885.00 0.29FRN HSBC BANK 09/12 USD 4,300,000.00 4,304,859.00 0.41FRN HSBC BANK 09/12 USD 2,900,000.00 2,905,017.00 0.28FRN HSBC BANK 10/12 SR 144A USD 10,000,000.00 10,004,500.00 0.96FRN HSBC BANK 11/13 SR 144A USD 5,000,000.00 5,010,750.00 0.48FRN LLOYDS TSB BANK 09/12 -SR-144A USD 900,000.00 900,031.50 0.092.5% WESTPAC SECU. 09/12 S009 SR-S- USD 7,500,000.00 7,523,625.00 0.722.625% RBS 09/12 -SR- T.3 144A USD 2,000,000.00 2,004,800.00 0.194.5% BP CAPITAL MARKETS 07/12 EUR 4,000,000.00 5,442,137.48 0.525.375% DT BANK-GL.-07/12 T.183 USD 4,000,000.00 4,087,100.00 0.395.50% BANK OF SCOTLAND 07/12 1517 S USD 5,870,000.00 5,921,362.50 0.5751,102,067.48 4.90STATI UNITIFRN CATERPILLAR 11/12 B -SR- USD 1,000,000.00 1,001,889.00 0.10FRN WACHOVIA 07/12 -SR- USD 2,500,000.00 2,500,712.50 0.244.625% ROCHE HOLDINGS 03/13 EUR 4,300,000.00 5,932,270.10 0.579,434,871.60 0.91SVEZIAFRN NORDEA BANK 10/12 -SR-144A- USD 5,800,000.00 5,796,299.60 0.55FRN SVENSKA HANDELSBK 09/12 SR 144A USD 1,990,000.00 1,995,283.45 0.19FRN SWEDISH EXP. 09/12 SR-S- USD 10,000,000.00 10,002,200.00 0.9517,793,783.05 1.69La nota integrativa costituisce parte integrante del presente bilancio.113
<strong>Pictet</strong> - Short-Term Money Market USD (nota 1)PROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Valuta Quantità/Valore nominale Valore di stima (nota 2) % del patrimonionettoSVIZZERACLAIM SWISS CONFED. 05/04/12 S37947 CHF 25,000,000.00 27,659,611.66 2.66CLAIM SWISS CONFED. 10/05/12 S37952 CHF 20,000,000.00 22,129,806.94 2.11CLAIM SWISS CONFED. 18/05/12 3.7953 CHF 10,000,000.00 11,065,147.98 1.0660,854,566.58 5.83TOTALE I. 397,441,147.57 37.98II. STRUMENTI DEL MERCATO MONETARIOAUSTRALIAC. PAP. BK WESTERN AUSTRALIA 02/05/12 4,000,000.00 3,998,478.80 0.38C. PAP. BK WESTERN AUSTRALIA 09/05/12 12,000,000.00 19,154,162.55 1.83C. PAP. SUNCORP METWAY 14/09/12 9,000,000.00 8,974,192.50 0.86C. PAP. UOB AUSTRALIA 26/04/12 8,000,000.00 7,998,631.20 0.76CD BK TOKYO-MITSUB. SYDNEY 27/04/12 10,000,000.00 9,997,022.00 0.95CD MIZUHO CORP BK SYDNEY 10/04/12 5,900,000.00 5,899,619.45 0.56CD UOB AUSTRALIA 05/04/12 15,000,000.00 14,999,778.00 1.4371,021,884.50 6.77AUSTRIAC. PAP. KA FINANZ 05/09/12 10,000,000.00 13,302,052.34 1.27C. PAP. KA FINANZ 08/06/12 7,000,000.00 9,317,455.80 0.89C. PAP. KA FINANZ 09/05/12 6,000,000.00 5,997,619.20 0.57C. PAP. KA FINANZ 12/06/12 10,000,000.00 13,310,266.28 1.27CD OESTERREICH KONTROLLBK 31/05/12 8,000,000.00 10,652,767.45 1.0252,580,161.07 5.02BELGIOC. PAP. SUMITOMO MIT. BKG CORP. 10/04/12 2,000,000.00 2,663,262.18 0.252,663,262.18 0.25COREA DEL SUDC. PAP. INDUSTR. BK OF KOREA 04/09/12 5,000,000.00 6,635,808.13 0.63C. PAP. KOREA DEV. BANK 10/04/12 7,000,000.00 9,321,448.38 0.89C. PAP. KOREA FINANCE 04/06/12 5,000,000.00 4,995,486.50 0.4820,952,743.01 2.00FINLANDIAC. PAP. FINGRID 08/05/12 6,000,000.00 7,988,174.10 0.76C. PAP. POHJOLA BANK 11/04/12 8,000,000.00 7,999,030.40 0.76C. PAP. POHJOLA BANK 25/05/12 4,000,000.00 3,996,848.40 0.38C. PAP. POHJOLA BANK 28/06/12 4,000,000.00 5,318,380.19 0.5125,302,433.09 2.41FRANCIAC. PAP. BQUE FED. CR. MUTUEL 12/04/12 7,000,000.00 9,320,509.66 0.89C. PAP. CDC CAISSE DEP. CONS. 10/04/12 5,000,000.00 4,999,643.50 0.48C. PAP. CDC CAISSE DEP. CONS. 15/06/12 12,500,000.00 12,490,523.75 1.19La nota integrativa costituisce parte integrante del presente bilancio.114
<strong>Pictet</strong> - Short-Term Money Market USD (nota 1)PROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoC. PAP. CSSE AMORTISSEMENT 06/09/12 10,000,000.00 9,966,961.00 0.95C. PAP. CSSE AMORTISSEMENT 22/06/12 12,500,000.00 12,479,188.75 1.19C. PAP. CSSE AMORTISSEMENT 30/05/12 II 10,000,000.00 9,996,295.00 0.95C. PAP. ELECTR. DE FRANCE (USD) 20/04/12 7,650,000.00 7,647,567.30 0.73C. PAP. UNEDIC 29/06/12 10,000,000.00 13,298,039.92 1.27CD BANQUE POSTALE 14/05/12 7,000,000.00 9,317,205.04 0.89CD CREDIT AGRICOLE 02/04/12 6,000,000.00 7,990,218.00 0.76CD CREDIT AGRICOLE 02/07/12 7,500,000.00 9,971,442.49 0.95CD NATIXIS 19/06/12 7,500,000.00 9,973,683.75 0.95CD SOCIETE GENERALE 01/06/12 6,500,000.00 8,646,833.47 0.83126,098,111.63 12.03GERMANIAC. PAP. ALLIANZ 11/07/12 9,000,000.00 11,956,010.89 1.14C. PAP. ALLIANZ 31/08/12 2,500,000.00 3,316,211.47 0.32C. PAP. ERSTE ABWICKLUNG. 16/07/12 7,000,000.00 9,299,022.63 0.89C. PAP. ERSTE ABWICKLUNG. 30/04/12 4,500,000.00 4,497,964.65 0.43C. PAP. FMS WERTMANAGEMENT 11/04/12 15,000,000.00 23,962,767.78 2.29C. PAP. FMS WERTMANAGEMENT 12/04/12 4,500,000.00 7,188,697.32 0.69C. PAP. FMS WERTMANAGEMENT 27/04/12 2,500,000.00 3,992,613.49 0.38C. PAP. HONDA BANK GMBH 13/04/12 4,500,000.00 5,991,227.06 0.5770,204,515.29 6.71IRLANDAC. PAP. GE CAPITAL EURO. FDG 14/08/12 5,000,000.00 6,650,154.57 0.63C. PAP. GE CAPITAL EURO. FDG 19/06/12 5,000,000.00 6,653,684.25 0.6413,303,838.82 1.27NORVEGIAC. PAP. DNB NOR BK 29/06/12 7,500,000.00 9,979,550.57 0.959,979,550.57 0.95PAESI BASSIC. PAP. ALLIANDER 14/05/12 10,000,000.00 9,995,164.00 0.95C. PAP. PACCAR FINANCIAL 15/06/12 3,500,000.00 4,655,770.99 0.44C. PAP. PACCAR FINANCIAL 26/04/12 4,000,000.00 5,324,951.34 0.51C. PAP. RABOBANK NED. 12/07/12 10,000,000.00 13,307,369.83 1.27C. PAP. RABOBANK NED. 18/05/12 7,500,000.00 9,984,528.47 0.95CD ABN AMRO BANK 02/04/12 2,000,000.00 2,663,406.00 0.25CD ABN AMRO BANK 25/07/12 4,500,000.00 5,986,990.25 0.57CD ING BANK 04/04/12 3,500,000.00 4,660,827.20 0.44CD ING BANK 13/04/12 6,500,000.00 8,653,593.86 0.83CD RABOBANK NEDERLAND 09/11/12 2,000,000.00 2,651,062.98 0.2567,883,664.92 6.46REGNO UNITOC. PAP. BANK OF CHINA (LDN) 05/04/12 8,000,000.00 7,999,610.40 0.76C. PAP. BARCLAYS BANK 24/09/12 5,500,000.00 7,315,501.82 0.70C. PAP. BARCLAYS BANK 29/05/12 6,000,000.00 7,987,099.42 0.76C. PAP. INDUSTR. BK OF KOREA 23/05/12 2,000,000.00 1,996,498.00 0.19C. PAP. MITSUBISHI CORP FIN. 17/05/12 3,000,000.00 3,991,286.48 0.38La nota integrativa costituisce parte integrante del presente bilancio.115
<strong>Pictet</strong> - Short-Term Money Market USD (nota 1)PROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoC. PAP. MITSUBISHI CORP FIN. 21/05/12 4,000,000.00 5,321,250.28 0.51C. PAP. NATIONWIDE BUILDING 11/04/12 7,000,000.00 9,320,755.76 0.89C. PAP. PRUDENTIAL 05/07/12 10,000,000.00 9,988,667.00 0.95C. PAP. PRUDENTIAL 18/05/12 1,500,000.00 1,499,181.15 0.14C. PAP. PRUDENTIAL 23/07/12 2,500,000.00 3,326,094.37 0.32C. PAP. ROYAL BK SCOT. LDN 05/04/12 3,000,000.00 3,994,964.38 0.38C. PAP. ROYAL BK SCOT. LDN 12/04/12 4,500,000.00 5,991,686.10 0.57CD BANK OF CHINA (LDN) 12/04/12 1,000,000.00 1,331,467.42 0.13CD BNP PARIBAS 17/05/12 6,000,000.00 7,983,846.60 0.76CD NORINCHUKIN BANK 17/04/12 9,000,000.00 8,998,498.80 0.8687,046,407.98 8.30SPAGNAC. PAP. SANTANDER 07/06/12 6,000,000.00 7,977,396.90 0.767,977,396.90 0.76SVEZIAC. PAP. SVEZIA 21/05/12 10,000,000.00 9,998,046.00 0.95C. PAP. AKADEMISKA HUS 24/04/12 5,000,000.00 4,998,749.50 0.48C. PAP. KOMMUNINVEST 29/05/12 130,000,000.00 19,539,308.24 1.87C. PAP. NORDEA BANK 03/10/12 70,000,000.00 12,133,209.14 1.16C. PAP. NORDEA BANK 04/04/12 5,000,000.00 6,658,479.04 0.64C. PAP. SBAB SWEDISH. HOU. FIN. 19/06/12 7,500,000.00 9,980,034.97 0.95C. PAP. SVENSKA HANDELSBANK. 24/05/12 5,000,000.00 6,653,868.02 0.64CD SKANDINAVISKA ENSKILDA 05/04/12 7,000,000.00 9,321,759.73 0.89CD SKANDINAVISKA ENSKILDA 11/07/12 3,500,000.00 4,656,932.03 0.44CD SVENSKA HANDELSBANK. 23/05/12 5,000,000.00 6,653,959.91 0.6490,594,346.58 8.66TOTALE II. 645,608,316.54 61.59TOTALE INVESTIMENTI 1,043,049,464.11 99.57DISPONIBILITÀ LIQUIDE PRESSO BANCHE 11,540,329.15 1.10ALTRE PASSIVITÀ NETTE -7,038,999.23 -0.67PATRIMONIO NETTO COMPLESSIVO 1,047,550,794.03 100.00La nota integrativa costituisce parte integrante del presente bilancio.116
<strong>Pictet</strong> - Short-Term Money Market USD (nota 1)RIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Francia 17.19Regno Unito 13.20Germania 12.79Svezia 10.35Australia 8.34Paesi Bassi 7.97Giappone 6.38Svizzera 5.83Austria 5.02Finlandia 2.41Corea del Sud 2.15Belgio 1.52Irlanda 1.47Norvegia 1.44Canada 0.94Stati Uniti 0.91Danimarca 0.90Spagna 0.7699.57Ripartizione per settori economici(in % del patrimonio netto)Strumenti del mercato monetario 61.59Obbligazioni societarie 21.93Obbligazioni emesse da Stati o enti locali 16.0599.57La nota integrativa costituisce parte integrante del presente bilancio.117
<strong>Pictet</strong> - Short-Term Money Market EUR (nota 1)PROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoI. VALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOOBBLIGAZIONIAUSTRALIA4.75% BHP BILLITON FIN. 09/12 EUR 2,131,604.16 2,131,593.50 0.124.875% WESTPAC BANKING 07/12 EUR 8,474,572.19 8,637,453.47 0.474.875% WESTPAC BANKING 07/12 121 SR EUR 4,569,289.92 4,623,047.62 0.2515,392,094.59 0.84AUSTRIA2.25% KOMMUNALKR.AUSTRIA 09/12 SR EUR 2,682,949.85 2,714,179.39 0.152,714,179.39 0.15BELGIOTBI BELGIO 14/06/12 SR EUR 19,940,169.86 19,933,190.80 1.08TBI BELGIO 17/01/13 EUR 9,970,084.93 9,935,438.88 0.54TBI BELGIO 17/05/12 SR EUR 29,910,254.78 29,904,272.73 1.6259,772,902.41 3.24DANIMARCAFRN DANSKE BANK 09/12 S.447 SR EUR 9,970,084.93 9,994,162.68 0.542.125% FIN. DANISH INDUSTRY 03/13 EUR 14,955,127.39 15,156,199.08 0.8225,150,361.76 1.36FRANCIAFRN BNP PARIBAS 11/12 -SR-S EUR 9,970,084.93 9,970,084.93 0.54FRN BPCE 10/12 EUR 4,985,042.46 4,991,672.57 0.27FRN BPCE 11/12 -SR- EUR 8,973,076.44 8,977,921.90 0.49FRN HSBC FRANCE 10/12 -SR- EUR 2,991,025.48 2,992,491.08 0.16FRN SOCIETE GENERALE 11/12 SR -S- EUR 13,958,118.90 13,962,306.33 0.750.40% CD OSEO 29/05/12 EUR 19,940,169.86 19,939,876.74 1.082.125% S.F.E.F. 05/12 EUR 2,121,634.07 2,126,863.90 0.1162,961,217.45 3.40GERMANIAFRN DEUTSCHE BANK 11/13 -SR- EUR 19,940,169.86 20,011,455.96 1.08FRN ERSTE ABWICKLUNGSANST. 11/12 EUR 15,952,135.88 15,952,135.88 0.86TBI GERMANIA 04/04/12 EUR 9,970,084.93 9,970,334.18 0.54TBI GERMANIA 31/10/12 EUR 9,970,084.93 9,967,841.66 0.542.25% HSH NORDBANK 09/12 EUR 24,925,212.32 25,056,069.68 1.3580,957,837.36 4.37GIAPPONETBI GIAPPONE 14/05/12 N257 JPY 1,994,016,985.60 18,256,351.55 0.9918,256,351.55 0.99La nota integrativa costituisce parte integrante del presente bilancio.118
<strong>Pictet</strong> - Short-Term Money Market EUR (nota 1)PROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoIRLANDAFRN GE CAP. EUROP. FUND 05/12 EUR 8,145,559.39 8,149,632.17 0.445.25% GE CAP. EUROP. FUND. 09/13 EUR 3,988,033.97 4,124,344.97 0.2212,273,977.14 0.66JERSEYFRN UBS JERSEY BRANCH 07/12 EUR 14,955,127.39 14,960,436.46 0.8114,960,436.46 0.81PAESI BASSIFRN ING BANK 11/13 S.47 SR-S- EUR 8,973,076.44 8,990,439.34 0.49FRN ING BANK 12/13-SR- EUR 4,985,042.46 4,996,632.69 0.27FRN RABOBANK 10/12 EUR 9,970,084.93 9,973,424.91 0.54FRN RABOBANK NED. 12/13 -SR- EUR 9,970,084.93 9,978,459.80 0.54FRN RABOBK NED. -GL.-10/12 2214A SR EUR 19,940,169.86 19,959,212.72 1.08FRN RABOBK NEDER. (EUR) 12/13 SR S EUR 9,970,084.93 9,987,233.47 0.54TBI PAESI BASSI 30/03/12 EUR 24,925,212.32 24,925,212.32 1.354.125% RABOBANK 07/12 EUR 997,008.49 997,113.18 0.054.125% SIEMENS FINANCE 09/13 EUR 10,441,669.95 10,745,835.79 0.58100,553,564.22 5.44REGNO UNITOFRN BARCLAYS BANK 09/13 EUR 21,934,186.84 22,027,626.48 1.19FRN CREDIT SUISSE LDN 07/12 EUR 11,964,101.91 11,971,579.48 0.65FRN CS LDN 09/1326SR S EUR 5,858,421.90 5,883,203.03 0.32FRN NATIONWIDE BLDG. 07/12 3 SR EUR 997,008.49 996,514.97 0.05FRN ROYAL BK OF SCO.10/12 -SR-REG S EUR 4,985,042.46 5,013,307.65 0.274.625% UBS LONDON 09/12 EUR 8,973,076.44 9,060,653.66 0.4954,952,885.27 2.97SOVRANAZIONALE2.5% E.I.B. 09/12 EUR 14,310,062.90 14,320,867.00 0.775.375% E.I.B. 02/12 EUR 14,955,127.39 15,364,673.56 0.8329,685,540.56 1.60STATI UNITIFRN JPMORGAN -GL.- 05/12 SR EUR 19,474,566.89 19,498,715.35 1.054% GENERAL ELEC. CAP. 08/12 EUR 13,509,465.08 13,608,557.00 0.744.625% ROCHE HOLDINGS 03/13 EUR 10,245,259.27 10,611,066.25 0.5743,718,338.60 2.36SVEZIAFRN NORDEA BANK 11/13 EUR 13,958,118.90 14,010,531.64 0.76FRN SEB 09/12 70 SR REG.S EUR 2,392,820.38 2,405,825.36 0.133% NORDEA BANK 09/12 EUR 4,985,042.46 5,023,377.44 0.2721,439,734.44 1.16La nota integrativa costituisce parte integrante del presente bilancio.119
<strong>Pictet</strong> - Short-Term Money Market EUR (nota 1)PROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Quantità/Valore nominale Valore di stima (nota 2) % del patrimonionettoSVIZZERACLAIM SWISS CONFED. 10/05/12 S37952 CHF 39,880,339.71 33,109,650.42 1.79CLAIM SWISS CONFED. 18/05/12 3.7953 CHF 19,940,169.86 16,555,182.75 0.89CLAIM SWISS CONFED. 26/04/12 S 3.795 CHF 19,940,169.86 16,554,196.19 0.89CLAIM SWISS CONFED. 28/06/12 S.37959 CHF 19,940,169.86 16,556,813.23 0.895.125% CREDIT SUISSE 09/12 EUR 6,405,779.57 6,406,644.35 0.3589,182,486.94 4.81TOTALE I. 631,971,908.14 34.16II. STRUMENTI DEL MERCATO MONETARIOAUSTRIAC. PAP. KA FINANZ 11/06/12 14,955,127.39 14,947,612.44 0.81C. PAP. KA FINANZ 15/06/12 24,925,212.32 24,911,959.58 1.35C. PAP. KA FINANZ 23/05/12 7,976,067.94 7,973,159.07 0.43CD OESTERREICH KONTROLLBK 10/04/12 14,955,127.39 14,954,944.94 0.81CD OESTERREICH KONTROLLBK 29/06/12 I 9,970,084.93 9,969,429.89 0.54CD OESTERREICH KONTROLLBK 31/05/12 19,940,169.86 19,938,959.49 1.0892,696,065.41 5.02BELGIOC. PAP. SUMITOMO MIT. BKG CORP. 10/04/12 9,970,084.93 9,969,474.76 0.549,969,474.76 0.54COREA DEL SUDC. PAP. EXPORT-IM. BANK KOREA (EUR) 20/04/12 9,970,084.93 9,967,126.80 0.54C. PAP. INDUSTR. BK OF KOREA 04/09/12 9,970,084.93 9,936,026.12 0.54C. PAP. KOREA DEV. BANK (GBP) 17/04/12 6,181,452.66 7,405,234.11 0.40C. PAP. KOREA DEV. BANK 04/09/12 9,970,084.93 9,958,903.48 0.5437,267,290.51 2.02FINLANDIAC. PAP. FINGRID 02/04/12 II 4,985,042.46 4,984,970.68 0.27C. PAP. FINGRID 03/04/12 9,970,084.93 9,970,013.14 0.54C. PAP. FINGRID 12/06/12 3,988,033.97 3,985,968.17 0.22C. PAP. FINGRID 13/08/12 7,477,563.70 7,470,346.35 0.40C. PAP. POHJOLA BANK 18/04/12 7,976,067.94 7,973,732.55 0.43C. PAP. POHJOLA BANK 28/09/12 12,462,606.16 12,421,612.91 0.6746,806,643.80 2.53FRANCIAC. PAP. BQUE FED. CR. MUTUEL 12/04/12 24,925,212.32 24,921,034.85 1.35C. PAP. BQUE FED. CR. MUTUEL 24/04/12 9,970,084.93 9,966,406.96 0.54C. PAP. CDC CAISSE DEP. CONS. 22/05/12 39,880,339.71 39,868,032.67 2.06C. PAP. CSSE AMORTISSEMENT 16/08/12 9,970,084.93 7,487,905.71 0.40C. PAP. CSSE AMORTISSEMENT 22/06/12 19,940,169.86 14,993,269.05 0.81C. PAP. CSSE AMORTISSEMENT 30/05/12 II 29,910,254.78 22,519,419.65 1.22C. PAP. LOREAL 21/06/12 39,880,339.71 33,091,687.02 1.79C. PAP. NATIXIS 10/04/12 9,970,084.93 9,968,633.28 0.54La nota integrativa costituisce parte integrante del presente bilancio.120
<strong>Pictet</strong> - Short-Term Money Market EUR (nota 1)PROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoCD BANK OF CHINA (PARIS) 15/06/12 4,985,042.46 4,976,305.68 0.27CD BANQUE POSTALE 14/05/12 29,910,254.78 29,894,842.03 1.62CD BNP PARIBAS 03/05/12 9,970,084.93 9,964,509.66 0.54CD BNP PARIBAS 28/06/12 14,955,127.39 14,931,589.52 0.81CD CREDIT AGRICOLE 02/04/12 19,940,169.86 19,940,169.86 1.08CD CREDIT AGRICOLE 02/07/12 29,910,254.78 29,860,436.26 1.61CD NATIXIS 19/06/12 13,958,118.90 13,938,238.35 0.75CD SOCIETE GENERALE 02/04/12 9,970,084.93 9,970,084.93 0.54CD SOCIETE GENERALE 03/05/12 9,970,084.93 9,964,530.59 0.54306,257,096.07 16.47GERMANIAC. PAP. ALLIANZ 08/05/12 9,970,084.93 9,960,703.08 0.54C. PAP. ALLIANZ 31/08/12 9,970,084.93 9,930,937.39 0.54C. PAP. DZ BANK 12/07/12 9,970,084.93 9,963,353.13 0.54C. PAP. ERSTE ABWICKLUNG. 16/07/12 9,970,084.93 9,945,437.88 0.54C. PAP. FMS WERTMANAGEMENT 08/05/12 24,925,212.32 29,848,235.05 1.61C. PAP. FMS WERTMANAGEMENT 09/05/12 9,970,084.93 11,939,071.81 0.65C. PAP. FMS WERTMANAGEMENT 27/04/12 25,922,220.81 31,048,507.51 1.68C. PAP. HONDA BANK GMBH 06/06/12 (I) 3,988,033.97 3,981,832.98 0.22C. PAP. HONDA BANK GMBH 13/04/12 4,985,042.46 4,983,731.90 0.27C. PAP. HONDA BANK GMBH 13/06/12 3,988,033.97 3,981,164.18 0.22C. PAP. HONDA BANK GMBH 14/06/12 4,985,042.46 4,976,335.59 0.27TBI GERMANIA 26/09/12 9,970,084.93 9,967,841.66 0.54140,527,152.16 7.62IRLANDAC. PAP. GE CAPITAL EURO. FDG 10/05/12 14,955,127.39 14,949,837.76 0.81C. PAP. GE CAPITAL EURO. FDG 11/06/12 4,985,042.46 4,981,779.75 0.27C. PAP. GE CAPITAL UK FUNDING 11/06/12 9,471,580.68 11,330,721.77 0.6131,262,339.28 1.69NORVEGIAC. PAP. DNB NOR BK 10/04/12 9,970,084.93 9,969,342.16 0.549,969,342.16 0.54PAESI BASSIC. PAP. ABN AMRO BANK 05/04/12 9,970,084.93 9,969,839.66 0.54C. PAP. ING BANK 02/05/12 (I) 11,964,101.91 11,953,860.64 0.65C. PAP. ING BANK 08/05/12 4,985,042.46 4,979,921.83 0.27C. PAP. ING BANK 16/$04/12 6,979,059.45 6,976,271.32 0.38C. PAP. PACCAR FINANCIAL 15/06/12 2,991,025.48 2,987,664.76 0.16C. PAP. RABOBANK NED. 23/04/12 7,976,067.94 7,974,877.12 0.43C. PAP. UNILEVER 23/04/12 9,970,084.93 9,968,258.41 0.54CD ABN AMRO BANK 25/07/12 1,994,016.99 1,992,137.23 0.1156,802,830.97 3.08REGNO UNITOC. PAP. BANK OF CHINA (LDN) 12/04/12 9,970,084.93 11,943,618.93 0.65C. PAP. BANK OF CHINA (LDN) 19/04/12 4,985,042.46 4,983,381.95 0.27C. PAP. BANK OF CHINA (LDN) 31/05/12 9,970,084.93 9,958,542.56 0.54La nota integrativa costituisce parte integrante del presente bilancio.121
<strong>Pictet</strong> - Short-Term Money Market EUR (nota 1)PROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoC. PAP. LLOYDS TSB BANK 02/05/12 19,940,169.86 19,928,981.43 1.08C. PAP. MITSUBISHI CORP FIN. 22/06/12 9,970,084.93 9,952,563.50 0.54C. PAP. MITSUBISHI CORP FIN. 24/05/12 6,979,059.45 6,971,193.35 0.38C. PAP. MITSUBISHI CORP FIN. 26/04/12 9,970,084.93 9,964,901.48 0.54C. PAP. NATIONWIDE BLDG 10/04/12 9,970,084.93 9,968,843.65 0.54C. PAP. NATIONWIDE BUILDING 20/04/12 14,955,127.39 14,950,933.97 0.81C. PAP. PRUDENTIAL 23/04/12 24,925,212.32 24,920,813.02 1.35C. PAP. STANDARD CHART. BK 10/04/12 I 24,925,212.32 24,921,996.97 1.35C. PAP. UBS LONDON 10/04/12 14,955,127.39 14,953,498.78 0.81CD BARCLAYS BANK 19/04/12 17,946,152.87 17,944,150.08 0.97CD BK OF TOKYO-MITSUB. 24/05/12 24,925,212.32 24,914,953.10 1.35CD BNP PARIBAS 17/05/12 19,940,169.86 19,923,974.45 1.08CD NATIONWIDE BUILDING 03/05/12 12,961,110.41 12,954,846.30 0.70239,157,193.52 12.96SPAGNAC. PAP. SANTANDER 07/06/12 14,955,127.39 14,930,847.74 0.8114,930,847.74 0.81SVEZIAC. PAP. NORDEA BANK 20/06/12 119,641,019.14 15,591,537.64 0.84C. PAP. SBAB SWEDISH. HOU. FIN. 21/06/12 17,946,152.87 17,932,474.31 0.97C. PAP. SBAB SWEDISH.HOU.FIN. 11/05/12 15,952,135.88 15,945,956.03 0.86C. PAP. STADSHYPOTEK 12/04/12 4,985,042.46 4,984,843.56 0.27C. PAP. STADSHYPOTEK 20/04/12 9,970,084.93 9,969,367.08 0.54C. PAP. SVENSKA HANDELSBANK. 03/05/12 12,961,110.41 12,955,477.51 0.70CD SKANDINAVISKA ENSKILDA 05/04/12 29,910,254.78 29,909,486.09 1.62CD SKANDINAVISKA ENSKILDA 11/07/12 4,985,042.46 4,980,719.44 0.27112,269,861.66 6.07TOTALE II. 1,097,916,138.04 59.35TOTALE INVESTIMENTI 1,729,888,046.18 93.51DISPONIBILITÀ LIQUIDE PRESSO BANCHE 115,995,448.23 6.27ALTRE PASSIVITÀ NETTE 4,071,675.57 0.22PATRIMONIO NETTO COMPLESSIVO 1,849,955,169.98 100.00La nota integrativa costituisce parte integrante del presente bilancio.122
<strong>Pictet</strong> - Short-Term Money Market EUR (nota 1)RIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Francia 19.87Regno Unito 15.93Germania 11.99Paesi Bassi 8.52Svezia 7.23Austria 5.17Svizzera 4.81Belgio 3.78Finlandia 2.53Stati Uniti 2.36Irlanda 2.35Corea del Sud 2.02Sovranazionale 1.60Danimarca 1.36Giappone 0.99Australia 0.84Jersey 0.81Spagna 0.81Norvegia 0.5493.51Ripartizione per settori economici(in % del patrimonio netto)Strumenti del mercato monetario 59.35Obbligazioni societarie 20.58Obbligazioni emesse da Stati o enti locali 11.98Obbligazioni di istituzioni sovranazionali 1.6093.51La nota integrativa costituisce parte integrante del presente bilancio.123
<strong>Pictet</strong> - EUR Corporate BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoVALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOOBBLIGAZIONIAUSTRALIA3.5% NAT. AUSTRALIA BANK 09/15 EUR 3,854,462.17 4,037,529.85 0.203.50% TELSTRA 12/22 SR- S EUR 3,324,473.62 3,371,664.52 0.173.75% ANZ BANKING GROUP 10/17 EUR 4,239,908.39 4,481,540.76 0.223.875% TELSTRA 05/15 EUR 5,781,693.25 6,211,128.52 0.313.875% WESTPAC BANKING 10/17 EUR 7,612,562.78 7,995,170.19 0.404% NAT.AUSTRALIA BANK 10/20 EUR 2,505,400.41 2,634,190.52 0.134.25% COMMONWEAL. BANK AUST. 09/16 EUR 2,505,400.41 2,709,465.27 0.134.25% TELSTRA 10/20 EUR 4,336,269.94 4,761,115.99 0.244.625% NAT. AUSTRALIA BANK 10/20 EUR 5,299,885.48 5,376,362.83 0.275.125% ANZ BANKING GROUP 09/19 EUR 1,927,231.08 2,030,896.84 0.105.5% COMMONWEAL. BANK AUST. 09/19 EUR 3,854,462.17 4,143,816.64 0.2147,752,881.93 2.38AUSTRIA4% TELEKOM FINANZMANAGEMENT 12/22 EUR 4,962,620.04 4,953,067.00 0.256.375% TELEKOM FINANZ. 09/16 EUR 3,469,015.95 3,948,381.92 0.206.75% SUB. OMV 11/49 -SR- EUR 3,883,370.64 4,035,754.10 0.2012,937,203.02 0.65BELGIO4.625% FORTIS BANQUE 04/PE EUR 2,890,846.63 2,282,684.77 0.116.57% ANHEUSER-BUSH INBEV 09/14 EUR 5,010,800.82 5,496,021.72 0.278.625% ANHEUSER-BUSH INBEV 09/17 EUR 2,698,123.52 3,515,560.51 0.1711,294,267.00 0.55BRASILE4.375% VALE 10/18 EUR 2,505,400.41 2,694,057.06 0.132,694,057.06 0.13CANADA5.25% XSTRATA FINANCE 07/17 EUR 3,854,462.17 4,267,275.07 0.216.25% XSTRATA CANADA 08/15 EUR 2,312,677.30 2,590,302.65 0.136,857,577.72 0.34DANIMARCAFRN DANSKE BANK 05/18 EUR 5,781,693.25 5,616,683.73 0.28FRN DANSKE BANK 12/14 -SR- EUR 8,672,539.88 8,667,596.53 0.434.375% TDC 11/18 EUR 4,644,626.91 5,074,371.02 0.255.50% DONG (PE) 05/3005 EUR 1,927,231.08 1,980,952.65 0.1021,339,603.93 1.06La nota integrativa costituisce parte integrante del presente bilancio.124
<strong>Pictet</strong> - EUR Corporate BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoFINLANDIAFRN METSO 09/14 EUR 4,141,619.60 4,560,937.88 0.232.625% POHJOLA BANK 12/17 -SR- EUR 2,987,208.18 3,022,711.15 0.154% FORTUM 11/21 EUR 1,927,231.08 2,100,200.07 0.105.5% NOKIA 02/14 EUR 2,794,485.07 2,948,000.11 0.1512,631,849.21 0.63FRANCIAFRN AXA 10/20 EUR 3,469,015.95 2,991,072.28 0.15FRN B.F.C.M. 05/PE EUR 1,445,423.31 1,141,884.42 0.06FRN BNP PARIBAS 06/PE EUR 1,927,231.08 1,508,058.32 0.07FRN BNP PARIBAS 08/PE EUR 770,892.43 776,543.08 0.04FRN BPCE 10/PE EUR 3,661,739.06 3,397,031.94 0.17FRN CNP ASSURANCES 06/PE EUR 3,854,462.17 2,621,034.27 0.13FRN CREDIT LOGEMENT 07/17 EUR 770,892.43 755,474.59 0.042.875% BPCE 10/15 -SR- EUR 4,818,077.71 4,942,673.20 0.243% B.F.C.M. 10/15 EUR 9,636,155.42 9,834,756.59 0.493% UNIBAIL-RODAMCO 12/19 -SR- EUR 2,987,208.18 2,998,484.89 0.153.00% AUCHAN 11/16 -SR- EUR 4,625,354.60 4,862,034.00 0.243.00% BNP PARIBAS 12/17 SR -S- EUR 21,488,626.59 22,005,320.56 1.053.125% EUTELSAT 10/17 EUR 2,890,846.63 3,103,352.76 0.153.125% GDF SUEZ 12/20 -SR- EUR 5,588,970.14 5,769,913.05 0.293.375% UNIBAIL-RODAMCO 10/15 EUR 4,625,354.60 4,824,638.01 0.243.375% VINCI 12/20 -SR- EUR 2,312,677.30 2,340,383.18 0.123.50% SAINT-GOBAIN 11/15 -SR- EUR 3,854,462.17 4,049,247.41 0.203.50% UNIBAIL-RODAMCO 11/16 EUR 3,565,377.51 3,744,341.63 0.193.6% DANONE 10/20 EUR 3,565,377.51 3,852,764.76 0.193.625% EDENRED 10/17 EUR 5,781,693.25 6,038,516.07 0.303.75% BFCM 10/18 287 -SR- EUR 5,299,885.48 5,453,237.67 0.273.75% STE GENERALE 12/17 -SR- EUR 14,454,233.13 14,974,079.63 0.743.875% BANQUE PSA FIN. 11/15 EUR 6,263,501.02 6,314,893.05 0.313.875% CREDIT AGRICOLE 12/19 -SR- EUR 4,818,077.71 4,886,373.96 0.243.875% VIVENDI 11/15 EUR 4,143,546.83 4,363,361.99 0.224% BOUYGUES 10/18 EUR 9,636,155.42 10,300,134.71 0.514% C.I.F. 10/18 EUR 4,818,077.71 4,718,536.23 0.234% SAINT GOBAIN 10/18 EUR 8,503,907.16 9,040,206.07 0.454.125% ALSTOM 10/17 EUR 6,745,308.80 7,120,044.43 0.354.125% MERCIALYS 12/19 -SR- EUR 3,179,931.29 3,203,780.77 0.164.125% VIVENDI 12/17 SR EUR 7,805,285.89 8,168,153.63 0.404.25% KLEPIERRE 06/16 EUR 3,854,462.17 4,042,039.57 0.204.25% VALLOUREC 11/17 EUR 2,505,400.41 2,675,329.19 0.134.375% AUTO.PARIS-R.-RHONE 11/16 EUR 7,805,285.89 8,273,017.65 0.414.375% CARREFOUR 06/16 -SR- EUR 12,045,194.28 12,967,013.00 0.644.375% L.V.M.H. 05/14 EUR 3,854,462.17 4,102,496.81 0.204.375% RCI BANQUE 10/15 EUR 2,904,337.24 3,016,313.97 0.154.375% SUB. BNP PARIBAS 07/19 -JR- EUR 1,349,061.76 1,322,458.26 0.074.375% THALES 09/13 EUR 4,384,450.72 4,517,255.73 0.224.379% CASINO GUICHARD 10/17 EUR 9,636,155.42 10,232,970.71 0.514.5% NATIXIS 07/19 EUR 4,818,077.71 4,458,817.75 0.224.5% SANOFI-AVENTIS 09/16 EUR 3,083,569.74 3,462,925.90 0.174.50% BPCE 12/22 -SR- EUR 4,047,185.28 4,320,936.89 0.21La nota integrativa costituisce parte integrante del presente bilancio.125
<strong>Pictet</strong> - EUR Corporate BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto4.625% AGF 05/PE EUR 5,299,885.48 4,668,536.62 0.234.625% VEOLIA ENVIRON. 12/27 -SR- EUR 1,445,423.31 1,448,574.34 0.074.726% CASINO GUICHARD PERR. 11/21 SR EUR 3,854,462.17 4,056,204.72 0.204.82% SUEZ ENVIRONNEMENT 10/PE EUR 1,927,231.08 1,820,847.93 0.095% BQUE FED. CR. MUTUEL 03/15 EUR 2,649,942.74 2,783,513.10 0.145% IMERYS 07/17 EUR 8,479,816.77 9,096,299.45 0.455% PERNOD-RICARD 11/17 EUR 5,781,693.25 6,322,108.12 0.315.00% EUTELSAT 11/19 EUR 8,287,093.66 9,234,764.26 0.465.019% SUB. TV BNP PARIBAS 07/PERP EUR 3,083,569.74 2,405,569.84 0.125.125% TOTAL CAPITAL 09/24 EUR 6,359,862.58 7,595,329.48 0.385.25% CARREFOUR 11/18 50 -SR- S EUR 1,927,231.08 2,136,807.83 0.115.375% C.F.C.M. 09/14 EUR 3,083,569.74 3,301,624.37 0.165.375% SCHNEIDER ELECTRIC 07/15 EUR 7,178,935.79 7,933,729.10 0.395.625% A.S.F. 07/22 EUR 9,250,709.21 10,796,132.68 0.535.625% FRANCE TELECOM 08/18 EUR 7,708,924.34 9,101,271.71 0.455.625% GDF SUEZ 09/16 EUR 6,263,501.02 7,180,383.62 0.365.625% RCI BANQUE 12/15 -SR- EUR 9,828,878.53 10,520,241.85 0.525.75% GIE SUEZ ALLIANCE 03/23 -SR- EUR 4,432,631.49 5,477,433.77 0.275.75% VALEO 12/17 -SR- EUR 13,008,809.82 14,180,968.63 0.705.777% AXA 06/PE EUR 2,505,400.41 2,065,652.53 0.105.95% GDF SUEZ 11/2111 EUR 1,638,146.42 1,572,620.56 0.085.971% CREDIT AGRICOLE 08/18 EUR 4,818,077.71 4,866,282.58 0.246% CNP ASSURANCE 10/20 EUR 3,276,292.84 2,620,870.46 0.136% TPSA EUROFINANCE 09/14 EUR 3,854,462.17 4,189,626.93 0.216.125% SUB. STE GENERALE 08/18 EUR 3,131,750.51 3,233,688.99 0.166.125% VEOLIA ENVIRON. 03/33 EUR 4,336,269.94 4,997,659.51 0.256.154% SCOR ASSISTANCE 06/PE EUR 1,638,146.42 1,396,437.92 0.076.25% SODEXHO 09/15 EUR 2,890,846.63 3,252,043.46 0.166.25% VINCI 06/PE EUR 2,409,038.86 2,410,436.10 0.126.50% B.F.C.M. 01/13 EUR 5,540,789.37 5,808,021.64 0.296.75% VEOLIA ENVIRON. 09/19 EUR 6,456,224.13 7,896,833.70 0.397.781% BNP PARIBAS 08/PERP. EUR 674,530.88 652,608.63 0.037.875% CREDIT AGRICOLE 09/PE EUR 1,445,423.31 1,322,887.55 0.078.125% FRANCE TELECOM 03/33 EUR 5,396,247.04 7,863,087.41 0.398.625% PPR 09/14 EUR 3,854,462.17 4,369,071.41 0.229.375% SUB. SOC. GENERALE 09/PE EUR 1,349,061.76 1,264,745.40 0.06413,334,818.78 20.43GERMANIAFRN MUENCHENER RUECK. 11/41 EUR 3,950,823.72 3,925,479.19 0.192.00% DAIMLER 12/17 -SR- EUR 3,854,462.17 3,848,526.30 0.192.125% MAN 12/17 -SR- EUR 3,131,750.51 3,171,649.01 0.162.25% VOLKSWAGEN LEASING 11/14 SR EUR 2,119,954.19 2,161,176.70 0.112.625% DAIMLER 12/19 -SR- EUR 4,432,631.49 4,420,818.53 0.223.25% VOLKSWAGEN LEASING 11/18-SR- EUR 2,890,846.63 3,031,862.13 0.153.375% VOLKSWAGEN LEASING 11/16 EUR 9,443,432.31 10,007,866.26 0.503.625% COMMERZBANK 12/17 796-SR- EUR 4,962,620.04 5,081,623.67 0.254.375% THYSSENKRUPP 12/17 SR EUR 2,505,400.41 2,567,058.31 0.134.5% MERCK FINANC. SERV. 10/20 EUR 3,372,654.40 3,791,605.53 0.194.625% R.W.E 10/PE EUR 1,975,411.86 1,886,518.33 0.094.75% COMMERZBANK 09/15 EUR 8,354,546.75 8,953,150.03 0.445% BAYER AG 05/05 EUR 2,216,315.75 2,234,190.33 0.11La nota integrativa costituisce parte integrante del presente bilancio.126
<strong>Pictet</strong> - EUR Corporate BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto5% DEUTSCHE BANK 10/20 EUR 1,927,231.08 1,965,920.25 0.105.125% DEUTSCHE BANK 07/17 EUR 11,370,663.40 12,869,828.51 0.645.125% ROBERT BOSCH 09/17 EUR 2,890,846.63 3,376,118.60 0.175.25% EWE 09/21 EUR 2,168,134.97 2,526,755.33 0.135.375% HENKEL 05/04 EUR 7,516,201.23 7,773,593.54 0.385.767% MUENCHENER RUECK. 07/49 EUR 3,083,569.74 2,826,292.09 0.147.25% MAN 09/16 EUR 3,372,654.40 4,101,687.37 0.207.375% SUB. ENBW 11/72 TR. 2-SR-S EUR 963,615.54 993,169.63 0.057.625% METRO 09/15 EUR 4,047,185.28 4,679,719.86 0.237.875% BERTELSMANN 09/14 EUR 3,854,462.17 4,277,258.12 0.21100,471,867.62 4.98GUERNSEY2.875% CS GROUP FIN. GUERN. 09/15 EUR 9,636,155.42 9,912,279.46 0.499,912,279.46 0.49IRLANDA2% GE CAPITAL EUR. FUND. 12/15 SR-S- EUR 4,789,169.24 4,822,597.65 0.242.875% GE CAP. EUROP. FUND. 10/15 EUR 9,636,155.42 10,008,641.01 0.503.75% GE CAP. EURO FDG 11/16 EUR 6,263,501.02 6,672,601.59 0.334% INTESA S.BK IRL 12/13 -SR-S EUR 3,854,462.17 3,899,944.82 0.195.25% FGA CAPITAL IREL. 12/14 SR EUR 1,349,061.76 1,389,196.35 0.075.375% GE CAP. EUROP. FUND. 09/20 EUR 6,745,308.80 7,730,528.60 0.387.5% CLOVERIE 09/39 EUR 3,661,739.06 3,980,859.62 0.2038,504,369.64 1.91ISOLE CAYMAN3.25% THAMES WATER UT. CAY. 10/16 EUR 2,168,134.97 2,277,983.53 0.114.5% SANTANDER ISSUANCES 04/19 EUR 1,927,231.08 1,521,838.03 0.084.75% HUTCHISON WHAMP. INTL 9/16 EUR 7,708,924.34 8,413,558.57 0.4212,213,380.13 0.61ITALIA3.375% INTESA SANPAOLO 10/15 EUR 5,588,970.14 5,602,691.07 0.283.5% ENI 10/18 EUR 5,829,874.03 6,017,246.18 0.303.75% BANCO POPOLARE 09/12 EUR 8,190,732.11 8,216,287.19 0.413.75% SANPAOLO IMI 05/20 EUR 8,190,732.11 6,949,221.89 0.343.875% EDISON 10/17 EUR 5,781,693.25 5,694,187.33 0.284.00% INTESA SANP 10/18 579 -SR-S EUR 5,781,693.25 5,521,603.78 0.274.125% INTESA SANPAOLO 10/20 EUR 6,456,224.13 6,155,622.34 0.304.125% MONTE PASCHI SIENA 11/13 EUR 5,348,066.26 5,329,053.88 0.264.25% ENI 12/20 S.9 -SR- EUR 1,898,322.62 2,004,343.94 0.104.375% UNICREDIT 04/20 EUR 2,119,954.19 2,051,659.87 0.104.50% ATLANTIA 12/19 SRSS.9 EUR 3,469,015.95 3,617,871.43 0.184.50% TV SUB. UNICR. ITAL. 04/19-S- EUR 0.00 0.00 0.004.625% MEDIOBANCA 11/16 SR-S- EUR 2,216,315.75 2,263,257.31 0.114.75% MONTE PASCHI SIENA 09/14 EUR 5,781,693.25 5,832,340.89 0.294.75% TELECOM ITALIA 11/18 REG-S EUR 2,119,954.19 2,149,803.15 0.114.75% TERNA 11/21 EUR 7,516,201.23 7,866,268.30 0.394.875% UNICREDIT 12/17 SR S489-S- EUR 6,167,139.47 6,133,343.55 0.305% ENI 09/16 EUR 11,563,386.51 12,713,827.83 0.63La nota integrativa costituisce parte integrante del presente bilancio.127
<strong>Pictet</strong> - EUR Corporate BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto5.00% INTESA SANPAOLO 12/17 -SR- EUR 5,588,970.14 5,664,840.41 0.285.25% TELECOM ITALIA 05/55 EUR 3,372,654.40 2,555,983.00 0.135.375% LOTTOMATICA 10/18 EUR 2,890,846.63 2,975,967.61 0.155.625% ATLANTIA 09/16 EUR 7,998,009.00 8,869,672.01 0.446.9% ASSICURAZIONI GEN. 00/22 EUR 5,972,489.13 5,965,023.52 0.308.25% TELECOM ITALIA 09/16 EUR 5,299,885.48 6,157,406.95 0.30126,307,523.43 6.25JERSEY4.125% BAA FUDING 10/18 EUR 963,615.54 1,013,535.65 0.054.28% UBS PREF. FUNDING 05/PE EUR 3,758,100.61 3,133,316.39 0.164.5% UBS JERSEY BRANCH 04/19 EUR 2,457,219.63 2,390,714.98 0.124.6% BAA FUNDING 08/16 EUR 3,661,739.06 3,897,005.79 0.194.75% UBS JERSEY BRANCH 07/17 EUR 5,462,736.51 6,041,595.39 0.305.3687% HSBC CAP FUNDING 03/PE EUR 6,965,976.75 6,433,358.17 0.3222,909,526.37 1.14LUSSEMBURGO3.25% JOHN DEERE BANK11/16 SR REG. S EUR 2,505,400.41 2,659,432.43 0.134.125% ENEL FIN. INTL 11/17 SR -S- EUR 8,672,539.88 8,889,223.29 0.444.125% GLENCORE FIN. 12/18 EUR 5,010,800.82 5,019,394.34 0.254.25% NOVARTIS 09/16 EUR 2,890,846.63 3,235,392.18 0.164.75% SES 11/21 EUR 3,343,745.93 3,712,995.79 0.185% HANNOVER FINANCE 05/PE EUR 2,601,761.96 2,310,937.01 0.115.00% ENEL FIN. INTL 11/21 SR -S- EUR 11,823,562.70 12,379,388.39 0.615.25% FIMECCANICA FIN. 09/22 EUR 3,083,569.74 2,858,022.03 0.145.25% GLENCORE FINANCE 10/17 EUR 1,156,338.65 1,221,671.78 0.065.75% HANNOVER FINANCE 04/24 EUR 10,358,867.08 10,488,352.92 0.527.125% GLENCORE FINANCE 08/15 EUR 3,854,462.17 4,307,939.64 0.218.625% MICHELIN LUXEMBOURG 09/14 EUR 1,927,231.08 2,203,239.48 0.119.375% ARCELORMITTAL 09/16 EUR 2,890,846.63 3,419,582.47 0.1762,705,571.75 3.09MESSICO4.75% AMERICA MOVIL 10/22 EUR 3,854,462.17 4,355,542.25 0.224,355,542.25 0.22NORVEGIA3.875% DNB NOR BANK 10/20 EUR 3,854,462.17 4,056,050.54 0.204.125% TELENOR 10/20 EUR 4,818,077.71 5,358,521.49 0.274.5% DNB NOR BANK 09/14 EUR 8,190,732.11 8,725,259.29 0.434.75% SUB. DNB BANK 12/22 -JR-S- EUR 6,745,308.80 6,784,633.95 0.345.5% STATKRAFT 09/15 EUR 1,830,869.53 2,033,647.48 0.1026,958,112.75 1.34PAESI BASSI2.50% HEINEKEN 12/19 SR EUR 1,204,519.43 1,203,381.16 0.062.625% ABB FINANCE 12/19 EUR 8,046,189.78 8,118,846.87 0.402.75% SCHLUMBERGER FIN. 10/15 EUR 2,842,665.85 2,984,585.94 0.153% PACCAR FINANCIAL 11/14 EUR 3,324,473.62 3,424,640.01 0.173.00% DEUTSCHE BAHN FIN. 12/24 -SR- EUR 12,045,194.28 12,099,879.46 0.60La nota integrativa costituisce parte integrante del presente bilancio.128
<strong>Pictet</strong> - EUR Corporate BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto3.25% BMW FINANCE 11/16 EUR 2,890,846.63 3,053,109.85 0.153.25% ING BANK 12/19 SR EUR 9,443,432.31 9,399,822.54 0.473.5% ALLIANZ FINANCE II 12/22 -SR- EUR 1,927,231.08 2,004,339.60 0.103.5% VOLKSWAGEN 09/15 EUR 5,781,693.25 6,097,258.07 0.303.50% HEINEKEN 12/24 SR EUR 1,349,061.76 1,361,567.56 0.073.50% RABOBANK NEDERLAND 11/18 SR EUR 8,672,539.88 8,953,530.17 0.443.625% SNS BANK 10/13 EUR 4,818,077.71 4,836,916.39 0.243.75% RABOBANK 10/20 EUR 4,818,077.71 4,653,179.00 0.233.75% WUERTH FINANCE INTL 11/18 SR EUR 1,946,503.40 2,099,848.93 0.103.875% BMW FINANCE 10/17 EUR 2,890,846.63 3,129,384.84 0.153.875% GENERALI FINANCE 05/15 EUR 4,336,269.94 4,538,882.15 0.223.875% ING BANK 11/16 EUR 17,383,624.38 18,386,398.75 0.914% ALLIANZ FINANCE II 06/16 EUR 4,818,077.71 5,319,398.70 0.264% FORTIS BANK NED. 10/15 EUR 14,646,956.24 15,450,927.67 0.764% URENCO FINANCE 10/17 EUR 1,927,231.08 2,015,806.63 0.104.00% RABOBK INTL EQ.DER.12/22-SR- EUR 10,503,409.41 10,913,515.03 0.544.125% LANXESS FINANCE 11/18 EUR 4,336,269.94 4,678,640.13 0.234.125% RABOBANK 10/20 EUR 5,781,693.25 6,110,093.43 0.304.125% RABOBANK 11/21 EUR 10,599,770.96 11,124,300.63 0.554.125% SUEDZUCKER 11/18 EUR 1,686,327.20 1,858,029.03 0.094.25% COCA COLA HBC FIN. 09/16 EUR 3,372,654.40 3,645,889.99 0.184.25% DEUTSCHE TEL. FIN. 10/22 EUR 7,419,839.67 8,158,076.62 0.404.25% KPN KONINKLIJKE 12/22- EUR 4,143,546.83 4,252,604.98 0.214.25% REPSOL 11/16 -SR-S EUR 3,950,823.72 4,035,628.15 0.204.375% RABOBANK 09/16 EUR 9,636,155.42 10,394,858.12 0.514.5% KBC IFIMA 09/14 EUR 5,781,693.25 5,926,495.76 0.294.625% ING BANK 04/19 EUR 6,745,308.80 6,458,633.17 0.324.75% ABN AMRO BANK12/19 S63 -SR-S EUR 1,927,231.08 2,090,477.19 0.104.75% ADECCO INTL FIN. 11/18SR-S- EUR 3,854,462.17 4,137,996.41 0.204.75% RABOBANK 08/18 EUR 12,527,002.05 13,824,235.75 0.684.875% ALLIANDER 10/PE EUR 5,974,416.36 6,052,531.86 0.305.00% CRH FINANCE 12/19 SR -REG.S- EUR 2,794,485.07 3,040,749.07 0.155.125% BASF FINANCE 09/15 EUR 8,190,732.11 9,151,832.61 0.455.25% SIEMENS FINANCE 06/66 EUR 11,563,386.51 12,291,706.41 0.615.252% ELM 06/PE EUR 3,083,569.74 2,743,220.73 0.145.317% GENERALI FINANCE 06/PE EUR 1,830,869.53 1,412,589.08 0.075.5% E. ON INTL FINANCE 09/16 EUR 6,745,308.80 7,698,353.48 0.385.5% EADS FINANCE 03/18 EUR 2,759,794.91 3,297,596.15 0.165.625% KPN KONINKLIJKE 09/24 EUR 2,119,954.19 2,412,232.28 0.125.75% ALLIANZ FINANCE II 11/41 EUR 4,818,077.71 4,578,884.24 0.235.75% ASML HLDG 07/17 EUR 7,275,297.34 8,144,731.75 0.405.75% DEUTSCHE TELEKOM INT.08/14 EUR 1,927,231.08 2,069,036.75 0.105.75% E. ON INTL FINANCE 08/20 EUR 6,745,308.80 8,358,651.75 0.415.875% TELEFONICA EUROPE 03/33 EUR 2,890,846.63 2,986,591.47 0.156.125% ALLIANZ FINANCE 02/22 EUR 3,854,462.17 3,847,774.68 0.196.125% DAIMLER INTL 08/15 EUR 2,409,038.86 2,768,756.54 0.146.375% SUB. ABN AMRO 11/21 EUR 2,505,400.41 2,535,402.58 0.136.375% WOLTERS KLUWER 08/18 EUR 2,890,846.63 3,458,840.17 0.176.5% REPSOL INTL FINANCE 09/14 EUR 7,082,574.24 7,598,929.31 0.386.625% RWE FINANCE 08/19 EUR 8,190,732.11 10,302,098.08 0.516.655% TENNET HOLDING BV 10/PE EUR 5,588,970.14 5,868,418.65 0.297.375% CRH FINANCE 09/14 EUR 2,505,400.41 2,767,164.64 0.14La nota integrativa costituisce parte integrante del presente bilancio.129
<strong>Pictet</strong> - EUR Corporate BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto7.375% EUREKO 09/14 EUR 3,372,654.40 3,687,272.46 0.187.375% LINDE FINANCE 06/66 EUR 8,729,393.20 9,748,287.97 0.487.5% KPN KONINKLIJKE 09/19 EUR 5,781,693.25 7,225,179.70 0.367.875% DAIMLER INTL 09/14 EUR 12,527,002.05 13,952,449.61 0.698.5% THYSSEN KRUPP FIN. 09/16 EUR 2,890,846.63 3,385,138.04 0.17368,125,598.74 18.18REGNO UNITO2.994% BP CAPITAL MARKETS 12/19 EUR 7,227,116.57 7,401,506.89 0.373.125% NATIONWIDE BUILD. 12/17 SR EUR 5,492,608.59 5,497,359.70 0.273.125% UBS LONDON 12/16 -SR-S- EUR 5,781,693.25 5,934,965.94 0.293.25% MOTABILITY OP. 12/18 SR-S- EUR 4,451,903.80 4,614,376.03 0.233.5% ANGLO AMERICAN CAP. 12/22 EUR 6,514,041.07 6,602,599.45 0.333.625% BAT INTL FIN. 11/21-SR- EUR 1,927,231.08 2,001,333.12 0.103.625% HSBC HOLDINGS 05/20 EUR 10,985,217.18 10,915,900.46 0.543.875% HSBC BANK 11/18 -SR- EUR 9,636,155.42 10,317,046.16 0.513.875% STAND.CHARTERED 11/16 -SR- EUR 4,384,450.72 4,657,996.60 0.234% BARCLAYS BANK 10/17 EUR 7,708,924.34 8,153,189.65 0.404.125% BARCLAYS BANK 11/16 EUR 4,818,077.71 5,113,160.88 0.254.125% STAND. CHARTERED 12/19 -SR-S EUR 5,299,885.48 5,613,400.21 0.284.35% ROYAL BK SCOT. 06/17 EUR 2,023,592.64 1,753,068.66 0.094.375% ANGLO AMERICAN CAP. 09/16 EUR 4,625,354.60 5,057,663.37 0.254.375% REXAM 06/13 EUR 3,854,462.17 3,941,438.11 0.204.5% SABMILLER 09/15 EUR 1,927,231.08 2,082,199.74 0.104.625% LLOYDS BANKING GR12/17SR-S- EUR 6,552,585.69 6,715,450.20 0.334.7291% AVIVA 04/PE EUR 1,927,231.08 1,599,505.44 0.084.75% CREDIT SUISSE LDN 09/19 SR-S- EUR 1,927,231.08 2,131,700.67 0.114.75% ROYAL BANK OF SCOTLAND 11/16 SR-S- EUR 1,445,423.31 1,515,136.08 0.074.875% BARCLAYS BANK 04/PE EUR 2,505,400.41 1,641,613.51 0.084.875% ROYAL BK SCOTLAND 10/15 EUR 7,708,924.34 8,111,638.54 0.405% IMPERIAL TOBACCO FIN. 11/19SR-S- EUR 3,257,020.53 3,638,059.36 0.185.025% SCOTTISH & SOUTHERN 10/PE EUR 5,781,693.25 5,627,524.40 0.285.125% TESCO 09/15 EUR 7,708,924.34 8,506,335.47 0.425.25% AVIVA 03/23 EUR 2,409,038.86 2,366,880.68 0.125.25% BARCLAYS BANK 09/14 EUR 2,409,038.86 2,580,381.74 0.135.25% BRITISH TELECOM 07/14 EUR 5,781,693.25 6,234,717.83 0.315.375% BAT INTL FINANCE 07/17 EUR 7,708,924.34 8,904,694.14 0.445.375% VODAFONE 07/22 EUR 3,372,654.40 4,045,212.27 0.205.5% ROYAL BANK SCLOTLAND 10/20 EUR 8,479,816.77 8,688,420.26 0.435.625% LLOYDS TSB BANK 08/18 EUR 1,445,423.31 1,268,648.04 0.065.875% STANDARD CHARTERED 07/17 EUR 7,998,009.00 8,612,935.92 0.436% BARCLAYS BANK 08/18 EUR 2,890,846.63 2,912,022.08 0.146.25% LLOYDS TSB BANK 09/14 EUR 4,818,077.71 5,140,913.01 0.256.25% SUB. HSBC HOLDINGS 08/1811 EUR 2,890,846.63 3,229,191.32 0.166.25% VODAFONE 09/16 EUR 3,854,462.17 4,493,743.99 0.226.375% LLOYDS TSB BANK 09/16 EUR 6,745,308.80 7,431,947.50 0.376.5% SUB. LLOYDS TSB 10/20 3997-S- EUR 5,203,523.93 4,577,097.70 0.236.625% BARCLAYS BANK 11/22 EUR 4,528,993.05 4,316,085.09 0.216.625% NATIONAL GRID ELEC. 08/14 EUR 6,745,308.80 7,392,251.36 0.376.625% WPP GROUP 08/16 EUR 3,854,462.17 4,485,957.98 0.228.375% IMPERIAL TOBACCO FR/RATG .9/16 EUR 8,814,191.36 10,755,472.95 0.53226,580,742.50 11.21La nota integrativa costituisce parte integrante del presente bilancio.130
<strong>Pictet</strong> - EUR Corporate BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoSPAGNAFRN SANTANDER ISSUANCES 07/19 EUR 1,927,231.08 1,533,979.58 0.083.25% BBVA SENIOR FIN. 10/15 EUR 10,407,047.86 10,256,926.19 0.513.406% TELEFONICA EMIS. 10/15 EUR 8,190,732.11 8,313,224.51 0.413.5% SANTANDER INTL 10/14 SR REG.S EUR 6,745,308.80 6,743,453.84 0.334.00% SANTANDER INTL 12/17 -SR- EUR 2,312,677.30 2,244,129.55 0.114.125% SANTANDER INTL 10/17 EUR 3,854,462.17 3,804,238.53 0.194.375% BBVA 04/19 EUR 2,409,038.86 2,058,523.70 0.104.50% SANTANDER INT. 11/15 SR-S- EUR 3,179,931.29 3,235,595.99 0.164.625% ABERTIS INFRASTR. 09/16 EUR 9,925,240.08 10,171,733.42 0.504.967% TELEFONICA 11/16 -SR- EUR 6,552,585.69 6,836,902.38 0.345% GAS NATURAL CAP. 12/18-SR-REG.S EUR 2,601,761.96 2,696,036.81 0.135.25% GAS NATURAL FINANCE 09/14 EUR 11,852,471.17 12,482,074.44 0.625.625% GAS NATURAL CAP. 11/17 EUR 4,818,077.71 5,192,080.99 0.265.625% IBERDROLA FINANZAS 08/18 EUR 5,203,523.93 5,708,994.24 0.287.5% IBERDROLA FINANZAS 08/15 EUR 9,154,347.65 10,569,701.34 0.528.5% BBVA INT. PREF. 09/PE EUR 1,349,061.76 1,308,171.70 0.0693,155,767.21 4.60STATI UNITI3.5% CITIGROUP 05/15 EUR 7,034,393.46 7,168,046.93 0.353.625% CITIGROUP 05/17 EUR 5,926,235.58 5,191,619.42 0.263.625% SUB. CS GROUP FIN (US) 05/20-S EUR 4,239,908.39 4,045,444.99 0.203.75% JPMORGAN CHASE 11/16 SR-S- EUR 13,490,617.59 14,321,302.37 0.713.75% MORGAN STANLEY 06/13 EUR 4,818,077.71 4,883,290.39 0.244% CITIGROUP 10/15 EUR 10,599,770.96 10,950,517.39 0.544% MORGAN STANLEY 05/15 EUR 9,202,528.43 9,258,203.72 0.464.375% AMERICAN INTL GROUP 06/16 EUR 5,781,693.25 5,810,601.72 0.294.375% JP MORGAN 06/21 EUR 4,818,077.71 4,589,219.02 0.234.375% WELLS FARGO 06/18 EUR 1,927,231.08 1,938,351.21 0.104.45% MERRILL LYNCH 07/14 EUR 4,047,185.28 4,153,019.17 0.214.5% HSBC FINANCE 06/16 EUR 9,636,155.42 10,304,760.07 0.514.50% MORGAN STANLEY 11/16 EUR 8,479,816.77 8,618,673.77 0.434.625% JP MORGAN CHASE 07/17 EUR 8,672,539.88 8,152,187.49 0.404.75% BANK OF AMERICA 04/19 EUR 6,581,494.15 5,775,261.12 0.294.75% BANK OF AMERICA 07/17 EUR 2,890,846.63 2,457,219.63 0.124.75% BANK OF AMERICA 10/17 EUR 8,190,732.11 8,457,790.93 0.424.75% CITIGROUP 04/19 EUR 2,409,038.86 2,192,092.86 0.114.75% PFIZER 09/16 EUR 4,432,631.49 4,993,913.46 0.255% 3M 07/14 REG.S EUR 915,434.77 991,498.24 0.055.125% GOLDMAN SACHS 07/14 EUR 11,563,386.51 12,208,218.75 0.605.125% PROCTER & GAMBLE 07/17 EUR 5,781,693.25 6,793,691.93 0.345.33% DEUTSCHE CAP. TR . 03/PE 19.09 EUR 1,349,061.76 1,135,943.73 0.065.5% GE CAPITAL TRUST II 10/67 EUR 7,708,924.34 6,830,106.96 0.345.625% ROCHE HOLDINGS 09/16 EUR 11,563,386.51 13,407,341.94 0.665.75% PFIZER 09/21 EUR 5,781,693.25 7,264,784.30 0.365.75% PHILIP MORRIS 09/16 EUR 2,890,846.63 3,349,522.81 0.176% WACHOVIA BANK 08/09 EUR 1,445,423.31 1,523,750.80 0.086.25% AMERICAN HONDA 08/13 EUR 2,890,846.63 3,072,189.44 0.156.25% CARGILL 08/17 EUR 3,372,654.40 3,857,018.16 0.197% BANK OF AMERICA 09/16 EUR 7,371,658.90 8,291,052.20 0.41La nota integrativa costituisce parte integrante del presente bilancio.131
<strong>Pictet</strong> - EUR Corporate BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto7% SWISS RE TREASURY 09/14 EUR 3,372,654.40 3,744,084.83 0.197.375% CITIGROUP 09/19 EUR 5,492,608.59 6,524,257.80 0.328.75% VERIZON WIRELESS 08/15 EUR 3,661,739.06 4,595,409.29 0.23206,850,386.84 10.27SVEZIA1.75% SCANIA CV 12/16 -SR- EUR 5,010,800.82 4,998,524.36 0.252.625% ATLAS COPCO 12/19 -SR-S EUR 2,216,315.75 2,238,567.56 0.113.375% SWEDBANK 12/17 SR -S- EUR 1,927,231.08 1,989,413.20 0.103.625% SVENSKA CELLULOSA11/16 SR-S- EUR 3,835,189.86 4,090,460.09 0.203.75% SVENSKA HANDELSBANK 10/17 EUR 8,672,539.88 9,301,602.56 0.463.875% SKANDINA. ENSK. BANK 12/17 SR S EUR 5,637,150.92 5,957,763.88 0.293.875% SKF 11/18 EUR 3,083,569.74 3,355,432.66 0.173.875% SWEDISH MATCH 10/17 EUR 2,890,846.63 3,098,308.23 0.154% NORDEA BANK 10/20 EUR 9,636,155.42 10,237,451.52 0.514.00% TELIASONERA 11/22 -SR-S EUR 1,927,231.08 2,071,339.79 0.104.25% SKAND. ENSKILDA BK. 11/18 EUR 1,445,423.31 1,552,753.22 0.084.5% SUB. NORDEA BANK 10/20 S137 -S- EUR 3,276,292.84 3,260,566.64 0.164.875% INVESTOR 09/21 EUR 2,890,846.63 3,307,605.53 0.165% VOLVO TREASURY 07/17 EUR 4,336,269.94 4,846,236.97 0.245.25% VATTENFALL TREASURY 05/PE EUR 6,648,947.24 6,836,115.11 0.345.375% ERICSSON TEL. 07/17 EUR 1,927,231.08 2,156,985.94 0.115.5% SKANDINAV. ENSKILDA 09/14 EUR 4,818,077.71 5,212,991.45 0.267.375% SUB. SWEDBANK 08/18 S.106 EUR 1,927,231.08 2,004,060.15 0.1076,516,178.86 3.79TOTALE INVESTIMENTI 1,904,409,106.20 94.25DISPONIBILITÀ LIQUIDE PRESSO BANCHE 79,916,857.22 3.96ALTRE PASSIVITÀ NETTE 36,173,277.73 1.79PATRIMONIO NETTO COMPLESSIVO 2,020,499,241.15 100.00La nota integrativa costituisce parte integrante del presente bilancio.132
<strong>Pictet</strong> - EUR Corporate BondsRIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Francia 20.43Paesi Bassi 18.18Regno Unito 11.21Stati Uniti 10.27Italia 6.25Germania 4.98Spagna 4.60Svezia 3.79Lussemburgo 3.09Australia 2.38Irlanda 1.91Norvegia 1.34Jersey 1.14Danimarca 1.06Austria 0.65Finlandia 0.63Isole Cayman 0.61Belgio 0.55Guernsey 0.49Canada 0.34Messico 0.22Brasile 0.1394.25Ripartizione per settori economici(in % del patrimonio netto)Obbligazioni societarie 94.2594.25La nota integrativa costituisce parte integrante del presente bilancio.133
<strong>Pictet</strong> - Global Emerging DebtPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoI. VALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOOBBLIGAZIONI#N/A6.875% #N/A 05/16 USD 13,106,000.00 14,482,130.00 0.3814,482,130.00 0.38ARGENTINASTEP ARGENTINA 05/38 USD 106,150,000.00 38,214,000.00 1.004% PROV. BUENOS AIRES 06/35 USD 2,000,000.00 800,000.00 0.028.28% ARGENTINA 05/33 USD 26,660,090.00 26,171,784.50 0.6865,185,784.50 1.70AZERBAIGIAN5.45% SOCAR 12/17 SR -S- USD 15,200,000.00 15,747,937.20 0.4115,747,937.20 0.41BELIZESTEP GOV. OF BELIZE 07/29 USD 6,736,000.00 3,570,080.00 0.093,570,080.00 0.09BERMUDA7% SUB. C K INFRASTRUCTURE 12/PERP USD 18,500,000.00 18,685,000.00 0.4918,685,000.00 0.49BIELORUSSIA8.75% BIELORUSSIA 10/15 USD 9,550,000.00 8,977,000.00 0.238.95% BELARUS 11/18 USD 5,970,000.00 5,507,325.00 0.1414,484,325.00 0.37BRASILE4.875% BRASILE 10/21 USD 28,411,000.00 32,246,485.00 0.845.5% BNDES 10/20 USD 45,100,000.00 50,512,000.00 1.325.625% BRASILE 09/41 USD 24,500,000.00 28,420,000.00 0.745.875% BRASILE 09/19 USD 19,400,000.00 23,280,000.00 0.616% BRASILE 06/17 USD 5,000,000.00 5,950,000.00 0.166.369% BCO DESENVOLVIMEN. 98/18 -S- USD 15,000,000.00 17,475,000.00 0.466.5% BCO DESENVOLVIMENTO 09/19 USD 8,300,000.00 9,804,375.00 0.267.125% BRASILE 06/37 USD 20,810,000.00 28,717,800.00 0.757.875% BRASILE 05/15 USD 4,000,000.00 4,786,000.00 0.128% BRASILE 05/18 USD 6,075,000.00 4,849,874.52 0.138.75% BRASILE 05/25 USD 18,250,000.00 27,785,625.00 0.7211% BRASILE 00/40 USD 4,640,000.00 6,143,360.00 0.16239,970,519.52 6.27La nota integrativa costituisce parte integrante del presente bilancio.134
<strong>Pictet</strong> - Global Emerging DebtPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoCILE3.25% CILE -GLOBAL- 11/21 USD 15,800,000.00 16,157,080.00 0.423.75% CODELCO 10/20 -SR-REG.S USD 9,600,000.00 9,925,152.00 0.263.875% BCO ESTADO CHILE 12/22 SR-S- USD 32,850,000.00 32,726,812.50 0.853.875% CODELCO 11/21 SR -S- USD 15,600,000.00 16,119,636.00 0.424.75% ENAP 11/21 SR- REG.S USD 5,550,000.00 5,813,625.00 0.155.25% ENAP 10/20 USD 6,250,000.00 6,828,125.00 0.185.625% CODELCO 05/35 USD 6,750,000.00 7,795,845.00 0.206.15% CODELCO 06/36 USD 4,000,000.00 4,923,960.00 0.13100,290,235.50 2.61COLOMBIA4.375% COLOMBIA 11/21 USD 18,000,000.00 19,665,000.00 0.516.125% COLOMBIA 09/41 USD 40,520,000.00 50,143,500.00 1.317.375% COLOMBIA 06/17 USD 12,000,000.00 14,880,000.00 0.397.375% COLOMBIA 06/37 USD 14,200,000.00 19,951,000.00 0.527.375% COLOMBIA 09/19 USD 8,650,000.00 11,136,875.00 0.298.125% COLOMBIA 04/24 USD 6,850,000.00 9,795,500.00 0.268.25% COLOMBIA 04/14 USD 3,000,000.00 3,547,500.00 0.09129,119,375.00 3.37CONGOSTEP CONGO (REP.) 07/29 USD 3,935,000.00 2,934,526.25 0.082,934,526.25 0.08COREA DEL SUD3.875% KT CORP. 12/17 -SR- USD 2,700,000.00 2,814,336.90 0.074.125% BUSAN BANK 12/17 SR- REG S- USD 2,311,000.00 2,390,186.88 0.064.25% HANA BANK 11/17 TR.4 SR -S- USD 2,400,000.00 2,489,039.76 0.064.5% KOREA EXPRESSWAY 09/15 USD 1,000,000.00 1,054,399.90 0.034.50% DOOSAN INFRACOR 11/16 -SR-S USD 1,800,000.00 1,895,094.00 0.054.875% KOREA NATIONAL 09/14 USD 2,300,000.00 2,423,510.00 0.065% NATIONAL AGR. COOP. 09/14 USD 1,100,000.00 1,169,190.00 0.037% WOORI BANK 09/15 USD 800,000.00 896,879.92 0.0215,132,637.36 0.38COSTA D’AVORIO2.5% COSTA D’AVORIO 09/32 USD 29,916,000.00 19,075,066.84 0.5019,075,066.84 0.50CROAZIA6.375% CROAZIA 11/21 -SR- REG.S USD 29,580,000.00 28,581,675.00 0.756.625% CROAZIA 10/20 USD 12,080,000.00 12,019,600.00 0.316.75% CROAZIA 09/19 USD 21,750,000.00 21,913,125.00 0.5762,514,400.00 1.63ECUADOR9.375% EQUATEUR REG-S 05/15 USD 8,500,000.00 8,627,500.00 0.238,627,500.00 0.23La nota integrativa costituisce parte integrante del presente bilancio.135
<strong>Pictet</strong> - Global Emerging DebtPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoEGITTO6.875% EGITTO 10/20 USD 5,600,000.00 5,390,000.00 0.146.875% EGITTO 10/40 -REG.S- USD 12,250,000.00 10,810,625.00 0.2816,200,625.00 0.42EL SALVADOR7.375% EL SALVADOR 09/19 USD 8,350,000.00 9,080,625.00 0.247.625% EL SALVADOR 11/41 USD 9,800,000.00 9,898,000.00 0.267.65% EL SALVADOR 05/35 USD 12,666,000.00 13,077,645.00 0.347.75% EL SALVADOR (REP.) 02/23 USD 5,000,000.00 5,512,500.00 0.148.25% EL SALVADOR 02/32 USD 9,191,000.00 10,156,055.00 0.2647,724,825.00 1.24FILIPPINE5% PHILIPPINES-GLOBAL-12/37 SR USD 15,258,000.00 15,906,465.00 0.415.5% FILIPPINE 11/26 USD 226,000.00 258,770.00 0.016.375% FILIPPINE 07/32 USD 18,098,000.00 21,966,447.50 0.576.375% FILIPPINE 09/34 USD 6,780,000.00 8,373,300.00 0.226.875% NATIONAL POWER 06/16 USD 31,451,000.00 36,797,670.00 0.967% PETRON (D. CCY) 10/17 PHP 234,000,000.00 5,594,183.23 0.157.25% POWER SECTOR ASS. 09/19 USD 12,428,000.00 15,379,650.00 0.407.75% FILIPPINE 06/31 USD 3,000,000.00 4,143,750.00 0.117.79% POWER SECTOR ASS. 09/24 USD 4,316,000.00 5,513,690.00 0.148.35% PHILIPPINE LONG DIST. 97/17 SR USD 3,412,000.00 4,043,220.00 0.118.4% NATIONAL POWER 03/16 USD 3,909,000.00 4,774,233.70 0.128.6% CENTRAL BANK PHILIP. 97/27 USD 130,000.00 175,668.99 0.009.5% FILIPPINE 05/30 USD 9,750,000.00 15,429,375.00 0.409.625% NATIONAL POWER 02/28 USD 17,669,000.00 25,443,360.00 0.66163,799,783.42 4.26GABON8.2% GABON 07/17 USD 10,300,000.00 12,669,000.00 0.3312,669,000.00 0.33GEORGIA6.875% GEORGIA 11/21 USD 13,113,000.00 14,030,910.00 0.377.5% GEORGIA 08/13 USD 9,900,000.00 10,692,000.00 0.289.875% GEORGIAN RAILWAY 10/15 USD 5,200,000.00 5,590,000.00 0.1530,312,910.00 0.80GHANA8.5% GHANA 07/17 USD 11,400,000.00 13,167,000.00 0.3413,167,000.00 0.34GIAMAICA8.5% GIAMAICA 06/36 -SR- USD 2,500,000.00 2,550,000.00 0.072,550,000.00 0.07La nota integrativa costituisce parte integrante del presente bilancio.136
<strong>Pictet</strong> - Global Emerging DebtPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoGIAPPONE4.85% SUB. SUMITOMO MIT. BK 12/22-JR-S USD 15,805,000.00 15,920,526.65 0.4215,920,526.65 0.42GIORDANIA3.875% GIORDANIA 10/15 USD 7,041,000.00 6,900,180.00 0.186,900,180.00 0.18INDONESIA4% PERUSAHAAN PE. (SUKUK) 11/18-SR-S USD 13,334,000.00 13,720,017.97 0.364.875% INDONESIA 11/21 USD 63,000.00 68,273.10 0.005.25% INDONESIA 12/42 REG.S USD 70,285,000.00 73,711,393.75 1.925.25% PERTAMINA 11/21 USD 11,600,000.00 12,267,000.00 0.325.875% INDONESIA 10/20 USD 500,000.00 577,500.00 0.026.5% PERTAMINA 11/41 USD 2,000,000.00 2,180,000.00 0.066.625% INDONESIA 07/37 USD 380,000.00 470,250.00 0.016.75% INDONESIA 04/14 USD 1,000,000.00 1,092,500.00 0.036.875% INDONESIA 08/18 USD 3,000,000.00 3,592,500.00 0.097.25% INDONESIA 05/15 USD 13,800,000.00 15,801,000.00 0.417.50% INDONESIA 05/16 USD 5,000,000.00 5,862,500.00 0.157.75% INDONESIA 08/38 USD 3,130,000.00 4,350,700.00 0.118.5% INDONESIA 05/35 USD 3,650,000.00 5,438,500.00 0.148.8% PERUSA. PEN. INDO. 09/14 USD 3,250,000.00 3,688,750.00 0.1010.375% INDONESIA 09/14 USD 2,000,000.00 2,345,000.00 0.0611.625% INDONESIA 09/19 USD 2,750,000.00 4,125,000.00 0.11149,290,884.82 3.89IRAQSTEP IRAQ 06/28 USD 32,762,000.00 27,724,842.50 0.7227,724,842.50 0.72IRLANDA5.45% VEB FINANCE 10/17 REG-S USD 3,000,000.00 3,108,750.00 0.086.8% VNESHECONOMBK -LPN- 10/25 USD 2,000,000.00 2,100,000.00 0.056.902% VEB FINANCE S.1 10/20 USD 28,700,000.00 31,175,375.00 0.8136,384,125.00 0.94ISOLE VERGINI BRITANNICHE4.5% SINOCHEM CORP 10/20 USD 5,000,000.00 4,870,940.50 0.136.3% SINOCHEM OVERS. CAP. 10/40 USD 6,400,000.00 6,291,227.52 0.1611,162,168.02 0.29KAZAKSTAN5.5% DEV. BANK OF KASAKSTAN 10/15 USD 11,400,000.00 12,226,500.00 0.327% KAZMUNAIGAZ FINANCE 10/20 USD 22,500,000.00 25,875,000.00 0.688.375% KAZMUNAIGAZ F. REG. S. 08/13 USD 20,400,000.00 21,802,500.00 0.579.125% KAZMUNAIGAZ F. REG. S. 08/18 USD 10,150,000.00 12,738,250.00 0.3372,642,250.00 1.90La nota integrativa costituisce parte integrante del presente bilancio.137
<strong>Pictet</strong> - Global Emerging DebtPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoLIBANO4% LIBANO 02/17 USD 19,100,000.00 11,431,350.00 0.305.15% LIBANO 10/18 USD 8,700,000.00 8,808,750.00 0.236% LIBANO 11/19 USD 1,400,000.00 1,470,000.00 0.046.10% LIBANO 10/22 USD 24,000,000.00 24,780,000.00 0.656.375% LIBANO 10/20 USD 11,290,000.00 12,080,300.00 0.327.9% LIBANO 10/17 LBP 6,500,000,000.00 4,646,627.95 0.128.25% LIBANO 06/21 USD 13,400,000.00 16,080,000.00 0.4279,297,027.95 2.08LITUANIA5.125% LITUANIA 10/17 USD 42,750,000.00 44,940,937.50 1.176.125% LITHUANIA 11/21 REG.S USD 11,110,000.00 12,026,575.00 0.316.625% LITUANIA 12/22 SR-S- USD 8,200,000.00 9,163,500.00 0.246.75% LITHUANIA 09/15 USD 18,900,000.00 20,648,250.00 0.547.375% LITUANIA 10/20 USD 12,450,000.00 14,597,625.00 0.38101,376,887.50 2.64LUSSEMBURGO6.299% RSHB CAPITAL 07/17 USD 24,600,000.00 26,014,500.00 0.6826,014,500.00 0.68MALAYSIA2.615% DANGA CAPITAL 10/15 SGD 5,000,000.00 3,984,192.52 0.102.991% WAKALA GL. (SUKUK) 11/16-S- USD 5,000,000.00 5,135,000.00 0.133.725% DANGA CAPITAL 10/20 SGD 5,500,000.00 4,387,852.57 0.114.25% PETRONAS GLOB. SUK. 09/14 USD 400,000.00 421,240.00 0.014.646% WAKALA GL. (SUKUK) 11/21-S- USD 20,300,000.00 22,159,477.97 0.585.25% PETRONAS CAPITAL 09/19 USD 3,250,000.00 3,651,871.28 0.105.625% PENERBANGAN MAL.06/16-SR-S USD 8,000,000.00 8,943,999.20 0.237.625% PETROLIAM NASIONAL 96/26 USD 12,674,000.00 17,820,911.40 0.4666,504,544.94 1.72MESSICO3.625% MESSICO -GLOBAL- 12/22 SR USD 22,500,000.00 23,073,747.75 0.604.75% MESSICO 12/44 TR.26 -SR- USD 46,500,000.00 45,918,750.00 1.204.875% COM. FED. ELECTRIC. 11/21 SR-S- USD 2,000,000.00 2,137,500.00 0.064.875% PEMEX 12/22 TR. 11 SR REG.S USD 7,000,000.00 7,420,000.00 0.195.125% MESSICO 10/20 USD 12,590,000.00 14,503,680.00 0.385.5% PEMEX 10/21 USD 2,050,000.00 2,273,450.00 0.065.625% MESSICO 06/17 USD 10,070,000.00 11,701,340.00 0.315.75% MESSICO 10/10 USD 19,400,000.00 20,176,000.00 0.535.875% MESSICO 03/14 USD 1,144,000.00 1,240,096.00 0.035.95% MESSICO 08/19 USD 8,300,000.00 9,960,000.00 0.266% PEMEX 10/20 USD 7,000,000.00 8,050,000.00 0.216.5% MESSICO 11/22 MXN100 MXN 1,020,000.00 8,067,187.72 0.216.5% PEMEX 11/41 USD 13,700,000.00 15,570,378.80 0.416.625% MESSICO 03/15 USD 2,500,000.00 2,871,249.75 0.07La nota integrativa costituisce parte integrante del presente bilancio.138
<strong>Pictet</strong> - Global Emerging DebtPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto6.625% PEMEX 10/PERP C TR.6 SR-S- USD 4,000,000.00 4,140,000.00 0.116.75% MESSICO 04/34 USD 9,200,000.00 11,937,000.00 0.317.50% MESSICO 03/33 USD 8,490,000.00 11,886,000.00 0.31200,926,380.02 5.25MONGOLIA5.75% TDB MONGOLIA 12/17 2SR -S- USD 12,632,000.00 12,726,740.00 0.3312,726,740.00 0.33NAMIBIA5.5% REP. OF NAMIBIA 11/21 SR -S- USD 11,400,000.00 12,027,000.00 0.3112,027,000.00 0.31NIGERIA6.75% NIGERIA 11/21 USD 14,000,000.00 15,487,500.00 0.4015,487,500.00 0.40PAESI BASSI6.375% INTEGRAS FINANCE 07/17 USD 2,200,000.00 2,414,500.00 0.066.375% KAZMUNAIGAZ 10/21 USD 24,000,000.00 26,520,000.00 0.696.95% LISTRINDO CAP. 12/19 SR REG.S USD 2,275,000.00 2,345,980.00 0.067.25% MAJAPAHIT BV 07/17 USD 12,300,000.00 14,252,010.00 0.377.75% MAJAPAHIT HLDG 06/16 USD 9,000,000.00 10,507,500.00 0.277.875% MAJAPAHIT BV 07/37 USD 13,075,000.00 16,605,250.00 0.438% MAJAPAHIT BV 09/19 USD 14,900,000.00 18,178,000.00 0.4790,823,240.00 2.35PAKISTAN6.875% PAKISTAN 07/17 USD 3,000,000.00 2,310,000.00 0.067.875% PAKISTAN -REG.S- 06/36 USD 10,771,000.00 6,893,440.00 0.188.625% PAKISTAN MOBILE 06/13 USD 1,000,000.00 983,947.70 0.0310,187,387.70 0.27PANAMA5.2% PANAMA 09/20 USD 31,500,000.00 36,382,500.00 0.956.7% PANAMA 06/36 USD 19,868,000.00 26,027,080.00 0.688.875% PANAMA 97/27 USD 11,950,000.00 18,403,000.00 0.489.375% PANAMA 99/29 USD 8,000,000.00 12,880,000.00 0.3493,692,580.00 2.45PERÙ5.625% PERÙ 10/50 USD 20,215,000.00 22,741,875.00 0.596.55% PERÙ 07/37 USD 22,437,000.00 28,831,545.00 0.757.125% PERÙ 09/19 USD 6,200,000.00 7,967,000.00 0.217.35% PERÙ 05/25 USD 26,900,000.00 37,054,750.00 0.978.75% PERÙ 03/33 USD 14,465,000.00 22,637,725.00 0.59119,232,895.00 3.11La nota integrativa costituisce parte integrante del presente bilancio.139
<strong>Pictet</strong> - Global Emerging DebtPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoPOLONIA5% POLONIA 05/15 USD 20,000,000.00 21,900,000.00 0.575% POLONIA 11/22 SR USD 39,300,000.00 41,510,625.00 1.085.125% POLONIA 11/21 USD 19,804,000.00 21,239,790.00 0.555.75% POLONIA 01/22 PLN 31,843,000.00 10,319,551.95 0.276.375% POLONIA 09/19 USD 33,300,000.00 38,877,750.00 1.01133,847,716.95 3.48REPUBBLICA DI SERBIA3.75% REPUBBLICA DI SERBIA 05/24 USD 28,250,000.00 24,513,941.27 0.6424,513,941.27 0.64REPUBBLICA DOMINICANA7.5% REPUBBLICA DOMINICANA 10/21 USD 16,490,000.00 17,190,825.00 0.458.625% REPUBBLICA DOMINICANA 06/27 USD 5,500,000.00 5,885,000.00 0.159.04% REPUBBLICA DOMINICANA 05/18 USD 1,300,000.00 1,570,061.17 0.0424,645,886.17 0.64ROMANIA6.75% ROMANIA 12/22 SR REG.S USD 12,420,000.00 13,041,000.00 0.346.75% ROMANIA 12/22 SR-S- USD 27,900,000.00 29,301,908.04 0.7642,342,908.04 1.10RUSSIASTEP RUSSIA REG-S 00/30 USD 96,500,000.00 95,887,224.98 2.584.50% RUSSIA 12/22 SR-REG.S USD 20,800,000.00 20,768,797.92 0.545% RUSSIA 10/20 USD 8,500,000.00 9,031,250.00 0.245.625% RUSSIA 12/42 REG.S USD 12,200,000.00 12,120,698.78 0.3212.75% RUSSIA NOM. 'S' 98/28 USD 5,500,000.00 9,913,750.00 0.26147,721,721.68 3.94SENEGAL8.75% SENEGAL 11/21 USD 4,105,000.00 4,500,106.25 0.124,500,106.25 0.12SERBIA7.25% SERBIA 11/21 -SR- REG.S USD 400,000.00 425,000.00 0.01425,000.00 0.01SINGAPORE2.5% SINGAPORE 09/19 SGD 2,000,000.00 1,716,756.20 0.043.25% SINGAPORE 05/20 SGD 2,750,000.00 2,470,814.76 0.063.731% CAPITAMALL TR.MTN 12/18 SR USD 2,105,000.00 2,127,980.92 0.0610.75% BUMI INVESTMENT 10/17 USD 100,000.00 109,500.00 0.0012% BUMI CAPITAL 09/16 USD 3,801,000.00 4,228,612.50 0.1110,653,664.38 0.27La nota integrativa costituisce parte integrante del presente bilancio.140
<strong>Pictet</strong> - Global Emerging DebtPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoSOVRANAZIONALE7% AFRICAN DEV. BK (DUAL) 10/12 ZMK 27,305,000,000.00 5,109,177.29 0.135,109,177.29 0.13SRI LANKATBI SRI LANKA 30/03/12 LKR 87,007,000.00 683,435.68 0.026.25% GOVT OF SRI LANKA 10/20 USD 100,000.00 101,000.00 0.007.4% SRI LANKA 09/15 USD 11,900,000.00 12,733,000.00 0.338.25% SRI LANKA 07/12 USD 22,001,000.00 22,688,531.25 0.5936,205,966.93 0.94STATI UNITI6.625% PEMEX PROJ. FDG MSTR 05/35 USD 16,250,000.00 18,565,625.00 0.4818,565,625.00 0.48SUDAFRICA4.665% SUDAFRICA 12/24 SR USD 21,360,000.00 22,027,500.00 0.575.5% SUDAFRICA 10/20 USD 12,700,000.00 14,271,625.00 0.375.75% ESKOM HLDGS 11/21 USD 74,150,000.00 78,784,375.00 2.065.875% SUDAFRICA 07/22 USD 12,000,000.00 13,680,000.00 0.366.75% SUDAFRICA 06/21 R208-SR ZAR 65,723,000.00 7,849,301.01 0.206.875% SUDAFRICA 09/19 USD 4,500,000.00 5,445,000.00 0.147% SUDAFRICA 10/31 ZAR 73,188,006.00 7,903,925.93 0.2110.5% SUDAFRICA 97/26 ZAR 88,900,000.00 13,452,162.60 0.3513.5% SUDAFRICA S157 91/15 ZAR 50,000,000.00 7,766,400.14 0.20171,180,289.68 4.46THAILANDIA3.375% SIAM COMM.12/17 TR.1 SR -S- USD 8,500,000.00 8,432,552.50 0.228,432,552.50 0.22TURCHIA5.125% TURCHIA 11/22 USD 13,762,000.00 13,710,392.50 0.365.625% TURCHIA 10/21 USD 29,670,000.00 31,153,500.00 0.816.75% TURCHIA 10/40 USD 12,000,000.00 13,080,000.00 0.346.875% TURCHIA 06/36 USD 21,850,000.00 24,226,187.50 0.637% TURCHIA 08/19 USD 3,000,000.00 3,435,000.00 0.097.25% TURCHIA 04/15 USD 2,500,000.00 2,790,625.00 0.077.375% TURCHIA 05/25 USD 20,000,000.00 23,625,000.00 0.627.5% TURCHIA 09/17 USD 29,000,000.00 33,567,500.00 0.887.5% TURCHIA 09/19 USD 11,000,000.00 12,925,000.00 0.348% TURCHIA 04/34 USD 10,000,000.00 12,475,000.00 0.33170,988,205.00 4.47La nota integrativa costituisce parte integrante del presente bilancio.141
<strong>Pictet</strong> - Global Emerging DebtPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoUCRAINA6.58% UCRAINA 06/16 USD 16,000,000.00 14,080,000.00 0.376.75% UCRAINA 07/17 USD 14,700,000.00 12,862,500.00 0.347.75% UCRAINA 10/20 USD 11,020,000.00 9,559,850.00 0.257.95% UCRAINA 11/21 -SR- REG S USD 6,000,000.00 5,242,500.00 0.148.25% STATE S. BK. UKRAINE 11/11 USD 43,800,000.00 37,970,001.00 0.9979,714,851.00 2.09UNGHERIA4.75% UNGHERIA 05/15 USD 29,000,000.00 27,622,500.00 0.726.25% UNGHERIA 10/20 USD 16,600,000.00 15,438,000.00 0.406.375% UNGHERIA 11/21 USD 3,970,000.00 3,692,100.00 0.107.625% UNGHERIA 11/41 USD 20,898,000.00 19,226,160.00 0.5065,978,760.00 1.72URUGUAY6.875% URUGUAY 09/25 USD 6,100,000.00 7,930,000.00 0.217.625% URUGUAY 06/36 USD 19,582,000.00 27,365,845.00 0.717.875% URUGUAY 03/33 USD 5,157,020.00 7,258,505.65 0.198% URUGUAY 05/22 USD 21,500,000.00 29,831,250.00 0.7872,385,600.65 1.89VENEZUELA5.25% PETROLEOS VENEZUELA 07/17 USD 102,430,000.00 78,358,950.00 2.045.375% PETROLEOS VENEZUELA 07/27 USD 30,000,000.00 18,600,000.00 0.495.50% PETRO. DE VEN.-GL-07/37 S -SR USD 4,000,000.00 2,410,000.00 0.067% VENEZUELA 07/38 USD 38,350,000.00 27,420,250.00 0.727.65% VENEZUELA 05/25 USD 12,000,000.00 9,120,000.00 0.248.5% PETROLEOS VENEZUELA 10/17 USD 19,500,000.00 17,306,250.00 0.459.00% PETROL. VENEZUELA 11/21 SR-S- USD 19,000,000.00 15,437,500.00 0.409.25% VENEZUELA 97/27 USD 38,600,000.00 34,064,500.00 0.899.375% VENEZUELA 04/34 USD 2,500,000.00 2,093,750.00 0.0511.95% VENEZUELA 11/31 -S- USD 36,602,000.00 36,235,980.00 0.9512.75% PETROL. VENEZUELA 11/22 SR-S- USD 3,140,000.00 3,147,850.00 0.08244,195,030.00 6.37ZAMBIA12% ZAMBIA 07/12 ZMK 5,000,000,000.00 961,671.57 0.03961,671.57 0.03TOTALE OBBLIGAZIONI 3,406,933,995.05 88.90La nota integrativa costituisce parte integrante del presente bilancio.142
<strong>Pictet</strong> - Global Emerging DebtPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Valuta Quantità/Valore nominale Valore di stima (nota 2) % del patrimonionettoOPZIONIISOLA DI MANCALL USD 26/12/2012 6.6 -36,830,000.00 -86,182.20 0.00CALL USD 27/12/2012 6.6 -36,830,000.00 -86,918.80 0.00PUT USD 26/04/2012 1080 36,017,000.00 720.34 0.00PUT USD 27/04/2012 2.95 38,304,550.00 9,193.09 0.00PUT USD 28/06/2012 6.2 47,229,550.00 12,751.98 0.00-150,435.59 0.00LUSSEMBURGOPUT EUR 05/04/2012 108.35 24,202,210.00 95,757.02 0.00PUT EUR 10/04/2012 1.665 39,894,180.00 128,710.84 0.00224,467.86 0.00REGNO UNITOPUT CHF 05/04/2012 90 30,252,760.00 103,032.11 0.00PUT EUR/AUD SPOT CROSS RATES 04/04/2012 1.202 957,610.00 0.00 0.00PUT EUR/AUD SPOT CROSS RATES 13/04/2012 1.2 661,210.00 956.90 0.00PUT EUR/CAD SPOT CROSS RATE 10/05/2012 1.253 670,330.00 66,402.58 0.00170,391.59 0.00STATI UNITIPUT GBP/AUD SPOT CROSS RATE 02/05/2012 1.385 885,000.00 563.21 0.00563.21 0.00TOTALE OPZIONI 244,987.07 0.00TOTALE I. 3,407,178,982.12 88.90II. ALTRI VALORI MOBILIARIOBBLIGAZIONISRI LANKATBI SRI LANKA 26/10/12 364 LKR 226,330,000.00 1,660,821.99 0.046.75% GOVT OF SRI LANKA 10/13 LKR 272,030,000.00 2,006,813.95 0.057.5% SRI LANKA 03/13 LKR 300,000,000.00 2,239,350.92 0.065,906,986.86 0.15TOTALE OBBLIGAZIONI 5,906,986.86 0.15OPZIONICINACALL USD/CNY SPOT CROSS RATES 13/03/2013 6.35 19,152,280.00 205,312.44 0.01CALL USD/CNY SPOT CROSS RATES 29/11/2012 6.1 -916,000.00 -37,281.20 0.00CALL USD/CNY SPOT CROSS RATES 29/11/2012 6.1875 916,000.00 122,148.60 0.00PUT USD/CNY SPOT CROSS RATES 12/04/2012 6.15 -33,739,000.00 0.00 0.00La nota integrativa costituisce parte integrante del presente bilancio.143
<strong>Pictet</strong> - Global Emerging DebtPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoPUT USD/CNY SPOT CROSS RATES 12/04/2012 6.3 33,739,000.00 70,851.90 0.00PUT USD/CNY SPOT CROSS RATES 13/03/2013 6.35 19,152,280.00 247,255.93 0.01PUT USD/CNY SPOT CROSS RATES 13/12/2012 6.1 -916,200.00 -41,815.37 0.00PUT USD/CNY SPOT CROSS RATES 13/12/2012 6.18 916,200.00 119,069.35 0.00PUT USD/CNY SPOT CROSS RATES 26/12/2012 5.99 36,830,000.00 6,997.70 0.00PUT USD/CNY SPOT CROSS RATES 26/12/2012 6.05 -73,660,000.00 -29,464.00 0.00PUT USD/CNY SPOT CROSS RATES 26/12/2012 6.3 36,830,000.00 266,649.20 0.01PUT USD/CNY SPOT CROSS RATES 27/12/2012 5.99 36,830,000.00 6,997.70 0.00PUT USD/CNY SPOT CROSS RATES 27/12/2012 6.05 -73,660,000.00 -30,200.60 0.00PUT USD/CNY SPOT CROSS RATES 27/12/2012 6.3 36,830,000.00 267,385.80 0.01PUT USD/CNY SPOT CROSS RATES 29/03/2012 6.23 36,648,000.00 0.00 0.00PUT USD/CNY SPOT CROSS RATES 29/03/2012 6.26 -73,296,000.00 0.00 0.001,173,907.45 0.04GERMANIACALL JPY/KRW SPOT CROSS RATE 08/01/2013 0 91,619,000.00 0.00 0.000.00 0.00GIAPPONEPUT EUR/JPY CROSS-RATES 05/02/2013 100.25 44,036,000.00 37,418.57 0.0037,418.57 0.00REGNO UNITOCALL JPY/KRW SPOT CROSS RATE 08/01/2013 0 45,810,000.00 0.00 0.00CALL USD/JPY SPOT CROSS RATES 09/01/2013 0 916,000.00 0.00 0.00CALL USD/JPY SPOT CROSS RATES 10/01/2013 0 916,000.00 0.00 0.00CALL USD/JPY SPOT CROSS RATES 12/02/2013 0 885,000.00 0.00 0.00CALL USD/JPY SPOT CROSS RATES 21/12/2012 0 1,283,000.00 0.00 0.00CALL USD/JPY SPOT CROSS RATES 27/12/2012 0 916,000.00 0.00 0.00PUT EUR/CHF SPOT CROSS RATES 15/05/2012 1.12 918,000.00 0.00 0.00PUT JPY/KRW SPOT CROSS RATE 29/08/2012 14 60,681,000.00 309,434.93 0.01PUT USD/HKD SPOT CROSS RATES 21/06/2012 7.5 -122,379,000.00 0.00 0.00PUT USD/HKD SPOT CROSS RATES 21/06/2012 7.79 81,586,000.00 325,528.14 0.01PUT USD/KRW SPOT CROSS RATES 09/11/2012 1100 885,000.00 103,058.25 0.00PUT USD/KRW SPOT CROSS RATES 09/11/2012 1100 885,000.00 103,058.25 0.00PUT USD/MYR SPOT CROSS RATES 05/04/2012 3.005 766,090.00 39,246.79 0.00PUT USD/MYR SPOT CROSS RATES 07/05/2012 3.005 766,090.00 70,250.45 0.00PUT USD/MYR SPOT CROSS RATES 27/04/2012 3 36,800,000.00 9,200.00 0.00959,776.81 0.02SINGAPORECALL USD/JPY SPOT CROSS RATES 28/12/2012 0 1,099,000.00 0.00 0.000.00 0.00STATI UNITIPUT EUR/CHF SPOT CROSS RATES 15/05/2012 1.12 918,000.00 0.00 0.000.00 0.00La nota integrativa costituisce parte integrante del presente bilancio.144
<strong>Pictet</strong> - Global Emerging DebtPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoSVIZZERACALL EUR / USD 05/04/2012 1.306 38,304,550.00 24,411.29 0.00CALL JPY/KRW SPOT CROSS RATE 28/12/2012 0 91,619,000.00 0.00 0.00PUT USD/KRW SPOT CROSS RATES 23/11/2012 1101 885,000.00 102,872.40 0.00127,283.69 0.00TOTALE OPZIONI 2,298,386.52 0.06PRODOTTI STRUTTURATIGHANA18.75% REP. GHANA (STANDARD) CLN 10/13 5,040,000.00 4,280,906.45 0.114,280,906.45 0.11TOTALE PRODOTTI STRUTTURATI 4,280,906.45 0.11TOTALE II. 12,486,279.83 0.32TOTALE INVESTIMENTI 3,419,665,261.95 89.22DISPONIBILITÀ LIQUIDE PRESSO BANCHE 364,327,050.65 9.51ALTRE PASSIVITÀ NETTE 48,904,052.52 1.27PATRIMONIO NETTO COMPLESSIVO 3,832,896,365.12 100.00La nota integrativa costituisce parte integrante del presente bilancio.145
<strong>Pictet</strong> - Global Emerging DebtRipartizione per aree geografiche(in % del patrimonio netto)RIPARTIZIONE PER AREE GEOGRAFICHE DEL PORTAFOGLIO AL31 MARZO 2012Ripartizione per aree geografiche (segue)(in % del patrimonio netto)Venezuela 6.37Brasile 6.27Messico 5.25Turchia 4.47Sudafrica 4.46Filippine 4.26Russia 3.94Indonesia 3.89Polonia 3.48Colombia 3.37Perù 3.11Lituania 2.64Cile 2.61Panama 2.45Paesi Bassi 2.35Ucraina 2.09Libano 2.08Kazakstan 1.90Uruguay 1.89Malaysia 1.72Ungheria 1.72Argentina 1.70Croazia 1.63El Salvador 1.24Romania 1.10Sri Lanka 1.09Irlanda 0.94Georgia 0.80Iraq 0.72Lussemburgo 0.68Repubblica Dominicana 0.64Repubblica di Serbia 0.64Costa d’Avorio 0.50Bermuda 0.49Stati Uniti 0.48Ghana 0.45Egitto 0.42Giappone 0.42Azerbaigian 0.41Nigeria 0.40Corea del Sud 0.38#N/A 0.38Bielorussia 0.37Gabon 0.33Mongolia 0.33Namibia 0.31Isole Vergini britanniche 0.29Singapore 0.27Pakistan 0.27Ecuador 0.23Thailandia 0.22Giordania 0.18Sovranazionale 0.13Senegal 0.12Belize 0.09Congo 0.08Giamaica 0.07Cina 0.04Zambia 0.03Regno Unito 0.02Serbia 0.01Svizzera 0.00Germania 0.00Isola Di Man 0.0089.22La nota integrativa costituisce parte integrante del presente bilancio.146
<strong>Pictet</strong> - Global Emerging DebtRipartizione per settori economici(in % del patrimonio netto)RIPARTIZIONE PER SETTORI ECONOMICI DEL PORTAFOGLIO AL31 MARZO 2012Obbligazioni emesse da Stati o enti locali 62.94Obbligazioni societarie 26.11Prodotti strutturati 0.11Opzioni 0.0689.22La nota integrativa costituisce parte integrante del presente bilancio.147
<strong>Pictet</strong> - World Government BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoVALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOOBBLIGAZIONIAUSTRALIA2.45% WESTPAC BANKING 11/16 T.1 -S- USD 1,499,999.21 1,144,134.20 0.602.625% COMWLTH BK AUSTR.12/17 EUR 1,199,999.36 1,233,395.35 0.655.25% AUSTRALIA 05/19 AUD 259,999.86 219,922.17 0.125.75% AUSTRALIA 07/21 AUD 389,999.79 344,041.39 0.185.75% AUSTRALIA 10/22 AUD 309,999.84 274,281.25 0.146% AUSTRALIA 04/17 AUD 389,999.79 335,812.80 0.186.25% AUSTRALIA 02/15 AUD 409,999.78 344,090.07 0.186.5% AUSTRALIA 00/13 AUD 309,999.84 248,612.82 0.134,144,290.05 2.18BELGIO3.75% BELGIO OLO S.46 09/15 EUR 499,999.74 532,149.72 0.284% BELGIO OLO 49 07/17 EUR 469,999.75 504,173.43 0.274% BELGIO OLO 54 08/14 EUR 179,999.90 189,548.90 0.104.25% BELGIO OLO 60 10/41 EUR 79,999.96 84,061.96 0.045% BELGIO OLO 44 04/35 EUR 229,999.88 266,489.36 0.145.50% BELGIO OLO 31 98/28 EUR 159,999.92 192,478.30 0.101,768,901.67 0.93CANADA1.95% BANK NOVA SCOTIA 12/17 -SR-S USD 1,499,999.21 1,146,890.85 0.612.05% CANADA HOUSING 12/17 SR CAD 799,999.58 607,234.35 0.322.50% CANADA 10/13 CAD 259,999.86 199,776.72 0.113.25% CANADA 10/21 CAD 149,999.92 124,076.57 0.073.5% CANADA 08/13 CAD 49,999.97 38,743.89 0.023.75% CANADA 08/19 CAD 369,999.80 314,660.52 0.174.5% CANADA 04/15 CAD 399,999.79 330,952.27 0.175% CANADA 03/14 CAD 869,999.54 709,065.07 0.375% CANADA S. XW98 04/37 CAD 364,999.81 392,755.58 0.215.75% CANADA 01/33 CAD 209,999.89 238,703.53 0.135.75% CANADA 98/29 CAD 169,999.91 185,983.80 0.108% CANADA 92/23 CAD 99,999.95 118,316.68 0.068% CANADA 96/27 CAD 69,999.96 90,160.99 0.054,497,320.82 2.39DANIMARCA2% FINANCE FOR DANISH 10/13 USD 989,999.48 758,592.13 0.403.125% DANIMARCA 09/14 EUR 299,999.84 315,254.83 0.174.5% DANIMARCA 07/39 DKK 179,999.90 34,173.92 0.021,108,020.88 0.59La nota integrativa costituisce parte integrante del presente bilancio.148
<strong>Pictet</strong> - World Government BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoFRANCIA1.375% COUNCIL EUROPE 12/16 -SR- USD 1,449,999.23 1,090,936.12 0.582.2% BNPP HOME LOAN 10/1526-SR- S USD 0.00 0.00 0.002.875% SOCIETE GENERALE 12/19 EUR 499,999.74 504,694.73 0.273.5% CIF EUROMORTGAGE 10/20 - SR EUR 999,999.47 1,034,119.45 0.553.6% CRH-CAISSE REF. HABIT.12/24-SR- EUR 549,999.71 568,100.20 0.303.75% O.A.T. 04/21 EUR 1,499,999.21 1,611,719.15 0.854% O.A.T. 04/55 EUR 569,999.70 602,660.68 0.324% O.A.T. 05/38 EUR 379,999.80 401,196.19 0.214% O.A.T. 09/60 EUR 64,999.97 68,918.16 0.044.125% C.F.F. FIN. FONCIER 10/17 EUR 579,999.69 629,021.27 0.334.25% O.A.T. 10/17 EUR 349,999.81 392,626.29 0.214.5% O.A.T. 09/41 EUR 309,999.84 355,138.91 0.194.75% O.A.T. 03/35 EUR 279,999.85 327,877.03 0.175.50% O.A.T. 97/29 EUR 339,999.82 424,258.58 0.225.75% O.A.T. 00/32 EUR 209,999.89 274,526.55 0.156% O.A.T. 94/25 EUR 479,999.75 620,058.87 0.338.50% O.A.T. 92/23 EUR 134,999.93 203,737.84 0.119,109,590.02 4.83GERMANIA3% GERMANIA 07/20 EUR 529,999.72 589,932.09 0.313.25% GERMANIA 01/20 EUR 589,999.69 668,328.05 0.353.25% GERMANIA 10/42 EUR 159,999.92 186,171.90 0.103.25% GERMANIA 11/21 EUR 829,999.56 938,397.50 0.504% GERMANIA 05/37 EUR 349,999.81 444,314.26 0.234.25% GERMANIA 07/39 EUR 299,999.84 403,049.79 0.214.75% GERMANIA 03/34 EUR 259,999.86 356,090.61 0.194.75% GERMANIA 08/40 EUR 209,999.89 305,178.14 0.164.75% GERMANIA 98/28 EUR 309,999.84 402,494.49 0.215.50% GERMANIA 00/31 EUR 269,999.86 387,741.39 0.206.25% GERMANIA 00/30 EUR 149,999.92 229,291.38 0.126.5% GERMANIA 97/27 EUR 159,999.92 243,221.47 0.135,154,211.07 2.71GIAPPONE0.5% GIAPPONE N°250 03/13 JPY 84,999,954.99 782,051.91 0.410.70% GIAPPONE 08/13 N.79 -SR- JPY 88,999,952.87 823,255.03 0.430.8% GIAPPONE N-247 03/13 JPY 47,999,974.58 442,464.40 0.230.9% GIAPPONE N-251 03/13 JPY 84,999,954.99 785,865.65 0.421% GIAPPONE N°310 10/20 JPY 104,999,944.40 977,024.63 0.521% GIAPPONE N°61 03/23 JPY 15,999,991.53 145,363.78 0.081% GIAPPONE N-252 03/13 JPY 46,999,975.11 435,096.95 0.231.1% GIAPPONE 10/20 N.309 SR JPY 62,999,966.64 592,271.92 0.311.10% GIAPPONE 11/21 N.317 -SR- JPY 484,999,743.19 4,508,482.34 2.381.20%&TAB;GIAPPONE 10/20 N.312 -SR- JPY 89,999,952.34 849,316.72 0.451.3% GIAPPONE N-257 03/13 JPY 209,999,888.80 1,962,317.73 1.041.3% GIAPPONE N-270 05/15 JPY 155,999,917.40 1,480,148.24 0.781.3% GIAPPONE N-291 08/18 JPY 60,999,967.70 586,651.55 0.311.30% GIAPPONE 08/18 N298 -SR- JPY 73,999,960.82 710,930.30 0.38La nota integrativa costituisce parte integrante del presente bilancio.149
<strong>Pictet</strong> - World Government BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto1.30% GIAPPONE 09/19 N305 SR JPY 73,999,960.82 708,423.21 0.371.4% GIAPPONE N°254 03/13 JPY 137,999,926.93 1,287,627.66 0.681.4% GIAPPONE N°275 06/15 JPY 125,999,933.28 1,204,618.88 0.641.4% GIAPPONE N°302 09/19 JPY 73,999,960.82 714,860.34 0.381.4% GIAPPONE N°303 09/19 JPY 98,999,947.58 955,642.00 0.501.4% GIAPPONE N-272 05/15 JPY 63,999,966.11 610,522.05 0.321.4% GIAPPONE N-290 08/18 JPY 22,999,987.82 222,417.98 0.121.5% GIAPPONE N. 289 07/17 JPY 86,999,953.93 845,781.33 0.451.5% GIAPPONE N°296 08/18 JPY 116,999,938.05 1,138,180.00 0.601.5% GIAPPONE N-268 05/15 JPY 74,999,960.29 713,944.67 0.381.5% GIAPPONE N-274 05/15 JPY 117,999,937.52 1,132,132.94 0.601.50% GIAPPONE N°273 05/15 JPY 87,999,953.40 842,207.48 0.441.6% GIAPPONE N-253 03/13 JPY 139,999,925.87 1,310,134.73 0.691.6% GIAPPONE N-277 06/16 JPY 96,999,948.64 935,892.01 0.491.7% GIAPPONE N°285 07/17 JPY 87,999,953.40 860,579.40 0.451.7% GIAPPONE N°288 07/17 JPY 89,999,952.34 883,104.79 0.471.7% GIAPPONE N°294 08/18 JPY 34,999,981.47 344,423.14 0.181.7% GIAPPONE N-11 03/33 JPY 29,499,984.38 265,988.57 0.141.7% GIAPPONE N-284 06/16 JPY 184,999,902.04 1,804,768.26 0.951.8% GIAPPONE 11/31 N130 SR JPY 135,999,927.99 1,257,883.16 0.661.8% GIAPPONE N°283 06/16 JPY 198,999,894.63 1,944,625.24 1.031.8% GIAPPONE N-63 03/23 JPY 12,999,993.12 127,761.94 0.071.9% GIAPPONE 01/21 JPY 211,999,887.75 2,113,008.87 1.121.9% GIAPPONE N°109 09/29 JPY 75,999,959.76 724,716.57 0.381.9% GIAPPONE N-287 07/17 JPY 50,999,973.00 504,628.95 0.271.9% GIAPPONE N-65 03/23 JPY 24,999,986.76 247,550.27 0.131.90% GIAPPONE 06/16 N.280 -SR- JPY 77,999,958.70 763,286.25 0.401.90% GIAPPONE N°121 10/30 JPY 67,999,963.99 642,390.88 0.342% GIAPPONE N°56 02/22 JPY 43,999,976.70 441,933.32 0.232.00% GIAPPONE 06/16 N.279 -SR- JPY 70,999,962.41 695,306.30 0.372.1% GIAPPONE N°105 08/28 JPY 73,999,960.82 727,395.80 0.382.1% GIAPPONE N°114 09/29 JPY 88,999,952.87 869,380.79 0.462.1% GIAPPONE N°75 05/25 JPY 26,999,985.70 270,988.57 0.142.1% GIAPPONE N°99 07/27 JPY 64,999,965.58 642,202.26 0.342.1% GIAPPONE N-72 04/24 JPY 69,999,962.94 704,293.56 0.372.1% GIAPPONE N-80 05/25 JPY 78,999,958.17 792,096.76 0.422.1% GIAPPONE N-92 06/26 JPY 61,999,967.17 616,649.68 0.332.10% GIAPPONE 10/30 JPY 57,499,969.55 560,888.83 0.302.2% GIAPPONE N°2 09/49 JPY 60,999,967.70 579,222.75 0.312.2% GIAPPONE N-100 08/28 JPY 66,999,964.52 669,692.38 0.352.2% GIAPPONE N-97 07/27 JPY 63,999,966.11 641,171.22 0.342.3% GIAPPONE N°30 09/39 JPY 51,999,972.47 516,523.46 0.272.3% GIAPPONE N°32 10/40 JPY 139,499,926.13 1,385,801.23 0.732.3% GIAPPONE N-88 06/26 JPY 61,999,967.17 632,772.72 0.332.30% GIAPPONE N-19 05/35 JPY 20,999,988.88 209,230.57 0.112.4% GIAPPONE N-14 04/34 JPY 36,999,980.41 375,216.98 0.202.4% GIAPPONE N-26 07/37 JPY 37,499,980.14 379,497.72 0.202.4% GIAPPONE N-70 04/24 JPY 29,999,984.12 311,646.87 0.162.5% GIAPPONE N°20 05/35 JPY 16,999,991.00 175,230.06 0.092.5% GIAPPONE N°22 06/36 JPY 17,999,990.47 185,537.71 0.102.5% GIAPPONE N-24 06/36 JPY 18,999,989.94 195,827.97 0.10La nota integrativa costituisce parte integrante del presente bilancio.150
<strong>Pictet</strong> - World Government BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto2.5% GIAPPONE N-28 07/27 JPY 45,999,975.64 474,699.50 0.252.50% GIAPPONE N-44 99/20 JPY 108,999,942.28 1,134,512.76 0.602.6% GIAPPONE N-42 99/19 JPY 68,999,963.46 719,062.33 0.3855,095,124.82 29.08GUERNSEY2.875% CREDIT SUISSE 10/18 -SR- EUR 1,199,999.36 1,231,487.35 0.651,231,487.35 0.65ITALIA3% ITALIA (BTP) 04/15 EUR 509,999.73 502,910.73 0.273.5% ITALIA (BTP) 06/14 EUR 669,999.65 674,723.14 0.363.75% ITALIA (BTP) 10/2 EUR 439,999.77 403,138.79 0.213.75% ITALIA 08/15 EUR 549,999.71 551,743.21 0.293.75% ITALIA 08/16 EUR 909,999.52 901,177.07 0.483.75% ITALIA 08/21 EUR 439,999.77 399,260.19 0.213.75% ITALIA 12/13 EUR 229,999.88 233,505.08 0.124% ITALIA 02/17 EUR 749,999.60 744,183.36 0.394.25% ITALIA 02/19 EUR 1,079,999.43 1,057,848.64 0.564.25% ITALIA 08/14 EUR 699,999.63 715,574.62 0.384.5% ITALIA 02/18 EUR 349,999.81 350,463.56 0.194.5% ITALIA 02/20 EUR 1,199,999.36 1,177,379.38 0.624.75% ITALIA 08/23 EUR 399,999.79 382,529.80 0.205% ITALIA (BTP) 07/39 EUR 299,999.84 263,636.86 0.145% ITALIA (BTP) 09/25 EUR 639,999.66 614,495.67 0.325% ITALIA 03/34 EUR 559,999.70 500,292.54 0.265% ITALIA 09/40 EUR 319,999.83 280,575.85 0.155.25% ITALIA 98/29 EUR 349,999.81 334,232.32 0.186% ITALIA 99/31 EUR 339,999.82 344,348.42 0.186.50% ITALIA 97/27 EUR 299,999.84 321,236.83 0.1710,753,256.06 5.68LUSSEMBURGO3.375% B.E.I. 09/14 GBP 729,999.61 914,932.24 0.48914,932.24 0.48NORVEGIA2.375% KOMMUNALBANKEN 11/16 -SR-S USD 899,999.52 704,345.65 0.372.50% DNB BOLIGKR. 11/17 SR-144A-S EUR 999,999.47 1,029,999.45 0.541,734,345.10 0.91PAESI BASSI1% BANK NED. GEMEENTEN 11/14 -SR- S USD 1,799,999.05 1,354,211.30 0.723.75% PAESI BASSI 07/14 EUR 139,999.93 150,345.22 0.083.75% PAESI BASSI 10/42 EUR 164,999.91 198,856.24 0.114% PAESI BASSI 05/37 EUR 129,999.93 157,970.72 0.085.50% PAESI BASSI 98/28 EUR 149,999.92 201,619.39 0.112,063,002.87 1.10La nota integrativa costituisce parte integrante del presente bilancio.151
<strong>Pictet</strong> - World Government BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoREGNO UNITO1.875% UBS LDN 12/15 -SR-S USD 1,499,999.21 1,139,761.98 0.602.25% BARCLAYS BANK 12/17 EUR 799,999.58 805,319.57 0.433.125% NATIONWIDE BUIL. 10/16-SR-S EUR 589,999.69 617,800.47 0.333.75% BRITISH TREASURY 10/20 GBP 219,999.88 301,583.10 0.163.75% BRITISH TREASURY 11/21 GBP 554,999.71 758,460.91 0.404% BRITISH TREASURY 06/16 GBP 959,999.49 1,305,519.01 0.694.00% BRITISH TREASURY 09/22 SR GBP 599,999.68 834,197.27 0.444.25% BRITISH TREASURY 00/32 GBP 299,999.84 419,435.34 0.224.25% BRITISH TREASURY 03/36 GBP 409,999.78 571,533.29 0.304.25% BRITISH TREASURY 05/55 GBP 539,999.71 777,877.59 0.414.25% BRITISH TREASURY 06/27 GBP 419,999.78 593,568.56 0.314.25% BRITISH TREASURY 06/46 GBP 419,999.78 594,718.58 0.314.5% BRITISH TREASURY 07/42 GBP 439,999.77 643,849.34 0.344.75% BRITISH TREASURY 03/15 GBP 639,999.66 873,965.87 0.464.75% BRITISH TREASURY 04/38 GBP 489,999.74 738,786.40 0.394.75% BRITISH TREASURY 05/20 GBP 579,999.69 848,175.33 0.454.75% BRITISH TREASURY 07/30 GBP 261,999.86 389,688.85 0.214.75% CO-OPERATIVE BANK 11/21 -SR- GBP 274,999.85 341,003.47 0.184.875% LLOYDS TSB BK 11/23 S2 -SR- EUR 909,999.52 1,021,610.96 0.546% BRITISH TREASURY 98/28 GBP 274,999.85 468,499.16 0.258.75% BRITISH TREASURY 92/17 GBP 429,999.77 723,176.60 0.3814,768,531.65 7.80SPAGNA3% SPAGNA 10/15 EUR 579,999.69 577,186.69 0.303% F.R.O.B. 09/14 EUR 199,999.89 198,238.90 0.103.15% SPAGNA 01/16 EUR 729,999.61 715,717.17 0.383.25% BANCO SANTANDER 12/15-SR- EUR 399,999.79 403,445.79 0.214% SPAGNA 04/20 EUR 639,999.66 595,583.68 0.314.20% SPAGNA 05/37 EUR 169,999.91 129,089.43 0.074.6% SPAGNA 07/19 EUR 469,999.75 461,469.26 0.244.7% SPAGNA 09/41 EUR 149,999.92 121,454.94 0.064.75% SPAGNA 99/14 EUR 379,999.80 397,341.09 0.214.8% SPAGNA 08/24 EUR 609,999.68 564,695.00 0.304.90% SPAGNA 07/40 EUR 129,999.93 108,234.69 0.065.5% SPAGNA 07/17 EUR 429,999.77 450,588.16 0.245.50% SPAGNA 11/21 EUR 299,999.84 303,484.34 0.165.75% SPAGNA 01/32 EUR 199,999.89 192,603.90 0.106% SPAGNA 99/29 EUR 139,999.93 139,695.43 0.075,358,828.47 2.81STATI UNITI0% STRIPS USA -PRIN- 151140 USD 6,569,996.52 1,851,028.28 0.980.875% TNOTE USA 11/16 AE-2016 USD 99,999.95 75,109.42 0.041.25% US TREASURY 11/14 USD 1,349,999.29 1,034,233.84 0.551.50% TNOTE USA 11/16 AA-2016 USD 1,439,999.24 1,114,113.20 0.591.75% TNOTE USA 11/16 Y-2016 USD 1,699,999.10 1,329,927.48 0.701.75% US TREASURY 09/14 USD 2,829,998.50 2,191,124.55 1.162% US TREASURY 11/16 USD 199,999.89 157,921.35 0.08La nota integrativa costituisce parte integrante del presente bilancio.152
<strong>Pictet</strong> - World Government BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto2.125% US TREASURY 09/14 USD 1,749,999.07 1,375,890.36 0.732.25% US TREASURY 09/14 USD 2,509,998.67 1,966,700.15 1.042.625% US TREASURY 09/14 USD 2,729,998.55 2,161,650.01 1.142.625% US TREASURY 10/20 USD 1,239,999.34 986,043.65 0.522.75% US TREASURY 10/17 USD 1,419,999.25 1,159,886.01 0.612.75% US TREASURY 11/18 USD 1,139,999.40 931,612.28 0.493% US TREASURY 10/17 USD 969,999.49 800,421.64 0.423.125% US TREASURY 09/19 USD 1,429,999.24 1,190,142.40 0.633.375% US TREASURY 09/19 USD 1,189,999.37 1,004,192.55 0.533.5% US TREASURY 08/18 USD 259,999.86 220,642.61 0.123.5% US TREASURY 09/39 USD 779,999.59 617,820.79 0.333.625% US TREASURY 11/21 USD 929,999.51 796,226.60 0.423.75% TBOND USA 11/41 USD 1,029,999.45 849,765.46 0.453.75% US TREASURY 08/18 USD 979,999.48 846,848.21 0.453.875% US TREASURY 08/18 USD 1,719,999.09 1,491,567.24 0.794% US TREASURY 08/18 USD 1,629,999.14 1,427,763.76 0.754.125% US TREASURY 05/15 USD 2,329,998.77 1,948,848.28 1.034.25% US TREASURY 07/17 USD 1,239,999.34 1,089,507.71 0.584.25% US TREASURY 10/40 USD 959,999.49 862,130.94 0.464.375% US TREASURY 08/38 USD 214,999.89 196,607.78 0.104.375% US TREASURY 10/40 USD 589,999.69 540,474.83 0.294.5% US TREASURY 06/36 USD 329,999.83 306,683.05 0.164.5% US TREASURY 08/38 USD 279,999.85 261,031.75 0.144.5% US TREASURY 09/39 USD 999,999.47 933,579.21 0.494.50% US TREASURY 05/15 USD 2,599,998.62 2,226,812.73 1.184.50% US TREASURY 06/16 USD 289,999.85 249,915.26 0.134.625% US TREASURY 06/16 USD 859,999.54 755,828.73 0.404.625% US TREASURY 10/40 USD 559,999.70 533,093.75 0.284.75% US TREASURY 07/17 USD 1,799,999.05 1,613,212.62 0.854.75% US TREASURY 11/41 USD 1,119,999.41 1,088,528.46 0.574.875% US TREASURY 06/16 USD 2,029,998.93 1,792,349.23 0.955% US TREASURY 07/37 USD 319,999.83 319,401.49 0.175.125% US TREASURY 06/16 USD 304,999.84 270,209.18 0.145.25% US TREASURY 99/29 USD 159,999.92 159,166.41 0.085.375% US TREASURY 01/31 USD 189,999.90 194,178.13 0.105.50% US TREASURY 98/28 USD 239,999.87 243,985.43 0.136.125% US TREASURY 99/29 USD 119,999.94 130,875.59 0.076.25% US TREASURY 00/30 USD 189,999.90 211,423.40 0.116.25% US TREASURY 93/23 USD 269,999.86 283,305.14 0.156.375% US TREASURY 97/27 USD 269,999.86 295,808.60 0.166.5% US TREASURY 96/26 USD 489,999.74 538,675.93 0.286.625% US TREASURY 97/27 USD 279,999.85 311,946.07 0.166.875% US TREASURY 95/25 USD 119,999.94 134,517.31 0.077.125% US TREASURY 93/23 USD 209,999.89 233,113.12 0.127.25% US TREASURY 86/16 USD 409,999.78 389,697.68 0.217.25% US TREASURY 92/22 USD 229,999.88 255,625.66 0.147.5% US TREASURY 86/16 USD 429,999.77 420,333.57 0.227.5% US TREASURY 94/24 USD 139,999.93 163,191.53 0.097.625% US TREASURY 95/25 USD 139,999.93 165,092.45 0.098% US TREASURY 91/21 USD 1,079,999.43 1,241,350.46 0.668.125% US TREASURY 91/21 USD 1,039,999.45 1,190,570.87 0.638.125% US TREASURY 91/21 USD 829,999.56 955,832.49 0.50La nota integrativa costituisce parte integrante del presente bilancio.153
<strong>Pictet</strong> - World Government BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Quantità/Valore nominale Valore di stima (nota 2) % del patrimonionetto8.5% US TREASURY 90/20 USD 939,999.50 1,065,002.92 0.568.75% US TREASURY 90/20 USD 1,479,999.22 1,720,443.45 0.918.875% US TREASURY 89/19 USD 469,999.75 526,499.99 0.2811.25% US TREASURY 85/15 USD 1,579,999.16 1,554,289.69 0.8252,953,772.73 27.98SVEZIA1.625% KOMMUNINV. I 12/17 SR-S-144A USD 1,099,999.42 821,832.05 0.432.95% SWEDBANK MORTG.11/16 REG. S USD 849,999.55 667,235.19 0.353% SVEZIA 05/16 SEK 80,589,957.33 9,686,049.98 5.143.25% SWEDISH EXPORT 09/14 USD 1,679,999.11 1,331,525.42 0.703.5% SVEZIA 09/39 SEK 799,999.58 109,927.24 0.063.75% SVEZIA 06/17 SEK 1,059,999.44 132,943.82 0.074.25% SVEZIA 07/19 SEK 1,319,999.30 173,218.86 0.095% SVEZIA 03/20 SEK 1,579,999.16 222,455.87 0.126.75% SVEZIA 97/14 SEK 1,219,999.35 153,384.89 0.0813,298,573.32 7.04TOTALE OBBLIGAZIONI 183,954,189.12 97.16OPZIONISTATI UNITIPUT USA TREASURY NOTE 10 YEARS 20/04/2012 127.5 -67.00 -5,519.68 0.00PUT USA TREASURY NOTE 10 YEARS 20/04/2012 129.5 67.00 26,020.38 0.01PUT USA TREASURY NOTE 5 YEARS 20/04/2012 121.25 -104.00 -4,895.69 0.0015,605.01 0.01TOTALE OPZIONI 15,605.01 0.01TOTALE INVESTIMENTI 183,969,794.13 97.17DISPONIBILITÀ LIQUIDE PRESSO BANCHE 3,980,874.42 2.10ALTRE PASSIVITÀ NETTE 1,373,280.43 0.73PATRIMONIO NETTO COMPLESSIVO 189,323,948.98 100.00La nota integrativa costituisce parte integrante del presente bilancio.154
<strong>Pictet</strong> - World Government BondsRIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Giappone 29.08Stati Uniti 27.99Regno Unito 7.80Svezia 7.04Italia 5.68Francia 4.83Spagna 2.81Germania 2.71Canada 2.39Australia 2.18Paesi Bassi 1.10Belgio 0.93Norvegia 0.91Guernsey 0.65Danimarca 0.59Lussemburgo 0.4897.17Ripartizione per settori economici(in % del patrimonio netto)Obbligazioni emesse da Stati o enti locali 86.55Obbligazioni societarie 10.61Opzioni 0.0197.17La nota integrativa costituisce parte integrante del presente bilancio.155
<strong>Pictet</strong> - EUR High YieldPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoVALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOOBBLIGAZIONIANTILLE OLANDESI8.5% HERTZ HOLDINGS 10/15 EUR 1,982,185.49 2,150,671.26 0.462,150,671.26 0.46AUSTRIA6.625% SAPPI PAPIER 11/18-SR-REG S EUR 1,486,639.12 1,412,307.16 0.3111.75% SAPPI PAPIER HLDGS 09/14 EUR 1,238,865.93 1,344,169.54 0.292,756,476.70 0.60BELGIO8% KBC BANK CV 08/PE EUR 6,937,649.22 5,489,414.94 1.195,489,414.94 1.19BERMUDAFRN CENTRAL EURO MEDIA 07/14 EUR 1,982,185.49 1,724,501.38 0.3711.625% CENTRAL EURO MEDIA 09/16 EUR 1,783,966.94 1,694,768.59 0.373,419,269.97 0.74CANADA6% GMAC CANADA 07/12-SR-S- EUR 1,238,865.93 1,245,060.26 0.276.125% BOMBARDIER 10/21 EUR 4,955,463.73 4,961,658.06 1.076,206,718.32 1.34CROAZIA10% AGROKOR DD 09/16 EUR 495,546.37 516,607.09 0.11516,607.09 0.11DANIMARCA8.875% FS FUNDING 06/16 EUR 3,221,051.42 3,301,577.71 0.713,301,577.71 0.71FINLANDIASTEP M-REAL 06/13 EUR 2,725,505.05 2,780,015.15 0.602,780,015.15 0.60FRANCIA7% REXEL 11/18 EUR 1,982,185.49 2,091,205.69 0.457.125% CROWN EURO HOLDINGS 10/18 EUR 1,486,639.12 1,579,554.06 0.348.25% REXEL 09/16 EUR 1,982,185.49 2,130,849.40 0.468.5% LABCO SAS 11/18 EUR 4,955,463.73 4,410,362.72 0.959% PICARD BONDCO 10/18 EUR 1,982,185.49 2,140,760.33 0.46La nota integrativa costituisce parte integrante del presente bilancio.156
<strong>Pictet</strong> - EUR High YieldPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto9.375% EUROPCAR 10/18 EUR 991,092.75 817,651.51 0.189.375% FAURECIA 11/16 -SR- EUR 2,477,731.86 2,787,448.35 0.609.375% FAURECIA 11/16 -SR- S EUR 991,092.75 1,127,368.00 0.2417,085,200.06 3.68GERMANIAFRN AUTO-TEILE-UNGER 04/14 EUR 1,783,966.94 909,823.14 0.206.25% ELSTER FINANCE 11/18 EUR 1,982,185.49 2,076,339.30 0.456.50% KABEL DEUTSCH.11/18SR-S- EUR 1,982,185.49 2,101,116.62 0.456.75% HEIDELBERGCEMENT 10/15 EUR 991,092.75 1,077,813.36 0.237.5% KABEL BW ERSTE BET. 11/19 EUR 3,964,370.98 4,205,008.30 0.918% HEIDELBERG CEMENT 09/17 EUR 6,352,904.50 7,094,606.10 1.538.00% ALBA GRP PLC 11/18 SR REG. S EUR 4,212,144.17 4,401,690.65 0.958.125% UPC GERMANY 09/17 EUR 7,928,741.96 8,414,377.41 1.828.625% TUI 05/PE EUR 594,655.65 570,869.42 0.129.625% IESY 09/19 EUR 495,546.37 541,384.41 0.129.75% NORDENIA 10/17 EUR 1,337,975.21 1,458,392.97 0.3232,851,421.68 7.10GIAPPONE8.375% EACCESS 11/18 EUR 5,921,779.15 5,418,427.92 1.175,418,427.92 1.17IRLANDAFRN ALLIED IRISH BK 07/12 83-SR-S- EUR 1,486,639.12 1,484,409.16 0.324.5% ALLIED IRISH BANK 09/12 EUR 4,955,463.73 4,812,994.14 1.044.625% BANK OF IRELAND 09/13 EUR 4,955,463.73 4,757,245.18 1.037.25% SMURFIT KAPPA ACQUI. 09/17 EUR 1,982,185.49 2,111,027.55 0.467.375% ARDAGH PACK. FIN. 10/17 EUR 2,353,845.27 2,483,306.76 0.547.75% JSG FUNDING 05/15 EUR 2,329,067.95 2,340,713.29 0.517.75% SMURFIT KAPPA ACQUI. 09/19 EUR 3,121,942.15 3,383,404.80 0.738.75% ARDAGH GLASS FIN. 10/20 EUR 5,946,556.47 5,827,625.34 1.268.875% NARA CABLE FUNDING 10/18 EUR 1,982,185.49 1,838,477.04 0.409.25% ARDAGH PACK. FIN. 10/20 EUR 3,072,387.51 3,118,473.32 0.679.5% INAER AVIATION 10/17 EUR 2,477,731.86 2,254,736.00 0.4934,412,412.58 7.45ISOLE CAYMAN0% CAP. GUARD. NOM. 'S' 01/13 USD 495.55 0.00 0.000.00 0.00ITALIA6.25% FIAT INDUSTRIAL 11/18 EUR 8,919,834.71 8,953,284.09 1.938.25% LOTTOMATICA 'S' 06/66 EUR 5,946,556.47 5,768,159.78 1.2510.5% SEAT PAGINE GIALLE 10/17 EUR 2,973,278.24 2,081,294.76 0.4510.5% SEAT PAGINE GIALLE 10/17 EUR 495,546.37 334,493.80 0.0717,137,232.43 3.70La nota integrativa costituisce parte integrante del presente bilancio.157
<strong>Pictet</strong> - EUR High YieldPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoLUSSEMBURGOFRN KION FINANCE 11/18 EUR 991,092.75 901,894.40 0.19FRN LECTA (UNSEC.) 07/14 EUR 3,964,370.98 3,805,796.14 0.825.25% FMC FINANCE VIII 12/19 SR -S- EUR 4,459,917.35 4,749,811.98 1.035.625% CLARIANT F.LUX 12/17 -SR-S EUR 1,635,303.03 1,742,693.38 0.386.375% FIAT FIN. & TRADE 11/16 EUR 1,982,185.49 1,958,647.04 0.426.875% FIAT FIN. & TRADE 09/15 EUR 991,092.75 1,012,772.90 0.227.375% GREIF LUX.11/21 -SR- S EUR 991,092.75 1,040,647.38 0.227.375% WIND ACQUISITION 10/18 EUR 7,185,422.40 6,664,479.28 1.447.875% AGUILA 3 11/18 CHF 1,982,185.49 1,735,987.85 0.387.875% KION FINANCE 11/18 EUR 991,092.75 971,270.89 0.218% XEFIN LUX 11/18 EUR 1,982,185.49 2,011,918.27 0.438.25% CODERE FINANCE (LUX) 05/15 EUR 1,734,412.30 1,717,068.18 0.378.25% CODERE-FINANCE(LUX) 10/15 EUR 1,585,748.39 1,577,819.65 0.348.5% SUNRISE COMMUNICA. 10/18 EUR 991,092.75 1,057,991.51 0.238.75% CIRSA FUNDING 10/18 EUR 6,937,649.22 6,729,519.74 1.458.875% CEMEX LUXEMBOURG 10/17 EUR 1,456,906.34 1,333,069.30 0.298.875% ZINC CAPITAL 11/18 EUR 5,946,556.47 5,530,297.52 1.209.5% BEVERAGE PACKAGING 07/17 EUR 2,973,278.24 2,675,950.41 0.589.625% OXEA FINANCE 10/17 EUR 3,465,851.33 3,523,037.88 0.7610% BORMIOLI ROCCO HOLD. 11/18 SR -S- EUR 2,923,723.60 3,026,053.92 0.6510.75% TMD FRICTION FIN. 10/17 EUR 2,337,987.79 2,525,026.81 0.5511.00% SPIE BONDCO 3 12/19 REG.S EUR 396,437.10 400,897.02 0.0911.125% ARDAGH FIN. -PIK- 11/18 EUR 59,110.75 55,564.11 0.0111.75% WIND AQUISITION 09/17 EUR 8,052,628.55 7,609,733.98 1.6464,357,949.54 13.90NORVEGIA7% NORSKE SKOGINDUSTR. 07/17 EUR 991,092.75 634,299.36 0.14634,299.36 0.14PAESI BASSIFRN CARLSON WAGONLIT 06/15 EUR 1,387,529.84 1,359,779.25 0.293.25% EDP FINANCE 10/15 S.20 SR-S- EUR 2,973,278.24 2,668,517.22 0.584.31% ABN AMRO 06/PE EUR 2,973,278.24 2,304,290.63 0.505.5% EDP FINANCE 09/14 EUR 1,982,185.49 1,992,096.42 0.436.25% ING VERZEKERINGEN 01/21 EUR 3,964,370.98 3,726,508.72 0.816.5% CONTI-GUMMI FINANCE 10/16 EUR 1,982,185.49 2,091,205.69 0.456.75% OI EUROP GROUP 10/20 EUR 2,973,278.24 3,144,241.73 0.687.375% NEW WORLD RESOUR. 07/15 EUR 2,081,294.76 2,091,701.24 0.457.5% CONTI-GUMMI FINANCE 10/17 EUR 3,964,370.98 4,207,188.70 0.917.5% GMAC INTERNAT. FIN. 10/15 EUR 3,964,370.98 4,093,213.04 0.887.75% SCHAEFFLER FIN.12/17 SR REG.S EUR 3,369,715.33 3,475,018.94 0.757.875% NEW WORLD RESOURCES 10/18 EUR 1,486,639.12 1,508,938.70 0.338% CLONDALKIN BV 04/14 EUR 4,472,801.56 3,622,969.26 0.788% ZIGGO BOND 10/18 EUR 8,919,834.71 9,644,571.28 2.088.50% INTERGEN NV 07/17 SR REG.S EUR 1,337,975.21 1,374,769.52 0.308.75% SCHAEFFLER F.12/19 -SR-S- EUR 3,468,824.61 3,689,962.18 0.809.5% HEIDELBERGCEMENT FIN. 11/18 SR EUR 8,870,280.07 10,455,842.63 2.24La nota integrativa costituisce parte integrante del presente bilancio.158
<strong>Pictet</strong> - EUR High YieldPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto9.5% INTERXION HOLDING 10/17 EUR 693,764.92 770,079.06 0.1711% BOATS INVES -PIK- 07/17 EUR 7,239,932.50 8,729,798.86 1.8911.25% SNS BANK 09/PE EUR 1,486,639.12 1,274,793.04 0.2872,225,486.11 15.60POLONIA7.125% CYFROWY POLSAT 11/18 EUR 2,973,278.24 3,003,011.02 0.6511% TVN 10/17 EUR 4,459,917.35 4,504,516.53 0.977,507,527.55 1.62PORTOGALLO7.875% REN SGPS (FR/RAT.) 08/13 SR EUR 6,293,438.93 6,482,242.10 1.406,482,242.10 1.40REGNO UNITOSUB. FR LLOYDS TSB BK 12/24 4680 JR-S EUR 1,644,222.86 1,697,660.11 0.372.375% ROYAL BANK SCOTLAND 05/15 CHF 3,964,370.98 2,813,781.26 0.616.35% LLOYDS TSB BANK 02/PE EUR 1,982,185.49 1,565,926.54 0.346.467% RBS CAP. TRUST A 02/PE EUR 3,964,370.98 2,299,335.17 0.507.75% ECO-BAT FIN.12/17 SR-S- EUR 4,583,803.95 4,583,803.95 0.997.875% INEOS GROUP REG. S 06/16 EUR 7,949,554.91 7,075,103.87 1.538.25% JAGUAR LAND ROVER 12/20-SR-S GBP 2,378,622.59 2,871,709.49 0.629.125% INFINIS 09/14 GBP 2,772,086.41 3,455,029.57 0.759.25% INEOS FINANCE 10/15 EUR 1,288,420.57 1,368,946.85 0.309.375% FCE BANK 09/14 EUR 0.00 0.00 0.0010.625% KERLING 10/17 EUR 1,982,185.49 1,952,452.71 0.4210.75% LOWELL GRP.FIN. 12/19 SR -S- GBP 2,477,731.86 2,954,250.35 0.6410.75% TVN FINANCE 09/17 EUR 3,766,152.43 4,039,198.48 0.8711% ISS FINANCING 09/14 EUR 1,486,639.12 1,579,554.06 0.3411.125% ONO FINANCE 11/19 EUR 6,937,649.22 6,105,131.31 1.3211.125% VIRIDIAN GR.F.II 12/17 SR-S- EUR 4,856,354.45 4,492,127.87 0.9748,854,011.59 10.57REPUBBLICA CECA9% CET 21 10/17 EUR 1,486,639.12 1,553,537.88 0.341,553,537.88 0.34SPAGNA7.375% HUARTE LAIN 10/15 EUR 5,946,556.47 6,236,451.10 1.358.25% CAMPOFRIO ALIMENT. 09/16 EUR 1,982,185.49 2,016,873.74 0.448.5% ABENGOA 10/16 EUR 4,955,463.73 5,054,573.00 1.098.75% HUARTE LAIN 11/18 EUR 2,477,731.86 2,623,298.61 0.5715,931,196.45 3.45STATI UNITI5.983% DEUTSCHE POSTBANK 07/PE EUR 3,865,261.71 2,937,598.90 0.636.125% BANK OF AMERICA 09/21 GBP 1,982,185.49 2,473,731.87 0.536.25% CHESAPEAKE ENERGY 06/17 EUR 1,982,185.49 2,051,561.98 0.446.375% TRW AUTOMOTIVE REG. S 7/14 EUR 857,295.22 891,587.03 0.196.50% KRONOS INT. 06/13 EUR 1,980,203.30 1,600,004.27 0.357.375% CONVATEC HEALTHCARE 10/17 EUR 3,403,412.49 3,505,514.86 0.76La nota integrativa costituisce parte integrante del presente bilancio.159
<strong>Pictet</strong> - EUR High YieldPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Quantità/Valore nominale Valore di stima (nota 2) % del patrimonionetto7.75% LEVI STRAUSS 10/18 EUR 1,486,639.12 1,520,088.50 0.338.5% REYNOLDS ESCROW 09/16 EUR 1,982,185.49 2,071,383.84 0.4510.875% TRAVELPORT LLC 07/16 EUR 2,279,513.31 661,058.86 0.1417,712,530.11 3.82SUDAFRICAFRN EDCON (PROPRIETARY) 07/14 EUR 495,546.37 441,036.27 0.107.625% CONSOL GLASS 07/14 EUR 3,815,707.07 3,920,639.01 0.858.75% FOODCORP 11/18 EUR 3,468,824.61 3,399,448.12 0.737,761,123.40 1.68SVEZIA10.75% NORCELL SWEDEN 2 11/19-SR-S EUR 991,092.75 1,025,780.99 0.2211.75% EILEME 2 12/20 SR-S- EUR 4,459,917.35 4,616,014.46 1.0015% CORRAL PETROL. 11/17 PIK SR-S- EUR 0.00 0.00 0.005,641,795.45 1.22TOTALE OBBLIGAZIONI 382,187,145.35 82.59OPZIONIREGNO UNITOCALL ITRAX XOVER EUR CDSI S16 5YR 201216 20/06/2012 8 -29,732,782.36 -177,201.44 -0.04-177,201.44 -0.04TOTALE OPZIONI -177,201.44 -0.04PRODOTTI STRUTTURATILUSSEMBURGOFRN SIGN. LUX. CLN (ISS DC 2D) 07/15 3,468,824.61 3,309,699.57 0.723,309,699.57 0.72TOTALE PRODOTTI STRUTTURATI 3,309,699.57 0.72TOTALE INVESTIMENTI 385,319,643.48 83.27DISPONIBILITÀ LIQUIDE PRESSO BANCHE 70,679,111.50 15.27ALTRE PASSIVITÀ NETTE 6,713,171.56 1.46PATRIMONIO NETTO COMPLESSIVO 462,711,926.54 100.00La nota integrativa costituisce parte integrante del presente bilancio.160
<strong>Pictet</strong> - EUR High YieldRIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Paesi Bassi 15.60Lussemburgo 14.62Regno Unito 10.53Irlanda 7.45Germania 7.10Stati Uniti 3.82Italia 3.70Francia 3.68Spagna 3.45Sudafrica 1.68Polonia 1.62Portogallo 1.40Canada 1.34Svezia 1.22Belgio 1.19Giappone 1.17Bermuda 0.74Danimarca 0.71Finlandia 0.60Austria 0.60Antille olandesi 0.46Repubblica ceca 0.34Norvegia 0.14Croazia 0.11Isole Cayman 0.0083.27Ripartizione per settori economici(in % del patrimonio netto)Obbligazioni societarie 82.59Prodotti strutturati 0.72Opzioni -0.0483.27La nota integrativa costituisce parte integrante del presente bilancio.161
<strong>Pictet</strong> - EUR Short Mid-Term BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoVALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOOBBLIGAZIONIAUSTRALIA3.5% NAT. AUSTRALIA BANK 09/15 EUR 4,000,000.00 4,189,980.00 1.185.25% ANZ BANKING GROUP 08/13 EUR 4,600,000.00 4,811,554.00 1.356.5% ST. GEORGE BANK 08/13 EUR 4,500,000.00 4,787,257.50 1.3513,788,791.50 3.88AUSTRIA1.625% ERSTE BANK 10/13 EUR 4,000,000.00 4,038,920.00 1.143.125% KOMMUNALKR AUSTRIA 09/13 EUR 3,000,000.00 3,087,030.00 0.873.8% AUSTRIA 10/13 EUR 3,400,000.00 3,575,236.00 1.014.30% AUSTRIA 03/14 EUR 3,000,000.00 3,245,370.00 0.9113,946,556.00 3.93BELGIO4% BELGIO OLO 54 08/14 EUR 5,300,000.00 5,581,165.00 1.574.25% BELGIO OLO 41 09/13 EUR 4,700,000.00 4,926,187.50 1.394.25% BELGIO OLO 43 09/14 EUR 4,800,000.00 5,125,968.00 1.4415,633,320.50 4.40FINLANDIA3.125% FINLANDIA 09/14 EUR 1,800,000.00 1,914,732.00 0.545.375% FINLANDIA 07/13 EUR 2,000,000.00 2,127,590.00 0.604,042,322.00 1.14FRANCIAFRN AGENCE FRANC.DEVEL. 12/15 EUR 5,000,000.00 5,016,950.00 1.411.75% CSSE AMORTISSEMENT 11/13 EUR 5,000,000.00 5,071,800.00 1.432% GCE COVERED BONDS 10/13 EUR 4,700,000.00 4,768,314.50 1.342.5% B.T.A.N. 01/14 EUR 9,300,000.00 9,618,153.00 2.702.5% B.T.A.N. 01/15 EUR 7,000,000.00 7,306,740.00 2.052.625% CA HOME LOAN 11/14 SR EUR 4,500,000.00 4,613,827.50 1.303% B.T.A.N. 07/14 EUR 9,300,000.00 9,772,533.00 2.754% B.T.A.N. 10/13 EUR 8,000,000.00 8,439,680.00 2.374% O.A.T. 04/14 EUR 7,000,000.00 7,475,440.00 2.104% O.A.T. 10/14 EUR 6,500,000.00 7,021,820.00 1.974.75% SOCIETE GENERALE 08/13 SR EUR 2,000,000.00 2,091,160.00 0.595% BNP PARIBAS 08/13 EUR 4,600,000.00 4,863,603.00 1.375% CRH 02/13 EUR 4,500,000.00 4,792,590.00 1.355.50% CHARBONNAGES FRANCE 02/13 EUR 2,920,000.00 3,061,678.40 0.865.75% HSBC FRANCE 08/13 EUR 4,500,000.00 4,735,485.00 1.3388,649,774.40 24.92La nota integrativa costituisce parte integrante del presente bilancio.162
<strong>Pictet</strong> - EUR Short Mid-Term BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoGERMANIA1.25% ERSTE ABWICKLUNGS 12/15 SRS EUR 5,000,000.00 4,992,350.00 1.402.5% GERMANIA 02/15 EUR 5,000,000.00 5,312,800.00 1.492.5% GERMANIA 10/14 EUR 4,500,000.00 4,754,475.00 1.343.75% GERMANIA 01/15 EUR 7,200,000.00 7,878,672.00 2.224.25% GERMANIA 07/14 EUR 5,000,000.00 5,450,400.00 1.5328,388,697.00 7.98ITALIA2% ITALIA (BTP) 10/13 EUR 7,200,000.00 7,174,728.00 2.022.25% TBOND ITALY (BOT) 10/13 EUR 9,000,000.00 8,946,945.00 2.522.5% MONTE PASCHI SIENA 10/13 EUR 5,000,000.00 4,970,650.00 1.403.00% TBOND ITALIA (BTP) 11/14 EUR 9,000,000.00 9,008,100.00 2.533.5% ITALIA (BTP) 06/14 EUR 9,000,000.00 9,063,450.00 2.553.75% ITALIA 12/13 EUR 8,000,000.00 8,121,920.00 2.284.25% ITALIA 02/15 EUR 4,500,000.00 4,611,825.00 1.304.25% ITALIA 08/13 EUR 8,400,000.00 8,587,992.00 2.414.25% ITALIA 08/14 EUR 10,000,000.00 10,222,500.00 2.874.25% TBOND ITALIE (BOT) 11/14 EUR 9,300,000.00 9,512,970.00 2.686.00% TBOND ITALIA (BTP) 11/14-SR EUR 9,800,000.00 10,444,203.00 2.9290,665,283.00 25.48LUSSEMBURGO1.625% EUR. FIN. STAB. FAC. 12/15 EUR 5,000,000.00 5,061,300.00 1.425,061,300.00 1.42PAESI BASSIFRN RABOBANK NEDERL. 12/14SRS2507A EUR 4,800,000.00 4,828,488.00 1.361.00% PAESI BASSI 11/14-SR- EUR 8,500,000.00 8,595,795.00 2.423.75% PAESI BASSI 07/14 EUR 6,000,000.00 6,443,370.00 1.8119,867,653.00 5.59REGNO UNITO3.125% BARCLAYS BANK 10/15 S1-SR- EUR 3,000,000.00 3,136,290.00 0.883,136,290.00 0.88SPAGNA2.5% SPAGNA 10/13 EUR 6,300,000.00 6,326,775.00 1.782.875% I.C.O. 10/13 EUR 5,100,000.00 5,104,768.50 1.443.3% SPAGNA 10/14 EUR 5,000,000.00 5,071,850.00 1.433.40% SPAGNA 11/14 EUR 4,000,000.00 4,068,220.00 1.144.2% SPAGNA 07/13 EUR 5,000,000.00 5,142,650.00 1.454.25% SPAGNA 01/14 EUR 4,500,000.00 4,642,942.50 1.314.4% SPAGNA 01/15 EUR 5,300,000.00 5,521,593.00 1.554.40% FUND ORDERED BK RESTRU.11/13 EUR 5,000,000.00 5,114,400.00 1.444.75% SPAGNA 99/14 EUR 5,300,000.00 5,541,865.50 1.5646,535,064.50 13.10La nota integrativa costituisce parte integrante del presente bilancio.163
<strong>Pictet</strong> - EUR Short Mid-Term BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoSTATI UNITI6% WACHOVIA BANK 08/09 EUR 1,150,000.00 1,212,318.50 0.341,212,318.50 0.34SVEZIAFRN NORDEA BANK 12/14 S204 -SR-S- EUR 4,500,000.00 4,547,542.50 1.282.25% SWEDBANK HYPOTEK 11/15 REG. S EUR 2,300,000.00 2,363,250.00 0.662.75% SWEDBANK MORTGAGE 11/14 EUR 2,500,000.00 2,589,125.00 0.734% SKAND. ENSKILDA BK 09/14SR-S-S55 EUR 4,000,000.00 4,227,600.00 1.1913,727,517.50 3.86TOTALE INVESTIMENTI 344,654,887.90 96.92DISPONIBILITÀ LIQUIDE PRESSO BANCHE 5,941,196.21 1.67ALTRE PASSIVITÀ NETTE 5,027,346.41 1.41PATRIMONIO NETTO COMPLESSIVO 355,623,430.52 100.00La nota integrativa costituisce parte integrante del presente bilancio.164
<strong>Pictet</strong> - EUR Short Mid-Term BondsRIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Italia 25.48Francia 24.92Spagna 13.10Germania 7.98Paesi Bassi 5.59Belgio 4.40Austria 3.93Australia 3.88Svezia 3.86Lussemburgo 1.42Finlandia 1.14Regno Unito 0.88Stati Uniti 0.3496.92Ripartizione per settori economici(in % del patrimonio netto)Obbligazioni emesse da Stati o enti locali 65.23Obbligazioni societarie 31.6996.92La nota integrativa costituisce parte integrante del presente bilancio.165
<strong>Pictet</strong> - USD Short Mid-Term BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoI. VALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOOBBLIGAZIONICANADA1.15% RBC 12/15 TR.771 -SR- USD 3,000,000.00 3,000,015.00 1.213,000,015.00 1.21GERMANIA1.00% KRED. WIEDERAUFBAU 12/15 USD 2,000,000.00 2,015,420.00 0.811.50% NORDRHEIN-WESTFALEN 12/15 USD 3,500,000.00 3,526,547.50 1.422.5% KRED. WIEDERAUFBAU 09/13 USD 2,000,000.00 2,048,340.00 0.827,590,307.50 3.05LUSSEMBURGO2.875% E.I.B. 08/13 USD 4,000,000.00 4,095,000.00 1.654,095,000.00 1.65NORVEGIA1% KOMMUNALBANKEN 11/14 SR REG.S USD 3,500,000.00 3,515,347.50 1.412.90% STATOIL 09/14 -SR- USD 1,500,000.00 1,575,735.00 0.635,091,082.50 2.04PAESI BASSI1% BANK NED. GEMEENTEN 11/14 -SR- S USD 2,000,000.00 1,997,760.00 0.801.375% BANK NED. GEMEENTEN 12/15 -S- USD 2,000,000.00 2,008,800.00 0.811.375% NEDER WATERSCHAPSBK 11/14 USD 4,000,000.00 4,031,360.00 1.623.1% SHELL INTL FINANCE 10/15 USD 1,000,000.00 1,069,350.00 0.439,107,270.00 3.66STATI UNITI0.125% TNOTE USA 11/13 USD 7,000,000.00 6,984,960.50 2.810.125% TNOTE USA 11/13 USD 3,000,000.00 2,992,617.00 1.200.125% TNOTE USA 11/13 AT-2013 USD 10,000,000.00 9,966,410.00 4.010.25% TNOTE USA 11/14 AD-SR- USD 3,000,000.00 2,986,758.00 1.200.25% TNOTE USA 11/14 AG USD 10,000,000.00 9,942,580.00 4.000.375% TNOTE USA 11/13 AM-2013 USD 7,000,000.00 7,010,251.50 2.820.375% TNOTE USA 11/13 AN-2013 USD 8,000,000.00 8,011,716.00 3.220.5% TNOTE USA 11/13 AL-2013 USD 7,000,000.00 7,021,056.00 2.820.5% TNOTE USA 11/14 AE-2014 SR USD 3,000,000.00 3,004,335.00 1.210.5% US TREASURY 10/13 USD 10,000,000.00 10,030,470.00 4.030.5% US TREASURY 10/13 USD 10,000,000.00 10,031,640.00 4.030.50% WORLDBANK 11/13 -SR- USD 2,000,000.00 2,004,520.00 0.810.75% TNOTE USA 11/13 AJ-2013 USD 8,000,000.00 8,042,340.00 3.230.75% US TREASURY 10/13 USD 10,000,000.00 10,074,610.00 4.050.875% TBOND USA 12/17 V-2017 USD 2,000,000.00 1,989,140.00 0.801% US TREASURY 11/14 USD 9,300,000.00 9,412,255.65 3.791.00% TNOTE USA 11/14 Z USD 3,000,000.00 3,039,844.50 1.22La nota integrativa costituisce parte integrante del presente bilancio.166
<strong>Pictet</strong> - USD Short Mid-Term BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto1.25% COLGATE-PALMOLIVE 11/14-SR- USD 1,500,000.00 1,526,970.00 0.611.25% TNOTE USA 11/14 X USD 5,500,000.00 5,597,754.25 2.251.25% US TREASURY 11/14 USD 11,000,000.00 11,188,633.50 4.511.375% US TREASURY 10/13 USD 3,000,000.00 3,033,165.00 1.221.75% US TREASURY 09/14 USD 5,000,000.00 5,130,080.00 2.061.75% US TREASURY 09/14 USD 5,000,000.00 5,139,845.00 2.071.875% US TREASURY 09/14 USD 3,000,000.00 3,093,399.00 1.242.125% US TREASURY 09/14 USD 5,000,000.00 5,219,335.00 2.102.25% US TREASURY 09/14 USD 3,000,000.00 3,120,937.50 1.262.25% US TREASURY 10/15 USD 5,000,000.00 5,245,995.00 2.112.375% TNOTE USA 09/14 R-2014 USD 5,000,000.00 5,240,232.50 2.112.375% US TREASURY 09/14 USD 5,000,000.00 5,234,180.00 2.112.375% US TREASURY 09/14 USD 5,000,000.00 5,245,897.50 2.112.625% US TREASURY 09/14 USD 5,000,000.00 5,250,585.00 2.112.625% US TREASURY 09/14 USD 5,000,000.00 5,256,445.00 2.112.625% US TREASURY 09/14 USD 5,000,000.00 5,291,700.00 2.134% MERCK SHARP -GL- 09/15 -SR- USD 1,000,000.00 1,100,845.00 0.444.125% NOVARTIS CAP. 09/14 USD 1,000,000.00 1,064,420.00 0.434.25% US TREASURY 04/14 USD 3,000,000.00 3,271,875.00 1.324.25% US TREASURY 04/14 USD 3,000,000.00 3,295,312.50 1.334.75% US TREASURY 04/14 USD 3,000,000.00 3,278,203.50 1.32204,371,314.40 82.20SVEZIA2.125% NORDEA BANK 11/14 USD 1,000,000.00 1,003,856.00 0.402.25% NORDEA BANK 12/15 T3 SR - S USD 1,500,000.00 1,504,207.50 0.602.375% SWEDBK HYPOTEK 12/17 REG.S USD 2,000,000.00 2,013,810.00 0.813.7% NORDEA BANK 09/14 USD 1,000,000.00 1,043,000.00 0.424.875% SVENSKA HANDELSBANK 09/14 USD 1,000,000.00 1,063,825.00 0.436,628,698.50 2.66TOTALE I. 239,883,687.90 96.47II. ALTRI VALORI MOBILIARIOBBLIGAZIONISTATI UNITI5.125% METROPOLITAN LIFE 09/14 USD 3,000,000.00 3,230,061.00 1.303,230,061.00 1.30TOTALE II. 3,230,061.00 1.30TOTALE INVESTIMENTI 243,113,748.90 97.77DISPONIBILITÀ LIQUIDE PRESSO BANCHE 4,763,469.34 1.92ALTRE PASSIVITÀ NETTE 773,971.01 0.31PATRIMONIO NETTO COMPLESSIVO 248,651,189.25 100.00La nota integrativa costituisce parte integrante del presente bilancio.167
<strong>Pictet</strong> - USD Short Mid-Term BondsRIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Stati Uniti 83.50Paesi Bassi 3.66Germania 3.05Svezia 2.66Norvegia 2.04Lussemburgo 1.65Canada 1.2197.77Ripartizione per settori economici(in % del patrimonio netto)Obbligazioni emesse da Stati o enti locali 73.16Obbligazioni societarie 24.6197.77La nota integrativa costituisce parte integrante del presente bilancio.168
<strong>Pictet</strong> - CHF BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN CHF)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoVALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOOBBLIGAZIONIAUSTRALIA1.50% ANZ BANKING GRP 12/19 SR CHF 903,044.92 916,590.60 0.301.50% SPI ELEC&GAS AUSTR.12/17 SR CHF 451,522.46 454,908.88 0.151.75% TELSTRA CORP. 11/18 -SR- CHF 270,913.48 278,092.68 0.092% ANZ BANKING GROUP 10/16 CHF 451,522.46 467,551.51 0.152% COMMONWEAL. BK AUST. 10/15 CHF 442,492.01 455,766.77 0.152.25% NAT. AUSTRALIA BANK 10/17 CHF 451,522.46 472,066.73 0.152.25% SPI (AUSTR.) ASS. PTY. 10/16 CHF 1,625,480.86 1,692,938.32 0.552.375% SPI ELEC. & GAS AUS. 10/15 CHF 903,044.92 940,972.81 0.312.5% TELSTRA 05/13 CHF 1,535,176.37 1,564,651.76 0.512.50% WESTPAC BANKING 10/17 CHF 903,044.92 949,551.74 0.312.625% ANZ BANKING GROUP 11/17 CHF 903,044.92 959,936.75 0.313% COMMONWEAL. BK AUST. 09/17 CHF 903,044.92 979,352.22 0.323.125% WESTPAC BANKING 09/18 CHF 451,522.46 491,933.72 0.164.25% NAT. AUSTRALIA BANK 08/15 CHF 1,173,958.40 1,289,593.30 0.4211,913,907.79 3.88AUSTRIA2.125% BIG M.B.H. 05/18 CHF 586,979.20 613,686.75 0.202.125% O.K.B. 05/18 CHF 451,522.46 477,710.77 0.162.125% PFBST. OEST. L-HYPO. 05/16 CHF 812,740.43 854,190.19 0.282.25% HYPO ALPE-ADRIA-BANK 05/12 CHF 451,522.46 453,057.64 0.152.25% HYPO ALPE-ADRIA-BANK 06/13 CHF 903,044.92 904,218.88 0.292.25% NIEDEROESTERR. LBANK 05/17 CHF 225,761.23 238,290.98 0.082.375% HYPO TIROL BANK 05/17 CHF 1,806,089.85 1,913,552.19 0.622.375% KOMMUNALKR AUSTRIA 05/17 CHF 903,044.92 922,911.91 0.302.375% KOMMUNALKR AUSTRIA 05/20 CHF 451,522.46 425,785.68 0.142.375% VORARLBERGER LHYBANK 06/17 CHF 993,349.42 1,055,433.76 0.342.5% OBEROEST LANDESBANK 06/17 CHF 225,761.23 241,112.99 0.082.5% PFBST. OEST. L-HYPO. 05/15 CHF 270,913.48 288,658.31 0.092.5% VORALBERGER LHYBANK 05/16 CHF 1,354,567.39 1,433,809.58 0.472.625% HYPO INVESTMENT BANK 06/17 CHF 1,173,958.40 1,260,831.32 0.412.625% O.K.B. 06/24 CHF 677,283.69 734,514.17 0.242.625% VORARLBERGER LANDES 06/15 CHF 903,044.92 957,227.62 0.312.75% ERSTE BANK 07/15 CHF 90,304.49 94,955.17 0.032.75% O.K.B. 05/20 CHF 903,044.92 991,091.80 0.322.75% O.K.B. 08/14 CHF 451,522.46 473,195.54 0.152.875% O.K.B. 05/30 CHF 1,806,089.85 2,045,396.75 0.672.875% PFBST. OEST. L-HYPO. 03/17 CHF 2,167,307.82 2,362,365.52 0.773% O.K.B. 03/15 CHF 1,806,089.85 1,951,480.08 0.643% O.K.B. 07/22 CHF 451,522.46 506,382.44 0.163% O.K.B. 08/16 CHF 722,435.94 789,622.48 0.263.125% BIG M.B.H. 06/31 CHF 451,522.46 523,314.53 0.173.125% BUNDESIMMOBILIEN 07/14 CHF 270,913.48 286,626.46 0.09La nota integrativa costituisce parte integrante del presente bilancio.169
<strong>Pictet</strong> - CHF BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN CHF)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto3.25% ERSTE GROUP BANK 07/17 SR CHF 903,044.92 988,382.67 0.323.250% BIG M. B. H. 07/19 CHF 541,826.95 607,658.93 0.204.50% OEST. POSTSPARKASSE 00/15 CHF 194,154.66 213,958.43 0.0724,609,423.54 8.01BELGIO3.25% BELGELEC FINANCE 07/14 CHF 451,522.46 477,485.00 0.16477,485.00 0.16BERMUDA3.375% HOLCIM OVERS. FIN. 11/21 CHF 541,826.95 559,165.42 0.18559,165.42 0.18CANADA2.125% ONTARIO (PROV.) 05/15 CHF 857,892.68 907,650.45 0.302.25% QUEBEC (PROV.) 05/15 CHF 903,044.92 961,742.84 0.312.25% ROYAL BANK CANADA 11/21 -SR- CHF 451,522.46 490,804.92 0.162.625% QUEBEC (PROV) 06/17 CHF 894,014.48 986,097.97 0.322.875% BRITISH COLUMBIA 09/17 CHF 903,044.92 1,019,086.20 0.332.875% ROYAL BANK OF CANADA 07/14 CHF 541,826.95 569,460.13 0.193% COCA-COLA 09/13 CHF 541,826.95 553,584.60 0.183.125% QUEBEC (PROV.) 09/15 CHF 903,044.92 992,446.37 0.323.375% ONTARIO (PROV.) 08/16 CHF 903,044.92 1,011,861.84 0.333.375% ONTARIO (PROV.) 09/19 CHF 541,826.95 635,833.93 0.213.375% QUEBEC (PROV.) 08/18 CHF 451,522.46 520,379.64 0.173.75% ONTARIO (PROV.) 08/18 CHF 903,044.92 1,072,365.85 0.359,721,314.74 3.17COREA DEL SUD1.875% KOREA NATL OIL 12/17 SR CHF 541,826.95 550,767.10 0.182% HYUNDAI CAPITAL 11/13 CHF 803,709.98 811,747.08 0.262% KOREA FINANCE 11/15 CHF 1,354,567.39 1,376,240.46 0.452.00% KOREA GAS CORP. 11/16 -SR- CHF 993,349.42 1,013,713.08 0.332.125% KOREA LAND&HOUSING 11/16-SR- CHF 451,522.46 464,842.37 0.152.375% EXP. IMP. BK KOREA 11/15 CHF 1,896,394.34 1,942,856.00 0.632.50% HYUNDAI CAP. SERV. 12/17 SR CHF 650,192.35 673,274.17 0.222.625% KOREA NATL OIL 11/16 CHF 451,522.46 469,583.36 0.154.125% KOREA DEV. BANK 08/13 CHF 1,413,265.31 1,457,783.16 0.478,760,806.78 2.84DANIMARCA1.375% KOMMUNEKREDIT 10/15 CHF 903,044.92 926,975.61 0.302.25% DANSKE BANK 10/17 CHF 270,913.48 288,116.48 0.092.625% KOMMUNEKREDIT 06/16 CHF 1,354,567.39 1,475,801.17 0.482.75% DANSKE BANK 07/13 CHF 1,083,653.91 1,102,726.22 0.362.75% DANSKE BANK 09/15 CHF 722,435.94 763,614.79 0.252.875% KOMMUNEKREDIT 06/31 CHF 903,044.92 1,076,881.07 0.353% DANSKE BANK 07/12 CHF 451,522.46 454,005.84 0.153.5% KOMMUNEKREDIT 08/18 CHF 632,131.45 722,526.24 0.243.50% DANSKE BANK 08/15 -SR- CHF 451,522.46 491,256.44 0.167,301,903.86 2.38La nota integrativa costituisce parte integrante del presente bilancio.170
<strong>Pictet</strong> - CHF BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN CHF)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoFINLANDIA1.75% MUNICIPALITY FIN. 10/17 CHF 1,806,089.85 1,907,230.88 0.622.25% MUNICIPALITY FIN. 10/19 CHF 451,522.46 494,191.33 0.162.375% MUNICIPALITY FIN.11/26 -SR- CHF 903,044.92 1,005,992.05 0.332.50% NORDIC INVESTM. BANK 09/18 CHF 903,044.92 991,543.33 0.324,398,957.59 1.43FRANCIA1.50% GDF SUEZ 11/17 CHF 496,674.71 508,594.90 0.171.75% C.F.F. 10/15 CHF 948,197.17 974,746.69 0.321.75% CRH 11/16 CHF 903,044.92 934,651.50 0.301.875% ILE DE FRANCE 05/14 CHF 451,522.46 464,165.09 0.152% BPCE 10/15 CHF 225,761.23 226,890.04 0.072% CIF EUROMORTGAGE 05/15 CHF 451,522.46 467,099.99 0.152% CIF EUROMORTGAGE 10/19 CHF 424,431.11 433,768.60 0.142% RESEAU FERRE DE FRANCE 10/26 CHF 180,608.98 182,053.86 0.062.125% VINCI 11/17 SR CHF 180,608.98 184,853.30 0.062.25% C.F.F. FIN. FONCIER 11/19 CHF 903,044.92 935,554.54 0.302.25% E.D.F. 10/17 CHF 451,522.46 473,421.30 0.152.375% CIF EUROMORTGAGE 10/19 CHF 451,522.46 471,840.97 0.152.375% CSSE AMORTISSEMENT 11/23 CHF 451,522.46 476,807.72 0.162.375% DEXIA MUNICIPAL AG 06/16 CHF 812,740.43 809,489.47 0.262.375% DEXIA MUNICIPAL AG. 05/15 CHF 916,590.60 921,173.55 0.302.375% ILE DE FRANCE 05/16 CHF 451,522.46 478,162.29 0.162.375% SNCF 09/19 CHF 903,044.92 973,482.43 0.322.375% TOTAL CAPITAL 06/16 CHF 2,438,221.30 2,535,750.19 0.822.5% AEROPORTS DE PARIS 10/17 CHF 632,131.45 658,048.84 0.212.5% C.F.F. 06/31 CHF 1,097,199.58 1,093,359.38 0.362.5% C.F.F. 09/13 CHF 1,219,110.65 1,240,323.17 0.402.5% CREDIT AGRICOLE 06/13 CHF 451,522.46 457,166.49 0.152.5% CRH-CAISSE REFIN. 11/21 CHF 903,044.92 962,645.89 0.312.5% DEXIA MUNICIPAL 09/18 CHF 903,044.92 893,111.43 0.292.50% RCI BANQUE 12/15 -SR- CHF 316,065.72 315,433.59 0.102.625% DEXIA MUNICIPAL AG 09/19 CHF 632,131.45 621,069.15 0.202.625% RATP 06/19 CHF 451,522.46 482,225.99 0.162.625% S.N.C.F. 06/21 CHF 541,826.95 594,655.08 0.192.625% TOTAL CAPITAL 06/14 CHF 903,044.92 933,748.45 0.302.75% BNP PARIBAS HOME LN 09/14 CHF 623,101.00 654,567.60 0.212.75% C.F.F. FIN. FONCIER 04/16 CHF 903,044.92 962,645.89 0.312.75% S.N.C.F. 09/18 CHF 451,522.46 495,771.66 0.162.875% RESEAU FERRE FRANCE 09/21 CHF 316,065.72 352,255.25 0.113% B.F.C.M. 06/13 CHF 451,522.46 456,037.69 0.153% CIF EUROMORTGAGE 03/14 CHF 496,674.71 520,018.42 0.173% CSSE AMORTISSEMENT 09/21 CHF 451,522.46 502,996.02 0.163% RATP 07/14 CHF 1,264,262.89 1,340,750.80 0.443% REG. ILE DE FRANCE 08/14 CHF 451,522.46 478,613.81 0.163% RESEAU FERRE FRANCE 09/19 CHF 903,044.92 1,009,152.70 0.333.00% RCI BANQUE 11/14 -SR- CHF 722,435.94 737,607.09 0.243.125% ADP 09/15 CHF 451,522.46 477,033.48 0.163.125% C.F.F. 03/14 CHF 1,806,089.85 1,909,036.97 0.623.125% TOTAL CAPITAL 06/18 CHF 948,197.17 1,034,483.11 0.34La nota integrativa costituisce parte integrante del presente bilancio.171
<strong>Pictet</strong> - CHF BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN CHF)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto3.125% TOTAL CAPITAL 07/15 CHF 903,044.92 961,291.32 0.313.25% CDC CAISSE DEP.CONS.07/17 CHF 451,522.46 502,318.74 0.163.25% REG. ILE DE FRANCE 07/18 CHF 451,522.46 504,576.35 0.163.25% RESEAU FERRE FRANCE 06/32 CHF 451,522.46 544,536.09 0.183.375% A.P. HOPITAUX PARIS 08/14 CHF 180,608.98 191,987.35 0.063.375% E.D.F. 08/13 CHF 1,733,846.25 1,809,268.57 0.593.375% FRANCE TELECOM 09/13 CHF 1,444,871.88 1,498,332.14 0.493.5% DEXIA MUNICIPAL AG 07/17 CHF 514,735.61 539,700.28 0.183.5% DEXIA MUNICIPAL AG. 07/19 CHF 451,522.46 471,840.97 0.153.5% FRANCE TELECOM 07/14 CHF 270,913.48 289,200.14 0.093.75% AUCHAN 08/15 CHF 785,649.08 836,716.27 0.274% E.D.F. 09/17 CHF 451,522.46 512,703.76 0.174% L.V.M.H. 08/15 CHF 722,435.94 791,789.79 0.265% S.N.C.F. 95/15 CHF 451,522.46 519,476.59 0.1741,609,002.74 13.51GERMANIA1.25% LAND BERLIN 10/14 CHF 451,522.46 459,649.87 0.151.375% NORDRHEIN-WESTF. 10/14 CHF 632,131.45 646,038.34 0.211.875% METRO 12/16 -SR- CHF 1,083,653.91 1,087,446.70 0.352% DEPFA 05/12 CHF 903,044.92 912,075.37 0.302% DEUTSCHE BANK 10/15 CHF 785,649.08 807,254.43 0.262.125% K.F.W. 06/16 CHF 451,522.46 480,645.66 0.162.25% DEUTSCHE TELEKOM 10/16 CHF 812,740.43 844,843.68 0.272.5% K.F.W. 05/25 CHF 1,806,089.85 2,045,396.75 0.672.625% BAYERISCHE LDBK 07/13 CHF 1,580,328.62 1,611,935.19 0.522.625% LANDWIRTS. RENTENBK 09/16 SR CHF 903,044.92 984,318.97 0.322.75% K.F.W. 09/18 CHF 903,044.92 1,015,022.50 0.332.75% LAND BERLIN 07/17 -SR- CHF 903,044.92 993,800.94 0.323% BAYERISCHE LDBANK 04/15 CHF 1,083,653.91 1,170,888.05 0.383.125% DEPFA 06/23 CHF 90,304.49 100,192.83 0.033.25% NORDRHEIN-WESTFALEN 07/15 CHF 903,044.92 983,415.92 0.323.375% K.F.W. 07/17 CHF 993,349.42 1,137,881.76 0.373.75% DEUTSCHE TELEKOM 09/14 CHF 812,740.43 861,911.23 0.284% BAYERISCHE LDBK 01/15 CHF 632,131.45 696,924.92 0.2316,839,643.11 5.47GIAPPONE2.25% N.T.T. 06/13 CHF 1,408,750.08 1,430,585.71 0.472.625% KYUSHU ELECTR. POWER 06/13 CHF 451,522.46 460,552.91 0.151,891,138.62 0.62INDIA3.50% RURAL ELECTRIFIC. 12/17 SR CHF 767,588.19 772,961.30 0.25772,961.30 0.25IRLANDA3.75% VNESHECONOMBK (VEB) 11/16 CHF 596,009.65 596,009.65 0.19596,009.65 0.19La nota integrativa costituisce parte integrante del presente bilancio.172
<strong>Pictet</strong> - CHF BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN CHF)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoISOLE CAYMAN2.125% LGT FINANCE 11/15 CHF 361,217.97 370,429.03 0.122.375% NEW YORK LIFE FUND. 06/16 CHF 722,435.94 747,721.20 0.242.5% LGT FINANCE 10/17 CHF 903,044.92 935,554.54 0.302,053,704.77 0.66ITALIA2.5% ITALIA 06/18 CHF 903,044.92 848,410.71 0.282.50% ITALIA 05/15 CHF 2,501,434.44 2,435,146.43 0.793,283,557.14 1.07JERSEY2.50% BAA FUNDING 12/17 SR CHF 767,588.19 793,302.39 0.264% UBS JERSEY BRANCH 08/12 CHF 903,044.92 904,941.32 0.291,698,243.71 0.55LUSSEMBURGO2.125% NESTLE FINANCE 09/15 CHF 1,598,389.52 1,690,296.91 0.552.25% ERSTE EUROP. PFANDBF 05/16 CHF 586,979.20 606,643.00 0.202.5% ERSTE EUROP. PFANDBF 06/19 CHF 903,044.92 913,881.46 0.302.50% EUROP. HYPO. BANK 05/25 CHF 1,444,871.88 1,296,050.08 0.422.75% EUROP. HYPO. BANK 05/20 CHF 812,740.43 824,931.54 0.272.75% LG ERSTE EUROP. KBANK 05/20 CHF 632,131.45 632,763.58 0.213.375% FORTIS LUX FIN. 07/12 CHF 541,826.95 544,536.09 0.183.5% EUROHYPO BANK 07/13 CHF 316,065.72 326,969.99 0.113.5% SB CAPITAL SA -LPN- 12/14 CHF 586,979.20 599,305.76 0.203.625% GLENCORE FINANCE 10/16 CHF 903,044.92 947,745.65 0.314% EUROP. HYPO. BANK 02/14 CHF 451,522.46 473,647.06 0.154.5% BRANDBREW 09/14 CHF 2,307,279.78 2,476,864.85 0.815.00% VTB CAPITAL -LPN- 11/15 CHF 451,522.46 472,969.78 0.1511,806,605.75 3.86NORVEGIA1.375% NORWEGIAN STATE R.10/17 SR CHF 903,044.92 938,263.68 0.311.50% DNB NOR BOLIGK. 11/17 CHF 632,131.45 651,095.39 0.211.625% DNB NOR BOLIGKREDITT 10/15 CHF 903,044.92 930,136.27 0.301.875% DNB NOR BANK 11/16-SR CHF 451,522.46 460,552.91 0.152.125% DNB NOR BK 10/15 CHF 632,131.45 652,043.59 0.212.875% KOMMUNALBANKEN 09/17 CHF 90,304.49 100,147.68 0.033.375% DNB NOR BOLIGKREDIT.07/16 SR CHF 451,522.46 501,641.46 0.164,233,880.98 1.37NUOVA ZELANDA2% B.N.Z. INTL FDG. 10/15 CHF 903,044.92 926,524.09 0.303.375% TRANSPOWER FINANCE 07/14 CHF 1,264,262.89 1,331,268.83 0.432,257,792.92 0.73La nota integrativa costituisce parte integrante del presente bilancio.173
<strong>Pictet</strong> - CHF BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN CHF)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoPAESI BASSI1.00% NEDER WATERSCH. 12/18 -SR- CHF 451,522.46 454,908.88 0.151.125% PACCAR FINANCIAL 11/14 -SR- CHF 722,435.94 724,603.25 0.241.50% ABN AMRO BANK 12/14 -SR- CHF 1,806,089.85 1,816,023.34 0.591.50% DEUTSCHE BAHN FIN. 11/17-SR- CHF 451,522.46 470,937.93 0.151.75% DEUTSCHE BAHN FIN. 10/20 CHF 1,354,567.39 1,421,618.47 0.461.75% NED.WATERSCHAPSBANK 10/16 CHF 632,131.45 660,893.43 0.221.87% NED. WATERSCHAPSBANK 10/20 CHF 1,264,262.89 1,326,211.78 0.432% ABN AMRO BANK 11/15 -SR- CHF 903,044.92 916,139.08 0.302% NED. WATERSCHAPSBANK 10/17 SR CHF 451,522.46 478,388.05 0.162% RABOBANK 10/21 CHF 451,522.46 450,845.18 0.152% RABOBANK 11/18 CHF 722,435.94 750,249.72 0.242.00% RABOBANK NED. 12/19 -SR- CHF 1,173,958.40 1,204,481.32 0.392.125% B.N.G. 10/18 CHF 1,083,653.91 1,155,175.07 0.382.125% ENERGIE BEHEER NED. 10/20 CHF 1,219,110.65 1,324,563.72 0.432.125% ING BANK 10/16 CHF 586,979.20 598,425.30 0.192.125% RABOBANK 05/17 CHF 903,044.92 941,875.86 0.312.25% B.N.G. 05/20 CHF 1,535,176.37 1,646,476.66 0.542.25% BANK NED. GEMEENTEN 05/14 CHF 903,044.92 933,296.93 0.302.25% NED. WATERSCHAP. 11/21 -SR- CHF 451,522.46 486,289.69 0.162.25% NED. WATERSCHAPSBANK 09/14 CHF 1,264,262.89 1,311,672.75 0.432.375% ABN AMRO BANK 12/16 TR.3 SR CHF 722,435.94 737,628.77 0.242.375% ABN AMRO BK 11/16 -SR- CHF 451,522.46 461,907.48 0.152.375% BANK NED. GEMEENTEN 10/19 CHF 677,283.69 734,852.81 0.242.375% NED. WATERSCHAPSBANK 05/20 CHF 903,044.92 982,512.88 0.322.375% NED. WATERSCHAPSBANK 06/23 CHF 451,522.46 489,450.35 0.162.5% ABN AMRO BANK 06/15 CHF 857,892.68 917,087.27 0.302.5% B.N.G. 02/25 CHF 677,283.69 741,625.64 0.242.50% BANK NED. GEM. 09/19 CHF 451,522.46 493,514.05 0.162.50% NED. WATERSCHAPSBANK 05/15 CHF 496,674.71 525,481.84 0.172.625% B.N.G. 07/17 CHF 903,044.92 980,255.27 0.322.625% NEDERLANDEN FINANC. 08/15 CHF 270,913.48 288,251.94 0.092.75% B.N.G. 09/16 CHF 451,522.46 488,547.30 0.162.75% BANK NED. GEMEENTEN 03/15 CHF 1,490,024.13 1,592,090.78 0.522.75% RABOBANK 07/15 CHF 1,354,567.39 1,422,973.04 0.462.875% FMO-NEDERLANDSE 09/16 CHF 361,217.97 392,282.72 0.132.875% RABOBANK 06/14 CHF 903,044.92 940,521.29 0.313.00% ENERGIE BEHEER NED.07/14 CHF 541,826.95 580,838.50 0.193.125% B.N.G. 07/18 CHF 406,370.22 457,979.23 0.153.125% ENBW INT. FINANCE 08/13 CHF 451,522.46 460,914.13 0.153.125% RABOBANK 06/26 CHF 903,044.92 980,255.27 0.323.25% NED. WATERSCHAPSBK 06/29 CHF 451,522.46 553,792.30 0.183.375% ABN AMRO 06/31 CHF 722,435.94 860,782.42 0.283.625% E.ON INTL FINANCE 08/13 CHF 903,044.92 931,490.84 0.303.625% RABOBANK 09/19 CHF 1,354,567.39 1,527,274.73 0.503.75% ING BANK 08/12 CHF 316,065.72 319,289.59 0.104% ING BANK 08/15 CHF 316,065.72 345,459.84 0.1138,280,136.69 12.47La nota integrativa costituisce parte integrante del presente bilancio.174
<strong>Pictet</strong> - CHF BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN CHF)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoPOLONIA2.625% POLONIA 05/15 CHF 993,349.42 1,020,169.85 0.333.25% POLONIA 07/19 CHF 1,354,567.39 1,419,586.62 0.463.625% POLONIA 08/17 CHF 1,806,089.85 1,940,643.54 0.634,380,400.01 1.42REGNO UNITO1.5% ANZ NATIONAL INTL 12/18 CHF 903,044.92 919,751.26 0.301.75% C.I.B.C. 10/17 CHF 496,674.71 526,226.85 0.171.875% WESTPAC SECURITIES 10/15 CHF 586,979.20 599,892.74 0.202% ANZ NATIONAL 10/14 CHF 903,044.92 927,427.14 0.302.125% ASB FINANCE 10/16 CHF 1,128,806.16 1,163,799.15 0.382.125% CSFB LONDON 10/15 CHF 1,490,024.13 1,532,489.81 0.502.25% ROYAL BANK SCOTLAND 09/12 CHF 451,522.46 455,134.64 0.152.375% HBOS TREASURY SERV. 05/13 CHF 451,522.46 457,618.02 0.152.375% HSBC BANK 11/18 CHF 451,522.46 470,034.88 0.152.5% BARCLAYS BANK 11/16 CHF 632,131.45 645,406.21 0.212.5% LLOYDS TSB BANK 11/14 CHF 903,044.92 914,784.51 0.302.50% LLOYDS TSB BANK 10/15 CHF 903,044.92 913,881.46 0.302.625% BRADFORD & BINGLEY 06/13 CHF 903,044.92 928,330.18 0.302.75% BRADFORD & BINGLEY 06/12 CHF 668,253.24 670,792.61 0.222.75% HSBC BANK 07/17 CHF 903,044.92 974,385.47 0.322.75% NETWORK RAIL INFRA. 06/21 CHF 541,826.95 606,846.19 0.202.75% ROYAL BANK SCOTLAND 10/15 CHF 2,167,307.82 2,192,231.86 0.713% BANK OF SCOTLAND PLC 06/16 CHF 1,670,633.11 1,692,351.34 0.553% BP CAPITAL MARKETS 08/13 CHF 898,529.70 932,673.83 0.303.375% CREDIT AGR.LONDON 07/13 CHF 135,456.74 138,978.61 0.0517,663,036.76 5.76SOVRANAZIONALE1.25% SUB. E.I.B. 12/19 -SR- CHF 451,522.46 453,554.31 0.152% E.I.B. 05/16 CHF 767,588.19 809,421.74 0.262% E.I.B. 09/12 CHF 361,217.97 372,235.12 0.122% E.I.B. 10/22 CHF 903,044.92 944,584.99 0.312.375% E.I.B. 05/20 CHF 2,257,612.31 2,443,865.33 0.802.5% E.I.B. 03/15 CHF 1,986,698.83 2,108,880.81 0.692.5% E.I.B. 07/19 CHF 1,341,021.71 1,460,372.65 0.482.75% WORLDBANK 09/19 CHF 632,131.45 710,199.68 0.233.125% E.I.B. 06/36 CHF 1,173,958.40 1,448,664.67 0.473.25% E.I.B. 08/18 CHF 857,892.68 971,563.46 0.3211,723,342.76 3.83SPAGNA2% I.C.O. 05/16 CHF 541,826.95 474,640.41 0.152.25% I.C.O. 09/17 CHF 451,522.46 385,600.18 0.133% COMUNIDAD DE MADRID 08/13 CHF 361,217.97 343,157.07 0.113% COMUNIDAD DE MADRID 09/14 CHF 632,131.45 590,094.71 0.193.5% COMUNIDAD DE MADRID 08/15 CHF 316,065.72 289,516.20 0.092,083,008.57 0.67La nota integrativa costituisce parte integrante del presente bilancio.175
<strong>Pictet</strong> - CHF BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN CHF)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoSTATI UNITI1.00% PHILIP MORRIS INTL 11/16 SR CHF 1,173,958.40 1,175,132.36 0.381.75% SWISS RE TREASURY 10/14 CHF 903,044.92 922,911.91 0.301.875% MCDONALD'S 10/16 CHF 225,761.23 236,146.25 0.082.00% PHILIP MORRIS INTL 11/21-SR CHF 903,044.92 921,557.35 0.302.5% BANK OF AMERICA 05/17 CHF 903,044.92 864,213.99 0.282.50% MORGAN STANLEY 05/15 CHF 1,354,567.39 1,343,730.85 0.442.625% NESTLE HOLDINGS 07/18 CHF 903,044.92 1,009,152.70 0.332.75% JP MORGAN CHASE 07/14 CHF 1,444,871.88 1,492,552.65 0.492.875% AMERICAN INTL GR. 07/15 CHF 1,535,176.37 1,509,845.96 0.492.875% TOYOTA MOTOR CREDIT 06/16 CHF 451,522.46 488,321.54 0.163% CITIGROUP 04/14 CHF 2,086,033.78 2,138,184.62 0.703% CITIGROUP 07/19 CHF 2,113,125.12 2,012,751.68 0.663% GENERAL ELEC. CAP. 04/15 CHF 632,131.45 677,328.85 0.223.125% GENERAL ELEC. CAP. 04/19 CHF 1,986,698.83 2,187,355.42 0.713.125% METROPOLITAN LIFE 06/16 CHF 76,758.82 80,635.14 0.033.125% MORGAN STANLEY 06/18 CHF 1,318,445.59 1,244,612.64 0.413.25% BANK OF AMERICA 04/14 CHF 812,740.43 833,871.68 0.273.25% BANK OF AMERICA 06/16 CHF 903,044.92 916,139.08 0.303.25% HSBC FINANCE 06/16 CHF 722,435.94 754,223.12 0.253.375% AMERICAN INT.GROUP 07/17-SR- CHF 451,522.46 438,879.83 0.143.375% GENERAL ELEC.CAP. 06/18 CHF 1,806,089.85 2,009,274.96 0.653.5% HSBC FINANCE 07/13 CHF 1,350,052.16 1,383,938.47 0.453.625% BMW US CAPITAL 08/15 CHF 451,522.46 487,192.74 0.163.875% GENERAL ELEC. CAP. 01/14 CHF 270,913.48 288,251.94 0.094% GENERAL ELEC. CAP. 08/13 CHF 1,444,871.88 1,511,624.96 0.494% SWISS RE AMERICA H. 01/15 CHF 1,160,412.73 1,268,331.11 0.414.5% GENERAL ELEC. CAP. 08/18 CHF 1,715,785.36 2,029,774.08 0.6630,225,935.88 9.85SVEZIA1.5% NORDEA BANK 12/17 -SR- CHF 135,456.74 137,353.13 0.041.5% SBAB 11/14 CHF 451,522.46 457,843.78 0.151.50% LANDSHYPOTEK 10/16 CHF 451,522.46 467,099.99 0.151.50% LANDSHYPOTEK 11/18 CHF 270,913.48 278,363.60 0.091.625% SWEDBANK MORTGAGE 10/15 CHF 903,044.92 933,296.93 0.301.625% SWEDISH COVERED BD. 10/15 CHF 451,522.46 465,971.18 0.151.875% SWEDBANK 09/13 CHF 722,435.94 739,774.40 0.241.875% SWEDISH EXPORT 10/17 CHF 632,131.45 661,525.56 0.222% SBAB SWEDISH HOUSING 11/16-SR- CHF 903,044.92 928,781.70 0.302% SBAB SWEDISH NATIONAL 11/18 SR CHF 1,110,745.26 1,131,294.04 0.372% STADSHYPOTEK 10/16 CHF 903,044.92 948,648.69 0.312.00% KOMMUNINVEST I SV. 09/14 SR CHF 903,044.92 937,812.15 0.312.125% AKADEMISKA HUS 10/18 SR CHF 903,044.92 972,127.86 0.322.125% SWEDBANK MORTGAGE 10/16 CHF 1,354,567.39 1,440,582.42 0.472.25% AKADEMISKA HUS 06/14 CHF 903,044.92 933,748.45 0.302.25% NORDEA BANK 10/16 CHF 2,411,129.95 2,509,986.28 0.822.5% KOMMUNINVEST I SVER.09/15 CHF 225,761.23 242,580.44 0.082.625% KOMMUNINVEST I SVER.07/16 CHF 767,588.19 840,125.27 0.272.625% SWEDISH EXPORT 06/14 CHF 1,499,054.57 1,563,513.92 0.51La nota integrativa costituisce parte integrante del presente bilancio.176
<strong>Pictet</strong> - CHF BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN CHF)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto2.625% SWEDISH EXPORT CRE. 07/17-SR CHF 451,522.46 489,450.35 0.162.75% SWEDISH COVERED BD. 07/13 CHF 451,522.46 463,442.66 0.153% SWEDISH EXPORT 09/18 CHF 1,354,567.39 1,506,956.22 0.4919,050,279.02 6.20SVIZZERA2.125% SWISS REINSURANCE 11/17-SR- CHF 225,761.23 235,581.84 0.082.375% ZURICH VERS. 11/18 -SR- CHF 1,490,024.13 1,563,035.31 0.512.625% BQUE. CANTON. ST-GALL 11/21 CHF 632,131.45 660,893.43 0.223.125% SUB. B. CANT. GENEVA 11/18-SR- CHF 1,155,897.50 1,213,114.43 0.393.25% SUISSE REASSURANCE 09/14 CHF 903,044.92 954,518.49 0.314,627,143.50 1.51VENEZUELA2.75% CORP ANDINA FOMENTO 11/17 SR CHF 406,370.22 419,577.25 0.14419,577.25 0.14TOTALE INVESTIMENTI 283,238,365.85 92.18DISPONIBILITÀ LIQUIDE PRESSO BANCHE 20,679,156.32 6.73ALTRE PASSIVITÀ NETTE 3,345,074.50 1.09PATRIMONIO NETTO COMPLESSIVO 307,262,596.67 100.00La nota integrativa costituisce parte integrante del presente bilancio.177
<strong>Pictet</strong> - CHF BondsRIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Francia 13.51Paesi Bassi 12.47Stati Uniti 9.85Austria 8.01Svezia 6.20Regno Unito 5.76Germania 5.47Australia 3.88Lussemburgo 3.86Sovranazionale 3.83Canada 3.17Corea del Sud 2.84Danimarca 2.38Svizzera 1.51Finlandia 1.43Polonia 1.42Norvegia 1.37Italia 1.07Nuova Zelanda 0.73Spagna 0.67Isole Cayman 0.66Giappone 0.62Jersey 0.55India 0.25Irlanda 0.19Bermuda 0.18Belgio 0.16Venezuela 0.1492.18Ripartizione per settori economici(in % del patrimonio netto)Obbligazioni societarie 80.50Obbligazioni emesse da Stati o enti locali 8.00Obbligazioni di istituzioni sovranazionali 3.6892.18La nota integrativa costituisce parte integrante del presente bilancio.178
<strong>Pictet</strong> - EUR Government BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoVALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOOBBLIGAZIONIAUSTRIA2.25% OESTERREICH. VBANK 09/12 EUR 1,499,581.83 1,510,626.26 0.273.2% AUSTRIA 10/17 EUR 1,132,418.75 1,210,929.34 0.213.50% AUSTRIA 04/15 EUR 1,486,611.40 1,602,790.08 0.283.50% AUSTRIA 05/21 EUR 1,898,672.14 2,020,680.81 0.363.9% AUSTRIA 07/20 EUR 1,581,395.35 1,734,577.21 0.314% AUSTRIA 05/16 EUR 1,262,123.10 1,395,523.21 0.254.15% AUSTRIA 06/37 EUR 1,925,610.74 2,130,726.79 0.384.3% AUSTRIA 09/17 EUR 1,090,514.27 1,225,023.75 0.224.30% AUSTRIA 03/14 EUR 3,873,171.44 4,189,958.13 0.744.35% AUSTRIA 07/19 EUR 1,626,293.01 1,835,019.58 0.324.65% AUSTRIA 01/18 EUR 997,725.77 1,140,809.62 0.204.85% AUSTRIA 09/26 EUR 399,090.31 469,000.95 0.086.25% AUSTRIA 97/27 EUR 860,039.61 1,157,140.30 0.2021,622,806.03 3.82BELGIO3.25% BELGIO OLO 47 09/16 EUR 2,608,055.16 2,719,732.09 0.483.75% BELGIO OLO S.46 09/15 EUR 2,589,098.37 2,755,577.40 0.494% BELGIO OLO 48 06/22 EUR 798,180.62 834,968.76 0.154% BELGIO OLO 49 07/17 EUR 2,115,178.63 2,268,973.27 0.404% BELGIO OLO 52 08/18 EUR 997,725.77 1,067,426.89 0.194% BELGIO OLO 54 08/14 EUR 2,993,177.31 3,151,965.37 0.564.25% BELGIO OLO 41 09/13 EUR 997,725.77 1,045,741.32 0.184.25% BELGIO OLO 43 09/14 EUR 2,494,314.43 2,663,703.32 0.474.25% BELGIO OLO 60 10/41 EUR 1,346,929.79 1,415,320.15 0.255% BELGIO OLO 44 04/35 EUR 1,949,556.16 2,258,853.24 0.405.5% BELGIO OLO 40 09/17 EUR 2,592,091.55 2,971,949.61 0.525.50% BELGIO OLO 31 98/28 EUR 1,696,133.81 2,040,432.01 0.368% BELGIO OLO 23 95/15 EUR 2,429,462.25 2,874,843.42 0.5128,069,486.85 4.96FINLANDIA2.75% SAMPO HOUSING L.BK 10/16 EUR 4,419,925.16 4,579,241.37 0.813.125% FINLANDIA 09/14 EUR 844,076.00 897,877.41 0.163.875% FINLANDIA 09/17 EUR 399,090.31 449,978.31 0.084% FINLANDIA 09/25 EUR 679,451.25 777,767.85 0.144.375% FINLANDIA 08/19 EUR 2,993,177.31 3,492,110.04 0.6210,196,974.98 1.81FRANCIA1.875% CSSE AMORTISSEMENT 12/15 EUR 3,791,357.93 3,850,559.98 0.682.5% B.T.A.N. 01/14 EUR 4,055,755.26 4,194,502.64 0.742.5% B.T.A.N. 01/15 EUR 2,334,678.30 2,436,983.91 0.43La nota integrativa costituisce parte integrante del presente bilancio.179
<strong>Pictet</strong> - EUR Government BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto2.875% SOCIETE GENERALE 12/19 EUR 1,197,270.92 1,208,513.30 0.213% B.T.A.N. 07/14 EUR 732,330.72 769,540.44 0.143% O.A.T. 10/15 EUR 5,140,283.17 5,457,952.67 0.963.25% O.A.T. 04/16 EUR 9,329,733.68 10,003,993.49 1.793.5% CREDIT AGRICOLE HOME 07/14-SR- EUR 2,294,769.27 2,404,126.50 0.423.5% O.A.T. 04/15 EUR 7,703,440.67 8,282,315.73 1.463.5% O.A.T. 04/20 EUR 8,828,875.34 9,385,182.78 1.663.5% O.A.T. 10/26 EUR 2,062,299.17 2,090,367.06 0.373.6% CRH-CAISSE REF. HABIT.12/24-SR- EUR 2,294,769.27 2,370,290.13 0.423.75% O.A.T. 04/17 EUR 2,155,087.66 2,360,769.23 0.423.75% O.A.T. 04/21 EUR 6,950,157.72 7,467,805.46 1.323.75% O.A.T. 10/19 EUR 4,988,628.85 5,411,914.01 0.964% B.T.A.N. 10/13 EUR 2,921,341.06 3,081,897.96 0.544% O.A.T. 04/18 EUR 3,567,867.36 3,954,267.39 0.704% O.A.T. 04/55 EUR 1,995,451.54 2,109,790.91 0.374% O.A.T. 05/38 EUR 3,392,267.62 3,581,488.31 0.634% O.A.T. 09/60 EUR 923,894.06 979,586.40 0.174% O.A.T. 10/14 EUR 4,293,213.99 4,637,873.21 0.824.00% BPCE SFH 11/22 S.6 -SR- EUR 2,194,996.70 2,323,886.90 0.414.125% C.F.F. FIN. FONCIER 10/17 EUR 4,689,311.12 5,085,651.70 0.904.25% B.T.A.N. 10/18 EUR 3,020,115.91 3,390,457.63 0.604.25% O.A.T. 04/19 EUR 4,439,879.68 4,979,147.46 0.884.25% O.A.T. 06/23 EUR 2,650,957.37 2,943,517.03 0.524.5% O.A.T. 09/41 EUR 2,294,769.27 2,628,910.63 0.464.75% O.A.T. 03/35 EUR 2,294,769.27 2,687,151.87 0.475% O.A.T. 10/16 EUR 5,986,354.62 6,881,135.05 1.215.50% O.A.T. 97/29 EUR 3,092,949.89 3,859,444.73 0.685.75% O.A.T. 00/32 EUR 3,911,085.02 5,112,844.11 0.906% O.A.T. 94/25 EUR 1,968,512.95 2,542,905.34 0.458.50% O.A.T. 92/23 EUR 2,383,566.87 3,597,207.61 0.63132,071,981.57 23.32GERMANIA2.00% KRED. WIEDERAUFBAU 09/16 EUR 2,951,272.83 3,044,267.44 0.542.25% GERMANIA 04/15 EUR 3,215,670.16 3,399,960.22 0.602.5% GERMANIA 01/21 EUR 5,252,028.46 5,621,928.82 0.992.5% GERMANIA 02/15 EUR 3,541,926.49 3,763,509.41 0.662.75% GERMANIA 04/16 EUR 5,222,096.68 5,672,032.53 1.003% GERMANIA 07/20 EUR 5,441,596.35 6,056,932.07 1.073.25% GERMANIA 07/15 EUR 3,168,777.05 3,460,653.10 0.613.25% GERMANIA 10/42 EUR 1,524,524.98 1,773,899.15 0.313.25% GERMANIA 11/21 EUR 6,302,633.69 7,125,757.65 1.263.5% GERMANIA 01/16 EUR 5,886,582.05 6,540,581.31 1.153.75% GERMANIA 01/15 EUR 6,519,140.18 7,133,634.34 1.263.75% GERMANIA 01/19 EUR 3,926,050.91 4,564,544.57 0.814% GERMANIA 01/18 EUR 402,083.49 468,901.72 0.084% GERMANIA 05/37 EUR 2,855,491.16 3,624,960.36 0.644% GERMANIA 06/16 EUR 3,013,131.83 3,437,079.47 0.614% GERMANIA 10/13 EUR 4,567,588.58 4,832,463.04 0.854.25% GERMANIA 01/14 EUR 7,218,545.95 7,733,589.20 1.364.25% GERMANIA 07/14 EUR 7,187,616.45 7,835,076.94 1.384.25% GERMANIA 07/18 EUR 3,841,244.22 4,562,591.47 0.81La nota integrativa costituisce parte integrante del presente bilancio.180
<strong>Pictet</strong> - EUR Government BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto4.25% GERMANIA 07/39 EUR 1,746,020.10 2,345,778.00 0.414.75% GERMANIA 03/34 EUR 3,691,585.35 5,055,921.46 0.894.75% GERMANIA 08/40 EUR 2,271,821.58 3,301,479.27 0.584.75% GERMANIA 98/28 EUR 1,716,088.33 2,228,117.60 0.395.50% GERMANIA 00/31 EUR 2,181,028.53 3,132,131.46 0.556.25% GERMANIA 00/30 EUR 1,344,934.34 2,055,880.08 0.366.25% GERMANIA 94/24 EUR 229,476.93 328,661.44 0.066.5% GERMANIA 97/27 EUR 2,800,616.24 4,257,314.77 0.75113,357,646.89 19.98GUERNSEY2.875% CREDIT SUISSE 10/18 -SR- EUR 3,990,903.08 4,095,624.38 0.724,095,624.38 0.72ITALIA3% ITALIA (BTP) 04/15 EUR 3,427,188.02 3,379,550.11 0.603.5% ITALIA (BTP) 06/14 EUR 5,116,337.75 5,152,407.93 0.913.75% ITALIA (BTP) 10/2 EUR 7,426,072.91 6,803,953.66 1.203.75% ITALIA 08/15 EUR 7,406,118.39 7,429,595.79 1.313.75% ITALIA 08/16 EUR 3,543,921.94 3,509,563.61 0.623.75% ITALIA 08/21 EUR 5,986,354.62 5,432,078.05 0.963.75% ITALIA 12/13 EUR 5,733,930.00 5,821,315.10 1.033.75% TBOND ITALIA (BTP) 11/16 EUR 3,019,118.18 3,002,905.52 0.534% ITALIA 02/17 EUR 3,668,637.66 3,640,187.38 0.644% ITALIA 05/37 EUR 2,651,955.10 2,066,695.13 0.364.25% ITALIA 02/15 EUR 2,121,164.99 2,173,875.94 0.384.25% ITALIA 02/19 EUR 4,267,273.12 4,179,751.35 0.744.25% ITALIA 03/20 EUR 5,477,514.48 5,284,486.87 0.934.25% ITALIA 08/13 EUR 5,986,354.62 6,120,329.24 1.084.25% ITALIA 08/14 EUR 5,322,866.99 5,441,300.78 0.964.25% ITALIA 09/19 EUR 3,412,222.14 3,314,666.70 0.584.5% ITALIA (BTP) 03/19 EUR 3,614,760.47 3,581,323.93 0.634.5% ITALIA 02/18 EUR 2,314,723.79 2,317,790.81 0.414.5% ITALIA 02/20 EUR 2,993,177.31 2,936,755.92 0.524.5% ITALIA 07/18 EUR 3,223,651.96 3,212,208.00 0.574.75% ITALIA 08/23 EUR 2,993,177.31 2,862,450.29 0.515% ITALIA (BTP) 07/39 EUR 2,634,993.76 2,315,606.17 0.415% ITALIA (BTP) 09/25 EUR 2,727,782.26 2,619,080.13 0.465% ITALIA 03/34 EUR 3,485,056.12 3,113,479.43 0.555% ITALIA 09/40 EUR 2,627,011.95 2,303,364.08 0.415.25% ITALIA (BTP) 08/17 EUR 2,904,379.72 3,020,961.52 0.535.25% ITALIA 98/29 EUR 4,376,025.23 4,178,885.29 0.745.75% ITALIA 02/33 EUR 2,125,155.89 2,087,901.91 0.376% ITALIA 99/31 EUR 3,545,917.39 3,591,269.67 0.636.50% ITALIA 97/27 EUR 3,173,765.68 3,398,436.55 0.607.25% ITALIA 96/26 EUR 3,591,812.77 4,160,827.75 0.739% ITALIA 93/23 EUR 2,748,734.50 3,543,118.77 0.63121,996,123.38 21.53La nota integrativa costituisce parte integrante del presente bilancio.181
<strong>Pictet</strong> - EUR Government BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoNORVEGIA2.50% DNB BOLIGKR. 11/17 SR-144A-S EUR 4,340,107.10 4,470,310.31 0.794,470,310.31 0.79NUOVA ZELANDA3.00% ANZ NATL INTL 12/16 SR-S- EUR 997,725.77 1,032,765.90 0.181,032,765.90 0.18PAESI BASSI2.5% PAESI BASSI 11/17 EUR 5,487,491.74 5,794,215.09 1.023.5% PAESI BASSI 07/20 EUR 3,029,095.44 3,349,043.65 0.593.75% PAESI BASSI 06/23 EUR 3,731,494.38 4,188,677.07 0.743.75% PAESI BASSI 07/14 EUR 3,990,903.08 4,285,810.87 0.763.75% PAESI BASSI 10/42 EUR 1,386,838.82 1,671,404.28 0.294% PAESI BASSI 05/37 EUR 1,047,612.06 1,273,016.27 0.224% PAESI BASSI 07/19 EUR 2,234,905.73 2,550,541.46 0.455.50% PAESI BASSI 98/28 EUR 1,880,713.08 2,527,922.87 0.4525,640,631.56 4.52REGNO UNITO2.25% BARCLAYS BANK 12/17 EUR 3,990,903.08 4,017,442.59 0.713.125% NATIONWIDE BUIL. 10/16-SR-S EUR 1,726,065.58 1,807,397.79 0.324.25% ABBEY NAT.TREAS. 06/21 -SR-S EUR 3,392,267.62 3,603,775.51 0.644.875% LLOYDS TSB BK 11/23 S2 -SR- EUR 3,252,586.01 3,651,515.69 0.6413,080,131.58 2.31SOVRANAZIONALE2.75% EUROPEAN FINANCIAL STABILITY FACILITY 07/16 EUR 498,862.89 521,371.58 0.093.125% COMMUNAUTE EUROP. 09/15 EUR 527,796.93 559,892.26 0.101,081,263.84 0.19SPAGNA2.625% BANESTO 09/13 EUR 5,287,946.58 5,312,271.14 0.943% SPAGNA 10/15 EUR 3,603,785.48 3,586,307.12 0.633% BANCO POP. ESP. 09/12 EUR 4,589,538.54 4,594,495.25 0.813% CAIXA CATALUNYA 09/12 EUR 5,088,401.43 5,096,797.29 0.903.15% SPAGNA 01/16 EUR 5,797,784.45 5,684,350.80 1.003.25% BANCO SANTANDER 12/15-SR- EUR 2,294,769.27 2,314,538.71 0.413.3% SPAGNA 10/14 EUR 2,814,584.40 2,855,029.98 0.503.57% CAJA MADRID 10/13 EUR 3,392,267.62 3,442,659.76 0.613.80% SPAGNA 01/17 EUR 4,342,102.55 4,249,203.27 0.754% SPAGNA 04/20 EUR 4,600,513.53 4,281,237.89 0.764.1% SPAGNA 07/18 EUR 2,294,769.27 2,224,078.90 0.394.20% SPAGNA 05/37 EUR 1,708,106.52 1,297,050.69 0.234.3% SPAGNA 10/19 EUR 2,993,177.31 2,872,477.44 0.514.4% SPAGNA 01/15 EUR 1,668,197.49 1,737,944.83 0.314.6% SPAGNA 07/19 EUR 3,338,390.43 3,277,798.64 0.584.7% SPAGNA 09/41 EUR 1,623,299.83 1,314,385.87 0.234.75% SPAGNA 99/14 EUR 4,773,120.09 4,990,941.42 0.884.8% SPAGNA 08/24 EUR 6,141,002.12 5,684,909.89 1.00La nota integrativa costituisce parte integrante del presente bilancio.182
<strong>Pictet</strong> - EUR Government BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto4.90% SPAGNA 07/40 EUR 1,716,088.33 1,428,772.24 0.255.5% SPAGNA 07/17 EUR 1,444,706.92 1,513,879.48 0.275.50% SPAGNA 11/21 EUR 2,993,177.31 3,027,943.07 0.535.75% SPAGNA 01/32 EUR 1,746,020.10 1,681,452.28 0.306% SPAGNA 99/29 EUR 1,955,542.51 1,951,289.21 0.3474,419,815.17 13.13SVEZIA1.875% STADSHYPOTEK 12/17 41 REG.S EUR 1,895,678.96 1,903,451.25 0.341,903,451.25 0.34TOTALE INVESTIMENTI 553,039,013.69 97.60DISPONIBILITÀ LIQUIDE PRESSO BANCHE 4,513,112.02 0.80ALTRE PASSIVITÀ NETTE 9,084,862.04 1.60PATRIMONIO NETTO COMPLESSIVO 566,636,987.75 100.00La nota integrativa costituisce parte integrante del presente bilancio.183
<strong>Pictet</strong> - EUR Government BondsRIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Francia 23.32Italia 21.53Germania 19.98Spagna 13.13Belgio 4.96Paesi Bassi 4.52Austria 3.82Regno Unito 2.31Finlandia 1.81Norvegia 0.79Guernsey 0.72Svezia 0.34Sovranazionale 0.19Nuova Zelanda 0.1897.60Ripartizione per settori economici(in % del patrimonio netto)Obbligazioni emesse da Stati o enti locali 84.00Obbligazioni societarie 13.41Obbligazioni di istituzioni sovranazionali 0.1997.60La nota integrativa costituisce parte integrante del presente bilancio.184
<strong>Pictet</strong> - EUR Inflation Linked BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoVALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOOBBLIGAZIONIFRANCIA0.45% O.A.T. (INFLATION) 11/16 EUR 4,320,000.00 4,577,292.73 2.991% O.A.T. (INFLATION) 05/17 EUR 9,430,000.00 10,988,943.79 7.171.1% O.A.T (INFLATION) 10/22 EUR 6,340,000.00 6,716,906.00 4.381.3% O.A.T. (INFLATION) 09/19 EUR 3,790,000.00 4,158,286.58 2.711.6% O.A.T. (INFLATION) 04/15 EUR 6,575,000.00 8,226,769.08 5.371.8% O.A.T. (INFLATION) 06/40 EUR 3,810,000.00 4,537,715.48 2.961.85% O.A.T. (INFLATION) 11/27 EUR 1,975,000.00 2,168,141.55 1.422.1% O.A.T. (INFLATION) 08/23 EUR 4,345,000.00 5,176,430.38 3.382.25% O.A.T. (INFLATION) 04/20 EUR 9,320,000.00 12,267,771.29 8.002.50% O.A.T. (INFLATION) 03/13 EUR 7,340,000.00 9,066,506.91 5.923.15% O.A.T. (INFLATION) 02/32 EUR 4,360,000.00 6,662,786.17 4.353.40% O.A.T. (INFLATION) 99/29 EUR 3,465,000.00 5,480,503.86 3.5880,028,053.82 52.23GERMANIA0.75% GERMANIA (INFLA.) 11/18 EUR 2,330,000.00 2,593,051.39 1.691.5% GERMANIA (INFLATION) 06/16 EUR 7,010,000.00 8,712,077.49 5.691.75% GERMANIA (CPI) 09/20 EUR 7,000,000.00 8,652,257.37 5.652.25% GERMANIA (INFLATION) 07/13 EUR 4,350,000.00 4,988,441.29 3.2624,945,827.54 16.29ITALIA2.1% ITALIA (INFLATION) 06/17 EUR 6,300,000.00 6,722,509.12 4.392.1% ITALIA (INFLATION) 10/21 EUR 6,070,000.00 5,508,801.82 3.602.1% ITALIA (INFLATION) 11/16 EUR 1,980,000.00 1,997,188.68 1.302.15% ITALIA (INFLATION) 04/14 EUR 3,250,000.00 3,907,408.16 2.552.35% ITALIA (INFLATION) 04/35 EUR 6,395,000.00 5,508,224.55 3.602.35% ITALIA (INFLATION) 08/19 EUR 7,125,000.00 7,129,407.97 4.652.55% ITALIA (INFLATION) 09/41 EUR 2,985,000.00 2,353,134.32 1.542.60% ITALIA (INFLATION) 07/23 EUR 6,925,000.00 6,592,246.15 4.303.10% ITALIA (BTP) (INFLATION) 11/26 EUR 1,400,000.00 1,253,470.74 0.8240,972,391.51 26.75TOTALE INVESTIMENTI 145,946,272.87 95.27DISPONIBILITÀ LIQUIDE PRESSO BANCHE 5,961,455.56 3.89ALTRE PASSIVITÀ NETTE 1,283,687.77 0.84PATRIMONIO NETTO COMPLESSIVO 153,191,416.20 100.00La nota integrativa costituisce parte integrante del presente bilancio.185
<strong>Pictet</strong> - EUR Inflation Linked BondsRIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Francia 52.23Italia 26.75Germania 16.2995.27Ripartizione per settori economici(in % del patrimonio netto)Obbligazioni emesse da Stati o enti locali 95.2795.27La nota integrativa costituisce parte integrante del presente bilancio.186
<strong>Pictet</strong> - Emerging Local Currency DebtPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoI. VALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOOBBLIGAZIONIBERMUDA7% SUB. C K INFRASTRUCTURE 12/PERP USD 9,986,727.07 10,049,144.12 0.1110,049,144.12 0.11BRASILETBI BRASILE 01/07/12 BRL 1000 BRL 74,287.27 39,612,531.07 0.426% BRASILE (INFLATION) 09/20 BRL 15,521.37 19,527,353.75 0.216.00% TBD BRASILE (INFL.) 11/22 B BRL 73,072.88 92,419,248.35 0.996.00% TBD BRASILE (INFLATION) 10/16 B BRL 152,938.74 188,883,752.07 2.0210% BRASILE (NOTAS DE T.) 06/16 BRL 239,207.08 134,224,618.97 1.4410% BRASILE (NOTAS DE T.) 07/17 BRL 428,793.11 233,648,053.62 2.5010% BRASILE 10/21 BRL 231,261.64 121,840,441.90 1.30830,155,999.73 8.88CILE5.5% CILE 10/20 CLP 7,913,981,869.00 16,859,309.42 0.1816,859,309.42 0.18COLOMBIA7.75% COLOMBIA (DUAL CUR.) 10/21 COP 85,596,237,742.68 57,350,710.26 0.619.85% COLOMBIA 07/27 COP 168,720,760,534.80 134,354,077.36 1.44191,704,787.62 2.05COREA DEL SUD3.875% KT CORP. 12/17 -SR- USD 4,044,624.46 4,198,461.76 0.044.125% BUSAN BANK 12/17 SR- REG S- USD 3,339,561.53 3,444,056.41 0.047% WOORI BANK 09/15 USD 399,469.08 446,666.36 0.008,089,184.53 0.08EGITTO8.75% EGITTO 07/12 EGP 4,993,363.54 768,894.92 0.01768,894.92 0.01FILIPPINETBI FILIPPINE 06/02/13 SR PHP 286,119,730.64 6,500,264.45 0.074.95% FILIPPINE 10/21 PHP 2,250,009,609.55 54,247,799.27 0.586.25% FILIPPINE 11/36 PHP 1,472,043,570.56 36,390,063.32 0.397% PETRON (D. CCY) 10/17 PHP 1,504,999,769.90 35,847,886.52 0.38132,986,013.56 1.42GEORGIA9.875% GEORGIAN RAILWAY 10/15 USD 3,645,155.38 3,900,316.26 0.043,900,316.26 0.04La nota integrativa costituisce parte integrante del presente bilancio.187
<strong>Pictet</strong> - Emerging Local Currency DebtPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoGERMANIA5.625% K.F.W. 10/17 PEN 54,547,503.27 22,056,268.78 0.2422,056,268.78 0.24HONG KONG2.46% HONG KONG SAR GOVERNMENT 11/21 HKD 304,595,175.73 42,123,478.37 0.452.93% HK SAR GOVERNMENT 10/20 HKD 374,502,265.24 53,623,965.20 0.5795,747,443.57 1.02INDONESIA0% INDONESIA 08/13 IDR 8,089,248,929.13 848,525.66 0.014% PERUSAHAAN PE. (SUKUK) 11/18-SR-S USD 11,984,072.49 12,286,610.40 0.134.875% INDONESIA 11/21 USD 14,043,335.61 15,166,100.29 0.165.25% PERTAMINA 11/21 USD 13,861,577.18 14,606,636.95 0.167.00% INDONESIA 11/22 FR0061 SR IDR 79,893,816,584.00 9,412,752.57 0.107.3% INDONESIA 11/14 0RI8 SR IDR 80,642,821,114.48 9,226,985.74 0.107.375% INDONESIA 10/16 IDR 978,699,253.15 115,803.86 0.008.15% INDONESIA 11/14 IDR 49,933,635,365.00 5,744,796.23 0.068.25% INDONESIA 10/21 IDR 91,598,260,713.56 11,594,498.35 0.128.7% INDONESIA 10/13 IDR 49,534,166,282.08 5,616,250.70 0.069% INDONESIA 07/13 IDR 15,978,763,316.80 1,851,585.56 0.029% INDONESIA 07/18 IDR 56,924,344,316.10 7,294,671.84 0.089.25% INDONESIA 09/15 IDR 67,989,637,912.98 8,245,424.79 0.099.35% INDONESIA 09/12 IDR 25,965,490,389.80 2,887,252.93 0.039.5% INDONESIA 04/15 IDR 100,417,539,391.72 12,426,396.57 0.139.5% INDONESIA 07/23 IDR 516,513,524,215.56 70,636,301.43 0.769.5% INDONESIA 10/31 IDR 43,035,802,975.68 6,012,988.67 0.069.5% INDONESIA 11/41 FR0057 SR IDR 60,453,653,663.70 8,681,914.91 0.099.75% INDONESIA 07/37 IDR 229,894,457,220.46 33,374,989.28 0.3610% INDONESIA 05/17 IDR 79,893,816,584.00 10,532,093.73 0.1110% INDONESIA 07/24 IDR 386,686,072,266.56 54,819,137.27 0.5910% INDONESIA 07/28 IDR 586,220,879,185.10 84,094,758.11 0.9010.00% INDONESIA 11/36 S.IF10-SR IDR 47,936,289,950.40 6,539,933.83 0.0710.25% INDONESIA 07/22 IDR 490,847,635,637.95 69,761,432.14 0.7510.25% INDONESIA 07/27 IDR 491,185,187,013.02 72,071,142.87 0.7710.25% INDONESIA 10/30 IDR 51,431,644,425.95 6,888,346.20 0.0710.5% INDONESIA 08/38 IDR 328,161,854,273.37 51,231,031.46 0.5510.5% INDONESIA 09/30 IDR 203,744,212,379.81 30,643,955.92 0.3310.75% INDONESIA 05/16 IDR 57,923,017,023.40 7,613,520.61 0.0811% INDONESIA 03/12 IDR 15,978,763,316.80 1,826,339.36 0.0211% INDONESIA 04/14 IDR 9,986,727,073.00 1,251,434.76 0.0111% INDONESIA 05/20 IDR 171,771,705,655.60 25,094,443.32 0.2711% INDONESIA 06/25 IDR 59,608,776,553.32 9,101,144.61 0.1011.45% INDONESIA 08/13 IDR 16,977,436,024.10 2,023,625.42 0.0211.5% INDONESIA 06/19 IDR 61,632,087,458.31 8,999,304.39 0.1011.6% INDONESIA 06/18 IDR 36,950,890,170.10 5,285,410.86 0.0612.5% INDONESIA 06/13 IDR 9,986,727,073.00 1,172,943.57 0.0112.8% INDONESIA 05/21 IDR 96,871,252,608.10 15,625,465.44 0.1712.9% INDONESIA 05/22 IDR 45,439,608,182.15 7,446,929.26 0.08La nota integrativa costituisce parte integrante del presente bilancio.188
<strong>Pictet</strong> - Emerging Local Currency DebtPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto14.25% INDONESIA 02/13 IDR 29,960,181,219.00 3,641,977.85 0.0414.275% INDONESIA 02/13 IDR 4,993,363,536.50 630,588.34 0.0115% INDONESIA 05/18 FR0032 -SR- IDR 19,973,454,146.00 3,247,309.84 0.03715,572,755.89 7.66MALAYSIA2.615% DANGA CAPITAL 10/15 SGD 15,978,763.32 12,721,074.59 0.143.418% MALAYSIA 12/22 S.12/0001 SR MYR 99,867.27 31,905.44 0.003.434% MALAYSIA 11/14 S.11/0002 SR MYR 129,827,451.95 42,577,475.91 0.463.58% MALAYSIA S11/0005 11/18 SR MYR 79,893,816.58 26,063,483.80 0.283.7% MALAYSIA 07/13 MYR 3,495,354.48 1,147,114.29 0.013.725% DANGA CAPITAL 10/20 SGD 17,726,440.55 14,115,257.29 0.153.741% MALAYSIA 09/15 MYR 360,920,316.42 119,306,658.43 1.283.814% MALAYSIA 07/17 MYR 39,247,837.40 12,999,445.79 0.143.82% MALAYSIA 06/16 MYR 8,388,850.74 2,778,507.50 0.033.835% MALAYSIA 10/15 MYR 189,348,345.30 62,869,201.60 0.673.90% SILTERRA CAPITAL 07/14 MYR 6,191,770.79 2,040,710.62 0.024.012% MALAYSIA 10/17 MYR 285,320,792.48 95,525,487.52 1.024.02% CAGAMAS 05/17 MYR 499,336.35 162,875.61 0.004.16% MALAYSIA 11/21 MYR 329,951,475.76 111,220,799.22 1.194.24% MALAYSIA 03/18 MYR 7,989,381.66 2,700,892.65 0.034.378% MALAYSIA 09/19 -SR- S09/0002 MYR 343,143,942.23 116,954,186.14 1.254.498% MALAYSIA 10/30 MYR 29,960,181.22 10,304,152.87 0.115.094% MALAYSIA 04/14 MYR 643,095,289.87 217,824,273.35 2.335.248% MALAYSIA 08/28 MYR 7,290,310.76 2,721,240.50 0.035.734% MALAYSIA 04/19 MYR 44,940,271.83 16,598,964.74 0.18870,663,707.86 9.32MESSICO6.5% MESSICO 11/22 MXN100 MXN 1,516,983.84 11,935,262.99 0.136.50% MESSICO 10/21 MXN100 MXN 4,154,478.46 32,900,990.70 0.357.25% MESSICO 07/16 MXN 3,766,294.38 31,652,014.96 0.347.5% MESSICO 06/27 MXN 7,130,523.13 58,576,656.74 0.637.75% MESSICO 08/17 MXN 5,750,357.45 49,647,269.66 0.538% MESSICO 05/15 MXN 6,774,995.65 57,791,916.87 0.628% MESSICO 09/20 MXN 10,371,216.07 90,908,939.59 0.9710% MESSICO 04/24 MXN 12,491,398.22 126,938,458.43 1.3610% MESSICO 06/36 MXN 13,685,810.78 136,089,776.67 1.46596,441,286.61 6.39PAESI BASSI6.95% LISTRINDO CAP. 12/19 SR REG.S USD 2,758,334.02 2,834,050.29 0.032,834,050.29 0.03PERÙ6.85% PERÙ (DUAL CUR.) 10/42 PEN 74,037.60 29,198,650.71 0.316.9% PERÙ (DUAL CUR.) 07/37 PEN 81,691.43 32,806,551.79 0.356.95% PERÙ (DUAL CUR.) 09/31 PEN 6,591.24 2,659,829.90 0.037.84% PERÙ (DUAL CUR.) 05/20 PEN 115,058.08 50,056,523.48 0.548.2% PERÙ (DUAL CUR.) 06/26 PEN 108,945.21 49,771,385.29 0.53164,492,941.17 1.76La nota integrativa costituisce parte integrante del presente bilancio.189
<strong>Pictet</strong> - Emerging Local Currency DebtPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoPOLONIA2.75% POLONIA (INFLATION) 08/23 PLN 173,669,183.80 61,985,419.52 0.663% POLONIA (INFLATION) 04/16 PLN 4,993,363.54 2,066,811.87 0.025.25% POLONIA 06/17 PLN 203,259,856.12 65,502,971.68 0.705.25% POLONIA 09/20 PLN 243,919,816.72 76,713,705.49 0.825.5% POLONIA 08/19 PLN 557,694,791.97 179,884,212.35 1.925.5% POLONIA 09/15 PLN 360,321,112.79 117,504,138.98 1.265.75% POLONIA 01/22 PLN 99,225,124.18 32,119,069.53 0.345.75% POLONIA 08/29 PLN 17,654,536.12 5,685,726.21 0.066.25% POLONIA 04/15 PLN 468,926,769.71 156,716,815.09 1.68698,178,870.72 7.46RUSSIASTEP ROSSELHOZBANK 10/20 RUB 649,137,259.74 22,271,653.98 0.246.88% RUSSIA 10/15 25075 RUB 441,063,801.18 14,908,432.89 0.167.00% RUSSIA 25079 11/15 RUB 993,679,343.76 33,688,500.62 0.367.35% RUSSIA 11/16 25077 -SR- RUB 536,556,885.45 18,318,110.02 0.207.40% RUSSIA 11/17 26206 RUB 4,522,731,033.80 153,639,860.04 1.647.5% RSHB CAPITAL 10/13 RUB 549,769,325.37 18,731,906.72 0.207.50% RUSSIA 11/18 26204 -SR- RUB 5,597,360,789.88 190,525,203.53 2.047.50% RUSSIA 12/19 6208 RUB 261,652,249.31 8,866,305.50 0.097.6% RUSSIA 11/21 26205 -SR- RUB 1,197,105,978.22 40,321,426.79 0.438.15% RUSSIA 12/27 6207 -SR- RUB 180,974,474.65 6,231,290.56 0.078.3% RZD/RUSS. RAIL. -LPN-12/19 SR-S RUB 2,189,090,574.40 74,077,490.30 0.798.7% RSHB CAPITAL -LPN- 11/16 RUB 3,954,843,788.18 137,432,238.29 1.47719,012,419.24 7.69SINGAPORE2.5% SINGAPORE 09/19 SGD 3,994,690.83 3,422,611.09 0.042.75% SINGAPORE 12/42 SR SGD 3,994,690.83 3,130,785.11 0.033.25% SINGAPORE 05/20 SGD 9,237,722.54 8,289,621.92 0.0910.75% BUMI INVESTMENT 10/17 USD 5,852,222.06 6,386,237.33 0.0721,229,255.45 0.23SOVRANAZIONALE2.85% ASIAN DEV. BANK 10/20 CNY 40,446,244.65 6,429,569.85 0.076.3% E.B.R.D. (D. CCY) 11/13 IDR 9,986,727,073.00 1,102,450.79 0.017% AFRICAN DEV. BK (DUAL) 10/12 ZMK 42,288,795,790.62 7,880,087.90 0.087.20% E.B.R.D. (DUAL) 11/16 -SR- IDR 169,774,360,241.00 19,671,614.60 0.218% WORLDBANK 10/20 COP 47,826,435,952.60 30,778,805.28 0.3365,862,528.42 0.70SRI LANKATBI SRI LANKA 19/10/12 364 LKR 794,943,475.01 5,845,157.41 0.06TBI SRI LANKA 30/03/12 LKR 108,614,644.97 849,628.00 0.016.25% SRI LANKA 11/21 USD 3,528,310.67 3,515,079.51 0.047.4% SRI LANKA 09/15 USD 798,938.17 850,869.15 0.0111,060,734.07 0.12La nota integrativa costituisce parte integrante del presente bilancio.190
<strong>Pictet</strong> - Emerging Local Currency DebtPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoSUDAFRICA6.75% SUDAFRICA 06/21 R208-SR ZAR 322,126,875.10 38,415,180.80 0.417% SUDAFRICA 10/31 ZAR 1,032,555,180.57 111,266,334.29 1.197.25% SUDAFRICA 05/20 ZAR 2,277,791,685.59 283,320,943.27 3.038% SUDAFRICA 04/18 ZAR 295,307,519.55 38,732,541.38 0.418.25% SUDAFRICA 04/17 ZAR 1,045,469,091.25 140,149,072.84 1.5010.5% SUDAFRICA 97/26 ZAR 1,220,068,459.78 184,353,665.06 1.9713.5% SUDAFRICA S157 91/15 ZAR 996,076,158.26 154,620,808.49 1.6513.5% TRANSNET 98/28 ZAR 104,461,165.18 16,215,130.35 0.17967,073,676.48 10.33THAILANDIAFRN THAILAND M.O.F. 11/16 SR THB 1,557,430,087.03 50,801,996.59 0.541.20% THAILAND M.O.F. (CPI) 11/21 SR THB 848,871,801.20 28,471,779.96 0.302.8% M.O.F. (THAILANDIA) 10/17 THB 726,534,394.56 22,509,428.34 0.243.625% THAILAND GOV. 09/15 THB 4,571,923,654.02 148,425,729.78 1.593.625% M.O.F. (THAILANDIA) 10/23 THB 161,135,841.32 5,080,805.06 0.053.65% M.O.F. (THAILANDIA) 10/21 THB 13,981,417.90 448,125.04 0.003.875% THAILAND GOV. 09/19 THB 3,767,792,390.10 122,974,212.39 1.324.125% THAILAND GOV. 09/16 THB 4,473,754,126.89 148,219,356.92 1.594.25% THAILAND GOV. 07/13 THB 174,767,723.78 5,716,606.91 0.064.75% THAILAND GOV. 09/24 THB 514,566,112.44 18,068,991.59 0.194.85% M.O.F. (THAILANDIA) 11/61 SR THB 206,725,250.41 7,158,306.79 0.084.875% THAILAND GOV. 09/29 THB 79,893,816.58 2,847,718.96 0.035% THAILANDIA 09/40 THB 272,138,312.74 9,848,552.50 0.115% THAILAND GOV. 07/17 THB 1,498,009.06 51,581.51 0.005.125% THAILAND GOV. 07/18 THB 62,417,044.21 2,171,607.87 0.025.125% M.O.F. (THAILANDIA) 02/22 THB 79,893,816.58 2,882,591.70 0.035.25% THAILAND GOV. 07/14 THB 675,102,750.13 22,711,394.59 0.245.25% THAILAND GOV. 08/38 THB 99,867,270.73 3,851,506.41 0.045.4% THAILAND GOV. 06/16 THB 49,933,635.36 1,733,746.12 0.025.5% M.O.F. (THAILANDIA) 07/23 THB 19,973,454.15 741,665.41 0.015.67% THAILAND GOV. 07/28 THB 2,996,018.12 115,420.16 0.005.85% THAILAND GOV. 06/21 THB 2,042,385,553.70 76,491,283.28 0.826.15% M.O.F. (THAILANDIA) 06/26 THB 1,997,345.41 80,074.64 0.00681,402,482.52 7.28TURCHIA0% TURCHIA 11/12 TRY 352,271,810.77 186,142,128.91 1.990% TURCHIA 11/150513 TRY 590,545,132.01 297,866,306.34 3.220% TURKIYE IS BANKASI 11/12 TRY 69,507,620.43 36,576,498.06 0.39TBI TURCHIA 200213 TRY 317,927,456.37 163,599,709.95 1.753.00% TURCHIA (CPI) 11/210721 -SR- TRY 30,789,079.57 17,624,352.53 0.193.00% TURCHIA (CPI) 12/22 TRY 25,760,762.48 13,948,195.67 0.154.00% TURCHIA (CPI) 10/15-SR- TRY 48,076,104.13 31,714,329.50 0.348.00% TURCHIA 11/14 TRY 189,747,814.39 103,931,522.15 1.119.00% TURCHIA 11/16 -SR- TRY 26,165,224.93 14,514,597.77 0.1610% TURCHIA 10/13 TRY 97,270,721.69 54,870,407.14 0.5910% TURCHIA 11/13 SR TRY 204,128,701.37 115,428,792.43 1.23La nota integrativa costituisce parte integrante del presente bilancio.191
<strong>Pictet</strong> - Emerging Local Currency DebtPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Valuta Quantità/Valore nominale Valore di stima (nota 2) % del patrimonionetto10.5% TURCHIA 10/20 TRY 229,851,514.29 136,507,081.52 1.4611% TURCHIA 09/14 TRY 24,896,910.59 14,444,816.53 0.1516% TURCHIA 08/13 TRY 1,997,345.41 1,212,469.24 0.011,188,381,207.74 12.74UNGHERIA5.5% UNGHERIA 03/14 HUF 10,236,395,249.83 43,827,174.95 0.476% UNGHERIA 07/23 A -SR- HUF 998,672,707.30 3,508,722.33 0.046.5% UNGHERIA 08/19 HUF 16,314,317,346.45 63,437,388.94 0.686.75% UNGHERIA 01/17 A SR HUF 7,649,633,203.38 31,012,085.79 0.336.75% UNGHERIA 11/28 A HUF 1,198,407,248.76 4,352,693.22 0.056.75% UNGHERIA 'B' 06/17 HUF 14,325,710,318.04 58,897,509.86 0.637% UNGHERIA 11/22 A -SR- HUF 4,309,272,732.00 16,662,513.12 0.187.5% UNGHERIA 'A' 04/20 HUF 25,777,160,690.66 104,666,440.57 1.128% UNGHERIA 'A' 04/15 HUF 17,816,221,230.96 78,629,281.72 0.84404,993,810.50 4.34VENEZUELA5.25% PETROLEOS VENEZUELA 07/17 USD 9,986,727.07 7,589,912.58 0.0811.95% VENEZUELA 11/31 -S- USD 40,365,352.16 39,860,785.25 0.4312.75% PETROL. VENEZUELA 11/22 SR-S- USD 7,789,647.12 7,779,910.06 0.0855,230,607.89 0.59ZAMBIA12% ZAMBIA 07/12 ZMK 4,993,363,536.50 956,416.16 0.01956,416.16 0.01TOTALE OBBLIGAZIONI 8,475,704,113.52 90.68OPZIONIISOLA DI MANCALL USD 26/12/2012 6.6 -98,437,171.41 -216,561.78 0.00CALL USD 27/12/2012 6.6 -98,437,171.41 -218,530.52 0.00PUT USD 26/04/2012 1080 102,258,093.19 2,045.16 0.00PUT USD 27/04/2012 2.95 100,233,074.56 24,055.94 0.00PUT USD 28/06/2012 6.2 125,822,215.14 33,972.00 0.00-375,019.20 0.00LUSSEMBURGOPUT EUR 05/04/2012 108.35 59,068,394.75 233,706.47 0.00PUT EUR 10/04/2012 1.665 98,493,436.63 317,769.99 0.00551,476.46 0.00REGNO UNITOPUT CHF 05/04/2012 90 73,835,508.42 251,462.27 0.00PUT EUR/AUD SPOT CROSS RATES 04/04/2012 1.202 2,505,829.61 0.00 0.00PUT EUR/AUD SPOT CROSS RATES 13/04/2012 1.2 1,761,508.85 1,146.00 0.00PUT EUR/CAD SPOT CROSS RATE 10/05/2012 1.253 1,754,068.74 173,757.25 0.00426,365.52 0.00La nota integrativa costituisce parte integrante del presente bilancio.192
<strong>Pictet</strong> - Emerging Local Currency DebtPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Valuta Quantità/Valore nominale Valore di stima (nota 2) % del patrimonionettoSTATI UNITIPUT GBP/AUD SPOT CROSS RATE 02/05/2012 1.385 2,553,606.11 1,625.11 0.001,625.11 0.00TOTALE OPZIONI 604,447.89 0.00TOTALE I. 8,476,308,561.41 90.68II. ALTRI VALORI MOBILIARIOBBLIGAZIONIFILIPPINE6.125% FILIPPINE 10/20 PHP 139,814,179.02 3,463,785.90 0.046.375% FILIPPINE (PROV.) 11/22 PHP 142,176,990.71 3,564,345.57 0.047,028,131.47 0.08GHANA15% GHANA 07/12 GHS 998,672.71 570,259.56 0.01570,259.56 0.01MALAYSIA3.461% MALAYSIA 08/13 MYR 9,986,727.07 3,270,958.10 0.034.232% MALAYSIA 11/31 S.11 MYR 39,227,863.94 12,980,042.08 0.144.392% MALAYSIA 11/26 MYR 360,420,980.06 122,901,489.24 1.31139,152,489.42 1.48SINGAPORE2.875% SINGAPORE 10/30 SGD 1,997,345.41 1,683,550.36 0.021,683,550.36 0.02SOVRANAZIONALE6.5% E.B.R.D. 11/14 IDR 37,949,562,877.40 4,088,400.55 0.044,088,400.55 0.04SRI LANKATBI SRI LANKA 26/10/12 364 LKR 99,038,372.38 726,749.03 0.016.75% GOVT OF SRI LANKA 10/13 LKR 139,794,205.57 1,031,790.02 0.016.85% SRI LANKA 06/12 LKR 666,614,032.12 5,119,593.64 0.057.5% SRI LANKA 03/13 LKR 699,070,895.11 5,218,654.44 0.0612,096,787.13 0.13TOTALE OBBLIGAZIONI 164,619,618.49 1.76La nota integrativa costituisce parte integrante del presente bilancio.193
<strong>Pictet</strong> - Emerging Local Currency DebtPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoOPZIONICINACALL USD/CNY SPOT CROSS RATES 13/03/2013 6.35 50,116,532.28 506,176.97 0.01CALL USD/CNY SPOT CROSS RATES 29/11/2012 6.1 -2,463,725.57 -100,692.46 0.00CALL USD/CNY SPOT CROSS RATES 29/11/2012 6.1875 2,463,725.57 317,746.69 0.00PUT USD/CNY SPOT CROSS RATES 12/04/2012 6.15 -107,287,408.95 0.00 0.00PUT USD/CNY SPOT CROSS RATES 12/04/2012 6.3 107,287,408.95 172,732.73 0.00PUT USD/CNY SPOT CROSS RATES 13/03/2013 6.35 50,116,532.28 648,006.76 0.01PUT USD/CNY SPOT CROSS RATES 13/12/2012 6.1 -2,464,025.17 -112,901.64 0.00PUT USD/CNY SPOT CROSS RATES 13/12/2012 6.18 2,464,025.17 312,660.16 0.00PUT USD/CNY SPOT CROSS RATES 26/12/2012 5.99 98,437,171.41 25,593.66 0.00PUT USD/CNY SPOT CROSS RATES 26/12/2012 6.05 -196,874,342.83 -98,437.17 0.00PUT USD/CNY SPOT CROSS RATES 26/12/2012 6.3 98,437,171.41 715,638.24 0.01PUT USD/CNY SPOT CROSS RATES 27/12/2012 5.99 98,437,171.41 26,578.04 0.00PUT USD/CNY SPOT CROSS RATES 27/12/2012 6.05 -196,874,342.83 -100,405.91 0.00PUT USD/CNY SPOT CROSS RATES 27/12/2012 6.3 98,437,171.41 718,591.35 0.01PUT USD/CNY SPOT CROSS RATES 29/03/2012 6.23 98,561,006.83 0.00 0.00PUT USD/CNY SPOT CROSS RATES 29/03/2012 6.26 -197,122,013.66 0.00 0.003,031,287.42 0.04GERMANIACALL JPY/KRW SPOT CROSS RATE 08/01/2013 0 246,405,513.09 0.00 0.000.00 0.00GIAPPONEPUT EUR/JPY CROSS-RATES 05/02/2013 100.25 127,523,514.01 89,735.74 0.0089,735.74 0.00REGNO UNITOCALL JPY/KRW SPOT CROSS RATE 08/01/2013 0 123,202,257.21 0.00 0.00CALL USD/JPY SPOT CROSS RATES 09/01/2013 0 2,463,725.57 0.00 0.00CALL USD/JPY SPOT CROSS RATES 10/01/2013 0 2,463,725.57 0.00 0.00CALL USD/JPY SPOT CROSS RATES 12/02/2013 0 2,553,606.11 0.00 0.00CALL USD/JPY SPOT CROSS RATES 21/12/2012 0 3,449,415.53 0.00 0.00CALL USD/JPY SPOT CROSS RATES 27/12/2012 0 2,463,725.57 0.00 0.00PUT EUR/CHF SPOT CROSS RATES 15/05/2012 1.12 2,466,721.59 0.00 0.00PUT JPY/KRW SPOT CROSS RATE 29/08/2012 14 205,711,597.61 1,056,802.54 0.01PUT USD/HKD SPOT CROSS RATES 21/06/2012 7.5 -384,052,073.00 0.00 0.00PUT USD/HKD SPOT CROSS RATES 21/06/2012 7.79 256,034,715.33 1,029,259.56 0.01PUT USD/KRW SPOT CROSS RATES 09/11/2012 1100 2,553,606.11 312,357.10 0.00PUT USD/KRW SPOT CROSS RATES 09/11/2012 1100 2,553,606.11 312,357.10 0.00PUT USD/MYR SPOT CROSS RATES 05/04/2012 3.005 2,004,655.70 85,217.91 0.00PUT USD/MYR SPOT CROSS RATES 07/05/2012 3.005 2,004,655.70 248,717.63 0.00PUT USD/MYR SPOT CROSS RATES 27/04/2012 3 101,518,406.28 51,774.39 0.003,096,486.23 0.02SINGAPORECALL USD/JPY SPOT CROSS RATES 28/12/2012 0 2,959,067.23 0.00 0.000.00 0.00La nota integrativa costituisce parte integrante del presente bilancio.194
<strong>Pictet</strong> - Emerging Local Currency DebtPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoSTATI UNITIPUT EUR/CHF SPOT CROSS RATES 15/05/2012 1.12 2,466,721.59 0.00 0.000.00 0.00SVIZZERACALL EUR / USD 05/04/2012 1.306 100,233,064.57 63,878.03 0.00CALL JPY/KRW SPOT CROSS RATE 28/12/2012 0 246,405,513.09 0.00 0.00PUT USD/KRW SPOT CROSS RATES 23/11/2012 1101 2,553,606.11 310,314.21 0.00374,192.24 0.00TOTALE OPZIONI 6,591,701.63 0.06PRODOTTI STRUTTURATIGHANA18.75% REP. GHANA (STANDARD) CLN 10/13 5,982,049.52 5,081,070.31 0.055,081,070.31 0.05INDONESIA9.75% CLN INDONESIA (HSBC) 07/37 1,438,083.71 1,874,237.67 0.0210% CLN INDONESIA (DB) 08/28 99,867.27 241,058.00 0.0011% CLN INDONESIA (CITI) 08/14 699,070.90 825,003.27 0.0111.5% CLN INDONESIA (CITI) 07/19 1,328,814.93 1,462,835.08 0.024,403,134.02 0.05TOTALE PRODOTTI STRUTTURATI 9,484,204.33 0.10TOTALE II. 180,695,524.45 1.92III. STRUMENTI DEL MERCATO MONETARIOINDONESIA0% INDONESIA 11/12 29,960,181,219.00 3,267,403.93 0.033,267,403.93 0.03SRI LANKA0% SRI LANKA 11/12 99,867,270.73 771,989.33 0.01771,989.33 0.01TURCHIA0% TURCHIA 10/12 68,159,412.27 36,880,606.71 0.3936,880,606.71 0.39TOTALE III. 40,919,999.97 0.43TOTALE INVESTIMENTI 8,697,924,085.83 93.03DISPONIBILITÀ LIQUIDE PRESSO BANCHE 416,098,107.54 4.45ALTRE PASSIVITÀ NETTE 235,268,471.22 2.52PATRIMONIO NETTO COMPLESSIVO 9,349,290,664.59 100.00La nota integrativa costituisce parte integrante del presente bilancio.195
<strong>Pictet</strong> - Emerging Local Currency DebtRIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Turchia 13.13Malaysia 10.80Sudafrica 10.33Brasile 8.88Indonesia 7.74Russia 7.69Polonia 7.46Thailandia 7.28Messico 6.39Ungheria 4.34Colombia 2.05Perù 1.76Filippine 1.50Hong Kong 1.02Sovranazionale 0.74Venezuela 0.59Sri Lanka 0.26Singapore 0.25Germania 0.24Cile 0.18Bermuda 0.11Corea del Sud 0.08Ghana 0.06Georgia 0.04Cina 0.04Paesi Bassi 0.03Regno Unito 0.02Egitto 0.01Zambia 0.01Svizzera 0.00Stati Uniti 0.00Giappone 0.00Isola Di Man 0.00Lussemburgo 0.0093.03Ripartizione per settori economici(in % del patrimonio netto)Obbligazioni emesse da Stati o enti locali 86.80Obbligazioni societarie 4.98Obbligazioni di istituzioni sovranazionali 0.66Strumenti del mercato monetario 0.43Prodotti strutturati 0.10Opzioni 0.0693.03La nota integrativa costituisce parte integrante del presente bilancio.196
<strong>Pictet</strong> - Asian Local Currency DebtPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoI. VALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOOBBLIGAZIONIARABIA SAUDITA2.665% SAUDI ELECTRICITY 12/17 -S- USD 2,000,000.00 2,019,500.00 0.104.211% SAUDI ELECTRICITY 12/22 -S- USD 3,000,000.00 3,026,250.00 0.165,045,750.00 0.26AUSTRALIA2.875% COMMONWEAL. BANK AUST.10/15 SGD 2,000,000.00 1,634,017.02 0.081,634,017.02 0.08BERMUDA7% SUB. C K INFRASTRUCTURE 12/PERP USD 11,500,000.00 11,571,875.00 0.6011,571,875.00 0.60CINA1.80% CHINA 10/15 'HK' -SR- CNY 18,000,000.00 2,879,378.30 0.151.95% EXP. IMP. BK CHINA10/12-S-HK SR CNY 28,500,000.00 4,527,340.09 0.232.70% CHINA DEVELOP. BANK 10/13 SR CNY 20,000,000.00 3,191,370.49 0.1610,598,088.88 0.54COREA DEL SUD3.28% BANK OF KOREA 10/12 KRW 95,000,000,000.00 83,753,629.10 4.313.875% KT CORP. 12/17 -SR- USD 2,250,000.00 2,335,578.75 0.124.125% BUSAN BANK 12/17 SR- REG S- USD 1,345,000.00 1,387,085.05 0.074.25% HANA BANK 11/17 TR.4 SR -S- USD 1,600,000.00 1,656,240.00 0.094.5% COREA DEL SUD 10/15 KRW 200,000,000.00 181,294.02 0.014.50% DOOSAN INFRACOR 11/16 -SR-S USD 1,200,000.00 1,260,060.00 0.075% COREA DEL SUD 06/16 KRW 2,000,000,000.00 1,859,980.69 0.105% COREA DEL SUD 10/20 KRW 60,000,000,000.00 57,630,559.18 2.985.5% COREA DEL SUD 08/28 KRW 2,000,000,000.00 2,074,054.80 0.115.5% COREA DEL SUD 09/29 KRW 4,000,000,000.00 4,242,225.96 0.225.75% COREA DEL SUD 08/18 KRW 12,300,000,000.00 12,047,115.24 0.627% WOORI BANK 09/15 USD 100,000.00 111,815.00 0.01168,539,637.79 8.71FILIPPINETBI FILIPPINE 06/02/13 SR PHP 286,500,000.00 6,515,738.83 0.34TBI FILIPPINE 06/03/13 PHP 475,000,000.00 10,766,420.90 0.56TBI FILIPPINE 20/02/13 SR PHP 800,000,000.00 18,164,781.56 0.944.95% FILIPPINE 10/21 PHP 890,000,000.00 21,480,460.23 1.115.25% FILIPPINE 10/13 PHP 80,000,000.00 1,899,375.65 0.105.875% NATIONAL POWER 06/16 PHP 50,000,000.00 1,251,625.99 0.065.93% SAN MIGUEL BREW. 12/19 E SR PHP 11,000,000.00 256,201.53 0.016.05% SAN MIGUEL BREW. 12/17 D SR PHP 21,000,000.00 489,112.01 0.036.25% FILIPPINE 11/36 PHP 1,150,000,000.00 28,458,749.38 1.47La nota integrativa costituisce parte integrante del presente bilancio.197
<strong>Pictet</strong> - Asian Local Currency DebtPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto6.60% SAN MIGUEL BREW. 12/22 F SR PHP 15,000,000.00 349,365.72 0.026.875% NATIONAL POWER 06/16 USD 1,600,000.00 1,864,000.00 0.107% PETRON (D. CCY) 10/17 PHP 752,000,000.00 17,930,846.28 0.938.00% FILIPPINE 11/3120-17 SR PHP 257,051,047.00 7,289,249.25 0.388.35% PHILIPPINE LONG DIST. 97/17 SR USD 5,375,000.00 6,315,625.00 0.338.4% NATIONAL POWER 03/16 USD 529,000.00 640,420.63 0.03123,671,972.96 6.41FRANCIA2.95% BNP PARIBAS 10/17 HKD 35,000,000.00 4,278,137.81 0.223.00% AIR LIQUIDE FINANCE 11/16 SR CNY 215,000,000.00 33,709,843.09 1.7437,987,980.90 1.96GERMANIA1.86% K.F.W. 09/12 SGD 30,500,000.00 24,366,133.78 1.2624,366,133.78 1.26GIAPPONE3.75% HITACHI CAPITAL 12/15 -SR- CNY 64,000,000.00 10,182,561.32 0.534.25% MITSUI 12/17 -SR- CNY 40,000,000.00 6,422,434.63 0.334.85% SUB. SUMITOMO MIT. BK 12/22-JR-S USD 6,195,000.00 6,229,444.20 0.327% SUB. MITSUI SUMITOMO 12/72-JR-S- USD 3,939,000.00 3,975,435.75 0.2126,809,875.90 1.39HONG KONG1.6% HSBC SINGAPORE 10/13 SGD 15,000,000.00 11,853,540.28 0.611.75% HONG KONG 10/15 HKD 50,000,000.00 6,710,198.32 0.352.07% HK SAR GOVERNMENT 09/14 HKD 220,000,000.00 29,516,372.15 1.522.16% HONG KONG 09/19 HKD 39,000,000.00 5,465,514.49 0.282.46% HONG KONG SAR GOVERNMENT 11/21 HKD 188,000,000.00 26,000,331.27 1.342.93% HK SAR GOVERNMENT 10/20 HKD 435,000,000.00 62,289,315.59 3.223.2% CHINA POWER INTL 10/15 CNY 3,000,000.00 447,744.52 0.023.52% HONG KONG 07/17 HKD 50,000,000.00 7,462,358.74 0.394.65% KCRC 03/13 HKD 10,000,000.00 1,342,873.22 0.074.74% HONG KONG 06/13 HKD 12,000,000.00 1,626,366.60 0.084.83% HONG KONG 06/16 HKD 12,000,000.00 1,826,977.07 0.099.00% LAFARGE SHUI CEMENT 11/14SR-S CNY 7,000,000.00 1,175,329.35 0.06155,716,921.60 8.03INDIAFRN INDIA 09/20 INR 1,250,000,000.00 23,100,348.99 1.195.59% INDIA 04/16 INR 50,000,000.00 882,276.05 0.056.07% INDIA 09/14 INR 100,000,000.00 1,887,839.16 0.106.25% INDIA 03/18 INR 100,000,000.00 1,759,755.10 0.096.35% INDIA 03/20 INR 300,000,000.00 5,127,038.90 0.266.85% INDIA 02/12 INR 100,000,000.00 1,963,883.54 0.106.9% POWER FINANCE 09/12 INR 100,000,000.00 1,958,182.18 0.107% INDIAN OIL CORP 09/12 INR 200,000,000.00 3,890,806.53 0.207.02% INDIA 09/16 INR 562,000,000.00 10,452,320.48 0.547.27% INDIA 02/13 INR 50,000,000.00 971,689.15 0.057.4% INDIA 02/12 INR 50,000,000.00 981,322.49 0.05La nota integrativa costituisce parte integrante del presente bilancio.198
<strong>Pictet</strong> - Asian Local Currency DebtPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto7.46% INDIA 02/17 INR 240,000,000.00 4,489,528.25 0.237.49% INDIA 02/17 INR 550,000,000.00 10,328,510.08 0.537.56% INDIA 08/14 INR 50,000,000.00 969,418.43 0.057.6% RURAL ELECTRIFIC. 10/13 INR 250,000,000.00 4,823,746.07 0.257.8% INDIA 10/20 INR 200,000,000.00 3,731,404.29 0.197.83% INDIA 11/18 INR 1,700,000,000.00 32,252,019.17 1.677.99% INDIA 07/17 INR 1,000,000,000.00 19,158,544.76 0.998.3% INDIA 08/14 INR 1,000,000,000.00 18,826,096.33 0.978.95% POWER FINANCE 10/15 INR 100,000,000.00 1,931,582.37 0.10149,486,312.32 7.71INDONESIA4% PERUSAHAAN PE. (SUKUK) 11/18-SR-S USD 8,333,000.00 8,543,366.59 0.445.25% PERTAMINA 11/21 USD 1,900,000.00 2,002,125.00 0.105.50% PERUSAHAAN LISTRIK 11/21 SR-S USD 781,000.00 820,050.00 0.047.00% INDONESIA 11/22 FR0061 SR IDR 20,000,000,000.00 2,361,407.89 0.127.3% INDONESIA 11/14 0RI8 SR IDR 14,250,000,000.00 1,633,979.27 0.087.95% INDONESIA 10/13 IDR 26,500,000,000.00 3,025,124.38 0.168.15% INDONESIA 11/14 IDR 100,000,000,000.00 11,529,725.90 0.608.25% INDONESIA 10/21 IDR 11,660,000,000.00 1,479,111.20 0.088.7% INDONESIA 10/13 IDR 10,000,000,000.00 1,136,263.79 0.069% INDONESIA 07/13 IDR 4,000,000,000.00 464,513.30 0.029% INDONESIA 07/18 IDR 111,250,000,000.00 14,287,139.38 0.749.25% INDONESIA 09/15 IDR 5,920,000,000.00 719,497.94 0.049.35% INDONESIA 09/12 IDR 10,000,000,000.00 1,114,360.84 0.069.5% INDONESIA 04/15 IDR 35,000,000,000.00 4,340,514.57 0.229.5% INDONESIA 07/23 IDR 116,000,000,000.00 15,897,974.01 0.829.5% INDONESIA 10/31 IDR 49,712,000,000.00 6,960,801.52 0.369.5% INDONESIA 11/41 FR0057 SR IDR 133,000,000.00 19,141.77 0.009.75% INDONESIA 07/37 IDR 75,500,000,000.00 10,984,419.88 0.5710% INDONESIA 05/17 IDR 10,000,000,000.00 1,321,110.33 0.0710% INDONESIA 07/24 IDR 70,000,000,000.00 9,945,102.11 0.5110% INDONESIA 07/28 IDR 140,000,000,000.00 20,126,729.91 1.0410.00% INDONESIA 11/36 S.IF10-SR IDR 12,000,000,000.00 1,640,694.50 0.0810.25% INDONESIA 07/22 IDR 80,000,000,000.00 11,394,524.62 0.5910.25% INDONESIA 07/27 IDR 57,302,000,000.00 8,426,039.06 0.4410.25% INDONESIA 10/30 IDR 8,500,000,000.00 1,140,882.77 0.0610.5% INDONESIA 08/38 IDR 181,050,000,000.00 28,325,727.43 1.4610.5% INDONESIA 09/30 IDR 38,896,000,000.00 5,862,758.83 0.3010.75% INDONESIA 05/16 IDR 7,000,000,000.00 922,082.83 0.0511% INDONESIA 03/12 IDR 4,000,000,000.00 458,179.70 0.0211% INDONESIA 05/20 IDR 21,000,000,000.00 3,074,558.58 0.1611% INDONESIA 06/25 IDR 12,844,000,000.00 1,965,276.42 0.1011.45% INDONESIA 08/13 IDR 13,000,000,000.00 1,552,883.65 0.0811.5% INDONESIA 06/19 IDR 30,981,000,000.00 4,533,514.77 0.2312.8% INDONESIA 05/21 IDR 22,000,000,000.00 3,556,299.00 0.1812.9% INDONESIA 05/22 IDR 22,500,000,000.00 3,695,410.67 0.1914.275% INDONESIA 02/13 IDR 25,000,000,000.00 3,163,955.02 0.16198,425,247.43 10.23La nota integrativa costituisce parte integrante del presente bilancio.199
<strong>Pictet</strong> - Asian Local Currency DebtPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoISOLE VERGINI BRITANNICHE1.8% SINOCHEM 11/14 CNY 5,000,000.00 770,057.06 0.04770,057.06 0.04LIBANO7.9% LIBANO 10/17 LBP 2,500,000,000.00 1,779,529.01 0.091,779,529.01 0.09MALAYSIA2.615% DANGA CAPITAL 10/15 SGD 6,000,000.00 4,786,820.73 0.253.21% MALAYSIA 09/13 MYR 9,500,000.00 3,105,369.41 0.163.58% MALAYSIA S11/0005 11/18 SR MYR 10,000,000.00 3,266,524.94 0.173.7% MALAYSIA 07/13 MYR 2,000,000.00 657,222.08 0.033.725% DANGA CAPITAL 10/20 SGD 6,750,000.00 5,386,247.56 0.283.741% MALAYSIA 09/15 MYR 66,000,000.00 21,845,599.60 1.133.814% MALAYSIA 07/17 MYR 26,500,000.00 8,788,639.70 0.453.82% MALAYSIA 06/16 MYR 1,200,000.00 397,976.14 0.023.835% MALAYSIA 10/15 MYR 46,300,000.00 15,393,029.55 0.793.90% SILTERRA CAPITAL 07/14 MYR 1,300,000.00 429,019.06 0.024.012% MALAYSIA 10/17 MYR 40,500,000.00 13,577,116.53 0.704.02% CAGAMAS 05/17 MYR 1,500,000.00 489,915.09 0.034.16% MALAYSIA 11/21 MYR 119,000,000.00 40,165,167.18 2.074.24% MALAYSIA 03/18 MYR 24,000,000.00 8,124,040.45 0.424.378% MALAYSIA 09/19 -SR- S09/0002 MYR 91,300,000.00 31,158,525.21 1.614.498% MALAYSIA 10/30 MYR 3,000,000.00 1,033,131.95 0.055.094% MALAYSIA 04/14 MYR 119,700,000.00 40,596,797.63 2.105.248% MALAYSIA 08/28 MYR 1,700,000.00 635,384.31 0.035.734% MALAYSIA 04/19 MYR 2,200,000.00 813,644.45 0.04200,650,171.57 10.35MONGOLIA5.75% TDB MONGOLIA 12/17 2SR -S- USD 9,612,000.00 9,648,045.00 0.509,648,045.00 0.50PAESI BASSI1.15% UNILEVER 11/14 CNY 20,000,000.00 3,123,907.14 0.162.1% RABOBANK 09/12 SGD 4,000,000.00 3,192,996.26 0.163.95% LANXESS FINANCE 12/15 -SR- CNY 74,000,000.00 11,852,130.76 0.616.95% LISTRINDO CAP. 12/19 SR REG.S USD 1,463,000.00 1,503,159.35 0.087.25% MAJAPAHIT BV 07/17 USD 700,000.00 807,590.00 0.0420,479,783.51 1.05PAKISTAN8.625% PAKISTAN MOBILE 06/13 USD 1,000,000.00 970,000.00 0.05970,000.00 0.05REGNO UNITO1.75% TESCO 11/14 -SR-S CNY 40,000,000.00 6,284,300.69 0.326,284,300.69 0.32La nota integrativa costituisce parte integrante del presente bilancio.200
<strong>Pictet</strong> - Asian Local Currency DebtPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoSINGAPORE1.005% HOUSING&DEV. 11/14-SR- SGD 14,000,000.00 11,145,853.77 0.582.75% SINGAPORE 12/42 SR SGD 26,000,000.00 20,420,139.88 1.052.815% HOUSING DEV. 11/21 SGD 25,000,000.00 20,661,247.45 1.073% SINGAPORE 10/24 SGD 12,000,000.00 10,494,147.17 0.543.125% SINGAPORE 07/22 SGD 1,500,000.00 1,338,505.08 0.073.25% SINGAPORE 05/20 SGD 14,000,000.00 12,589,634.52 0.653.265% TEMASEK FINANCIAL 10/20 SGD 1,000,000.00 842,921.60 0.043.50% SINGAPORE 07/27 SGD 29,350,000.00 26,666,520.79 1.383.731% CAPITAMALL TR.MTN 12/18 SR USD 1,895,000.00 1,910,804.30 0.104% SINGAPORE 03/18 SGD 33,000,000.00 31,140,832.68 1.614.2% TEMASEK FINANCIAL I 10/50 SGD 500,000.00 425,638.41 0.0212% BUMI CAPITAL 09/16 USD 1,799,000.00 1,992,392.50 0.10139,628,638.15 7.21SOVRANAZIONALE1.1% I.F.C. 09/12 SGD 35,000,000.00 27,902,650.64 1.441.43% WORLDBANK 09/14 SGD 1,000,000.00 806,337.71 0.042.85% ASIAN DEV. BANK 10/20 CNY 77,500,000.00 12,335,798.04 0.6441,044,786.39 2.12SRI LANKATBI SRI LANKA 30/03/12 LKR 21,752,000.00 169,622.41 0.018.25% SRI LANKA 07/12 USD 1,700,000.00 1,745,798.00 0.091,915,420.41 0.10STATI UNITI2% CATERPILLAR FIN. 10/12 CNY 68,500,000.00 10,823,858.49 0.564.875% FORD MOTOR 12/15 SR REG.S CNY 25,000,000.00 3,992,190.13 0.2114,816,048.62 0.77TAIWAN1.375% TAIWAN M.O.F. 09/19 TWD 50,000,000.00 1,722,601.63 0.091.875% TAIWAN M.O.F. 10/30 TWD 750,000,000.00 26,275,968.39 1.362.125% TAIWAN M.O.F. 09/29 TWD 50,000,000.00 1,817,339.19 0.092.125% TAIWAN M.O.F. 09/29 TWD 100,000,000.00 3,634,392.09 0.192.25% TAIWAN M.O.F. 10/40 TWD 250,000,000.00 9,306,079.81 0.4842,756,381.11 2.21THAILANDIAFRN THAILAND M.O.F. 11/16 SR THB 829,200,000.00 27,076,590.17 1.401.20% THAILAND M.O.F. (CPI) 11/21 SR THB 250,000,000.00 8,394,116.22 0.432.8% M.O.F. (THAILANDIA) 10/17 THB 457,600,000.00 14,192,429.97 0.733.375% SIAM COMM.12/17 TR.1 SR -S- USD 6,200,000.00 6,134,063.00 0.323.625% THAILAND GOV. 09/15 THB 392,000,000.00 12,739,686.71 0.663.625% M.O.F. (THAILANDIA) 10/23 THB 5,300,000.00 167,293.37 0.013.85% M.O.F. (THAILANDIA) 10/25 THB 15,000,000.00 481,635.43 0.023.875% THAILAND GOV. 09/19 THB 343,200,000.00 11,213,387.28 0.584.125% THAILAND GOV. 09/16 THB 494,300,000.00 16,394,035.87 0.854.25% THAILAND GOV. 07/13 THB 50,000,000.00 1,637,229.50 0.08La nota integrativa costituisce parte integrante del presente bilancio.201
<strong>Pictet</strong> - Asian Local Currency DebtPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Valuta Quantità/Valore nominale Valore di stima (nota 2) % del patrimonionetto4.75% THAILAND GOV. 09/24 THB 52,750,000.00 1,854,290.00 0.104.85% M.O.F. (THAILANDIA) 11/61 SR THB 210,000,000.00 7,279,449.42 0.385% THAILANDIA 09/40 THB 44,500,000.00 1,612,149.03 0.085% THAILAND GOV. 07/17 THB 7,500,000.00 258,525.50 0.015.125% THAILAND GOV. 07/18 THB 12,500,000.00 435,362.17 0.025.25% THAILAND GOV. 06/13 THB 125,000,000.00 4,155,978.82 0.215.25% THAILAND GOV. 07/14 THB 100,000,000.00 3,367,723.16 0.175.85% THAILAND GOV. 06/21 THB 27,400,000.00 1,027,276.24 0.05118,421,221.86 6.10TOTALE OBBLIGAZIONI 1,513,018,196.96 78.09OPZIONIISOLA DI MANCALL USD 26/12/2012 6.6 -40,644,000.00 -89,416.80 0.00CALL USD 27/12/2012 6.6 -40,644,000.00 -90,229.68 0.00PUT USD 26/04/2012 1080 41,676,000.00 833.52 0.00PUT USD 27/04/2012 2.95 41,234,960.00 9,896.39 0.00PUT USD 28/06/2012 6.2 51,451,190.00 13,891.82 0.00-155,024.75 0.00LUSSEMBURGOPUT EUR 05/04/2012 108.35 24,581,360.00 97,791.95 0.01PUT EUR 10/04/2012 1.665 41,269,840.00 133,881.32 0.01231,673.27 0.02REGNO UNITOPUT CHF 05/04/2012 90 30,726,700.00 105,191.11 0.01PUT EUR/AUD SPOT CROSS RATES 04/04/2012 1.202 1,030,870.00 0.00 0.00PUT EUR/AUD SPOT CROSS RATES 13/04/2012 1.2 720,320.00 471.20 0.00PUT EUR/CAD SPOT CROSS RATE 10/05/2012 1.253 721,610.00 71,875.44 0.00177,537.75 0.01STATI UNITIPUT GBP/AUD SPOT CROSS RATE 02/05/2012 1.385 1,030,000.00 659.65 0.00659.65 0.00TOTALE OPZIONI 254,845.92 0.03TOTALE I. 1,513,273,042.88 78.12II. ALTRI VALORI MOBILIARIOBBLIGAZIONIAUSTRALIAFRN COMMONWEAL.BK AUST. 09/14 HKD 10,000,000.00 1,276,547.61 0.074.5% ANZ BANKING GROUP 10/20 HKD 35,000,000.00 4,892,822.89 0.256,169,370.50 0.32La nota integrativa costituisce parte integrante del presente bilancio.202
<strong>Pictet</strong> - Asian Local Currency DebtPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoCINAFRN CHINA DEVELOP. BANK 10/13 CNY 85,000,000.00 14,170,637.60 0.731% BK OF COMMUNIC. (CD) 11/13 CNY 20,000,000.00 3,107,219.92 0.161.9% CHINA DEVELOP. BANK 09/12 HKD 20,000,000.00 2,590,316.86 0.132.1% CHINA DEVELOP. BANK 10/12 CNY 10,000,000.00 1,589,016.71 0.082.7% CHINA DEVELOP. BANK 11/16 HKD 20,000,000.00 2,594,733.49 0.134.47% CHINA DEVELOP. BANK 11/26 HKD 35,000,000.00 4,697,061.29 0.2428,748,985.87 1.47FILIPPINE6.125% FILIPPINE 10/20 PHP 80,000,000.00 1,984,018.12 0.106.375% FILIPPINE (PROV.) 11/22 PHP 81,351,973.00 2,041,617.60 0.118.75% FILIPPINE 10/30 PHP 235,900,000.00 7,086,795.24 0.3711,112,430.96 0.58FRANCIA3.05% BNP PARIBAS 09/14 HKD 33,000,000.00 4,318,250.63 0.224,318,250.63 0.22HONG KONG1.45% ANZ BANKING HK 10/12 HK SR CNY 35,000,000.00 5,515,434.44 0.282% KCRC 09/12 HKD 8,000,000.00 1,031,490.14 0.052.25% ICBC ASIA 10/12 HK 13 CNY 18,500,000.00 2,943,205.71 0.152.25% ICBC ASIA 10/12 HK 14 CNY 47,000,000.00 7,477,333.41 0.392.8% KOWLOON CANTON RAIL. 10/15 HKD 30,000,000.00 4,019,431.46 0.2120,986,895.16 1.08ISOLE VERGINI BRITANNICHE4% UA FINANCE BVI 11/14 CNY 17,000,000.00 2,537,218.92 0.132,537,218.92 0.13MALAYSIA4.232% MALAYSIA 11/31 S.11 MYR 5,000,000.00 1,656,601.79 0.094.392% MALAYSIA 11/26 MYR 99,500,000.00 33,973,230.37 1.7535,629,832.16 1.84PAESI BASSI2.63% RABOBANK 10/15 HKD 27,000,000.00 3,622,425.60 0.193% RABOBANK 09/14 HKD 21,000,000.00 2,833,399.79 0.156,455,825.39 0.34SINGAPORE2.875% SINGAPORE 10/30 SGD 8,000,000.00 6,757,377.75 0.356,757,377.75 0.35La nota integrativa costituisce parte integrante del presente bilancio.203
<strong>Pictet</strong> - Asian Local Currency DebtPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Valuta Quantità/Valore nominale Valore di stima (nota 2) % del patrimonionettoSOVRANAZIONALE2.28% DEV. CONSEIL EUROPE 09/14 HKD 10,000,000.00 1,324,778.61 0.074.18% EUROFIMA 05/15 HKD 47,000,000.00 6,567,759.22 0.346.5% E.B.R.D. 11/14 IDR 35,000,000,000.00 3,778,785.54 0.2011,671,323.37 0.61SRI LANKATBI SRI LANKA 26/10/12 364 LKR 35,420,000.00 259,103.41 0.016.75% GOVT OF SRI LANKA 10/13 LKR 548,530,000.00 4,035,953.42 0.214,295,056.83 0.22STATI UNITI5.28% I.F.C. 03/18 HKD 62,000,000.00 9,768,909.43 0.509,768,909.43 0.50SVIZZERA1.65% EUROFIMA 10/13 HKD 40,000,000.00 5,188,876.58 0.275,188,876.58 0.27TOTALE OBBLIGAZIONI 153,640,353.55 7.93OPZIONICINACALL USD/CNY SPOT CROSS RATES 13/03/2013 6.35 20,617,480.00 208,236.55 0.01CALL USD/CNY SPOT CROSS RATES 29/11/2012 6.1 -1,017,000.00 -41,564.79 0.00CALL USD/CNY SPOT CROSS RATES 29/11/2012 6.1875 1,017,000.00 131,162.49 0.01PUT USD/CNY SPOT CROSS RATES 12/04/2012 6.15 -42,509,000.00 0.00 0.00PUT USD/CNY SPOT CROSS RATES 12/04/2012 6.3 42,509,000.00 68,439.49 0.00PUT USD/CNY SPOT CROSS RATES 13/03/2013 6.35 20,617,480.00 266,584.02 0.01PUT USD/CNY SPOT CROSS RATES 13/12/2012 6.1 -1,017,100.00 -46,603.52 0.00PUT USD/CNY SPOT CROSS RATES 13/12/2012 6.18 1,017,100.00 129,059.82 0.01PUT USD/CNY SPOT CROSS RATES 26/12/2012 5.99 40,644,000.00 10,567.44 0.00PUT USD/CNY SPOT CROSS RATES 26/12/2012 6.05 -81,288,000.00 -40,644.00 0.00PUT USD/CNY SPOT CROSS RATES 26/12/2012 6.3 40,644,000.00 295,481.88 0.02PUT USD/CNY SPOT CROSS RATES 27/12/2012 5.99 40,644,000.00 10,973.88 0.00PUT USD/CNY SPOT CROSS RATES 27/12/2012 6.05 -81,288,000.00 -41,456.88 0.00PUT USD/CNY SPOT CROSS RATES 27/12/2012 6.3 40,644,000.00 296,701.20 0.02PUT USD/CNY SPOT CROSS RATES 29/03/2012 6.23 40,683,000.00 0.00 0.00PUT USD/CNY SPOT CROSS RATES 29/03/2012 6.26 -81,366,000.00 0.00 0.001,246,937.58 0.08GERMANIACALL JPY/KRW SPOT CROSS RATE 08/01/2013 0 101,707,000.00 0.00 0.000.00 0.00GIAPPONEPUT EUR/JPY CROSS-RATES 05/02/2013 100.25 51,215,000.00 36,237.15 0.0036,237.15 0.00La nota integrativa costituisce parte integrante del presente bilancio.204
<strong>Pictet</strong> - Asian Local Currency DebtPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoREGNO UNITOCALL JPY/KRW SPOT CROSS RATE 08/01/2013 0 50,853,000.00 0.00 0.00CALL USD/JPY SPOT CROSS RATES 09/01/2013 0 1,017,000.00 0.00 0.00CALL USD/JPY SPOT CROSS RATES 10/01/2013 0 1,017,000.00 0.00 0.00CALL USD/JPY SPOT CROSS RATES 12/02/2013 0 1,030,000.00 0.00 0.00CALL USD/JPY SPOT CROSS RATES 21/12/2012 0 1,424,000.00 0.00 0.00CALL USD/JPY SPOT CROSS RATES 27/12/2012 0 1,017,000.00 0.00 0.00PUT EUR/CHF SPOT CROSS RATES 15/05/2012 1.12 1,035,000.00 0.00 0.00PUT JPY/KRW SPOT CROSS RATE 29/08/2012 14 77,193,000.00 397,338.53 0.02PUT USD/HKD SPOT CROSS RATES 21/06/2012 7.5 -134,703,000.00 0.00 0.00PUT USD/HKD SPOT CROSS RATES 21/06/2012 7.79 89,802,000.00 361,004.04 0.02PUT USD/KRW SPOT CROSS RATES 09/11/2012 1100 1,030,000.00 125,989.60 0.01PUT USD/KRW SPOT CROSS RATES 09/11/2012 1100 1,030,000.00 125,989.60 0.01PUT USD/MYR SPOT CROSS RATES 05/04/2012 3.005 824,700.00 35,058.00 0.00PUT USD/MYR SPOT CROSS RATES 07/05/2012 3.005 824,700.00 102,320.53 0.01PUT USD/MYR SPOT CROSS RATES 27/04/2012 3 41,173,330.00 20,998.40 0.001,168,698.70 0.07SINGAPORECALL USD/JPY SPOT CROSS RATES 28/12/2012 0 1,220,000.00 0.00 0.000.00 0.00STATI UNITIPUT EUR/CHF SPOT CROSS RATES 15/05/2012 1.12 1,035,000.00 0.00 0.000.00 0.00SVIZZERACALL EUR / USD 05/04/2012 1.306 41,234,960.00 26,423.34 0.00CALL JPY/KRW SPOT CROSS RATE 28/12/2012 0 101,707,000.00 0.00 0.00PUT USD/KRW SPOT CROSS RATES 23/11/2012 1101 1,030,000.00 125,165.60 0.01151,588.94 0.01TOTALE OPZIONI 2,603,462.37 0.16PRODOTTI STRUTTURATIINDONESIA9.75% CLN INDONESIA (HSBC) 07/37 50.00 65.16 0.0011% CLN INDONESIA (CITI) 08/14 101,000.00 119,194.39 0.01119,259.55 0.01TOTALE PRODOTTI STRUTTURATI 119,259.55 0.01TOTALE II. 156,363,075.47 8.10La nota integrativa costituisce parte integrante del presente bilancio.205
<strong>Pictet</strong> - Asian Local Currency DebtPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoIII. STRUMENTI DEL MERCATO MONETARIOSOVRANAZIONALE0.95% WORLDBANK 11/13 CNY 15,000,000.00 2,357,803.57 0.122,357,803.57 0.12TOTALE III. 2,357,803.57 0.12TOTALE INVESTIMENTI 1,671,993,921.92 86.34DISPONIBILITÀ LIQUIDE PRESSO BANCHE 245,414,099.52 12.67ALTRE PASSIVITÀ NETTE 19,045,486.97 0.99PATRIMONIO NETTO COMPLESSIVO 1,936,453,508.41 100.00La nota integrativa costituisce parte integrante del presente bilancio.206
<strong>Pictet</strong> - Asian Local Currency DebtRIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Malaysia 12.19Indonesia 10.24Hong Kong 9.11Corea del Sud 8.71India 7.71Singapore 7.56Filippine 6.99Thailandia 6.10Sovranazionale 2.85Taiwan 2.21Francia 2.18Cina 2.09Paesi Bassi 1.39Giappone 1.39Stati Uniti 1.27Germania 1.26Bermuda 0.60Mongolia 0.50Australia 0.40Regno Unito 0.40Sri Lanka 0.32Svizzera 0.28Arabia Saudita 0.26Isole Vergini britanniche 0.17Libano 0.09Pakistan 0.05Lussemburgo 0.02Isola Di Man 0.0086.34Ripartizione per settori economici(in % del patrimonio netto)Obbligazioni emesse da Stati o enti locali 61.65Obbligazioni societarie 23.12Obbligazioni di istituzioni sovranazionali 1.25Opzioni 0.19Strumenti del mercato monetario 0.12Prodotti strutturati 0.0186.34La nota integrativa costituisce parte integrante del presente bilancio.207
<strong>Pictet</strong> - Global Emerging CurrenciesPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoI. VALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOOBBLIGAZIONIBRASILETBI BRASILE 01/04/12 BRL 1000 BRL 24,200.00 13,182,314.88 1.7213,182,314.88 1.72CILE5.50% CHILI -GLOBAL- 03/13 USD 7,000,000.00 7,248,955.00 0.947,248,955.00 0.94COLOMBIA10.75% COLOMBIA 02/13 USD 9,650,000.00 10,385,812.50 1.3510,385,812.50 1.35COSTA D’AVORIOFRN AFRICAN DEV. BANK 09/14 USD 400,000.00 401,686.00 0.05401,686.00 0.05FILIPPINETBI FILIPPINE 06/03/13 PHP 475,000,000.05 10,755,126.67 1.40TBI FILIPPINE 20/02/13 SR PHP 800,000,000.08 18,145,726.29 2.3628,900,852.96 3.76GERMANIAFRN K.F.W. 09/14 USD 5,500,000.00 5,509,405.00 0.725,509,405.00 0.72MALAYSIA2.509% MALAYSIA 09/12 S09/0001 SR MYR 313,000,000.03 101,813,000.11 13.283.718% MALAYSIA 06/12 S.5-06 MYR 127,000,000.01 41,468,032.90 5.40143,281,033.01 18.68MESSICOTBI MEXICO CETES 07/06/12 MXN10 MXN 28,500,000.00 21,982,704.59 2.86TBI MEXICO CETES 10/05/12 MXN10 MXN 21,000,000.00 16,256,600.18 2.12TBI MEXICO CETES 12/04/12 MXN10 MXN 32,314,500.00 25,098,389.88 3.27TBI MEXICO CETES 14/06/12 MXN10 MXN 12,000,000.00 9,248,406.68 1.20TBI MEXICO CETES 19/04/12 MXN10 MXN 6,500,000.00 5,044,447.54 0.66TBI MEXICO CETES 21/06/12 MXN10 MXN 20,000,000.00 15,400,006.89 2.01TBI MEXICO CETES 28/06/12 MXN10 BI MXN 7,000,000.00 5,386,190.14 0.70TBI MEXICO CETES 31/05/12 MXN10 MXN 40,000,000.00 30,880,927.22 4.026.375% MESSICO -GLOBAL- 03/13 USD 22,000,000.00 22,935,000.00 2.99152,232,673.12 19.83La nota integrativa costituisce parte integrante del presente bilancio.208
<strong>Pictet</strong> - Global Emerging CurrenciesPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Valuta Quantità/Valore nominale Valore di stima (nota 2) % del patrimonionettoSRI LANKATBI SRI LANKA 19/10/12 364 LKR 200,000,000.02 1,470,584.41 0.191,470,584.41 0.19SUDAFRICA7.375% SUDAFRICA 02/12 USD 9,500,000.00 9,564,125.00 1.259,564,125.00 1.25THAILANDIAFRN THAILAND M.O.F. 11/16 SR THB 161,300,000.02 5,261,463.83 0.695,261,463.83 0.69TUNISIA7.375% BQUE C. TUNISIE-GL. -02/12- SR USD 4,000,000.00 4,018,000.00 0.524,018,000.00 0.52TURCHIA0% TURCHIA 10/12 TRY 136,000,000.01 75,578,403.48 9.8575,578,403.48 9.85UCRAINA6.385% UCRAINA 07/12 SR REG. S USD 6,000,000.00 5,992,500.00 0.785,992,500.00 0.78UNGHERIATBI UNGHERIA 11/04/12 3M HUF 1,000,000,000.10 4,479,132.00 0.58TBI UNGHERIA 18/04/12 3M HUF 2,252,310,000.23 10,073,841.18 1.3114,552,973.18 1.89TOTALE OBBLIGAZIONI 477,580,782.37 62.22OPZIONIISOLA DI MANCALL USD 26/12/2012 6.6 -19,309,000.00 -42,479.80 -0.01CALL USD 27/12/2012 6.6 -19,309,000.00 -42,865.98 -0.01PUT USD 26/04/2012 1080 15,887,000.00 317.74 0.00PUT USD 27/04/2012 2.95 16,117,220.00 3,868.13 0.00PUT USD 28/06/2012 6.2 20,316,620.00 5,485.49 0.00-75,674.42 -0.02LUSSEMBURGOPUT EUR 05/04/2012 108.35 9,668,250.00 38,252.82 0.00PUT EUR 10/04/2012 1.665 16,296,300.00 52,576.85 0.0190,829.67 0.01La nota integrativa costituisce parte integrante del presente bilancio.209
<strong>Pictet</strong> - Global Emerging CurrenciesPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Valuta Quantità/Valore nominale Valore di stima (nota 2) % del patrimonionettoREGNO UNITOPUT CHF 05/04/2012 90 12,085,310.00 41,159.05 0.01PUT EUR/AUD SPOT CROSS RATES 04/04/2012 1.202 402,930.00 0.00 0.00PUT EUR/AUD SPOT CROSS RATES 13/04/2012 1.2 284,430.00 185.04 0.00PUT EUR/CAD SPOT CROSS RATE 10/05/2012 1.253 282,050.00 27,939.74 0.0069,283.83 0.01STATI UNITIPUT GBP/AUD SPOT CROSS RATE 02/05/2012 1.385 426,000.00 271.11 0.00271.11 0.00TOTALE OPZIONI 84,710.19 0.00TOTALE I. 477,665,492.56 62.22II. ALTRI VALORI MOBILIARIOBBLIGAZIONICINAFRN CHINA DEVELOP. BANK 10/13 CNY 112,000,000.01 18,647,759.29 2.4318,647,759.29 2.43TOTALE OBBLIGAZIONI 18,647,759.29 2.43OPZIONICINACALL USD/CNY SPOT CROSS RATES 13/03/2013 6.35 8,058,610.00 81,391.96 0.01CALL USD/CNY SPOT CROSS RATES 29/11/2012 6.1 -483,000.00 -19,740.21 0.00CALL USD/CNY SPOT CROSS RATES 29/11/2012 6.1875 483,000.00 62,292.51 0.01PUT USD/CNY SPOT CROSS RATES 12/04/2012 6.15 -11,937,000.00 0.00 0.00PUT USD/CNY SPOT CROSS RATES 12/04/2012 6.3 11,937,000.00 19,218.57 0.00PUT USD/CNY SPOT CROSS RATES 13/03/2013 6.35 8,058,610.00 104,197.83 0.01PUT USD/CNY SPOT CROSS RATES 13/12/2012 6.1 -482,900.00 -22,126.48 0.00PUT USD/CNY SPOT CROSS RATES 13/12/2012 6.18 482,900.00 61,275.18 0.01PUT USD/CNY SPOT CROSS RATES 26/12/2012 5.99 19,309,000.00 5,020.34 0.00PUT USD/CNY SPOT CROSS RATES 26/12/2012 6.05 -38,618,000.00 -19,309.00 0.00PUT USD/CNY SPOT CROSS RATES 26/12/2012 6.3 19,309,000.00 140,376.43 0.02PUT USD/CNY SPOT CROSS RATES 27/12/2012 5.99 19,309,000.00 5,213.43 0.00PUT USD/CNY SPOT CROSS RATES 27/12/2012 6.05 -38,618,000.00 -19,695.18 0.00PUT USD/CNY SPOT CROSS RATES 27/12/2012 6.3 19,309,000.00 140,955.70 0.02PUT USD/CNY SPOT CROSS RATES 29/03/2012 6.23 19,316,000.00 0.00 0.00PUT USD/CNY SPOT CROSS RATES 29/03/2012 6.26 -38,632,000.00 0.00 0.00539,071.08 0.08GERMANIACALL JPY/KRW SPOT CROSS RATE 08/01/2013 0 48,290,000.00 0.00 0.000.00 0.00La nota integrativa costituisce parte integrante del presente bilancio.210
<strong>Pictet</strong> - Global Emerging CurrenciesPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoGIAPPONEPUT EUR/JPY CROSS-RATES 05/02/2013 100.25 21,949,000.00 15,445.07 0.0015,445.07 0.00REGNO UNITOCALL JPY/KRW SPOT CROSS RATE 08/01/2013 0 24,145,000.00 0.00 0.00CALL USD/JPY SPOT CROSS RATES 09/01/2013 0 483,000.00 0.00 0.00CALL USD/JPY SPOT CROSS RATES 10/01/2013 0 483,000.00 0.00 0.00CALL USD/JPY SPOT CROSS RATES 12/02/2013 0 426,000.00 0.00 0.00CALL USD/JPY SPOT CROSS RATES 21/12/2012 0 676,000.00 0.00 0.00CALL USD/JPY SPOT CROSS RATES 27/12/2012 0 483,000.00 0.00 0.00PUT EUR/CHF SPOT CROSS RATES 15/05/2012 1.12 475,000.00 0.00 0.00PUT JPY/KRW SPOT CROSS RATE 29/08/2012 14 48,504,000.00 249,179.68 0.03PUT USD/HKD SPOT CROSS RATES 21/06/2012 7.5 -95,608,500.01 0.00 0.00PUT USD/HKD SPOT CROSS RATES 21/06/2012 7.79 63,739,000.01 256,230.78 0.03PUT USD/KRW SPOT CROSS RATES 09/11/2012 1100 426,000.00 52,108.32 0.01PUT USD/KRW SPOT CROSS RATES 09/11/2012 1100 426,000.00 52,108.32 0.01PUT USD/MYR SPOT CROSS RATES 05/04/2012 3.005 322,340.00 13,702.67 0.00PUT USD/MYR SPOT CROSS RATES 07/05/2012 3.005 322,340.00 39,992.72 0.01PUT USD/MYR SPOT CROSS RATES 27/04/2012 3 16,320,000.00 8,323.20 0.00671,645.69 0.09SINGAPORECALL USD/JPY SPOT CROSS RATES 28/12/2012 0 579,000.00 0.00 0.000.00 0.00STATI UNITIPUT EUR/CHF SPOT CROSS RATES 15/05/2012 1.12 475,000.00 0.00 0.000.00 0.00SVIZZERACALL EUR / USD 05/04/2012 1.306 16,117,220.00 10,271.43 0.00CALL JPY/KRW SPOT CROSS RATE 28/12/2012 0 48,290,000.00 0.00 0.00PUT USD/KRW SPOT CROSS RATES 23/11/2012 1101 426,000.00 51,767.52 0.0162,038.95 0.01TOTALE OPZIONI 1,288,200.79 0.18TOTALE II. 19,935,960.08 2.61III. STRUMENTI DEL MERCATO MONETARIOTHAILANDIATBI THAILANDIA 030512 S363 400,000,000.04 12,924,395.04 1.6812,924,395.04 1.68La nota integrativa costituisce parte integrante del presente bilancio.211
<strong>Pictet</strong> - Global Emerging CurrenciesPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoTURCHIA0% TURCHIA 10/12 73,000,000.01 39,499,816.68 5.1539,499,816.68 5.15TOTALE III. 52,424,211.72 6.83TOTALE INVESTIMENTI 550,025,664.36 71.66DISPONIBILITÀ LIQUIDE PRESSO BANCHE 219,636,310.53 28.61ALTRE PASSIVITÀ NETTE -2,074,876.13 -0.27PATRIMONIO NETTO COMPLESSIVO 767,587,098.76 100.00La nota integrativa costituisce parte integrante del presente bilancio.212
<strong>Pictet</strong> - Global Emerging CurrenciesRIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Messico 19.83Malaysia 18.68Turchia 15.00Filippine 3.76Cina 2.51Thailandia 2.37Ungheria 1.89Brasile 1.72Colombia 1.35Sudafrica 1.25Cile 0.94Ucraina 0.78Germania 0.72Tunisia 0.52Sri Lanka 0.19Regno Unito 0.10Costa d’Avorio 0.05Svizzera 0.01Lussemburgo 0.01Singapore 0.00Stati Uniti 0.00Giappone 0.00Isola Di Man -0.0271.66Ripartizione per settori economici(in % del patrimonio netto)Obbligazioni emesse da Stati o enti locali 60.93Strumenti del mercato monetario 6.83Obbligazioni societarie 3.72Opzioni 0.1871.66La nota integrativa costituisce parte integrante del presente bilancio.213
<strong>Pictet</strong> - Short-Term Money Market JPY (nota 1)PROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN JPY)Descrizione Valuta Quantità/Valore nominale Valore di stima (nota 2) % del patrimonionettoI. VALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOOBBLIGAZIONICOREA DEL SUD5.5% EXPORT-IM. KOREA 07/12 -SR- USD 1,500,000.00 126,111,888.00 1.57126,111,888.00 1.57GIAPPONETBI GIAPPONE 04/06/12 N262 JPY 400,000,000.00 399,932,000.00 4.99TBI GIAPPONE 09/04/12 N248 JPY 1,000,000,000.00 999,990,000.00 12.53TBI GIAPPONE 10/04/12 N227 JPY 700,000,000.00 700,000,000.00 8.732,099,922,000.00 26.25REGNO UNITO4.5% BP CAPITAL MARKETS 07/12 EUR 500,000.00 55,982,848.00 0.7055,982,848.00 0.70STATI UNITI4.625% ROCHE HOLDINGS 03/13 EUR 600,000.00 68,120,712.00 0.8568,120,712.00 0.85TOTALE I. 2,350,137,448.00 29.37II. STRUMENTI DEL MERCATO MONETARIOAUSTRIAC. PAP. KA FINANZ 12/06/12 2,500,000.00 273,843,362.00 3.42273,843,362.00 3.42COREA DEL SUDC. PAP. INDUSTR. BK OF KOREA 04/09/12 1,000,000.00 109,219,273.00 1.36C. PAP. KOREA DEV. BANK (GBP) 17/04/12 600,000.00 78,872,101.00 0.98C. PAP. KOREA DEV. BANK 10/04/12 500,000.00 54,793,725.00 0.68242,885,099.00 3.02FINLANDIAC. PAP. FINGRID 08/05/12 500,000.00 54,782,487.00 0.68C. PAP. FINGRID 13/08/12 500,000.00 54,743,055.00 0.68C. PAP. POHJOLA BANK 28/06/12 1,000,000.00 109,419,532.00 1.37218,945,074.00 2.73FRANCIAC. PAP. BQUE FED. CR. MUTUEL 12/04/12 500,000.00 54,788,207.00 0.68C. PAP. BQUE FED.CR.MUTUEL 02/04/12 500,000.00 54,796,504.00 0.68C. PAP. CSSE AMORTISSEMENT 03/07/12 1,000,000.00 82,139,021.00 1.02C. PAP. CSSE AMORTISSEMENT 22/06/12 500,000.00 41,079,176.00 0.51La nota integrativa costituisce parte integrante del presente bilancio.214
<strong>Pictet</strong> - Short-Term Money Market JPY (nota 1)PROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN JPY)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoC. PAP. CSSE AMORTISSEMENT 30/05/12 II 1,500,000.00 123,397,313.00 1.54C. PAP. SOCIETE GENERALE 02/04/12 500,000.00 54,796,504.00 0.68C. PAP. UNEDIC 28/06/12 2,000,000.00 218,877,006.00 2.73CD BANQUE POSTALE 14/05/12 1,000,000.00 109,537,564.00 1.37CD BPCE 21/05/12 800,000.00 87,597,524.00 1.09CD CREDIT AGRICOLE 02/04/12 1,000,000.00 109,593,007.00 1.37CD CREDIT AGRICOLE 02/07/12 1,000,000.00 109,413,822.00 1.37CD NATIXIS 19/06/12 500,000.00 54,719,208.00 0.68CD SOCIETE GENERALE 01/06/12 500,000.00 54,738,036.00 0.68CD SOCIETE GENERALE 02/07/12 500,000.00 54,705,234.00 0.681,210,178,126.00 15.08GERMANIAC. PAP. ALLIANZ 08/05/12 1,000,000.00 109,492,510.00 1.37C. PAP. ALLIANZ 15/06/12 1,000,000.00 109,395,104.00 1.37C. PAP. DZ BANK 12/07/12 500,000.00 54,759,538.00 0.68C. PAP. ERSTE ABWICKLUNG. 30/04/12 2,000,000.00 164,516,288.00 2.05C. PAP. FMS WERTMANAGEMENT 09/05/12 1,000,000.00 131,400,236.00 1.64C. PAP. FMS WERTMANAGEMENT 12/04/12 1,500,000.00 197,198,831.00 2.46C. PAP. FMS WERTMANAGEMENT 27/04/12 500,000.00 65,714,720.00 0.82C. PAP. HONDA BANK GMBH 09/05/12 500,000.00 54,749,209.00 0.68C. PAP. HONDA BANK GMBH 13/04/12 500,000.00 54,783,369.00 0.68942,009,805.00 11.75IRLANDAC. PAP. GE CAPITAL EURO. FDG 14/08/12 1,000,000.00 109,455,402.00 1.37109,455,402.00 1.37LUSSEMBURGOC. PAP. E.I.B. 07/06/12 2,000,000.00 219,169,575.00 2.73219,169,575.00 2.73NORVEGIAC. PAP. DNB NOR BK 29/06/12 500,000.00 54,751,395.00 0.6854,751,395.00 0.68PAESI BASSIC. PAP. ING BANK 12/04/12 1,000,000.00 109,564,798.00 1.37C. PAP. PACCAR FINANCIAL 15/06/12 1,000,000.00 109,470,986.00 1.37CD ABN AMRO BANK 25/07/12 1,000,000.00 109,489,255.00 1.37CD RABOBANK NEDERLAND 09/11/12 1,500,000.00 163,627,680.00 2.04492,152,719.00 6.15REGNO UNITOC. PAP. BANK OF CHINA (LDN) 05/04/12 500,000.00 41,145,679.00 0.51C. PAP. BANK OF CHINA (LDN) 12/04/12 700,000.00 92,016,144.00 1.15C. PAP. BARCLAYS BANK 24/09/12 1,000,000.00 109,460,367.00 1.37C. PAP. LLOYDS TSB BANK 30/04/12 500,000.00 54,768,749.00 0.68C. PAP. MITSUBISHI CORP FIN. 17/05/12 1,000,000.00 109,488,148.00 1.37C. PAP. NATIONWIDE BUILDING 11/04/12 500,000.00 54,789,654.00 0.68C. PAP. PRUDENTIAL 23/07/12 1,000,000.00 109,488,883.00 1.37La nota integrativa costituisce parte integrante del presente bilancio.215
<strong>Pictet</strong> - Short-Term Money Market JPY (nota 1)PROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN JPY)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoC. PAP. ROYAL BK SCOT. LDN 12/04/12 500,000.00 54,787,566.00 0.68C. PAP. STANDARD CHART. BK 10/04/12 I 500,000.00 54,790,295.00 0.68C. PAP. UBS LONDON 02/05/12 500,000.00 54,774,733.00 0.68C. PAP. UBS LONDON 26/04/12 500,000.00 54,779,243.00 0.68CD BNP PARIBAS 17/05/12 2,000,000.00 219,011,235.00 2.73CD ROYAL BANK OF SCOTLAND 25/04/12 500,000.00 54,774,651.00 0.681,064,075,347.00 13.26SPAGNAC. PAP. SANTANDER 07/06/12 1,000,000.00 109,417,154.00 1.37109,417,154.00 1.37SVEZIAC. PAP. NORDEA BANK 03/10/12 7,000,000.00 99,850,685.00 1.25C. PAP. SBAB SWEDISH. HOU. FIN. 19/06/12 500,000.00 54,754,053.00 0.68C. PAP. SVENSKA HANDELSBANK. 24/05/12 1,500,000.00 164,274,783.00 2.05CD SKANDINAVISKA ENSKILDA 11/07/12 500,000.00 54,749,143.00 0.68373,628,664.00 4.66TOTALE II. 5,310,511,722.00 66.22TOTALE INVESTIMENTI 7,660,649,170.00 95.59DISPONIBILITÀ LIQUIDE PRESSO BANCHE 622,386,004.00 7.77ALTRE PASSIVITÀ NETTE -269,095,072.43 -3.36PATRIMONIO NETTO COMPLESSIVO 8,013,940,101.57 100.00La nota integrativa costituisce parte integrante del presente bilancio.216
<strong>Pictet</strong> - Short-Term Money Market JPY (nota 1)RIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Giappone 26.25Francia 15.08Regno Unito 13.96Germania 11.75Paesi Bassi 6.15Svezia 4.66Corea del Sud 4.59Austria 3.42Lussemburgo 2.73Finlandia 2.73Irlanda 1.37Spagna 1.37Stati Uniti 0.85Norvegia 0.6895.59Ripartizione per settori economici(in % del patrimonio netto)Strumenti del mercato monetario 66.22Obbligazioni emesse da Stati o enti locali 26.25Obbligazioni societarie 3.1295.59La nota integrativa costituisce parte integrante del presente bilancio.217
<strong>Pictet</strong> - Latin American Local Currency DebtPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoVALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOOBBLIGAZIONIBRASILETBI BRASILE 01/07/12 BRL 1000 BRL 40,928.00 21,824,219.89 4.076% BRASILE (INFLATION) 09/20 BRL 1,106.00 1,391,452.66 0.266.00% TBD BRASILE (INFL.) 11/22 B BRL 5,700.00 7,209,100.03 1.346.00% TBD BRASILE (INFLATION) 10/16 B BRL 12,006.00 14,827,756.46 2.7710% BRASILE (NOTAS DE T.) 06/16 BRL 236,595.00 132,758,920.42 24.7710% BRASILE (NOTAS DE T.) 07/17 BRL 125,060.00 68,144,811.40 12.7110% BRASILE 10/21 BRL 76,351.00 40,225,605.82 7.5010% T'BD BRASILE 10/15 'F' BRL 16,900.00 9,397,156.21 1.75295,779,022.89 55.17CILE5.5% CILE 10/20 CLP 469,000,000.00 999,119.82 0.19999,119.82 0.19COLOMBIA7.75% COLOMBIA (DUAL CUR.) 10/21 COP 9,347,000,000.00 6,262,624.42 1.179.85% COLOMBIA 07/27 COP 9,158,000,000.00 7,292,609.61 1.3613,555,234.03 2.53GERMANIA5.625% K.F.W. 10/17 PEN 2,000,000.00 808,699.48 0.15808,699.48 0.15MESSICO6.5% MESSICO 11/22 MXN100 MXN 1,216,000.00 9,567,194.68 1.786.50% MESSICO 10/21 MXN100 MXN 2,425,000.00 19,204,553.15 3.587.5% MESSICO 06/27 MXN 1,126,500.00 9,254,104.16 1.737.75% MESSICO 08/17 MXN 1,905,000.00 16,447,333.86 3.077.75% MESSICO 11/31 -SR- MXN100 MXN 310,000.00 2,537,878.73 0.478% MESSICO 03/13 MXN 835,000.00 6,841,257.39 1.288% MESSICO 05/15 MXN 187,000.00 1,595,143.20 0.308% MESSICO 09/20 MXN 410,000.00 3,593,856.75 0.678.5% MESSICO 09/38 MXN 1,183,000.00 10,229,008.46 1.919.5% MESSICO 04/14 MXN 1,315,000.00 11,415,523.67 2.1310% MESSICO 04/24 MXN 2,047,000.00 20,801,756.53 3.8810% MESSICO 06/36 MXN 1,469,000.00 14,607,529.33 2.72126,095,139.91 23.52La nota integrativa costituisce parte integrante del presente bilancio.218
<strong>Pictet</strong> - Latin American Local Currency DebtPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoPERÙ6.85% PERÙ (DUAL CUR.) 10/42 PEN 4,951.00 1,952,555.46 0.366.9% PERÙ (DUAL CUR.) 07/37 PEN 6,080.00 2,441,674.01 0.467.84% PERÙ (DUAL CUR.) 05/20 PEN 14,870.00 6,469,258.79 1.218.2% PERÙ (DUAL CUR.) 06/26 PEN 3,350.00 1,530,440.37 0.2912,393,928.63 2.32SOVRANAZIONALE8% WORLDBANK 10/20 COP 1,280,000,000.00 823,746.74 0.15823,746.74 0.15VENEZUELA5.25% PETROLEOS VENEZUELA 07/17 USD 585,000.00 444,600.00 0.0811.95% VENEZUELA 11/31 -S- USD 1,990,000.00 1,965,125.00 0.3712.75% PETROL. VENEZUELA 11/22 SR-S- USD 450,000.00 449,437.50 0.082,859,162.50 0.53TOTALE INVESTIMENTI 453,314,054.00 84.56DISPONIBILITÀ LIQUIDE PRESSO BANCHE 80,245,686.33 14.97ALTRE PASSIVITÀ NETTE 2,514,620.33 0.47PATRIMONIO NETTO COMPLESSIVO 536,074,360.66 100.00La nota integrativa costituisce parte integrante del presente bilancio.219
<strong>Pictet</strong> - Latin American Local Currency DebtRIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Brasile 55.17Messico 23.52Colombia 2.53Perù 2.32Venezuela 0.53Cile 0.19Sovranazionale 0.15Germania 0.1584.56Ripartizione per settori economici(in % del patrimonio netto)Obbligazioni emesse da Stati o enti locali 84.10Obbligazioni societarie 0.31Obbligazioni di istituzioni sovranazionali 0.1584.56La nota integrativa costituisce parte integrante del presente bilancio.220
<strong>Pictet</strong> - Sovereign Short-Term Money Market USD (nota 1)PROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoI. VALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOOBBLIGAZIONIDANIMARCATBI DANIMARCA 01/06/12 -SR- DKK 75,000,000.00 13,387,462.15 3.102.25% DANIMARCA 09/12 USD 6,571,000.00 6,586,638.98 1.5219,974,101.13 4.62FINLANDIATBI FINLANDIA 08/05/12 EUR 25,000,000.00 33,187,474.45 7.68TBI FINLANDIA 10/04/12 EUR 12,700,000.00 16,861,240.20 3.9050,048,714.65 11.58GERMANIA4% GERMANIA 07/12 EUR 20,000,000.00 26,582,903.82 6.154.25% KRE. WIEDERAUFBAU 10/12 SR AUD 5,000,000.00 5,156,152.51 1.194.86% KRED. WIEDERAUFBAU 09/12 -SR- AUD 3,000,000.00 3,099,716.42 0.725% GERMANIA 02/12 EUR 5,000,000.00 6,721,238.78 1.5541,560,011.53 9.61LUSSEMBURGOFRN E.I.B. 10/12 TR.46 SR 144A USD 2,700,000.00 2,700,648.00 0.622,700,648.00 0.62PAESI BASSITBI PAESI BASSI 27/04/12 EUR 20,000,000.00 26,553,428.92 6.1426,553,428.92 6.14SINGAPORETBI SINGAPORE 19/04/12 S.91 SR SGD 25,000,000.00 19,849,298.76 4.5919,849,298.76 4.59SOVRANAZIONALE2.5% E.I.B. 09/12 EUR 8,000,000.00 10,629,603.30 2.465.375% E.I.B. 02/12 EUR 7,000,000.00 9,548,399.07 2.2120,178,002.37 4.67STATI UNITI0.50% WORLDBANK 02/12 SR AUD 6,000,000.00 6,086,183.08 1.416,086,183.08 1.41SVIZZERACLAIM SWISS CONFED. 03/05/12 S37951 CHF 4,000,000.00 4,409,066.46 1.02CLAIM SWISS CONFED. 05/04/12 S37947 CHF 15,000,000.00 16,532,712.99 3.82CLAIM SWISS CONFED. 07/06/12 37956 CHF 8,000,000.00 8,818,945.88 2.04CLAIM SWISS CONFED. 10/05/12 S37952 CHF 25,000,000.00 27,557,188.91 6.37La nota integrativa costituisce parte integrante del presente bilancio.221
<strong>Pictet</strong> - Sovereign Short-Term Money Market USD (nota 1)PROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Valuta Quantità/Valore nominale Valore di stima (nota 2) % del patrimonionettoCLAIM SWISS CONFED. 14/06/12 S3.7957 CHF 40,000,000.00 44,095,443.62 10.22CLAIM SWISS CONFED. 18/05/12 3.7953 CHF 20,000,000.00 22,046,227.27 5.10CLAIM SWISS CONFED. 19/04/12 3.7949 CHF 30,000,000.00 33,066,735.37 7.65CLAIM SWISS CONFED. 26/04/12 S 3.795 CHF 15,000,000.00 16,533,685.11 3.82CLAIM SWISS CONFED. 31/05/12 3.7955 CHF 25,000,000.00 27,558,734.71 6.37200,618,740.32 46.41TOTALE I. 387,569,128.76 89.65II. STRUMENTI DEL MERCATO MONETARIOAUSTRALIAC. PAP. BK WESTERN AUSTRALIA 28/08/12 10,500,000.00 10,491,496.05 2.43C. PAP. WESTERN AUST. TREASURY 15/05/12 5,000,000.00 4,999,461.00 1.1615,490,957.05 3.59PAESI BASSIC. PAP. PAESI BASSI 10/04/12 9,000,000.00 11,949,805.38 2.7611,949,805.38 2.76SVEZIAC. PAP. SVEZIA 21/05/12 10,000,000.00 9,998,005.00 2.319,998,005.00 2.31TOTALE II. 37,438,767.43 8.66TOTALE INVESTIMENTI 425,007,896.19 98.31DISPONIBILITÀ LIQUIDE PRESSO BANCHE 9,115,592.37 2.11ALTRE PASSIVITÀ NETTE -1,793,204.33 -0.42PATRIMONIO NETTO COMPLESSIVO 432,330,284.23 100.00La nota integrativa costituisce parte integrante del presente bilancio.222
<strong>Pictet</strong> - Sovereign Short-Term Money Market USD (nota 1)RIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Svizzera 46.41Finlandia 11.58Germania 9.61Paesi Bassi 8.90Sovranazionale 4.67Danimarca 4.62Singapore 4.59Australia 3.59Svezia 2.31Stati Uniti 1.41Lussemburgo 0.6298.31Ripartizione per settori economici(in % del patrimonio netto)Obbligazioni emesse da Stati o enti locali 83.07Strumenti del mercato monetario 8.66Obbligazioni di istituzioni sovranazionali 4.67Obbligazioni societarie 1.9198.31La nota integrativa costituisce parte integrante del presente bilancio.223
<strong>Pictet</strong> - Sovereign Short-Term Money Market EUR (nota 1)PROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoI. VALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOOBBLIGAZIONIDANIMARCATBI DANIMARCA 01/06/12 -SR- DKK 1,290,000,000.00 173,431,325.92 11.66173,431,325.92 11.66FINLANDIATBI FINLANDIA 10/04/12 EUR 25,000,000.00 24,999,222.50 1.6824,999,222.50 1.68FRANCIA5.50% CONSEIL EUROPE 07/12-SR- USD 11,000,000.00 8,369,899.37 0.568,369,899.37 0.56GERMANIAFRN KRED. WIEDERAUF.10/13 EUR 3,700,000.00 3,714,393.00 0.25TBI GERMANIA 04/04/12 EUR 76,000,000.00 76,001,900.00 5.11TBI GERMANIA 13/06/12 EUR 15,000,000.00 15,000,750.00 1.01TBI GERMANIA 31/10/12 EUR 10,000,000.00 9,997,750.00 0.672.25% K.F.W. 09/12 EUR 40,532,000.00 40,641,436.40 2.734.25% KRE. WIEDERAUFBAU 10/12 SR AUD 10,000,000.00 7,767,059.67 0.524.625% K.F.W. 07/12 EUR 5,200,000.00 5,320,510.00 0.36158,443,799.07 10.65LUSSEMBURGO4.27% E.I.B. 10/12 -SR- AUD 17,000,000.00 13,211,603.43 0.894.375% E.I.B. 06/12 NOK 3,820,000.00 505,265.47 0.0313,716,868.90 0.92PAESI BASSITBI PAESI BASSI 27/04/12 EUR 38,000,000.00 37,999,240.00 2.55TBI PAESI BASSI 30/03/12 EUR 143,000,000.00 143,000,000.00 9.61180,999,240.00 12.16SINGAPORETBI SINGAPORE 12/04/12 91 SR SGD 70,000,000.00 41,862,138.93 2.8141,862,138.93 2.81SOVRANAZIONALE2.5% E.I.B. 09/12 EUR 120,649,000.00 120,740,090.00 8.115.375% E.I.B. 02/12 EUR 16,500,000.00 16,951,852.50 1.14137,691,942.50 9.25La nota integrativa costituisce parte integrante del presente bilancio.224
<strong>Pictet</strong> - Sovereign Short-Term Money Market EUR (nota 1)PROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Quantità/Valore nominale Valore di stima (nota 2) % del patrimonionettoSTATI UNITI0.50% I.A.D.B. 02/12 S.33 -SR- EUR 4,800,000.00 4,789,416.00 0.324,789,416.00 0.32SVIZZERACLAIM SWISS CONFED. 03/05/12 S37951 CHF 36,000,000.00 29,887,528.02 2.01CLAIM SWISS CONFED. 05/04/12 S37947 CHF 60,000,000.00 49,808,671.61 3.35CLAIM SWISS CONFED. 07/06/12 37956 CHF 50,000,000.00 41,514,282.51 2.79CLAIM SWISS CONFED. 10/05/12 S37952 CHF 100,000,000.00 83,022,488.42 5.58CLAIM SWISS CONFED. 14/06/12 S3.7957 CHF 120,000,000.00 99,635,891.82 6.70CLAIM SWISS CONFED. 18/05/12 3.7953 CHF 90,000,000.00 74,721,853.36 5.02CLAIM SWISS CONFED. 19/04/12 3.7949 CHF 49,000,000.00 40,678,692.62 2.73CLAIM SWISS CONFED. 24/05/12 S67941 CHF 40,000,000.00 33,210,243.89 2.23CLAIM SWISS CONFED. 26/04/12 S 3.795 CHF 74,000,000.00 61,434,307.08 4.13CLAIM SWISS CONFED. 28/06/12 S.37959 CHF 160,000,000.00 132,851,933.39 8.93CLAIM SWISS CONFED. 31/05/12 3.7955 CHF 115,000,000.00 95,481,217.31 6.42742,247,110.03 49.89TOTALE I. 1,486,550,963.22 99.90II. STRUMENTI DEL MERCATO MONETARIOGERMANIAC. PAP. KRED. WIEDERAUFBAU 19/04/12 51,000,000.00 38,410,825.91 2.58TBI GERMANIA 26/09/12 10,000,000.00 9,997,750.00 0.6748,408,575.91 3.25LUSSEMBURGOC. PAP. E.I.B. 19/04/12 5,000,000.00 5,990,734.36 0.40C. PAP. E.I.B. 31/05/12 19,000,000.00 18,998,816.30 1.2824,989,550.66 1.68PAESI BASSIC. PAP. PAESI BASSI 10/04/12 10,000,000.00 10,000,438.00 0.6710,000,438.00 0.67TOTALE II. 83,398,564.57 5.60TOTALE INVESTIMENTI 1,569,949,527.79 105.50SCOPERTO BANCARIO -87,000,246.06 -5.85ALTRE PASSIVITÀ NETTE 5,138,092.83 0.35PATRIMONIO NETTO COMPLESSIVO 1,488,087,374.56 100.00La nota integrativa costituisce parte integrante del presente bilancio.225
<strong>Pictet</strong> - Sovereign Short-Term Money Market EUR (nota 1)RIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Svizzera 49.89Germania 13.90Paesi Bassi 12.83Danimarca 11.66Sovranazionale 9.25Singapore 2.81Lussemburgo 2.60Finlandia 1.68Francia 0.56Stati Uniti 0.32105.50Ripartizione per settori economici(in % del patrimonio netto)Obbligazioni emesse da Stati o enti locali 86.79Obbligazioni di istituzioni sovranazionali 9.25Strumenti del mercato monetario 5.60Obbligazioni societarie 3.86105.50La nota integrativa costituisce parte integrante del presente bilancio.226
<strong>Pictet</strong> - US High YieldPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoI. VALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOOBBLIGAZIONIAUSTRALIA7% FORTESCUE METALS 10/15 USD 10,250,000.00 10,608,750.00 0.5210,608,750.00 0.52AUSTRIA6.625% SAPPI PAPIER HLDGS 11/21 USD 13,645,000.00 12,826,300.00 0.6312,826,300.00 0.63BERMUDA8.5% INTELSAT JACKSON 09/19 USD 2,100,000.00 2,304,750.00 0.1111.25% INTELSAT BERMUDA 09/17 USD 16,770,000.00 17,440,800.00 0.8611.5% INTELSAT BERM.-PIK- 08/17 USD 9,000,000.00 9,270,000.00 0.4611.5% INTELSAT BERMUD.PIK 09/17 USD 3,762,712.00 3,913,220.48 0.1932,928,770.48 1.62CANADA9.25% AIR CANADA 10/15 USD 17,310,000.00 17,007,075.00 0.8417,007,075.00 0.84GERMANIAFRN SCHAEFFLER LOAN 12/17 T.C2 1L SR USD 2,000,000.00 2,015,000.00 0.102,015,000.00 0.10IRLANDA7.375% ARDAGH 10/17 SR -144A- USD 3,535,000.00 3,800,125.00 0.198.875% NARA CABLE 12/18 SR 144A USD 13,000,000.00 12,447,500.00 0.619.125% ARDAGH 10/20 USD 14,950,000.00 16,033,875.00 0.7932,281,500.00 1.59LUSSEMBURGO6.25% ARCELORMITTAL 12/22 -SR- USD 5,200,000.00 5,251,584.00 0.267.25% INTELSAT JACKSON 10/20 -SR- USD 4,000,000.00 4,215,000.00 0.217.25% INTELSAT JACKSON 12/19 -SR- USD 7,135,000.00 7,527,425.00 0.3711.125% ARD FIN. 11/18-PIK-SR 144A USD 2,200,000.00 2,145,000.00 0.1119,139,009.00 0.95PAESI BASSI7.75% SCHAEFFLER FIN.12/17 SR -144A- USD 4,750,000.00 5,005,312.50 0.258.5% SCHAEFFLER FIN. 12/19 SR -144A- USD 10,375,000.00 11,088,281.25 0.5416,093,593.75 0.79La nota integrativa costituisce parte integrante del presente bilancio.227
<strong>Pictet</strong> - US High YieldPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoREGNO UNITO6.75% SUB. HBOS 08/18 TR. 8 144A USD 3,227,000.00 3,061,325.82 0.153,061,325.82 0.15STATI UNITI10.625% ACL I -PIK- 11/16 USD 8,098,138.00 8,138,628.69 0.4010.875% AMERICAN ACHIEVEMT. 10/16 USD 13,000,000.00 9,490,000.00 0.4711.625% JBS USA 09/14 USD 4,266,000.00 4,980,555.00 0.245.25% CIT GROUP 11/14 C-SR-144A- USD 400,000.00 409,000.00 0.02SUB.FR CHASE MANHATTAN CAP. 98/28 USD 5,000,000.00 3,804,335.00 0.190% VANGUARD HEALTH SYS. 11/16 USD 254,000.00 168,910.00 0.01FRN ASURION CORP LOAN 12/240518 USD 7,585,454.54 7,547,527.27 0.37FRN BERRY PLASTICS 08/15 USD 11,850,000.00 11,909,250.00 0.59FRN CAESARS ENT.-LN-12/18 TL-B6-1L USD 38,014,313.20 34,379,194.50 1.69FRN CHASE CAPITAL II 97/27 USD 8,709,000.00 6,675,518.17 0.33FRN CHASE CAPITAL III 97/27 USD 1,000,000.00 766,054.00 0.04FRN CITIGROUP 06/36 USD 8,040,000.00 5,341,205.16 0.26FRN FIRST CHICAGO NBD 97/27 USD 2,520,000.00 1,981,196.28 0.10FRN FIRST DATA LOAN 11/18 USD 16,216,085.23 14,801,231.79 0.73FRN G.E.C.C. 06/26 A T.742 -SR- USD 5,000,000.00 4,089,190.00 0.20FRN G.E.C.C. 06/36 USD 4,500,000.00 3,315,982.50 0.16FRN G.M.A.C. 09/14 USD 5,000,000.00 4,745,015.00 0.23FRN JETBLUE AIRWAYS 04/14 USD 2,620,000.00 2,502,553.26 0.12FRN JP MORGAN CHASE 04/34 USD 7,580,000.00 5,768,410.32 0.28FRN JPM CAP. CHXIII PFD 07/77 USD 4,529,000.00 3,441,460.29 0.17FRN LEVEL 3 FINANCING 07/15 USD 8,700,000.00 8,428,125.00 0.41FRN NEWPAGE 'B' SR. 05/12 USD 2,000,000.00 100,000.00 0.00FRN PROTECTION ONE (LOAN) 12/19 USD 5,500,000.00 5,465,625.00 0.27FRN SPRINT NEXTEL -PIK- 07/14 USD 4,850,000.00 4,583,250.00 0.23FRN SUB. CITIGP. CAP XIII 10/40 USD 685,000.00 18,816,128.00 0.92FRN VERSO PAPER 07/14 B TR.2 -SR- USD 1,000,000.00 862,500.00 0.04STEP CHAPARRAL ENERGY 08/17 USD 20,910,000.00 21,955,500.00 1.08SUB. FR JP MORGAN CHASE 07/37 U USD 4,824,000.00 3,715,439.98 0.182.25% CHESAPEAKE ENERGY CV 08/38 USD 34,567,000.00 28,388,148.75 1.402.375% CV ALPHA NAT. RES. 08/15 SR USD 24,685,000.00 22,154,787.50 1.092.5% CHESAPEAKE ENERGY CV07/37 USD 6,310,000.00 5,828,862.50 0.293.25% MASSEY ENERGY CV 08/15 USD 4,985,000.00 4,498,962.50 0.225% BANK OF AMERICA 11/21 L SR USD 15,565,000.00 15,604,846.40 0.775% CONTINENTAL RES.12/22 -SR- 144A USD 4,700,000.00 4,723,500.00 0.235.625% BANK AMERICA 06/16 -SR- USD 2,710,000.00 2,887,673.02 0.145.625% BANK OF AMERICA 10/20L SR USD 10,175,000.00 10,638,664.58 0.525.75% GOLDMAN SACHS-GL.-12/22-SR- USD 4,425,000.00 4,553,563.95 0.225.75% MORGAN STANLEY 11/21-SR- USD 5,000,000.00 4,933,715.00 0.245.80% CENTURYLINK 12/22 T SR USD 6,850,000.00 6,731,036.05 0.335.81% NATIONWIDE MUTUAL 08/24 USD 11,350,000.00 10,411,230.15 0.515.875% CIMAREX ENERGY 12/22 -SR- USD 4,580,000.00 4,648,700.00 0.235.875% ZFS FIN USA 07/32 USD 7,145,000.00 7,207,518.75 0.356.125% CITIGROUP 07/17 -SR- USD 5,000,000.00 5,595,840.00 0.286.25% CONT. AIRL. 12/21 B-2012-1 SR USD 3,275,000.00 3,336,406.25 0.166.25% LINN ENERGY 12/19 SR 144A USD 8,250,000.00 8,012,812.50 0.396.45% ZFS FINANCE USA 05/65 USD 12,565,000.00 12,502,175.00 0.61La nota integrativa costituisce parte integrante del presente bilancio.228
<strong>Pictet</strong> - US High YieldPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto6.50% HCA 11/20 -SR- USD 5,000,000.00 5,250,000.00 0.266.50% LINN ENERGY 11/19 -SR- 144 A USD 8,329,000.00 8,204,065.00 0.406.545% CONTIN. AIR. 99/19 A SR USD 2,505,000.00 1,154,594.61 0.066.625% CITGROUP 11/18 USD 7,000,000.00 7,630,000.00 0.376.625% FRONTIER COMMUNIC. 07/15-SR- USD 2,750,000.00 2,880,625.00 0.146.625% HEXION US FIN. 12/20-SR144A USD 6,095,000.00 6,232,137.50 0.316.625% SEARS HOLDINGS 11/18 -SR- USD 14,175,000.00 12,651,187.50 0.626.75% CONTINENT.AIRLINES 10/15 USD 1,750,000.00 1,758,750.00 0.096.75% G.M.A.C. 08/14 -SR- USD 1,550,000.00 1,626,539.00 0.086.75% INTERNATIONAL LEASE 10/16 USD 4,000,000.00 4,315,000.00 0.216.75% VISTEON 11/14 -SR- USD 4,045,000.00 4,120,843.75 0.206.875% MOBILE MINI 07/15 USD 4,453,000.00 4,514,228.75 0.226.875% REYNOLDS GROUP 11/21 USD 860,000.00 892,250.00 0.046.875% TENET HEALTHCARE 01/31 USD 16,480,000.00 14,172,800.00 0.706.875% TENNECO 11/20 USD 5,850,000.00 6,310,687.50 0.316.875% UNIVISION COM. 11/19 SR-144A- USD 4,940,000.00 5,020,275.00 0.257% ARCH COAL 11/19 USD 14,665,000.00 13,565,125.00 0.677% CCO HOLDINGS 11/19 USD 17,070,000.00 18,136,875.00 0.897% CIT GROUP 11/15 C-144A- USD 13,650,000.00 13,694,362.50 0.677% EDISON MISSION TR. A 07/17 USD 32,975,000.00 21,104,000.00 1.047% SERVICE CORP INTL 10/19 USD 890,000.00 967,875.00 0.057.00% CIT GROUP 11/15 C SR REG. S USD 15,535,000.00 15,585,488.75 0.777.00% CIT GROUP 11/16 C-SR-S USD 400,000.00 402,000.00 0.027.00% UNIVERSAL HEALTH 11/18 -SR- USD 7,770,000.00 8,352,750.00 0.417.041% NORTHWEST AIRLINES 01/22 USD 3,230,000.00 1,706,152.02 0.087.125% INTERNATIONAL LEASE 10/16 USD 4,500,000.00 4,927,500.00 0.247.125% RGHL 10/19 USD 8,850,000.00 9,270,375.00 0.467.2% EDISON MISSION TR. 'B'7/19 USD 6,400,000.00 4,032,000.00 0.207.2% SOUTHERN UNION 06/66 USD 35,040,000.00 30,835,200.00 1.527.25% ARCH COAL 10/20 USD 750,000.00 690,000.00 0.037.25% CHESAPEAKE ENERGY 08/18 USD 1,460,000.00 1,562,200.00 0.087.25% HCA 10/20 -SR- USD 9,650,000.00 10,518,500.00 0.527.25% JBS USA 11/21 USD 12,050,000.00 11,718,625.00 0.587.25% SABINE PASS LNG 07/13 USD 14,100,000.00 14,875,500.00 0.737.375% BANK AMERICA 09/14 -SR- USD 9,655,000.00 10,509,815.08 0.527.375% CCO HOLDINGS 11/20 -SR- USD 5,000,000.00 5,450,000.00 0.277.375% FIRST DATA 11/19 USD 3,750,000.00 3,829,687.50 0.197.375% SPRINT NEXTTEL 05/15 USD 6,000,000.00 5,835,000.00 0.297.5% AMERICAN AIR. 11/16 USD 13,120,000.00 11,775,200.00 0.587.5% DYNEGY HOLDINGS 07/15 USD 8,105,000.00 5,349,300.00 0.267.5% SABINE PASS LNG 07/16 USD 26,002,000.00 28,017,155.00 1.387.5% SANDRIDGE EN. 11/21 -SR- USD 2,000,000.00 1,980,000.00 0.107.5% WINDSTREAM 11/22 -SR- 144A USD 5,000,000.00 5,237,500.00 0.267.625% NRG ENERGY 11/18 -SR- USD 34,875,000.00 35,092,968.95 1.717.625% REALOGY 12/20 -SR- 144A USD 9,850,000.00 10,342,500.00 0.517.65% CITYCENTER 11/16 -SR- USD 7,755,000.00 8,239,687.50 0.407.67% ROSETON DANSKAMMER 01/16 USD 10,411,000.00 6,454,820.00 0.327.7% BANKAMERICA INS. 'B' 96/26 USD 3,800,000.00 3,809,500.00 0.197.707% CONTINENTAL AIRLINES 00/22 USD 3,600,000.00 2,411,361.91 0.127.75% CRICKET COMMUN. 09/16 SR USD 13,145,000.00 13,917,268.75 0.687.75% EDISON MISSION 06/12 USD 2,300,000.00 1,598,500.00 0.087.75% QUICKSILVER RES. 08/15 USD 23,290,000.00 23,173,550.00 1.14La nota integrativa costituisce parte integrante del presente bilancio.229
<strong>Pictet</strong> - US High YieldPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto7.75% SUB. CASELLA WASTE 11/19 SR USD 3,315,000.00 3,315,000.00 0.167.75% TENNECO 10/18 USD 915,000.00 991,631.25 0.057.75% VANGUARD HEALTH 11/19 USD 6,600,000.00 6,567,000.00 0.327.75% WINDSTREAM 10/20 USD 2,000,000.00 2,150,000.00 0.117.875% ALERE 09/16 USD 8,605,000.00 9,013,737.50 0.447.875% CCO HOLDINGS 10/18 USD 1,600,000.00 1,736,000.00 0.097.875% FRONTIER COMMUNIC.10/15 SR USD 14,087,000.00 15,196,351.25 0.757.875% HCA 10/20 USD 21,055,000.00 23,213,137.50 1.147.875% MOBILE MINI 11/20 USD 750,000.00 803,437.50 0.047.875% NRG ENERGY 11/21 B -SR- USD 10,110,000.00 9,730,875.00 0.487.875% RGHL US ESCROW 11/19 -SR- 144A USD 8,750,000.00 9,450,000.00 0.467.875% UNIVISION COMMUNIC. 10/20 USD 2,750,000.00 2,908,125.00 0.147.875% WINDSTREAM 10/17 USD 11,160,000.00 12,331,800.00 0.618% BANKAMERICA CAP. II 96/26 USD 1,000,000.00 1,015,000.00 0.058% CALPINE CONSTRUCT. 09/16 USD 9,405,000.00 10,204,425.00 0.508% CHS/COMM. HEALTH S. 11/19 -SR- 144A USD 3,500,000.00 3,622,500.00 0.188% COMM. HEALTH SYST. 12/19 -SR-144A USD 7,600,000.00 7,904,000.00 0.398% FORD MOTOR CREDIT 06/16 USD 3,500,000.00 4,071,816.00 0.208% SANDRIDGE ENERGY 08/18 USD 8,880,000.00 9,102,000.00 0.458% VANGUARD HEALTH -GL.- 10/18-SR- USD 18,440,000.00 18,993,200.00 0.938.00% HCA 11/18 -SR- USD 3,480,000.00 3,801,900.00 0.198.125% CCO HOLDINGS 10/20 USD 6,215,000.00 6,929,725.00 0.348.125% LIVE NATION ENT. 10/18 USD 1,850,000.00 1,977,187.50 0.108.125% WINDSTREAM 10/18 USD 5,175,000.00 5,563,125.00 0.278.25% BERRY PLASTICS 09/15 USD 750,000.00 804,375.00 0.048.25% CHAPARRAL ENERGY 11/21 SR USD 6,875,000.00 7,356,250.00 0.368.25% CLEARWIRE COMM. CV 10/40 USD 5,350,000.00 4,173,000.00 0.218.25% GOODYEAR T&R 10/20 USD 23,725,000.00 25,415,406.25 1.258.25% JBS USA 12/20 -SR-144A- USD 10,320,000.00 10,603,800.00 0.528.25% REYNOLDS GROUP 11/21 USD 5,750,000.00 5,419,375.00 0.278.3% ALLY FINANCIAL 10/15 USD 2,750,000.00 2,987,187.50 0.158.375% ACCELLENT 10/17 USD 22,750,000.00 22,949,062.50 1.138.375% LIN TELEVISION 10/18 USD 1,000,000.00 1,051,250.00 0.058.5% CSA ESCROW 11/18 USD 14,670,000.00 15,825,262.50 0.788.5% HCA 10/19 USD 1,000,000.00 1,115,000.00 0.058.5% MIRANT AMERICAS 02/21 USD 22,846,000.00 20,218,710.00 0.998.50% CAESARS OPERA. 12/20 SR 144A USD 2,070,000.00 2,116,575.00 0.108.54% AES RED OAK 00/19 USD 1,500,000.00 1,017,193.75 0.058.625% CEQUEL COM. 09/17 USD 23,575,000.00 25,402,062.50 1.258.625% GCI 09/19 USD 13,577,000.00 14,849,843.75 0.738.625% LINN ENERGY 10/20 SR USD 6,830,000.00 7,410,550.00 0.368.625% REGAL CINEMAS 09/19 USD 14,560,000.00 15,943,200.00 0.788.625% SHEA HOMES 11/19 USD 2,750,000.00 2,866,875.00 0.148.625% UCI INTL 11/19 -SR- USD 3,450,000.00 3,557,812.50 0.178.75% ARCH COAL 10/16 USD 1,515,000.00 1,594,537.50 0.088.75% GOODYEAR 10/20 -SR- USD 1,500,000.00 1,633,125.00 0.088.75% LEVEL 3 FINANCING 07/17 USD 14,475,000.00 15,198,750.00 0.758.75% PACKAGING DYNAMICS 11/16 USD 7,909,000.00 8,343,995.00 0.418.75% VERSO PAPER HLDG 11/19 SR TR.2 USD 2,060,000.00 1,133,000.00 0.068.875% CHS COMMUN HEALTH 07/15 USD 6,231,000.00 6,456,873.75 0.328.875% FIRST DATA 10/20 USD 1,500,000.00 1,627,500.00 0.088.875% TENET HEALTHCARE 09/19 USD 6,077,000.00 6,813,836.25 0.33La nota integrativa costituisce parte integrante del presente bilancio.230
<strong>Pictet</strong> - US High YieldPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto9% ALERE 09/16 USD 3,100,000.00 3,247,250.00 0.169% BUMBLE BEE 10/17 USD 18,394,000.00 18,945,820.00 0.939% COLUMBIA/HCA T. 10 95/14 USD 100,000.00 109,500.00 0.019% MGM RESORTS INTL 11/20 USD 3,900,000.00 4,348,500.00 0.219% PROQUEST LLC 10/18 USD 1,000,000.00 855,000.00 0.049% RGHL 10/18 USD 14,750,000.00 14,565,625.00 0.729% TENET HEALTHCARE 09/15 USD 335,000.00 347,143.75 0.029.00% SPRINT NEXTEL 11/18 -SR-144A USD 31,075,000.00 34,065,968.75 1.679.125% MIRANT AMERICAS 01/31 USD 3,600,000.00 3,114,000.00 0.159.125% MIRANT MID-ATLANTIC 01/17 USD 9,004,000.00 8,212,557.71 0.409.125% PARKER DRILLING 10/18 USD 13,963,000.00 14,870,595.00 0.739.125% REGAL ENTERTAINMENT 10/18 USD 4,500,000.00 4,938,750.00 0.249.237% RELIANT EN. MID ATL. 01/17 USD 2,330,000.00 904,627.59 0.049.25% PNM RESOURCES 08/15 A SR USD 5,350,000.00 6,192,625.00 0.309.25% RAILAMERICA INC 09/17 USD 2,253,000.00 2,371,282.50 0.129.375% LEVEL 3 FIN. 11/19 SR USD 3,000,000.00 3,292,500.00 0.169.5% MARINA DISTR. FIN. 11/15 USD 18,680,000.00 17,279,000.00 0.859.5% SPECTRUM BRANDS 11/18 USD 3,170,000.00 3,578,137.50 0.189.625% NEFF RENTAL 11/16 USD 9,365,000.00 9,341,587.50 0.469.681% RELIANT ENERGY 00/26 C-SR- USD 3,375,000.00 3,206,250.00 0.169.75% TESORO 09/19 USD 2,500,000.00 2,850,000.00 0.149.875% CHAPARRAL ENERGY 11/20 -SR- USD 5,500,000.00 6,160,000.00 0.309.875% REYNOLDS GROUP 12/19 SR 144A USD 2,100,000.00 2,155,125.00 0.119.875% UNITED AIR LINES 10/13 USD 1,804,000.00 1,903,220.00 0.099.875% UNITED AIR LINES 10/13 USD 1,800,000.00 1,899,000.00 0.0910% BWAY HOLDING 11/18 USD 9,900,000.00 10,939,500.00 0.5410% ENERGY FUT. INT. HLDG 10/20 USD 4,586,000.00 5,021,670.00 0.2510% NEWPAGE SR. 'B' 05/12 USD 12,850,000.00 706,750.00 0.0310% RSC EQUIPMENT RENT. 09/17 USD 2,250,000.00 2,615,625.00 0.1310% TENET HEALTHCARE 09/18 USD 13,891,000.00 15,974,650.00 0.7910% VISANT 10/17 USD 10,825,000.00 10,121,375.00 0.5010.06% MIRANT MID-ATLANTIC 00/28 USD 3,360,000.00 3,371,838.06 0.1710.125% BWAY PARENT 11/15 SR -PIK- USD 7,403,439.00 7,495,981.99 0.3710.25% CAPITAL ONE CAP. V 09/39 USD 1,875,000.00 1,940,625.00 0.1010.25% PROVIDENT FUNDING 10/17 USD 16,250,000.00 15,843,750.00 0.7810.25% STONEMOR OPERATING 10/17 USD 9,100,000.00 8,940,750.00 0.4410.375% ALLTEL COMM. 07/17 USD 320,000.00 346,509.76 0.0210.375% PENN VIRGINIA 09/16 USD 5,134,000.00 5,056,990.00 0.2510.5% CONVATEC HEALTHCARE 10/18 USD 8,000,000.00 8,300,000.00 0.4110.5% MILAGRO OIL & GAS 11/16 SR USD 12,860,000.00 10,352,300.00 0.5110.5% SOLO CUP 09/13 USD 17,730,000.00 18,084,600.00 0.8910.5% TL ACQUISITIONS 07/15 USD 11,260,000.00 9,064,300.00 0.4510.875% UNITED RENTALS NA 09/16 USD 2,000,000.00 2,270,000.00 0.1111.5% THE MCCLATCHY 10/17 USD 19,470,000.00 20,784,225.00 1.0211.75% QUICKSILVER RES. 09/16 USD 3,425,000.00 3,639,062.50 0.1811.75% VERSO PAPER 12/19 -SR-144A USD 7,000,000.00 7,175,000.00 0.3512% CLEARWIRE -144A- 09/15 USD 1,500,000.00 1,485,000.00 0.0712% CLEARWIRE COMMUN. 09/15 USD 500,000.00 495,000.00 0.0212.25% MAXIM CRANE WORKS 10/15 USD 10,285,000.00 9,822,175.00 0.48La nota integrativa costituisce parte integrante del presente bilancio.231
<strong>Pictet</strong> - US High YieldPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Valuta Quantità/Valore nominale Valore di stima (nota 2) % del patrimonionetto12.5% COMMERCIAL BARGE 10/17 USD 2,587,000.00 2,916,842.50 0.1413.5% CCH II/CCH II 09/16 USD 4,401,056.00 5,028,206.48 0.2514.75% CLEARWIRE COMM.12/16 SR 144A USD 2,000,000.00 2,200,000.00 0.111,575,765,728.52 77.45TOTALE OBBLIGAZIONI 1,721,727,052.57 84.64MORTGAGE BACKED SECURITIES (titoli garantiti da mutui ipotecari)STATI UNITI6.25% US AIRWAYS 10/23 1,500,000.00 1,473,353.70 0.077% COSO GEOTHER ABS 07/26 3,200,000.00 1,636,145.94 0.083,109,499.64 0.15TOTALE MORTGAGE BACKED SECURITIES (titoli garantiti da mutui ipotecari) 3,109,499.64 0.15TOTALE I. 1,724,836,552.21 84.79II. ALTRI VALORI MOBILIARIOBBLIGAZIONISTATI UNITIARN FIRST DATA LOAN 07/14 USD 129,416.09 124,912.41 0.01FRN BOSTON GENER. LOAN 06/13 USD 305,996.80 78,029.18 0.00FRN CENGAGE LEARNING (LOAN) 07/14 USD 12,463,602.54 11,559,991.36 0.57FRN CHRYSLER GROUP LOAN 11/17 USD 19,476,234.34 19,815,120.82 0.97FRN DELTA AIR LINE -LOAN- 11/17 USD 4,000,000.00 3,932,500.00 0.19FRN ENTEGRA HOLD. -PIK- 07/15 USD 20,410,862.60 11,701,547.53 0.58FRN JETBLUE AIRWAYS 04/16 USD 515,000.00 236,502.88 0.01FRN KELSON LOAN -PIK- 09/14 USD 1,066,114.73 1,043,406.49 0.05FRN MACH GEN LOAN -PIK- 09/15 USD 45,004,770.92 30,738,258.54 1.51FRN TXU TL EXT. 1ST LIEN 11/17 USD 59,149,559.11 33,457,948.10 1.64FRN UNIVISION COMM. -LOAN- 10/17 USD 12,500,000.00 11,608,750.00 0.576.718% DELTA AIRLINES 02/24 USD 35,404,000.00 16,142,530.16 0.798.048% CONTINENTAL AIRLINES 00/20 USD 3,000,000.00 1,814,244.47 0.098.144% ASTORIA DEPOSITOR 05/21 USD 5,625,000.00 4,781,250.00 0.238.75% SELECTICA -DEF- 05/15 USD 1,710,000.00 119,700.00 0.019% CONTINENTAL AIRLINES 09/18 USD 1,500,000.00 1,512,923.18 0.079.75% DELTA AIR LINES 09/16 USD 1,500,000.00 884,093.08 0.0410.5% AMERICAN REPROGRAPH 11/16 USD 8,000,000.00 7,960,000.00 0.3911% NYC DEV. AGENCY 09/29 144A USD 800,000.00 1,007,880.00 0.05158,519,588.20 7.77TOTALE II. 158,519,588.20 7.77TOTALE INVESTIMENTI 1,883,356,140.41 92.56DISPONIBILITÀ LIQUIDE PRESSO BANCHE 117,902,795.88 5.79ALTRE PASSIVITÀ NETTE 33,420,084.77 1.65PATRIMONIO NETTO COMPLESSIVO 2,034,679,021.06 100.00La nota integrativa costituisce parte integrante del presente bilancio.232
<strong>Pictet</strong> - US High YieldRIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Stati Uniti 85.37Bermuda 1.62Irlanda 1.59Lussemburgo 0.95Canada 0.84Paesi Bassi 0.79Austria 0.63Australia 0.52Regno Unito 0.15Germania 0.1092.56Ripartizione per settori economici(in % del patrimonio netto)Obbligazioni societarie 89.31Altri settori 1.69Internet, software e servizi informatici 0.73Equipaggiamento elettrico ed elettronico 0.37Servizi pubblici 0.27Automezzi 0.10Obbligazioni emesse da Stati o enti locali 0.05Carta e prodotti forestali 0.0492.56La nota integrativa costituisce parte integrante del presente bilancio.233
<strong>Pictet</strong> - EUR Corporate Bonds Ex FinancialPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoVALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOOBBLIGAZIONIAUSTRALIA3.5% OPTUS FINANCE 10/20 EUR 500,000.00 522,055.00 0.133.50% TELSTRA 12/22 SR- S EUR 750,000.00 760,646.25 0.183.875% TELSTRA 05/15 EUR 700,000.00 751,992.50 0.184.25% TELSTRA 10/20 EUR 1,600,000.00 1,756,760.00 0.434.75% TELSTRA 07/17 EUR 850,000.00 955,281.00 0.236.375% BHP BILLITON FIN. 09/16 EUR 650,000.00 771,069.00 0.195,517,803.75 1.34AUSTRIA4% TELEKOM FINANZMANAGEMENT 12/22 EUR 1,210,000.00 1,207,670.75 0.296.375% TELEKOM FINANZ. 09/16 EUR 800,000.00 910,548.00 0.226.75% SUB. OMV 11/49 -SR- EUR 1,700,000.00 1,766,708.00 0.433,884,926.75 0.94BELGIO5% SOLVAY 09/15 EUR 1,650,000.00 1,796,206.50 0.445.625% ELIA SYSTEM OPER. 09/16 EUR 400,000.00 454,172.00 0.116.57% ANHEUSER-BUSH INBEV 09/14 EUR 2,300,000.00 2,522,720.50 0.618.625% ANHEUSER-BUSH INBEV 09/17 EUR 900,000.00 1,172,668.50 0.295,945,767.50 1.45BRASILE4.375% VALE 10/18 EUR 400,000.00 430,120.00 0.10430,120.00 0.10CANADA5.25% XSTRATA FINANCE 07/17 EUR 800,000.00 885,680.00 0.226.25% XSTRATA CANADA 08/15 EUR 450,000.00 504,020.25 0.121,389,700.25 0.34DANIMARCA4.375% TDC 11/18 EUR 1,065,000.00 1,163,539.13 0.285.50% DONG (PE) 05/3005 EUR 600,000.00 616,725.00 0.151,780,264.13 0.43FINLANDIA4% FORTUM 11/21 EUR 150,000.00 163,462.50 0.045.5% NOKIA 02/14 EUR 700,000.00 738,454.50 0.18901,917.00 0.22La nota integrativa costituisce parte integrante del presente bilancio.234
<strong>Pictet</strong> - EUR Corporate Bonds Ex FinancialPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoFRANCIA2.50% DANONE 11/16 EUR 700,000.00 730,040.50 0.183.00% AUCHAN 11/16 -SR- EUR 1,400,000.00 1,471,638.00 0.363.125% EUTELSAT 10/17 EUR 1,800,000.00 1,932,318.00 0.473.125% GDF SUEZ 12/20 -SR- EUR 2,300,000.00 2,374,462.50 0.583.375% VINCI 12/20 -SR- EUR 400,000.00 404,792.00 0.103.5% AREVA 10/21 EUR 300,000.00 258,750.00 0.063.5% BANQUE PSA FIN. 10/14 EUR 1,500,000.00 1,515,315.00 0.373.50% SAINT-GOBAIN 11/15 -SR- EUR 3,060,000.00 3,214,637.10 0.783.6% DANONE 10/20 EUR 300,000.00 324,181.50 0.083.625% EDENRED 10/17 EUR 1,000,000.00 1,044,420.00 0.253.641% BOUYGUES 10/19 EUR 1,600,000.00 1,667,048.00 0.413.875% ALSTOM 12/16 -SR- EUR 600,000.00 627,285.00 0.153.875% BANQUE PSA FIN. 11/15 EUR 2,000,000.00 2,016,410.00 0.493.875% FRANCE TELECOM 10/20 EUR 2,000,000.00 2,146,540.00 0.524% ALSTOM 09/14 EUR 900,000.00 942,147.00 0.234% BOUYGUES 10/18 EUR 1,000,000.00 1,068,905.00 0.264% RCI BANQUE 10/13 EUR 1,100,000.00 1,127,956.50 0.274% SAINT GOBAIN 10/18 EUR 1,500,000.00 1,594,597.50 0.394% VIVENDI 10/17 EUR 1,150,000.00 1,203,866.00 0.294.125% AIR LIQUIDE FINANCE 03/13 EUR 1,000,000.00 1,034,735.00 0.254.125% ALSTOM 10/17 EUR 1,800,000.00 1,899,999.00 0.464.125% MERCIALYS 12/19 -SR- EUR 600,000.00 604,500.00 0.154.125% VINCI 02/17-SR- EUR 1,200,000.00 1,294,872.00 0.314.125% VIVENDI 12/17 SR EUR 2,500,000.00 2,616,225.00 0.644.25% LEGRAND 10/17 EUR 150,000.00 160,801.50 0.044.25% VALLOUREC 11/17 EUR 600,000.00 640,695.00 0.164.339% TOTAL INFRASTR. 11/21 -SR EUR 0.00 0.00 0.004.375% AUTO.PARIS-R.-RHONE 11/16 EUR 3,000,000.00 3,179,775.00 0.774.375% BOUYGUES 04/14 EUR 1,000,000.00 1,068,010.00 0.264.375% CARREFOUR 06/16 -SR- EUR 4,200,000.00 4,521,426.00 1.104.375% L.V.M.H. 05/14 EUR 1,500,000.00 1,596,525.00 0.394.375% RCI BANQUE 10/15 EUR 1,850,000.00 1,921,326.75 0.474.375% THALES 09/13 EUR 1,000,000.00 1,030,290.00 0.254.379% CASINO GUICHARD 10/17 EUR 1,850,000.00 1,964,579.75 0.484.5% BOUYGUES 06/13 EUR 700,000.00 724,388.00 0.184.5% SANOFI-AVENTIS 09/16 EUR 2,700,000.00 3,032,167.50 0.744.50% SCHNEIDER ELECTRIC 06/14 EUR 1,000,000.00 1,056,100.00 0.264.625% VEOLIA ENVIRON. 12/27 -SR- EUR 700,000.00 701,526.00 0.174.7% TOTAL CAPITAL 07/17 -SR- EUR 1,100,000.00 1,245,849.00 0.304.726% CASINO GUICHARD PERR. 11/21 SR EUR 1,800,000.00 1,894,212.00 0.464.75% FRANCE TELECOM 07/17 EUR 900,000.00 1,012,180.50 0.254.75% SAINT GOBAIN 07/17 EUR 900,000.00 994,473.00 0.244.82% SUEZ ENVIRONNEMENT 10/PE EUR 600,000.00 566,880.00 0.144.875% TOTAL CAPITAL 09/19 EUR 2,000,000.00 2,293,160.00 0.565% FRANCE TELECOM 09/14 EUR 1,000,000.00 1,064,935.00 0.265% IMERYS 07/17 EUR 1,450,000.00 1,555,415.00 0.385% PERNOD-RICARD 11/17 EUR 2,700,000.00 2,952,369.00 0.725.00% EUTELSAT 11/19 EUR 2,000,000.00 2,228,710.00 0.545.125% VEOLIA ENVIRON. 07/22 EUR 1,000,000.00 1,103,030.00 0.275.25% AIR LIQUIDE 07/17 EUR 900,000.00 1,051,353.00 0.26La nota integrativa costituisce parte integrante del presente bilancio.235
<strong>Pictet</strong> - EUR Corporate Bonds Ex FinancialPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto5.25% VEOLIA ENVIRON. 04/14 EUR 400,000.00 431,902.00 0.115.375% CARREFOUR 08/15 EUR 550,000.00 603,363.75 0.155.375% SCHNEIDER ELECTRIC 07/15 EUR 2,600,000.00 2,873,364.00 0.705.625% A.S.F. 07/22 EUR 2,600,000.00 3,034,356.00 0.745.625% FRANCE TELECOM 08/18 EUR 1,250,000.00 1,475,768.75 0.365.625% GDF SUEZ 09/16 EUR 2,000,000.00 2,292,770.00 0.565.625% RCI BANQUE 12/15 -SR- EUR 1,600,000.00 1,712,544.00 0.425.75% GIE SUEZ ALLIANCE 03/23 -SR- EUR 400,000.00 494,282.80 0.125.75% VALEO 12/17 -SR- EUR 3,000,000.00 3,270,315.00 0.805.95% GDF SUEZ 11/2111 EUR 250,000.00 240,000.00 0.066% AUCHAN 09/19 EUR 500,000.00 613,762.50 0.156% TPSA EUROFINANCE 09/14 EUR 250,000.00 271,738.75 0.076.125% VEOLIA ENVIRON. 03/33 EUR 800,000.00 922,020.00 0.226.25% SODEXHO 09/15 EUR 1,400,000.00 1,574,923.00 0.386.25% SUEZ ENVIRONNEMENT 09/19 EUR 1,700,000.00 2,093,728.50 0.516.25% VINCI 06/PE EUR 400,000.00 400,232.00 0.106.375% GDF SUEZ 09/21 EUR 1,000,000.00 1,280,305.00 0.316.75% VEOLIA ENVIRON. 09/19 EUR 1,900,000.00 2,323,956.50 0.576.875% GDF SUEZ 08/19 EUR 1,000,000.00 1,277,255.00 0.317.375% A.S.F. 09/19 EUR 1,050,000.00 1,328,916.75 0.327.75% VIVENDI 09/14 EUR 900,000.00 995,584.50 0.248.125% FRANCE TELECOM 03/33 EUR 1,500,000.00 2,185,710.00 0.538.625% PPR 09/14 EUR 500,000.00 566,755.00 0.14104,939,371.40 25.57GERMANIA2.00% DAIMLER 12/17 -SR- EUR 800,000.00 798,768.00 0.192.125% MAN 12/17 -SR- EUR 650,000.00 658,281.00 0.162.25% VOLKSWAGEN LEASING 11/14 SR EUR 1,700,000.00 1,733,056.50 0.422.625% DAIMLER 12/19 -SR- EUR 1,500,000.00 1,496,002.50 0.363.25% VOLKSWAGEN LEASING 11/18-SR- EUR 2,400,000.00 2,517,072.00 0.613.375% MERCK FINANC. SERV. 03/15 EUR 500,000.00 524,812.50 0.134.375% THYSSENKRUPP 12/17 SR EUR 1,100,000.00 1,127,071.00 0.274.5% MERCK FINANC. SERV. 10/20 EUR 1,300,000.00 1,461,486.00 0.364.625% HENKEL 09/14 EUR 1,000,000.00 1,067,240.00 0.264.625% R.W.E 10/PE EUR 770,000.00 735,350.00 0.185% BAYER AG 05/05 EUR 720,000.00 725,806.80 0.185.125% ROBERT BOSCH 09/17 EUR 400,000.00 467,146.00 0.115.25% EWE 09/21 EUR 550,000.00 640,972.75 0.165.375% HENKEL 05/04 EUR 1,700,000.00 1,758,216.50 0.435.75% RWE 03/33 EUR 400,000.00 495,382.00 0.126.875% VOLKSWAGEN FIN. SER. 09/14 EUR 1,200,000.00 1,315,146.00 0.327% EVONIK INDUSTRIES 09/14 EUR 1,300,000.00 1,459,464.50 0.357.25% MAN 09/16 EUR 300,000.00 364,848.00 0.097.375% SUB. ENBW 11/72 TR. 2-SR-S EUR 250,000.00 257,667.50 0.067.625% METRO 09/15 EUR 2,100,000.00 2,428,209.00 0.597.875% BERTELSMANN 09/14 EUR 1,300,000.00 1,442,597.00 0.3523,474,595.55 5.70La nota integrativa costituisce parte integrante del presente bilancio.236
<strong>Pictet</strong> - EUR Corporate Bonds Ex FinancialPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoGUERNSEY4.375% WPP 06/13 EUR 300,000.00 313,290.00 0.08313,290.00 0.08IRLANDA5.25% FGA CAPITAL IREL. 12/14 SR EUR 300,000.00 308,925.00 0.08308,925.00 0.08ISOLE CAYMAN3.25% THAMES WATER UT. CAY. 10/16 EUR 200,000.00 210,133.00 0.054.75% HUTCHISON WHAMP. INTL 9/16 EUR 2,100,000.00 2,291,950.50 0.565.875% HUTCHISON WHAMPOA 03/13 EUR 1,000,000.00 1,052,115.00 0.265.875% IPIC GMTN 11/21 EUR 500,000.00 523,187.50 0.134,077,386.00 1.00ITALIA3.375% ATLANTIA 10/17 EUR 1,900,000.00 1,907,448.00 0.463.875% EDISON 10/17 EUR 900,000.00 886,378.50 0.224% ENI 10/20 EUR 1,400,000.00 1,454,943.00 0.354.125% TERNA 12/17 2012-SR-S EUR 1,000,000.00 1,047,750.00 0.254.25% EDISON 09/14 EUR 400,000.00 407,726.00 0.104.25% ENI 12/20 S.9 -SR- EUR 370,000.00 390,664.50 0.094.50% ATLANTIA 12/19 SRSS.9 EUR 1,400,000.00 1,460,074.00 0.364.75% TELECOM ITALIA 11/18 REG-S EUR 700,000.00 709,856.00 0.174.75% TERNA 11/21 EUR 1,700,000.00 1,779,177.50 0.435% ENI 09/16 EUR 3,150,000.00 3,463,393.50 0.845.125% TELECOM ITALIA 11/16 EUR 1,000,000.00 1,051,450.00 0.265.25% ENEL 07/17 EUR 1,250,000.00 1,345,318.75 0.335.25% TELECOM ITALIA 05/55 EUR 600,000.00 454,713.00 0.115.375% LOTTOMATICA 10/18 EUR 850,000.00 875,028.25 0.215.625% ATLANTIA 09/16 EUR 1,600,000.00 1,774,376.00 0.435.875% ENI 08/14 EUR 1,500,000.00 1,610,377.50 0.397.875%&TAB;TELECOM ITALIA 09/14 20 -SR-S EUR 2,000,000.00 2,191,370.00 0.538.25% TELECOM ITALIA 09/16 EUR 1,500,000.00 1,742,700.00 0.4224,552,744.50 5.95JERSEY4.125% BAA FUDING 10/18 EUR 400,000.00 420,722.00 0.104.6% BAA FUNDING 08/16 EUR 900,000.00 957,825.00 0.231,378,547.00 0.33LUSSEMBURGO3.25% JOHN DEERE BANK11/16 SR REG. S EUR 150,000.00 159,222.00 0.044.125% ENEL FIN. INTL 11/17 SR -S- EUR 1,800,000.00 1,844,973.00 0.454.125% GLENCORE FIN. 12/18 EUR 1,000,000.00 1,001,715.00 0.244.25% NOVARTIS 09/16 EUR 850,000.00 951,307.25 0.234.625% SES 10/20 EUR 900,000.00 994,734.00 0.244.75% SES 11/21 EUR 560,000.00 621,840.80 0.155% ENEL FIN. INT. 09/22 EUR 1,100,000.00 1,145,672.00 0.285.00% ENEL FIN. INTL 11/21 SR -S- EUR 3,000,000.00 3,141,030.00 0.76La nota integrativa costituisce parte integrante del presente bilancio.237
<strong>Pictet</strong> - EUR Corporate Bonds Ex FinancialPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto5.25% FIMECCANICA FIN. 09/22 EUR 1,500,000.00 1,390,282.50 0.345.25% GLENCORE FINANCE 10/17 EUR 800,000.00 845,200.00 0.216.875% TELECOM ITALIA 03/13 EUR 800,000.00 832,948.00 0.207.125% GLENCORE FINANCE 08/15 EUR 700,000.00 782,355.00 0.198.25% ARCELORMITTAL 06/13 EUR 600,000.00 640,686.00 0.168.625% MICHELIN LUXEMBOURG 09/14 EUR 350,000.00 400,125.25 0.109% HOLCIM FINANCE LUX. 09/14 EUR 1,900,000.00 2,160,566.00 0.539.375% ARCELORMITTAL 09/16 EUR 1,275,000.00 1,508,197.50 0.3718,420,854.30 4.49MESSICO3.75% AMERICA MOVIL 06/17 EUR 200,000.00 216,642.00 0.054.125% AMERICA MOVIL 11/19 -SR- EUR 750,000.00 813,273.75 0.204.75% AMERICA MOVIL 10/22 EUR 750,000.00 847,500.00 0.211,877,415.75 0.46NORVEGIA4.125% TELENOR 10/20 EUR 500,000.00 556,085.00 0.144.875% TELENOR 07/17 EUR 800,000.00 916,820.00 0.225.625% STATOIL 09/21 EUR 600,000.00 755,808.00 0.182,228,713.00 0.54PAESI BASSI2.50% HEINEKEN 12/19 SR EUR 250,000.00 249,763.75 0.062.625% ABB FINANCE 12/19 EUR 1,700,000.00 1,715,351.00 0.422.75% SCHLUMBERGER FIN. 10/15 EUR 700,000.00 734,947.50 0.183% PACCAR FINANCIAL 11/14 EUR 830,000.00 855,007.90 0.213.00% DEUTSCHE BAHN FIN. 12/24 -SR- EUR 2,450,000.00 2,461,123.00 0.603.125% LINDE FINANCE 12/18 -SR- EUR 2,000,000.00 2,117,890.00 0.513.25% BMW FINANCE 11/16 EUR 1,000,000.00 1,056,130.00 0.263.25% BMW FINANCE 12/19 -SR- EUR 1,400,000.00 1,460,081.00 0.363.5% VOLKSWAGEN 09/15 EUR 2,500,000.00 2,636,450.00 0.643.50% HEINEKEN 12/24 SR EUR 230,000.00 232,132.10 0.063.625% BMW FINANCE 11/18-S- EUR 1,400,000.00 1,497,720.00 0.363.75% WUERTH FINANCE INTL 11/18 SR EUR 450,000.00 485,451.00 0.123.875% BMW FINANCE 10/17 EUR 750,000.00 811,886.25 0.204% BMW FINANCE 09/14 EUR 400,000.00 424,204.00 0.104% DEUTSCHE TEL. FIN. 05/15 EUR 1,600,000.00 1,705,448.00 0.414% KONINKLIJKE DSM 05/15 2 SR -S- EUR 700,000.00 759,416.00 0.184% KPN KONINKLIJKE 05/15 EUR 2,700,000.00 2,872,489.50 0.704% SYNGENTA FINANCE 06/14 EUR 450,000.00 477,848.25 0.124% URENCO FINANCE 10/17 EUR 500,000.00 522,980.00 0.134.125% LANXESS FINANCE 11/18 EUR 1,100,000.00 1,186,850.50 0.294.125% SUEDZUCKER 11/18 EUR 500,000.00 550,910.00 0.134.25% DEUTSCHE TEL. FIN. 10/22 EUR 2,300,000.00 2,528,838.50 0.614.25% KPN KONINKLIJKE 12/22- EUR 1,300,000.00 1,334,216.00 0.324.25% REPSOL 11/16 -SR-S EUR 1,000,000.00 1,021,465.00 0.254.375% BAT HOLDINGS BV 06/14 EUR 1,300,000.00 1,390,941.50 0.344.43% SCHIPHOL NEDERLAND 11/21 -SR EUR 700,000.00 762,531.00 0.194.5% SCHLUMBERGER FIN. 03/14 EUR 750,000.00 798,802.50 0.194.5% SHELL INTL FINANCE 09/16 EUR 4,850,000.00 5,422,397.00 1.30La nota integrativa costituisce parte integrante del presente bilancio.238
<strong>Pictet</strong> - EUR Corporate Bonds Ex FinancialPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto4.625% BAYER CAPITAL 09/14 EUR 700,000.00 758,761.50 0.184.75% TELEFONICA EMIS. 11/17 EUR 3,000,000.00 3,091,545.00 0.754.875% ALLIANDER 10/PE EUR 1,300,000.00 1,316,997.50 0.324.875% REPSOL INT. FIN. 12/19 SR-S- EUR 700,000.00 706,895.00 0.174.875% UNILEVER 08/13 EUR 500,000.00 522,080.00 0.135.00% CRH FINANCE 12/19 SR -REG.S- EUR 1,500,000.00 1,632,187.50 0.405.125% BASF FINANCE 09/15 EUR 2,500,000.00 2,793,350.00 0.685.125% E. ON INTL FINANCE 08/13 EUR 500,000.00 521,530.00 0.135.25% SIEMENS FINANCE 06/66 EUR 1,500,000.00 1,594,477.50 0.395.375% SIEMENS FINANCE 08/14 EUR 500,000.00 545,987.50 0.135.5% E. ON INT. FINANCE 07/17 EUR 2,100,000.00 2,479,711.50 0.605.5% E. ON INTL FINANCE 09/16 EUR 1,500,000.00 1,711,935.00 0.425.5% EADS FINANCE 03/18 EUR 1,300,000.00 1,553,331.00 0.385.625% KPN KONINKLIJKE 09/24 EUR 1,370,000.00 1,558,881.90 0.385.625% SIEMENS FINANCE 08/18 EUR 1,600,000.00 1,933,936.00 0.475.75% ASML HLDG 07/17 EUR 1,200,000.00 1,343,406.00 0.335.75% E. ON INTL FINANCE 08/20 EUR 1,100,000.00 1,363,098.00 0.335.75% ENEL FINANCE INTL 11/18-SR- EUR 100,000.00 108,955.50 0.035.75% RWE FINANCE 08/13 EUR 1,300,000.00 1,397,623.50 0.345.875% DEUTSCHE TEL. FIN. 08/14 EUR 2,500,000.00 2,755,312.50 0.676% BASF FINANCE 08/13 EUR 1,000,000.00 1,082,000.00 0.266% DEUTSCHE TEL. FIN. 09/17 EUR 1,500,000.00 1,752,742.50 0.436.125% DAIMLER INTL 08/15 EUR 2,800,000.00 3,218,096.00 0.786.375% E.ON INTL FINANCE 02/17 EUR 1,500,000.00 1,826,805.00 0.446.375% WOLTERS KLUWER 08/18 EUR 350,000.00 418,768.00 0.106.5% REPSOL INTL FINANCE 09/14 EUR 1,550,000.00 1,663,002.75 0.406.625% RWE FINANCE 08/19 EUR 2,700,000.00 3,395,992.50 0.836.655% TENNET HOLDING BV 10/PE EUR 1,500,000.00 1,575,000.00 0.386.875% ENBW INT. FINANCE 08/18 EUR 450,000.00 564,324.75 0.147% VOLKSWAGEN 09/16 EUR 1,050,000.00 1,252,912.50 0.307.375% CRH FINANCE 09/14 EUR 1,000,000.00 1,104,480.00 0.277.375% LINDE FINANCE 06/66 EUR 2,798,000.00 3,124,582.56 0.767.625% ADECCO INT. FIN. 09/14 EUR 1,000,000.00 1,109,980.00 0.277.75% LANXESS FINANCE 09/14 EUR 800,000.00 893,956.00 0.227.875% COCA COLA HBC FIN. 08/14 EUR 600,000.00 662,277.00 0.167.875% DAIMLER INTL 09/14 EUR 2,000,000.00 2,227,580.00 0.548.5% THYSSEN KRUPP FIN. 09/16 EUR 1,100,000.00 1,288,083.50 0.318.875% BMW FINANCE 08/13 EUR 800,000.00 888,476.00 0.2295,812,332.71 23.28REGNO UNITO2.994% BP CAPITAL MARKETS 12/19 EUR 1,500,000.00 1,536,195.00 0.373.1% BP CAPITAL MARKETS 10/14 EUR 2,400,000.00 2,495,376.00 0.613.25% MOTABILITY OP. 12/18 SR-S- EUR 860,000.00 891,385.70 0.223.5% ANGLO AMERICAN CAP. 12/22 EUR 1,350,000.00 1,368,353.25 0.333.875% GLAXOSMITHKLINE 09/15 EUR 1,500,000.00 1,620,607.50 0.394.375% ANGLO AMERICAN CAP. 09/16 EUR 1,700,000.00 1,858,890.50 0.454.375% REXAM 06/13 EUR 1,000,000.00 1,022,565.00 0.254.5% IMPERIAL TOBACCO 11/18 EUR 500,000.00 543,962.50 0.134.5% SABMILLER 09/15 EUR 1,000,000.00 1,080,410.00 0.264.875% BAT INTL FINANCE 09/21 EUR 1,000,000.00 1,143,890.00 0.285% IMPERIAL TOBACCO FIN. 11/19SR-S- EUR 1,000,000.00 1,116,990.00 0.27La nota integrativa costituisce parte integrante del presente bilancio.239
<strong>Pictet</strong> - EUR Corporate Bonds Ex FinancialPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto5.025% SCOTTISH & SOUTHERN 10/PE EUR 1,400,000.00 1,362,669.00 0.335.125% GLAXOS CAP 07/12 '10' SR -S- EUR 500,000.00 515,547.50 0.135.125% TESCO 09/15 EUR 3,500,000.00 3,862,040.00 0.945.25% BRITISH TELECOM 07/14 EUR 750,000.00 808,766.25 0.205.375% BAT INTL FINANCE 07/17 EUR 1,500,000.00 1,732,672.50 0.425.375% VODAFONE 07/22 EUR 1,800,000.00 2,158,947.00 0.525.625% GLAXOSMITHKLINE 07/17 EUR 1,050,000.00 1,257,091.50 0.316.25% VODAFONE 09/16 EUR 500,000.00 582,927.50 0.146.625% NATIONAL GRID ELEC. 08/14 EUR 1,800,000.00 1,972,638.00 0.486.625% WPP GROUP 08/16 EUR 675,000.00 785,588.63 0.197.25% IMPERIAL TOBACCO 08/14 EUR 1,000,000.00 1,130,235.00 0.278.375% IMPERIAL TOBACCO FR/RATG .9/16 EUR 1,700,000.00 2,074,416.50 0.5032,922,164.83 7.99SPAGNA4.625% ABERTIS INFRASTR. 09/16 EUR 2,000,000.00 2,049,670.00 0.504.674% TELEFONICA EMIS. 02/14 EUR 1,400,000.00 1,453,620.00 0.354.875% IBERDROLA FINANZAS 09/14 EUR 1,800,000.00 1,890,828.00 0.464.967% TELEFONICA 11/16 -SR- EUR 2,100,000.00 2,191,119.00 0.535% GAS NATURAL CAP. 12/18-SR-REG.S EUR 1,200,000.00 1,243,482.00 0.305.125% ABERTIS 07/17 -SR- EUR 1,500,000.00 1,560,750.00 0.385.25% GAS NATURAL FINANCE 09/14 EUR 2,300,000.00 2,422,176.00 0.595.431% TELEFONICA EMIS. 09/14 EUR 1,600,000.00 1,681,104.00 0.415.496% TELEFONICA EMIS. 09/16 EUR 1,000,000.00 1,064,490.00 0.265.625% GAS NATURAL CAP. 11/17 EUR 2,100,000.00 2,263,012.50 0.555.625% IBERDROLA FINANZAS 08/18 EUR 300,000.00 329,142.00 0.086.375% GAS NATAUTRAL CAP. 09/19 EUR 1,100,000.00 1,213,905.00 0.307.5% IBERDROLA FINANZAS 08/15 EUR 3,700,000.00 4,272,057.00 1.0423,635,355.50 5.75STATI UNITI3.625% PFIZER 06/13 EUR 1,700,000.00 1,752,394.00 0.434% MCDONALD'S 11/21 EUR 400,000.00 442,974.00 0.114.375% DAIMLER N.AMERICA 06/13 SR EUR 500,000.00 515,685.00 0.134.625% AIR PRODS & CHEMS 07/17 EUR 199,000.00 221,512.87 0.054.75% JOHNSON & JOHNSON 07/19 EUR 750,000.00 885,802.50 0.224.75% PFIZER 09/16 EUR 2,200,000.00 2,478,575.00 0.604.875% PROCTER & GAMBLE 07/27 EUR 700,000.00 827,246.00 0.204.875% WAL MART STORES 09/29 EUR 400,000.00 480,724.00 0.125% 3M 07/14 REG.S EUR 700,000.00 758,163.00 0.185.125% PROCTER & GAMBLE 07/17 EUR 1,400,000.00 1,645,049.00 0.405.375% SCHERING-PLOUGH 07/14 EUR 500,000.00 551,270.00 0.135.625% ROCHE HOLDINGS 09/16 EUR 1,800,000.00 2,087,037.00 0.515.75% PFIZER 09/21 EUR 800,000.00 1,005,212.00 0.245.875% PHILIP MORRIS 08/15 EUR 1,200,000.00 1,375,086.00 0.336.25% CARGILL 08/17 EUR 700,000.00 800,530.50 0.196.25% KRAFT FOODS 08/15 EUR 1,300,000.00 1,469,253.50 0.366.5% ROCHE HOLDINGS 09/21 EUR 900,000.00 1,185,183.00 0.29La nota integrativa costituisce parte integrante del presente bilancio.240
<strong>Pictet</strong> - EUR Corporate Bonds Ex FinancialPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto6.625% TOYOTA MOTOR CREDIT 09/16 EUR 500,000.00 595,847.50 0.147.5% JOHN DEERE CAPITAL 09/14 EUR 900,000.00 1,001,110.50 0.248.75% VERIZON WIRELESS 08/15 EUR 200,000.00 250,996.00 0.0620,329,651.37 4.93SVEZIA1.75% SCANIA CV 12/16 -SR- EUR 1,050,000.00 1,047,427.50 0.252.625% ATLAS COPCO 12/19 -SR-S EUR 400,000.00 404,016.00 0.103.625% SVENSKA CELLULOSA11/16 SR-S- EUR 360,000.00 383,961.60 0.093.875% SKF 11/18 EUR 400,000.00 435,266.00 0.113.875% SWEDISH MATCH 10/17 EUR 650,000.00 696,647.25 0.174.00% TELIASONERA 11/22 -SR-S EUR 2,550,000.00 2,740,676.25 0.674.875% INVESTOR 09/21 EUR 750,000.00 858,123.75 0.215% VOLVO TREASURY 07/17 EUR 1,600,000.00 1,788,168.00 0.435.25% VATTENFALL TREASURY 05/PE EUR 1,400,000.00 1,439,410.00 0.355.375% ERICSSON TEL. 07/17 EUR 300,000.00 335,764.50 0.089.875% VOLVO TREASURY 09/14 EUR 300,000.00 345,049.50 0.0810,474,510.35 2.54TOTALE INVESTIMENTI 384,596,356.64 93.51DISPONIBILITÀ LIQUIDE PRESSO BANCHE 19,489,161.29 4.74ALTRE PASSIVITÀ NETTE 7,190,709.38 1.75PATRIMONIO NETTO COMPLESSIVO 411,276,227.31 100.00La nota integrativa costituisce parte integrante del presente bilancio.241
<strong>Pictet</strong> - EUR Corporate Bonds Ex FinancialRIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Francia 25.57Paesi Bassi 23.28Regno Unito 7.99Italia 5.95Spagna 5.75Germania 5.70Stati Uniti 4.93Lussemburgo 4.49Svezia 2.54Belgio 1.45Australia 1.34Isole Cayman 1.00Austria 0.94Norvegia 0.54Messico 0.46Danimarca 0.43Canada 0.34Jersey 0.33Finlandia 0.22Brasile 0.10Guernsey 0.08Irlanda 0.0893.51Ripartizione per settori economici(in % del patrimonio netto)Obbligazioni societarie 93.5193.51La nota integrativa costituisce parte integrante del presente bilancio.242
<strong>Pictet</strong> - EUR Short Term High Yield (nota 1)PROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoVALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOOBBLIGAZIONIANTILLE OLANDESI8.5% HERTZ HOLDINGS 10/15 EUR 4,998,094.92 5,472,913.94 1.865,472,913.94 1.86AUSTRIA11.75% SAPPI PAPIER HLDGS 09/14 EUR 8,721,675.64 9,506,626.45 3.229,506,626.45 3.22BERMUDAFRN CENTRAL EURO MEDIA 07/14 EUR 1,999,237.97 1,759,329.41 0.601,759,329.41 0.60CANADA6% GMAC CANADA 07/12-SR-S- EUR 1,149,561.83 1,158,068.59 0.397.25% BOMBARDIER 06/16 EUR 999,618.98 1,040,853.27 0.352,198,921.86 0.74CROAZIA10% AGROKOR DD 09/16 EUR 2,698,971.26 2,833,919.82 0.962,833,919.82 0.96DANIMARCA4.50% ISS GLOBAL 04/14 2-SR-REG.S EUR 999,618.98 1,014,613.27 0.341,014,613.27 0.34FINLANDIASTEP M-REAL 06/13 EUR 5,997,713.91 6,177,645.33 2.096,177,645.33 2.09FRANCIA3.875% BANQUE PSA FIN. 11/15 EUR 2,698,971.26 2,721,116.32 0.924.625% RENAULT 12/16 -SR- EUR 4,498,285.43 4,531,572.74 1.545% LAFARGE 04/14 EUR 1,499,428.48 1,555,657.05 0.536.375% TEREOS EUROPE 07/14 EUR 3,712,584.91 3,898,214.16 1.327.625% LAFARGE 09/14 EUR 2,499,047.46 2,780,190.30 0.9415,486,750.57 5.25GERMANIA7.5% HEIDELBERGCEMENT 09/14 EUR 4,998,094.92 5,497,404.61 1.867.625% STYROLUTION GRP 11/16 EUR 2,499,047.46 2,186,666.53 0.747,684,071.14 2.60La nota integrativa costituisce parte integrante del presente bilancio.243
<strong>Pictet</strong> - EUR Short Term High Yield (nota 1)PROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoIRLANDAFRN ALLIED IRISH BK 07/12 83-SR-S- EUR 999,618.98 998,619.37 0.344.5% ALLIED IRISH BANK 09/12 EUR 6,047,694.86 5,896,502.49 2.004.625% BANK OF IRELAND 09/13 EUR 3,998,475.94 3,848,533.09 1.317.75% JSG FUNDING 05/15 EUR 7,497,142.39 7,572,113.81 2.579.25% ARDAGH GLASS FIN. 09/16 EUR 4,998,094.92 5,422,932.99 1.8423,738,701.75 8.06ITALIA5.25% FIAT INDUSTRIAL 11/15 EUR 3,998,475.94 4,038,460.70 1.375.375% LOTTOMATICA 09/16 EUR 4,498,285.43 4,700,708.28 1.597% PIAGGIO 09/16 EUR 499,809.49 535,420.92 0.189,274,589.90 3.14LUSSEMBURGOFRN CALCIPAR 07/14 SR-S- EUR 1,249,523.73 1,243,276.11 0.42FRN LECTA (SEC.) 07/14 EUR 1,599,390.38 1,555,407.14 0.53FRN LECTA (UNSEC.) 07/14 EUR 999,618.98 964,632.32 0.334.375% CLARIANT FIN LUX 06/13 EUR 999,618.98 1,030,107.36 0.357.625% FIAT FIN. & TRADE 09/14 EUR 999,618.98 1,048,350.41 0.368.25% CODERE FINANCE (LUX) 05/15 EUR 4,448,304.48 4,426,062.96 1.508.25% CODERE-FINANCE(LUX) 10/15 EUR 1,199,542.78 1,211,538.21 0.419% FIAT FIN & TRADE 09/12 EUR 599,771.39 612,366.59 0.2112,091,741.10 4.11NORVEGIAFRN EKSPORTFINANS 11/13 T728 SR USD 2,998,856.95 2,202,222.56 0.752.0% EKSPORTFINANS 10/15 -SR-T.716 USD 4,098,437.84 2,793,622.84 0.954,995,845.40 1.70PAESI BASSIFRN CARLSON WAGONLIT 06/15 EUR 3,498,666.45 3,446,186.45 1.17FRN CLONDALKIN 07/13 SR-S- EUR 1,499,428.48 1,394,468.48 0.473.25% EDP FINANCE 10/15 S.20 SR-S- EUR 2,982,863.05 2,699,491.06 0.923.50% EDP FINANCE 11/14 -SR- CHF 999,618.98 798,287.81 0.274% HEIDELBERGCEMENT FI. 12/16 SR-S EUR 849,676.14 854,561.77 0.295% FRESENIUS FINANCE 06/13 EUR 2,608,005.93 2,686,246.11 0.915.5% EDP FINANCE 09/14 EUR 2,499,047.46 2,524,037.94 0.866.5% CONTI-GUMMI FINANCE 10/16 EUR 999,618.98 1,058,346.60 0.367.375% NEW WORLD RESOUR. 07/15 EUR 4,498,285.43 4,543,268.29 1.547.5% GMAC INTERNAT. FIN. 10/15 EUR 4,498,285.43 4,666,971.14 1.587.75% SCHAEFFLER FIN.12/17 SR REG.S EUR 799,695.19 827,684.52 0.288.5% CONTI-GUMMI FINANCE 10/15 EUR 2,499,047.46 2,764,571.26 0.949.625% PHOENIX PIB FIN. 10/14 SR-S EUR 5,997,713.91 6,657,462.44 2.2634,921,583.87 11.85PORTOGALLO7.875% REN SGPS (FR/RAT.) 08/13 SR EUR 7,996,951.88 8,276,845.19 2.818,276,845.19 2.81La nota integrativa costituisce parte integrante del presente bilancio.244
<strong>Pictet</strong> - EUR Short Term High Yield (nota 1)PROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Quantità/Valore nominale Valore di stima (nota 2) % del patrimonionettoREGNO UNITO6.125% DIXONS RETAIL 02/12 SR REG.S GBP 4,910,128.45 5,957,414.17 2.027.75% ECO-BAT FIN.12/17 SR-S- EUR 624,761.87 627,885.67 0.217.875% INEOS GROUP REG. S 06/16 EUR 1,249,523.73 1,118,323.74 0.388.75% CABLE & WIRELESS 96/12 SR-S- GBP 809,691.38 991,996.78 0.349.125% INFINIS 09/14 GBP 3,998,475.94 5,019,014.23 1.709.25% INEOS FINANCE 10/15 EUR 1,699,352.27 1,814,058.55 0.629.375% FCE BANK 09/14 EUR 9,996,189.85 11,045,789.78 3.7511% ISS FINANCING 09/14 EUR 4,958,110.17 5,292,782.60 1.7911.5% INT. PERSONAL FIN.10/15 -SR-S- EUR 899,657.09 958,134.80 0.3232,825,400.32 11.13SPAGNASTEP ABENGOA 09/15 EUR 3,648,609.29 3,940,498.04 1.347.375% HUARTE LAIN 10/15 EUR 4,998,094.92 5,260,494.91 1.788.25% CAMPOFRIO ALIMENT. 09/16 EUR 2,998,856.95 3,073,828.38 1.0412,274,821.33 4.16STATI UNITI6.50% KRONOS INT. 06/13 EUR 5,797,790.11 4,707,805.57 1.608.5% REYNOLDS ESCROW 09/16 EUR 2,499,047.46 2,623,999.84 0.897,331,805.41 2.49SUDAFRICAFRN EDCON (PROPRIETARY) 07/14 EUR 7,497,142.39 6,822,399.57 2.317.625% CONSOL GLASS 07/14 EUR 6,017,706.29 6,228,326.01 2.1113,050,725.58 4.42UNGHERIA3.875% MOL MAGYAR OLAY-ES05/15-S- EUR 5,152,036.25 4,784,953.67 1.624,784,953.67 1.62TOTALE OBBLIGAZIONI 215,701,805.31 73.15PRODOTTI STRUTTURATILUSSEMBURGOFRN SIGN. LUX. CLN (ISS DC 2D) 07/15 999,618.98 953,763.56 0.32953,763.56 0.32TOTALE PRODOTTI STRUTTURATI 953,763.56 0.32TOTALE INVESTIMENTI 216,655,568.87 73.47DISPONIBILITÀ LIQUIDE PRESSO BANCHE 72,281,335.83 24.51ALTRE PASSIVITÀ NETTE 5,951,964.79 2.02PATRIMONIO NETTO COMPLESSIVO 294,888,869.49 100.00La nota integrativa costituisce parte integrante del presente bilancio.245
<strong>Pictet</strong> - EUR Short Term High Yield (nota 1)RIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Paesi Bassi 11.85Regno Unito 11.13Irlanda 8.06Francia 5.25Lussemburgo 4.43Sudafrica 4.42Spagna 4.16Austria 3.22Italia 3.14Portogallo 2.81Germania 2.60Stati Uniti 2.49Finlandia 2.09Antille olandesi 1.86Norvegia 1.70Ungheria 1.62Croazia 0.96Canada 0.74Bermuda 0.60Danimarca 0.3473.47Ripartizione per settori economici(in % del patrimonio netto)Obbligazioni societarie 72.08Imballi 0.47Altri settori 0.42Prodotti strutturati 0.32Obbligazioni emesse da Stati o enti locali 0.1873.47La nota integrativa costituisce parte integrante del presente bilancio.246
<strong>Pictet</strong> - Global Bonds Fundamental (nota 1)PROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoVALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOOBBLIGAZIONIAUSTRALIA4.5% AUSTRALIA 09/20 AUD 409,000.00 331,122.68 1.985.25% AUSTRALIA 05/19 AUD 570,000.00 482,686.99 2.88813,809.67 4.86AUSTRIA3.2% AUSTRIA 10/17 EUR 189,000.00 202,103.37 1.21202,103.37 1.21BELGIO4% BELGIO OLO 49 07/17 EUR 179,000.00 192,015.09 1.15192,015.09 1.15CANADA4.25% CANADA 07/18 CAD 1,139,000.00 986,710.70 5.894.5% CANADA 04/15 CAD 449,000.00 371,494.13 2.221,358,204.83 8.11CILE5.5% CILE 10/20 CLP 220,000,000.00 355,470.58 2.12355,470.58 2.12COLOMBIA7.75% COLOMBIA (DUAL CUR.) 10/21 COP 1,011,000,000.00 512,927.82 3.06512,927.82 3.06DANIMARCA4% DANIMARCA 05/17 DKK 960,000.00 150,154.94 0.90150,154.94 0.90FINLANDIA3.875% FINLANDIA 09/17 EUR 218,000.00 245,797.18 1.47245,797.18 1.47FRANCIA3.25% O.A.T. 04/16 EUR 469,000.00 502,894.63 3.003.75% O.A.T. 04/17 EUR 478,000.00 523,620.32 3.131,026,514.95 6.13GERMANIA3.75% GERMANIA 01/15 EUR 332,000.00 363,294.32 2.173.75% GERMANIA 01/19 EUR 750,000.00 871,972.50 5.211,235,266.82 7.38La nota integrativa costituisce parte integrante del presente bilancio.247
<strong>Pictet</strong> - Global Bonds Fundamental (nota 1)PROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoGIAPPONE1.3% GIAPPONE N-291 08/18 JPY 52,200,000.00 502,020.12 3.001.70% GIAPPONE 06/16 N282 -SR- JPY 69,500,000.00 676,289.65 4.041,178,309.77 7.04MALAYSIA4.012% MALAYSIA 10/17 MYR 1,310,000.00 330,820.06 1.97330,820.06 1.97MESSICO7.75% MESSICO 08/17 MXN 115,300.00 750,241.10 4.48750,241.10 4.48NORVEGIA4.25% NORVEGIA 06/17 NOK 1,860,000.00 270,970.56 1.62270,970.56 1.62NUOVA ZELANDA6% NUOVA ZELANDA 05/17 NZD 208,000.00 142,914.64 0.85142,914.64 0.85PAESI BASSI2.5% PAESI BASSI 11/17 EUR 275,000.00 290,371.13 1.73290,371.13 1.73REGNO UNITO1.75% BRITISH TREASURY 11/17 GBP 355,000.00 439,541.08 2.623.75% BRITISH TREASURY 09/19 GBP 222,000.00 304,928.80 1.82744,469.88 4.44SOVRANAZIONALE1.25% SUB. E.I.B. 12/19 -SR- CHF 190,000.00 158,435.86 0.95158,435.86 0.95SPAGNA3.15% SPAGNA 01/16 EUR 341,000.00 334,328.34 2.003.80% SPAGNA 01/17 EUR 358,000.00 350,340.59 2.09684,668.93 4.09STATI UNITI4% US TREASURY 08/18 USD 1,371,000.00 1,200,898.87 7.154.625% US TREASURY 06/16 USD 462,000.00 406,038.44 2.421,606,937.31 9.57SVEZIA3.75% SVEZIA 06/17 SEK 2,600,000.00 326,088.80 1.95326,088.80 1.95La nota integrativa costituisce parte integrante del presente bilancio.248
<strong>Pictet</strong> - Global Bonds Fundamental (nota 1)PROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valore di stima (nota 2) % del patrimonionettoTOTALE INVESTIMENTI 12,576,493.29 75.08DISPONIBILITÀ LIQUIDE PRESSO BANCHE 4,046,291.99 24.15ALTRE PASSIVITÀ NETTE 128,789.84 0.77PATRIMONIO NETTO COMPLESSIVO 16,751,575.12 100.00La nota integrativa costituisce parte integrante del presente bilancio.249
<strong>Pictet</strong> - Global Bonds Fundamental (nota 1)RIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Stati Uniti 9.57Canada 8.11Germania 7.38Giappone 7.04Francia 6.13Australia 4.86Messico 4.48Regno Unito 4.44Spagna 4.09Colombia 3.06Cile 2.12Malaysia 1.97Svezia 1.95Paesi Bassi 1.73Norvegia 1.62Finlandia 1.47Austria 1.21Belgio 1.15Sovranazionale 0.95Danimarca 0.90Nuova Zelanda 0.8575.08Ripartizione per settori economici(in % del patrimonio netto)Obbligazioni emesse da Stati o enti locali 75.0875.08La nota integrativa costituisce parte integrante del presente bilancio.250
<strong>Pictet</strong> - European Equity SelectionPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoI. VALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOAZIONIBELGIOU.C.B. 110,545.16 3,633,619.54 2.463,633,619.54 2.46FRANCIABNP PARIBAS 129,156.33 4,608,943.70 3.12L.V.M.H. 25,658.81 3,236,859.06 2.19PERNOD-RICARD 23,853.64 1,841,500.95 1.25PUBLICIS 61,191.99 2,511,931.32 1.70SCHNEIDER ELECTRIC S.A. 105,146.36 5,131,142.47 3.47TOTAL 140,589.09 5,318,485.23 3.60VINCI 74,309.97 2,847,186.54 1.9325,496,049.27 17.26GERMANIAADIDAS NOM. 79,054.94 4,544,868.42 3.07ALLIANZ NOM. 48,122.19 4,297,311.82 2.91DEUTSCHE BOERSE NOM. 48,201.83 2,376,591.37 1.61DEUTSCHE POST NOM. 124,388.75 1,789,954.11 1.21MUENCHENER RUECKVER. NOM. 42,586.72 4,833,593.27 3.27PFEIFFER VACUUM TECHNOLOGY 37,969.57 3,189,444.24 2.1621,031,763.23 14.23ISOLE CAYMANEURASIA DRILLING GDR (R.1 SHS) 109,728.12 2,274,401.85 1.542,274,401.85 1.54JERSEYGLENCORE INTERNATIONAL 486,717.09 2,258,884.36 1.532,258,884.36 1.53LUSSEMBURGOMILLICOM INTL CELLULAR-SDR- 49,008.06 4,126,154.44 2.794,126,154.44 2.79PAESI BASSIING GROEP C. ACT 540,618.58 3,407,518.92 2.303,407,518.92 2.30REGNO UNITOBG GROUP 271,597.79 4,686,607.98 3.17CARNIVAL 127,434.73 3,035,806.59 2.05EXPERIAN 258,798.37 3,029,884.03 2.05La nota integrativa costituisce parte integrante del presente bilancio.251
<strong>Pictet</strong> - European Equity SelectionPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoHSBC HOLDINGS 831,531.51 5,451,491.46 3.69MITIE 465,196.60 1,560,861.88 1.06NATIONAL GRID 324,024.47 2,430,647.89 1.64RIO TINTO NOM. 91,433.54 3,698,397.36 2.50SOCO INTERNATIONAL 506,704.75 1,787,568.47 1.21TESCO 743,612.94 2,923,634.51 1.98TULLOW OIL 269,938.13 4,871,459.70 3.29VODAFONE GROUP PLC 3,664,279.24 7,660,011.91 5.1841,136,371.78 27.82RUSSIASBERBANK PFD (USD) 2,020,464.50 3,946,586.01 2.673,946,586.01 2.67SPAGNAAMADEUS IT HOLDING 'A' 171,845.31 2,398,101.31 1.62INDITEX NOM. 35,978.58 2,549,801.65 1.724,947,902.96 3.34SVEZIAALFA LAVAL 138,366.05 2,047,062.62 1.38ASSA ABLOY 'B' 211,318.21 4,847,045.89 3.28ERICSSON TELEFON 'B' 490,043.28 3,741,204.24 2.5310,635,312.75 7.19SVIZZERAACTELION NOM. 47,070.16 1,312,128.26 0.89NESTLE S.A. 192,627.40 8,970,793.59 6.04ROCHE HOLDING BON DE JOUISSANCE 54,431.45 7,094,135.17 4.80ZURICH FINANCIAL SERVICES 13,925.19 2,761,641.41 1.8720,138,698.43 13.60TURCHIATURKCELL ILETISIM 569,485.61 2,193,398.81 1.482,193,398.81 1.48TOTALE I. 145,226,662.35 98.21II. ALTRI VALORI MOBILIARIAZIONIGERMANIAAIST MEDIALAB 10,070.03 0.00 0.000.00 0.00TOTALE II. 0.00 0.00La nota integrativa costituisce parte integrante del presente bilancio.252
<strong>Pictet</strong> - European Equity SelectionPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valore di stima (nota 2) % del patrimonionettoTOTALE INVESTIMENTI 145,226,662.35 98.21DISPONIBILITÀ LIQUIDE PRESSO BANCHE 2,837,145.27 1.92ALTRE PASSIVITÀ NETTE -196,579.64 -0.13PATRIMONIO NETTO COMPLESSIVO 147,867,227.98 100.00La nota integrativa costituisce parte integrante del presente bilancio.253
<strong>Pictet</strong> - European Equity SelectionRIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Regno Unito 27.82Francia 17.26Germania 14.23Svizzera 13.60Svezia 7.19Spagna 3.34Lussemburgo 2.79Russia 2.67Belgio 2.46Paesi Bassi 2.30Isole Cayman 1.54Jersey 1.53Turchia 1.4898.21Ripartizione per settori economici(in % del patrimonio netto)Comunicazioni 11.98Banche e istituti di credito 11.53Petrolio 9.64Assicurazioni 8.05Prodotti tessili e abbigliamento 6.98Equipaggiamento elettrico ed elettronico 6.75Alimentari e bevande non alcoliche 6.04Industria farmaceutica e cosmetica 5.69Servizi di pubblica utilità 4.81Edilizia e materiali da costruzione 4.23Costruzione di macchine e apparecchiature 3.54Acciaio inossidabile 2.50Sostanze chimiche 2.46Gastronomia 2.05Vendita al dettaglio e supermercati 1.98Editoria e arti grafiche 1.70Internet, software e servizi informatici 1.62Holding e società finanziarie 1.61Altri settori 1.53Tabacco e bevande alcoliche 1.25Trasporto passeggeri e merci 1.21Servizi pubblici 1.0698.21La nota integrativa costituisce parte integrante del presente bilancio.254
<strong>Pictet</strong> - Small Cap EuropePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoVALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOAZIONIAUSTRIAANDRITZ 25,675.00 1,866,829.25 1.001,866,829.25 1.00BELGIOD'IETEREN 59,021.00 2,039,175.55 1.10MOBISTAR 41,011.00 1,531,350.74 0.823,570,526.29 1.92BERMUDAALLIANCE OIL COMPANY SDR (SEK) 124,287.00 1,096,945.29 0.591,096,945.29 0.59DANIMARCAD/S NORDEN 80,090.00 1,711,054.77 0.92DSV 123,939.00 2,096,285.11 1.13ROCKWOOL INTERNATIONAL A/S 'B' 20,968.00 1,461,731.11 0.79SIMCORP 18,514.00 2,489,212.54 1.347,758,283.53 4.18FINLANDIAELISA 'A' 105,768.00 1,875,266.64 1.011,875,266.64 1.01FRANCIAALTRAN TECHNOLOGIES 294,468.00 1,373,398.75 0.74CIE GENERALE DE GEOPHYSIQUE 89,320.00 1,941,816.80 1.04ETABLISSEMENTS MAUREL & PROM 133,749.00 1,742,749.47 0.94INGENICO (CIE IND. & FIN. D'INGEN.) 53,013.00 1,923,311.64 1.03IPSOS 94,524.00 2,539,387.26 1.37SCOR SE 92,074.00 1,862,196.65 1.00TELEPERFORMANCE 97,737.00 2,071,535.72 1.11VALEO 65,164.00 2,499,365.22 1.3415,953,761.51 8.57GERMANIAAAREAL BANK 100,224.00 1,497,346.56 0.81ADVA AG OPTICAL NETWORKING 432,603.00 2,257,755.06 1.21CTS EVENTIM 64,428.00 1,628,417.70 0.88FIELMANN 22,391.00 1,616,630.20 0.87FUCHS PETROLUB N-VTG 67,080.00 2,772,416.40 1.49GEA GROUP 36,580.00 932,607.10 0.50GRENKELEASING 43,061.00 1,916,429.81 1.03La nota integrativa costituisce parte integrante del presente bilancio.255
<strong>Pictet</strong> - Small Cap EuropePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoKABEL DEUTSCHLAND HOLDING 49,971.00 2,273,680.50 1.22KRONES 48,602.00 1,807,994.40 0.97KWS SAAT 10,904.00 1,820,968.00 0.98MORPHOSYS 99,220.00 1,877,738.50 1.01MTU AERO ENGINES NOM. 44,702.00 2,677,649.80 1.44PFEIFFER VACUUM TECHNOLOGY 20,607.00 1,730,988.00 0.93RHEINMETALL 42,271.00 1,852,526.58 1.00SIXT PFD 140,516.00 1,981,275.60 1.07SYMRISE 77,149.00 1,645,202.43 0.88TIPP24 24,133.00 933,223.11 0.50TUI 309,929.00 1,721,345.67 0.93VOSSLOH 26,171.00 1,905,510.51 1.0234,849,705.93 18.74ITALIAAMPLIFON 474,612.00 1,833,900.77 0.99BANCA POPOLARE DI MILANO 3,599,760.00 1,435,584.29 0.77INDUSTRIA MACCHINE AUTOMATICHE 104,678.00 1,444,556.40 0.78LOTTOMATICA 130,996.00 1,857,523.28 1.00PIAGGIO & C. 427,782.00 926,575.81 0.50PIRELLI & CIE 286,619.00 2,522,247.20 1.36PRYSMIAN 166,309.00 2,185,300.26 1.17SORIN 1,239,269.00 1,717,626.83 0.9213,923,314.84 7.49JERSEYINFORMA 637,499.00 3,370,426.96 1.793,370,426.96 1.79NORVEGIAMARINE HARVEST 4,991,358.00 1,897,015.19 1.02TGS-NOPEC GEOPHYSICAL 113,776.00 2,260,361.54 1.224,157,376.73 2.24PAESI BASSIASM INTERNATIONAL (EUR) 100,499.00 2,914,471.00 1.57NUTRECO HOLDING 53,187.00 2,840,717.67 1.53UNIT 4 N.V. 74,436.00 1,623,821.34 0.877,379,010.01 3.97REGNO UNITOBABCOCK INTERNATIONAL GROUP 280,981.00 2,643,117.80 1.42BARRATT DEVELOPMENTS 1,300,326.00 2,159,660.01 1.16BBA AVIATION 942,438.00 2,391,931.03 1.29COOKSON GROUP 349,970.00 2,843,350.64 1.53DAILY MAIL & GENERAL TRUST 'A' 389,127.00 2,086,206.31 1.12DERWENT LONDON 88,547.00 1,805,939.99 0.97DOMINO PRINTING SCIENCES 322,218.00 2,173,842.63 1.17ENQUEST 1,718,591.00 2,613,389.03 1.41HANSTEEN HOLDINGS 1,610,121.00 1,386,293.53 0.75HUNTING 292,403.00 3,230,596.02 1.74La nota integrativa costituisce parte integrante del presente bilancio.256
<strong>Pictet</strong> - Small Cap EuropePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoI.M.I. 158,419.00 1,800,588.67 0.97IG GROUP HOLDINGS 508,840.00 2,685,334.94 1.44INTERNATIONAL PERSONAL FINANCE 534,151.00 1,638,603.66 0.88JAZZTEL 492,534.00 2,369,088.54 1.27MEGGITT 387,128.00 1,849,105.91 0.99MELROSE 522,379.00 2,617,193.22 1.41MITCHELLS & BUTLERS 797,755.00 2,549,543.70 1.37PREMIER FARNELL 726,766.00 1,828,874.08 0.98PREMIER OIL 555,432.00 2,575,797.82 1.38RPS GROUP 857,448.00 2,445,426.74 1.31SDL 302,505.00 2,671,590.89 1.44SPECTRIS 154,416.00 3,225,221.85 1.73SPIRAX-SARCO ENGINEERING 108,085.00 2,661,626.80 1.43SPIRENT COMMUNICATIONS 1,673,620.00 3,192,786.14 1.72ST JAMES'S PLACE 524,695.00 2,194,331.62 1.18SYNERGY HEALTH 212,556.00 2,167,568.53 1.1761,807,010.10 33.23SPAGNABOLSAS Y MERCADOS ESPANOLES 113,429.00 2,160,822.45 1.16VISCOFAN 62,816.00 2,041,520.00 1.104,202,342.45 2.26SVEZIAAARHUSKARLSHAMN 84,120.00 1,990,277.22 1.07HIQ INTERNATIONAL 401,013.00 1,720,966.15 0.93MEDA 'A' 310,247.00 2,207,386.70 1.195,918,630.07 3.19SVIZZERABKW 38,201.00 1,027,471.24 0.55BUCHER INDUSTRIES 10,456.00 1,650,051.97 0.89DKSH HOLDING REG. 28,211.00 1,126,454.07 0.61KUONI REISEN HOLDING NOM. 'B' 10,241.00 2,801,223.21 1.51MICRONAS SEMICOND HOLDING NOM. 276,256.00 2,270,371.07 1.22PARTNERS GROUP HOLDING NOM. 15,444.00 2,166,688.25 1.1611,042,259.81 5.94TOTALE AZIONI 178,771,689.41 96.12DIRITTIPAESI BASSINUTRECO RIGHT -NON TRADABLE- 53,187.00 58,771.64 0.0358,771.64 0.03TOTALE DIRITTI 58,771.64 0.03TOTALE INVESTIMENTI 178,830,461.05 96.15DISPONIBILITÀ LIQUIDE PRESSO BANCHE 7,390,530.20 3.97ALTRE PASSIVITÀ NETTE -234,851.41 -0.12PATRIMONIO NETTO COMPLESSIVO 185,986,139.84 100.00La nota integrativa costituisce parte integrante del presente bilancio.257
<strong>Pictet</strong> - Small Cap EuropeRIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Regno Unito 33.23Germania 18.74Francia 8.57Italia 7.49Svizzera 5.94Danimarca 4.18Paesi Bassi 4.00Svezia 3.19Spagna 2.26Norvegia 2.24Belgio 1.92Jersey 1.79Finlandia 1.01Austria 1.00Bermuda 0.5996.15Ripartizione per settori economici(in % del patrimonio netto)Costruzione di macchine e apparecchiature 11.14Holding e società finanziarie 7.80Trasporto passeggeri e merci 7.66Comunicazioni 7.27Equipaggiamento elettrico ed elettronico 7.22Petrolio 6.66Internet, software e servizi informatici 5.32Agricoltura e pesca 3.53Edilizia e materiali da costruzione 3.36Automezzi 3.33Gastronomia 3.30Alimentari e bevande non alcoliche 3.28Acciaio inossidabile 3.00Altri settori 2.85Aeronautica e astronautica 2.43Editoria e arti grafiche 2.25Sostanze chimiche 2.24Assicurazioni 2.18Industria farmaceutica e cosmetica 2.18Banche e istituti di credito 1.58Servizi ambientali e riciclaggio 1.31Prodotti tessili e abbigliamento 1.17Commercio vario 1.16Biotecnologia 1.01Settore immobiliare 0.97Vendita al dettaglio e supermercati 0.87Servizi di pubblica utilità 0.55Servizi pubblici 0.50Diritti 0.0396.15La nota integrativa costituisce parte integrante del presente bilancio.258
<strong>Pictet</strong> - Emerging MarketsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoI. VALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOAZIONIBERMUDACOSAN A 321,002.00 4,776,509.76 0.524,776,509.76 0.52BRASILEAMBEV-CIA DE BEBIDAS PREF 212,600.00 8,882,581.33 0.97BANCO ESTADO RIO GRANDE S. PFD 301,675.00 3,343,025.49 0.37BCO SANTANDER (55 ORD+50PFD) 551,830.00 5,152,450.88 0.56BR BROKERS 575,600.00 2,431,422.93 0.27BRASIL INSURANCE 463,900.00 5,018,573.40 0.55CIA HERING 150,668.00 3,859,996.41 0.42ELETROBRAS NOM. 174,500.00 1,654,200.57 0.18EMBRAER EMPRES. BRASIL. AERONAUTICA 624,300.00 4,966,041.38 0.54GERDAU PFD ADR (R. 1 SHS) 565,827.00 5,573,395.95 0.61ITAUSA INVESTIMENTOS ITAU PREF 2,447,400.00 15,440,159.89 1.69OGX PETROLEO E GAS 889,200.00 7,531,747.42 0.82PETROBRAS PETROLEO - ADR SPONS 516,816.00 13,168,471.68 1.44PETROBRAS PETROLEO PFD-ADR SPONS 399,501.00 10,550,821.41 1.15SOUZA CRUZ IND. & COMERCIO NOM. 423,300.00 6,381,371.00 0.70TELEF. BRASIL PFD-ADR SPONS. 250,336.00 7,680,308.48 0.84VALE 'A' ADR (R.1 PFD 'A') 112,682.00 2,533,091.36 0.28VALE DO RIO DOCE 370,300.00 8,564,525.59 0.94VALE DO RIO DOCE PREF 'A' 606,800.00 13,648,295.79 1.49126,380,480.96 13.82CILEENTEL 132,049.00 2,589,108.28 0.282,589,108.28 0.28CINAAGRICULTURAL BANK OF CHINA 'A' 11,094,500.00 4,720,887.98 0.52ANHUI CONCH CEMENT 'A' 1,925,275.00 4,823,707.19 0.53BANK OF CHINA 18,149,700.00 7,293,259.68 0.80CHINA CONSTRUCTION BANK 'A' 9,968,200.00 7,644,428.81 0.84CHINA EASTERN AIRLINES H 13,284,000.00 4,362,813.82 0.48CHINA LIFE INSURANCE 'H' 2,003,000.00 5,198,207.75 0.57CHINA MINSENG BANKING 'H' 6,880,000.00 6,229,330.82 0.68CHINA PETROLEUM & CHEMICAL 'H' 4,138,000.00 4,508,774.15 0.49CHINA SHENHUA ENERGY H 2,135,500.00 8,993,835.93 0.98CHINA VANKE 'A' 3,326,254.00 4,372,873.49 0.48CITIC SECURITIES H 2,051,500.00 4,116,580.45 0.45DONGFENG MOTOR GROUP 'H' 2,614,000.00 4,713,366.94 0.52IND. & COMM. BANK OF CHINA 'H' 29,067,000.00 18,755,798.96 2.05JIANGSU CHANGBAO STEELTUBE -A- 1,636,285.00 2,779,866.20 0.30La nota integrativa costituisce parte integrante del presente bilancio.259
<strong>Pictet</strong> - Emerging MarketsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoLUZHOU OLD-CELLAR 'A' 1,153,149.00 7,157,020.55 0.78MAANSHAN IRON & STEEL 'H' 12,762,000.00 3,714,709.12 0.41SHANGHAI INDUSTRIAL HOLDINGS 838,000.00 2,574,127.38 0.28ZHUZHOU CSR TIMES 'H' 1,457,000.00 3,723,049.86 0.41105,682,639.08 11.57COLOMBIABANCOLOMBIA -ADR- 81,014.00 5,177,604.74 0.57ECOPETROL SP ADR 110,279.00 6,676,290.66 0.7311,853,895.40 1.30COREA DEL SUDDOOSAN INFRACORE 186,180.00 3,582,073.50 0.39DUK SAN HI METAL 156,775.00 3,223,871.35 0.35GS ENG. & CONSTRUCTION 63,467.00 5,595,751.65 0.61HANA FINANCIAL HOLDINGS 296,620.00 11,178,236.11 1.22HYNIX SEMICONDUCTOR 237,740.00 6,137,239.93 0.67HYUNDAI HEAVY INDUSTRIES 13,012.00 3,692,070.67 0.40HYUNDAI HOME SHOPPING NETWORK 17,793.00 2,104,257.82 0.23HYUNDAI MOTOR 59,569.00 12,249,580.14 1.34KB FINANCIAL 341,647.00 12,468,037.46 1.36KOREA ELEC. POWER (KEPCO) 106,280.00 2,101,089.43 0.23LG CHEMICAL 10,601.00 3,461,732.71 0.38LG DISPLAY CO. 221,910.00 5,190,004.33 0.57LG ELECTRONICS 101,734.00 7,434,323.07 0.81LG FASHION 98,990.00 3,490,222.23 0.38PARADISE 631,678.00 4,900,378.20 0.54SAMSUNG ELECTRONICS 28,996.00 32,628,209.99 3.58SAMSUNG ENGINEERING 27,654.00 5,906,338.01 0.65SK ENERGY 28,912.00 4,223,000.24 0.46SK TELECOM 36,429.00 4,485,041.13 0.49134,051,457.97 14.66FILIPPINEALLIANCE GLOBAL GROUP 10,324,700.00 3,029,960.86 0.33METRO BANK & TRUST 1,338,850.00 2,723,854.25 0.30SM INVESTMENTS 336,190.00 5,167,943.52 0.57UNIVERSAL ROBINA 1,943,420.00 2,851,650.19 0.3113,773,408.82 1.51HONG KONGAIA GROUP 970,400.00 3,555,745.68 0.39CHINA MOBILE 1,668,200.00 18,359,371.77 2.01CNOOC 9,680,590.00 19,899,050.14 2.1841,814,167.59 4.58INDIABAJAJ AUTO 130,301.00 4,300,583.50 0.47CAIRN INDIA 597,920.00 3,925,004.64 0.43HINDALCO INDUSTRIES INDIA DEMAT. 2,239,430.00 5,697,081.64 0.62ICICI BANK DEMAT. 240,558.00 4,210,057.91 0.46La nota integrativa costituisce parte integrante del presente bilancio.260
<strong>Pictet</strong> - Emerging MarketsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoINFOSYS TECHNOLOG ADR (R.1 SHS) 59,304.00 3,348,303.84 0.37INFOSYS TECHNOLOGIES DEMAT. 585.00 32,965.40 0.00ITC DEMAT. 1,004,335.00 4,480,162.52 0.49OIL & NATURAL GAS CORP 898,326.00 4,739,322.29 0.52RURAL ELECTRIFICATION 687,251.00 2,775,214.10 0.30TATA CONSULTANCY SERVICES DEMAT. 412,863.00 9,486,955.01 1.04WIPRO DEMAT 623,321.00 5,393,166.17 0.59YES BANK 699,440.00 5,071,332.11 0.5553,460,149.13 5.84INDONESIAALAM SUTERA REALTY 64,727,500.00 4,388,361.00 0.48ASTRA INTERNATIONAL 350,000.00 2,830,271.16 0.31BANK NEGARA INDONESIA 9,033,500.00 3,951,280.52 0.43BANK RAKYAT INDONESIA 'B' 7,935,000.00 6,030,503.30 0.66INDO TAMBANGRAY 538,410.00 2,558,142.43 0.28PT BUMI SERPONG DAMAI 47,737,438.00 6,733,961.69 0.74SEMEN GRESIK 3,055,426.00 4,092,886.32 0.45UNITED TRACTORS 1,570,500.00 5,667,267.39 0.6236,252,673.81 3.97IRLANDADRAGON OIL (GBP) 309,747.00 2,992,967.69 0.33KENMARE RESOURCES (GBP) 2,818,536.00 2,247,349.27 0.255,240,316.96 0.58ISOLA DI MANZHAIKMUNAI GDR (R. 1 SHS) 332,307.00 3,751,746.03 0.413,751,746.03 0.41ISOLE CAYMANBAIDU. COM ADR 'A' (R. 1 SHS 'A') 27,627.00 4,044,869.07 0.44MELCO CROWN ENTERTAINMENT -SP.ADR- 423,123.00 5,619,073.44 0.61MONGOLIAN MINING 6,217,000.00 5,909,283.99 0.65TENCENT HOLDINGS 224,400.00 6,260,066.36 0.6921,833,292.86 2.39MALAYSIARHB CAPITAL 2,352,514.00 5,912,961.08 0.65TM INTERNATIONAL 4,375,600.00 7,427,164.38 0.8113,340,125.46 1.46MESSICOAMERICA MOVIL ADR (R. 20 SHS 'L') 300,877.00 7,428,653.13 0.81CEMEX ADR (R. 10 CPO) 293,519.00 2,289,448.20 0.25FOMENTO ADR(10UN 10SH'B'+20SH'D') 77,095.00 6,030,370.90 0.66GFNORTE 'O' 892,300.00 3,983,774.99 0.44TERNIUM 'ADR' (R.10 SHS) 300,717.00 7,202,172.15 0.79WAL-MART 'V' 2,347,400.00 7,908,014.16 0.8734,842,433.53 3.82La nota integrativa costituisce parte integrante del presente bilancio.261
<strong>Pictet</strong> - Emerging MarketsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoNIGERIAFIRST BANK OF NIGERIA 12,716,406.00 805,870.18 0.09ZENITH BANK 11,273,825.00 885,918.30 0.101,691,788.48 0.19REGNO UNITOBRITISH AMERICAN TOBACCO 101,771.00 5,209,133.59 0.57KAZAKHMYS 215,840.00 3,084,308.43 0.348,293,442.02 0.91REPUBBLICA CECACESKE ENERGETICKE ZAVODY 95,307.00 4,109,032.94 0.45TELEFONICA O2 CR 108,655.00 2,281,027.26 0.256,390,060.20 0.70RUSSIAFGC UES (USD) 68,624,455.00 713,694.33 0.08GAZPROM ADR (R. 4 SHS) 1,793,277.00 21,465,525.69 2.35JFSC SISTEMA GDR (R. 20 SHS) 245,138.00 4,951,787.60 0.54LUKOIL HOLDING ADR (R. 1 SHS) 114,395.00 6,852,260.50 0.75MECHEL PFD (USD) 241,860.00 1,672,510.27 0.18NOMOS BANK GDR (R. 1/2 SHS REG.S) 332,455.00 4,637,747.25 0.51NOVATEK -GDR SPONS. - REG. S 46,497.00 6,132,954.30 0.67OAO ROSNEFT OIL COMPANY GDR 306,004.00 2,119,077.70 0.23PIPE METALL. COMP. GDR (REP 4SHS) 220,242.00 2,951,242.80 0.32RUSHYDRO ADR (R.100 SHS) 199,894.00 721,217.55 0.08SBERBANK OF RUSSIA 3,395,073.00 10,768,153.03 1.18TRANSNEFT PREF (USD) 895.00 1,690,300.13 0.1864,676,471.15 7.07SPAGNABANCO SANTANDER ADR (R.1 SHS) 553,386.00 5,196,294.54 0.575,196,294.54 0.57STATI UNITICTC MEDIA 446,467.00 5,183,481.87 0.575,183,481.87 0.57SUDAFRICAANGLOGOLD ASHANTI ADR (R. 1 SHS) 165,339.00 6,066,287.91 0.66FIRSTRAND 2,741,904.00 8,581,322.31 0.94LIFE HEALTHCARE GROUP HOLDINGS 1,616,886.00 5,165,783.64 0.57MTN GROUP 201,179.00 3,604,625.12 0.39SASOL 234,831.00 11,304,439.33 1.24WOOLWORTHS HOLDINGS 1,082,855.00 6,794,956.05 0.7441,517,414.36 4.54La nota integrativa costituisce parte integrante del presente bilancio.262
<strong>Pictet</strong> - Emerging MarketsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoTAIWANACER 3,008,000.00 3,990,014.49 0.44AU OPTRONICS 6,792,000.00 3,141,197.21 0.34CHINA LIFE INSURANCE 3,606,000.00 3,512,597.97 0.38FORMOSA PLASTICS 2,401,000.00 7,069,306.49 0.77HIGH TECH COMPUTER 338,000.00 6,836,847.70 0.75HON HAI PRECISION INDUSTRY 4,688,700.00 18,189,585.68 1.99MEGA FINANCIAL HLDG 8,112,040.00 5,730,612.16 0.63SIMPLO TECHNOLOGY 617,000.00 4,651,361.07 0.51TAIWAN SEMICONDUCTOR 8,190,183.00 23,559,505.48 2.58UNITED MICROELECTRONICS 20,112,000.00 9,846,638.22 1.08WISTRON 2,394,000.00 3,609,516.50 0.4090,137,182.97 9.87THAILANDIABANGKOK BANK PUBLIC FGN NOM. (THB) 455,700.00 2,866,861.21 0.31BANGKOK BANK PUBLIC NVDR 1,551,500.00 9,307,850.90 1.02C.P.ALL -FOREIGN REGISTRED- 3,098,800.00 6,582,043.63 0.72KASIKORNBANK PUB. FGN NOM. 1,994,600.00 10,122,693.01 1.11PTT FGN NOM. 965,600.00 11,084,763.42 1.21PTT GLOBAL CHEMICAL PUBLIC - NVDR- 2,616,400.00 6,024,047.65 0.66SHIN CORP. PUBL. -NVTG- DEP. RECEIPT 3,867,300.00 7,399,217.34 0.8153,387,477.16 5.84TURCHIADOGAN SIRKELTER 5,270,832.00 2,364,948.62 0.26KOZA ALTIN IZLETMELERI 163,373.00 3,032,919.11 0.33TURKIYE VAKIFLAR BANKASI TAO 1,397,330.00 2,617,568.16 0.298,015,435.89 0.88UNGHERIAMOL MAGYAR OLAY 'A' 58,044.00 4,875,522.69 0.534,875,522.69 0.53TOTALE I. 899,006,976.97 98.38II. ALTRI VALORI MOBILIARIAZIONIARGENTINAGENERAL FABRIL 'B' 910,000,000.00 0.00 0.000.00 0.00TOTALE II. 0.00 0.00La nota integrativa costituisce parte integrante del presente bilancio.263
<strong>Pictet</strong> - Emerging MarketsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoIII. QUOTE DI FONDI DI INVESTIMENTOISOLE VERGINI BRITANNICHETURQUOISE PARTNERS 'C' 6,024.35 4,447,407.74 0.494,447,407.74 0.49TOTALE III. 4,447,407.74 0.49TOTALE INVESTIMENTI 903,454,384.71 98.87DISPONIBILITÀ LIQUIDE PRESSO BANCHE 11,847,597.31 1.30ALTRE PASSIVITÀ NETTE -1,535,916.51 -0.17PATRIMONIO NETTO COMPLESSIVO 913,766,065.51 100.00La nota integrativa costituisce parte integrante del presente bilancio.264
<strong>Pictet</strong> - Emerging MarketsRIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Corea del Sud 14.66Brasile 13.82Cina 11.57Taiwan 9.87Russia 7.07India 5.84Thailandia 5.84Hong Kong 4.58Sudafrica 4.54Indonesia 3.97Messico 3.82Isole Cayman 2.39Filippine 1.51Malaysia 1.46Colombia 1.30Regno Unito 0.91Turchia 0.88Repubblica ceca 0.70Irlanda 0.58Spagna 0.57Stati Uniti 0.57Ungheria 0.53Bermuda 0.52Isole Vergini britanniche 0.49Isola Di Man 0.41Cile 0.28Nigeria 0.19Argentina 0.0098.87Ripartizione per settori economici(in % del patrimonio netto)Banche e istituti di credito 16.00Petrolio 15.29Equipaggiamento elettrico ed elettronico 13.33Comunicazioni 7.80Holding e società finanziarie 7.07Tabacco e bevande alcoliche 4.17Acciaio inossidabile 3.84Settore minerario e siderurgico 3.73Internet, software e servizi informatici 3.13Edilizia e materiali da costruzione 2.88Automezzi 2.43Costruzione di macchine e apparecchiature 2.04Servizi pubblici 1.95Assicurazioni 1.89Computer e articoli per ufficio 1.72Sostanze chimiche 1.61Vendita al dettaglio e supermercati 1.61Servizi di pubblica utilità 1.24Gastronomia 1.15Pietre e metalli preziosi 0.99Prodotti tessili e abbigliamento 0.80Settore immobiliare 0.75Trasporto passeggeri e merci 0.66Servizi sanitari e sociali 0.57Aeronautica e astronautica 0.54Agricoltura e pesca 0.52Quote di fondi di investimento 0.49Alimentari e bevande non alcoliche 0.31Commercio vario 0.28Servizi elettrici 0.0898.87La nota integrativa costituisce parte integrante del presente bilancio.265
<strong>Pictet</strong> - Eastern EuropePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoI. VALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOAZIONIIRLANDADRAGON OIL (GBP) 440,387.00 3,184,796.40 1.053,184,796.40 1.05ISOLA DI MANZHAIKMUNAI GDR (R. 1 SHS) 374,210.00 3,182,073.25 1.053,182,073.25 1.05ISOLE VERGINI BRITANNICHEMAIL.RU GROUP -GDR- (R.1 SHS) 149,686.00 4,339,402.51 1.434,339,402.51 1.43KAZAKSTANKAZMUNAIGAS -GDR SPONS. -REG. S 57,491.00 866,458.55 0.28866,458.55 0.28PAESI BASSIX5 RETAIL GROUP SPONS. GDR REG. S 87,126.00 1,489,616.50 0.491,489,616.50 0.49POLONIABANK PEKAO 190,576.00 7,062,188.32 2.32GET BANK 1,946,111.00 912,579.29 0.30GETIN 664,908.00 375,749.07 0.12GLOBE TRADE CENTRE 240,307.00 381,398.29 0.13KGHM 207,686.00 6,947,088.00 2.28LOTOS 220,228.00 1,429,896.96 0.47PGE POLSKA GRUPA ENERGETYCZNA 529,014.00 2,427,247.00 0.80PKO BANK POLSKI 950,577.00 7,696,599.11 2.53POLISH TELECOM 636,622.00 2,602,549.55 0.86POLSKI KONCERN NAFTOWY 559,375.00 5,072,569.69 1.67PZU 39,877.00 3,102,167.35 1.0238,010,032.63 12.50REPUBBLICA CECACESKE ENERGETICKE ZAVODY 130,000.00 4,194,397.00 1.38KOMERCNI BANKA 17,500.00 2,630,704.33 0.86TELEFONICA O2 CR 140,000.00 2,199,480.69 0.729,024,582.02 2.96La nota integrativa costituisce parte integrante del presente bilancio.266
<strong>Pictet</strong> - Eastern EuropePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoRUSSIAFGC UES (USD) 375,267,372.00 2,939,510.30 0.97GAZPROM ADR (R. 4 SHS) 2,593,201.00 23,379,282.16 7.68IDGC (USD) 48,461,056.00 3,927,407.69 1.29INTER RAO UES (USD) 1,288,995,104.00 970,849.94 0.32JFSC SISTEMA GDR (R. 20 SHS) 288,030.00 4,382,177.21 1.44LUKOIL HOLDING ADR (R. 1 SHS) 517,375.00 23,341,733.34 7.67MAGNIT (USD) 48,055.00 4,419,247.54 1.45MAGNIT GDR 72,801.00 1,584,659.76 0.52MAGNITOGORSK IRON GDR (R. 13 SHS) 389,603.00 1,716,639.10 0.56MECHEL-BANK PFD 0% PERP 517,138.00 1,402,199.45 0.46MMC NORILSK NICKEL ADR (R. 0. 1SHS) 458,882.00 6,255,765.19 2.06MOBILE TELESYSTEMS USD 1,603,660.00 9,229,063.92 3.03NOMOS BANK GDR (R. 1/2 SHS REG.S) 310,335.00 3,260,662.19 1.07NOVATEK -GDR SPONS. - REG. S 100,423.00 9,976,514.27 3.28NOVOLIPETSK STEEL GDR (R. 1 REG-S) 130,580.00 2,044,711.29 0.67OAO ROSNEFT OIL COMPANY GDR 1,582,409.00 8,253,522.96 2.71PIPE METALL. COMP. GDR (REP 4SHS) 481,820.00 4,862,845.41 1.60ROSTELECOM 714,663.00 2,614,550.70 0.86RUSHYDRO ADR (R.100 SHS) 1,240,956.00 3,372,280.99 1.11SBERBANK OF RUSSIA 9,863,772.00 23,563,292.19 7.74SBERBANK PFD (USD) 1,805,102.00 3,525,917.09 1.16SEVERSTAL GDR (R. 1 SHS) 139,926.00 1,396,417.04 0.46SURGUTNEFTEGAZ ADR (R. 10 SHS) 752,929.00 5,435,593.67 1.79SURGUTNEFTEGAZ OIL PFD (USD) 13,419,898.00 7,069,288.15 2.32TATNEFT GDR (R. 20 SHS) 229,207.00 6,800,090.60 2.24TRANSNEFT PREF (USD) 3,158.00 4,492,144.91 1.48URALKALIY GDR (R. 5 SHS) 302,069.00 8,518,102.06 2.80VTB BANK GDR SPONS. REG. S 1,431,492.00 4,765,539.09 1.57WGC 4 (USD) 54,554,584.00 3,903,513.59 1.28187,403,521.80 61.59STATI UNITICTC MEDIA 347,617.00 3,039,723.41 1.003,039,723.41 1.00TURCHIAAKBANK 845,711.00 2,487,517.00 0.82ANADOLU EFES BIRACI 238,931.00 2,517,104.03 0.83ASYA KATILIM BANKASI B 1,634,647.00 1,329,443.69 0.44BIZIM TOPTAN SATIS MAGAZALARI 149,643.00 1,478,726.68 0.49DOGAN SIRKELTER 9,131,600.00 3,078,403.34 1.01EMLAK KONUT GAYRIMENKUL YATIRIM 712,760.00 696,818.96 0.23EREGLI DEMIR VE CE 441,179.00 650,686.10 0.21FORD OTOMOTIV SANAYI 220,911.00 1,517,377.37 0.50KOC HOLDING 1,715,763.00 5,147,850.75 1.69KOZA DAVETIYE 1,210,361.00 1,606,623.56 0.53TOFAS TURK OTOMOBIL FABRIKASI 344,778.00 1,072,221.63 0.35TUPRAS TURKIY PETROL RAFINERILERI 125,644.00 2,356,082.10 0.77TURKCELL ILETISIM 685,942.00 2,641,935.72 0.87La nota integrativa costituisce parte integrante del presente bilancio.267
<strong>Pictet</strong> - Eastern EuropePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoTURKIYE GARANTI BANKASI NOM. 1,975,363.00 5,743,606.27 1.89TURKIYE HALK BANKASI 374,495.00 1,964,735.22 0.65TURKIYE IS BANKASI 'C' 3,310,207.00 6,025,978.18 1.98TURKIYE SINAI KALKINMA BANKASI 1,442,908.00 1,374,155.04 0.45TURKIYE VAKIFLAR BANKASI TAO 845,637.00 1,190,197.68 0.39YAPI VE KREDI BANKASI 1,236,365.00 1,839,119.98 0.6044,718,583.30 14.70UNGHERIAMAGYAR TELEKOM 801,336.00 1,540,912.41 0.51MOL MAGYAR OLAY 'A' 38,141.00 2,391,041.00 0.79OTP BANK 264,947.00 3,447,234.03 1.137,379,187.44 2.43TOTALE I. 302,637,977.81 99.48II. ALTRI VALORI MOBILIARIAZIONISLOVACCHIACHIRANA PREMA 21,076.00 0.00 0.000.00 0.00TOTALE II. 0.00 0.00TOTALE INVESTIMENTI 302,637,977.81 99.48DISPONIBILITÀ LIQUIDE PRESSO BANCHE 2,294,077.55 0.75ALTRE PASSIVITÀ NETTE -706,114.00 -0.23PATRIMONIO NETTO COMPLESSIVO 304,225,941.36 100.00La nota integrativa costituisce parte integrante del presente bilancio.268
<strong>Pictet</strong> - Eastern EuropeRIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Russia 61.59Turchia 14.70Polonia 12.50Repubblica ceca 2.96Ungheria 2.43Isole Vergini britanniche 1.43Irlanda 1.05Isola Di Man 1.05Stati Uniti 1.00Paesi Bassi 0.49Kazakstan 0.28Slovacchia 0.0099.48Ripartizione per settori economici(in % del patrimonio netto)Petrolio 30.49Banche e istituti di credito 25.90Comunicazioni 9.41Holding e società finanziarie 5.98Servizi di pubblica utilità 4.90Acciaio inossidabile 4.34Sostanze chimiche 2.80Settore minerario e siderurgico 2.15Alimentari e bevande non alcoliche 1.97Costruzione di macchine e apparecchiature 1.60Vendita al dettaglio e supermercati 1.51Trasporto passeggeri e merci 1.48Internet, software e servizi informatici 1.43Altri settori 1.28Assicurazioni 1.02Servizi elettrici 0.97Automezzi 0.85Tabacco e bevande alcoliche 0.83Edilizia e materiali da costruzione 0.34Settore immobiliare 0.23Commercio vario 0.0099.48La nota integrativa costituisce parte integrante del presente bilancio.269
<strong>Pictet</strong> - Europe IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoI. VALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOAZIONIAUSTRIAERSTE BANK DER OESTER. SPARKASSEN 33,922.00 586,511.38 0.07IMMOFINANZ 175,760.00 478,770.24 0.05OESTER. ELEKTR. WIRT. 'A' 10,178.00 232,160.18 0.03OMV 28,933.00 771,064.45 0.09RAIFFEISEN INT. BANK-HOLDING 7,630.00 202,195.00 0.02TELEKOM AUSTRIA 58,729.00 512,821.63 0.06VOEST-ALPINE 19,522.00 492,247.23 0.06WIENER STAEDTISCHE VERSICHERUNGS 5,783.00 191,243.81 0.023,467,013.92 0.40BELGIOANHEUSER-BUSH INBEV 138,022.00 7,560,845.16 0.86BEKAERT 7,612.00 183,867.86 0.02BELGACOM 26,229.00 632,250.05 0.07COLRUYT 12,245.00 369,064.30 0.04FORTIS 382,243.00 629,936.46 0.07GBL (GROUPE BRUXELLES LAMBERT) 14,204.00 824,400.16 0.09GROUPE DELHAIZE 18,046.00 711,914.70 0.08INBEV -STRIP VVPR 27,085.00 81.26 0.00KBC GROUPE 28,742.00 540,637.02 0.06MOBISTAR 4,849.00 181,110.15 0.02SOLVAY 10,333.00 917,260.41 0.10U.C.B. 17,280.00 559,008.00 0.06UMICORE 19,997.00 825,976.09 0.0913,936,351.62 1.56BERMUDASEADRILL 57,100.00 1,604,130.77 0.181,604,130.77 0.18DANIMARCAA.P. MOELLER - MAERSK 'A' 97.00 535,091.44 0.06A.P. MOELLER - MAERSK 'B' 221.00 1,279,725.69 0.15CARLSBERG 'B' 18,200.00 1,127,771.81 0.13COLOPLAST 'B' 3,750.00 486,919.67 0.06DANSKE BANK 113,500.00 1,441,705.62 0.16DSV 32,000.00 544,113.40 0.06NOVO NORDISK 'B' 72,900.00 7,569,634.97 0.86NOVOZYMES B 39,085.00 853,714.00 0.10TDC 91,300.00 498,002.75 0.06La nota integrativa costituisce parte integrante del presente bilancio.270
<strong>Pictet</strong> - Europe IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoTRYGVESTA 3,800.00 160,690.88 0.02VESTAS WIND SYSTEMS NOM. 35,820.00 272,515.33 0.03WILLIAM DEMANT HOLDING 4,250.00 297,057.96 0.0315,066,943.52 1.72FINLANDIAELISA 'A' 25,433.00 457,031.01 0.05FORTUM 76,044.00 1,384,000.80 0.16KESKO 10,727.00 260,987.91 0.03KONE 'B' 26,323.00 1,099,511.71 0.13METSO 22,636.00 725,483.80 0.08NESTE OIL 20,894.00 192,956.09 0.02NOKIA 636,114.00 2,596,617.35 0.30NOKIAN TYRES 19,610.00 716,549.40 0.08ORION 'B' 15,481.00 229,428.42 0.03POHJOLA BANK 'A' 20,716.00 172,046.38 0.02SAMPO OYJ 72,397.00 1,568,842.99 0.18SANOMAWSOY 12,884.00 123,686.40 0.01STORA ENSO 'R' 104,674.00 583,034.18 0.07UPM-KYMMENE 88,082.00 899,317.22 0.10WARTSILA 'B' 29,377.00 830,781.56 0.0911,840,275.22 1.35FRANCIAACCOR 25,489.00 682,340.53 0.08ADP 6,506.00 400,379.24 0.05AIR LIQUIDE 48,935.00 4,891,542.60 0.56ALCATEL-LUCENT 417,174.00 711,281.67 0.08ALSTOM 36,024.00 1,054,062.24 0.12ARKEMA FRANCE 9,061.00 633,092.07 0.07ATOS ORIGIN 8,997.00 389,075.27 0.04AXA 297,590.00 3,699,043.70 0.42BIC 4,303.00 323,757.72 0.04BNP PARIBAS 164,892.00 5,866,032.90 0.67BOUYGUES 33,713.00 773,039.09 0.09BUREAU VERITAS 9,672.00 638,352.00 0.07CAP GEMINI 25,021.00 839,704.76 0.10CARREFOUR 100,417.00 1,804,995.58 0.21CASINO GUICHARD 9,332.00 689,634.80 0.08CIE GENERALE DE GEOPHYSIQUE 25,993.00 576,784.67 0.07CNP ASSURANCES 27,762.00 324,815.40 0.04CREDIT AGRICOLE 172,406.00 803,411.96 0.09DANONE GROUPE 100,005.00 5,230,261.50 0.60DASSAULT SYSTEMES 10,553.00 728,051.47 0.08DIOR CHRISTIAN 9,158.00 1,053,627.90 0.12EDENRED 28,102.00 633,981.12 0.07EIFFAGE 6,913.00 200,546.13 0.02ELECTRICITE DE FRANCE 42,416.00 725,737.76 0.08ESSILOR INTERNATIONAL 34,922.00 2,333,837.26 0.27EURAZEO 4,903.00 187,049.45 0.02EUTELSAT COMMUNICATIONS 22,867.00 633,873.24 0.07La nota integrativa costituisce parte integrante del presente bilancio.271
<strong>Pictet</strong> - Europe IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoFONCIERE DES REGIONS 4,636.00 279,226.28 0.03FRANCE TELECOM 318,673.00 3,538,863.67 0.40GDF SUEZ 211,162.00 4,090,207.94 0.47GECINA 3,340.00 261,655.60 0.03GROUPE EUROTUNNEL 'RGPT' 92,880.00 604,834.56 0.07ICADE REITS 3,566.00 238,529.74 0.03ILIAD 3,608.00 372,706.40 0.04IMERYS 6,550.00 298,614.50 0.03JC DECAUX 10,033.00 229,856.03 0.03KLEPIERRE 19,288.00 501,488.00 0.06L.V.M.H. 43,557.00 5,612,319.45 0.64LAFARGE 33,832.00 1,210,678.12 0.14LAGARDERE 21,873.00 505,922.49 0.06LEGRAND 37,917.00 1,046,130.03 0.12L'OREAL 41,671.00 3,854,150.79 0.44MICHELIN 'B' NOM. 31,310.00 1,748,037.30 0.20NATIXIS 167,420.00 483,006.70 0.06NEOPOST 5,784.00 278,904.48 0.03PERNOD-RICARD 34,413.00 2,697,979.20 0.31PEUGEOT PORT. 41,458.00 500,605.35 0.06PPR 13,299.00 1,715,571.00 0.20PUBLICIS 25,695.00 1,062,102.83 0.12RENAULT 32,065.00 1,267,369.13 0.14SAFRAN 29,293.00 807,168.62 0.09SAINT GOBAIN 68,718.00 2,301,022.23 0.26SANOFI-AVENTIS 195,922.00 11,408,538.06 1.30SCHNEIDER ELECTRIC S.A. 83,797.00 4,105,215.03 0.47SCOR SE 29,965.00 607,090.90 0.07SOCIETE GENERALE 113,698.00 2,497,376.57 0.28SODEXO 16,410.00 1,010,199.60 0.12SUEZ ENVIRONNEMENT 49,642.00 570,883.00 0.07TECHNIP (EX TECHNIP-COFLEXIP) 16,903.00 1,493,041.99 0.17TF1 -TELEVISION FRANCAISE 1- 24,133.00 221,565.07 0.03THALES (EX-THOMSON CSF) 18,399.00 516,275.94 0.06TOTAL 364,079.00 13,922,380.96 1.59UNIBAIL-RODAMCO 15,663.00 2,348,666.85 0.27VALLOUREC USINES A TUBES 19,276.00 915,610.00 0.10VEOLIA ENVIRONNEMENT 65,050.00 808,896.75 0.09VINCI 77,103.00 3,014,727.30 0.34VIVENDI 214,291.00 2,948,644.16 0.34WENDEL 6,101.00 390,769.05 0.04119,115,143.70 13.61GERMANIAADIDAS NOM. 36,484.00 2,135,773.36 0.24ALLIANZ NOM. 78,230.00 6,999,238.10 0.80AXEL SPRINGER 5,978.00 226,386.86 0.03B.M.W. 57,028.00 3,845,398.04 0.44B.M.W. PREF 8,137.00 362,381.30 0.04BASF REG. 157,363.00 10,321,439.17 1.18BAYER NOM. 141,857.00 7,481,538.18 0.85BEIERSDORF 17,678.00 864,896.15 0.10La nota integrativa costituisce parte integrante del presente bilancio.272
<strong>Pictet</strong> - Europe IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoBRENNTAG 7,631.00 700,678.42 0.08CELESIO 15,979.00 216,835.03 0.02COMMERZBANK 631,947.00 1,198,803.46 0.14CONTINENTAL GUMMIWERKE 13,708.00 970,115.16 0.11DAIMLER NOM. 156,393.00 7,070,527.53 0.81DEUTSCHE BANK NOM. 160,133.00 5,973,761.57 0.68DEUTSCHE BOERSE NOM. 33,529.00 1,692,543.92 0.19DEUTSCHE LUFTHANSA NOM. 40,397.00 423,966.52 0.05DEUTSCHE POST NOM. 144,405.00 2,084,486.18 0.24DEUTSCHE TELEKOM NOM. 484,655.00 4,374,980.69 0.50E.ON AG 309,590.00 5,560,236.40 0.63FRAPORT 7,167.00 336,490.65 0.04FRESENIUS 19,403.00 1,491,896.67 0.17FRESENIUS MEDICAL CARE 35,329.00 1,877,383.06 0.21GEA GROUP 29,595.00 765,326.70 0.09HANNOVER RUECKVERSICHERUNGS NOM. 9,692.00 431,681.68 0.05HEIDELBERGCEMENT 23,750.00 1,077,893.75 0.12HENKEL 21,744.00 1,017,619.20 0.12HENKEL PREF N-VTG 30,315.00 1,665,506.10 0.19HOCHTIEF 6,479.00 294,729.71 0.03INFINEON TECHNOLOGIES NOM. 192,003.00 1,471,895.00 0.17K+S REG. 29,424.00 1,154,156.40 0.13KABEL DEUTSCHLAND HOLDING 15,503.00 717,943.93 0.08LANXESS AG 14,671.00 909,308.58 0.10LINDE 29,582.00 3,980,258.10 0.45MAN AG 10,560.00 1,054,204.80 0.12MERCK 11,013.00 913,858.74 0.10METRO 21,290.00 617,197.10 0.07MUENCHENER RUECKVER. NOM. 31,023.00 3,507,150.15 0.40PORSCHE AUTOMOBILE -NVTG- 26,123.00 1,155,942.75 0.13PROSIEBEN SAT. 1 MEDIA PREF N-VTG 12,935.00 249,257.45 0.03R.W.E. 'A' 84,124.00 3,012,059.82 0.34R.W.E. PREF N-VTG 6,151.00 202,767.72 0.02SALZGITTER 5,859.00 240,775.61 0.03SAP AG 158,068.00 8,276,440.48 0.94SIEMENS AG 141,325.00 10,682,756.75 1.22SUEDZUCKER 10,541.00 251,666.38 0.03THYSSENKRUPP 65,261.00 1,218,096.57 0.14UNITED INTERNET NOM. 19,086.00 269,685.18 0.03VOLKSWAGEN (EUR) 5,173.00 625,415.70 0.07VOLKSWAGEN PREF 24,747.00 3,262,891.95 0.37WACKER CHEMIE 2,465.00 162,961.15 0.02115,399,203.87 13.14GRECIACOCA COLA HBC (REG. SHS) 32,352.00 464,251.20 0.05HELLENIC TELECOMM. ORGANIZATIONS 35,724.00 113,959.56 0.01NATIONAL BANK OF GREECE REG. 175,903.00 337,733.76 0.04OPAP 35,032.00 254,682.64 0.031,170,627.16 0.13La nota integrativa costituisce parte integrante del presente bilancio.273
<strong>Pictet</strong> - Europe IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoGUERNSEYRESOLUTION 240,876.00 755,153.58 0.09755,153.58 0.09IRLANDACRH (EUR) 123,498.00 1,889,519.40 0.22ELAN 85,901.00 942,763.48 0.11KERRY GROUP 'A' 24,322.00 843,973.40 0.10RYANAIR HOLDINGS 38,143.00 170,728.07 0.023,846,984.35 0.45ITALIAA2A 223,248.00 134,283.67 0.02ASSICURAZIONI GENERALI 199,289.00 2,319,723.96 0.26ATLANTIA 54,276.00 675,736.20 0.08AUTOGRILL 24,424.00 193,315.96 0.02BANCA CARIGE 103,358.00 101,704.27 0.01BANCO POPOLARE 311,245.00 442,590.39 0.05ENEL ENTE NAZION. ENERGIA ELETTR. 1,135,090.00 3,078,364.08 0.35ENEL GREEN POWER 317,814.00 452,884.95 0.05ENI 413,368.00 7,271,143.12 0.83EXOR 9,300.00 176,049.00 0.02FIAT 122,871.00 541,615.37 0.06FIAT INDUSTRIAL 132,603.00 1,060,824.00 0.12FINMECCANICA 74,781.00 303,610.86 0.03INTESA SANPAOLO 1,722,881.00 2,315,552.06 0.26INTESA SANPAOLO (AZ. DI RISO.) 144,592.00 167,292.94 0.02LUXOTTICA GROUP 20,793.00 564,529.95 0.06MEDIASET 130,938.00 270,779.78 0.03MEDIOBANCA 89,449.00 393,933.40 0.04MONTE PASCHI SIENA 888,050.00 280,712.61 0.03PIRELLI & CIE 44,117.00 393,523.64 0.04PRYSMIAN 36,974.00 487,317.32 0.06SAIPEM 45,568.00 1,764,848.64 0.20SNAM RETE GAS 283,610.00 1,022,697.66 0.12T.E.R.N.A. 206,265.00 621,682.71 0.07TELECOM ITALIA 1,606,211.00 1,431,937.11 0.16TELECOM ITALIA RISP 1,006,584.00 741,852.41 0.08UBI BANCA 128,601.00 408,693.98 0.05UNICREDIT -POST REGROUPPAMENTO- 693,953.00 2,606,487.47 0.3030,223,687.51 3.42JERSEYGLENCORE INTERNATIONAL 240,900.00 1,125,473.02 0.13PETROFAC 44,700.00 933,166.44 0.11RANDGOLD RESOURCES 16,200.00 1,043,738.35 0.12SHIRE 95,200.00 2,307,228.78 0.26WOLSELEY 48,324.00 1,382,201.85 0.16WPP 215,420.00 2,208,515.39 0.259,000,323.83 1.03La nota integrativa costituisce parte integrante del presente bilancio.274
<strong>Pictet</strong> - Europe IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoLUSSEMBURGOACERGY 48,000.00 952,909.87 0.11ARCELOR MITTAL 149,614.00 2,143,968.62 0.24MILLICOM INTL CELLULAR-SDR- 13,100.00 1,111,888.70 0.13SES GLOBAL FDR 50,738.00 943,980.49 0.11TENARIS SA (EUR) 79,987.00 1,143,814.10 0.136,296,561.78 0.72NORVEGIAAKER SOLUTIONS 30,200.00 383,060.97 0.04DNB NOR 165,963.00 1,599,306.14 0.18GJENSIDIGE FORSIKRING 32,500.00 287,729.83 0.03NORSK HYDRO NOM. (NOK) 165,151.00 674,205.39 0.08ORKLA 'A' 130,600.00 774,717.93 0.09STATOIL 191,708.00 3,901,745.80 0.44TELENOR 126,700.00 1,761,366.69 0.20YARA INTERNATIONAL 31,531.00 1,127,396.69 0.1310,509,529.44 1.19PAESI BASSIAEGON 288,779.00 1,202,475.76 0.14AKZO NOBEL 39,678.00 1,756,545.06 0.20ASML 73,668.00 2,761,076.64 0.31BOSKALIS WESTMINSTER 11,507.00 324,094.66 0.04CORIO 11,299.00 446,875.45 0.05DELTA LLOYD 16,070.00 211,802.60 0.02EUROPEAN AERONAUTIC DEFENCE SPACE 69,681.00 2,139,555.11 0.24FUGRO - CVA 12,290.00 656,531.80 0.07HEINEKEN 44,196.00 1,841,868.30 0.21HEINEKEN HOLDING 20,022.00 702,772.20 0.08ING GROEP C. ACT 662,174.00 4,136,600.98 0.47KONINKLIJKE AHOLD 202,424.00 2,103,185.36 0.24KONINKLIJKE DSM 26,090.00 1,131,914.65 0.13KONINKLIJKE KPN NV 255,412.00 2,106,638.18 0.24KONINKLIJKE VOPAK 11,480.00 495,878.60 0.06QIAGEN 39,233.00 458,045.28 0.05RANDSTAD HOLDING 21,292.00 602,350.68 0.07REED ELSEVIER 119,018.00 1,139,716.37 0.13ROYAL PHILIPS (EUR) 174,325.00 2,649,740.00 0.30SBM OFFSHORE 30,031.00 460,225.08 0.05STMICROELECTRONICS 106,770.00 654,179.79 0.07TNT EXPRESS 60,053.00 556,090.78 0.06UNILEVER NV 283,747.00 7,239,804.71 0.83WOLTERS KLUWER 50,534.00 717,582.80 0.0836,495,550.84 4.14PANAMACARNIVAL TWIN 3,345.00 80,579.21 0.0180,579.21 0.01La nota integrativa costituisce parte integrante del presente bilancio.275
<strong>Pictet</strong> - Europe IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoPORTOGALLOBANCO ESPIRITO SANTO NOM. 140,737.00 192,809.69 0.02CIMPOR (CIMENTOS PORTUGAL) NOM. 40,849.00 204,245.00 0.02EDP (ELECTRIC. DE PORTUGAL) NOM. 333,620.00 727,625.22 0.08GALP ENERGIA 'B' 38,664.00 477,113.76 0.05JERONIMO MARTINS 40,586.00 619,951.15 0.07PORTUGAL TELECOM SGPS 114,596.00 467,437.08 0.052,689,181.90 0.29REGNO UNITO3I GROUP 177,823.00 456,566.51 0.05ADMIRAL GROUP 37,700.00 536,901.25 0.06AGGREKO 46,243.00 1,248,334.18 0.14AMEC 58,400.00 776,345.34 0.09ANGLO AMERICAN 228,054.00 6,394,384.52 0.73ANTOFAGASTA 67,900.00 938,479.08 0.11ARM HOLDINGS 230,300.00 1,635,753.98 0.19ASSOCIATED BRITISH FOODS 60,400.00 884,095.36 0.10ASTRAZENECA (GBP) 224,062.00 7,470,662.16 0.85AVIVA 494,134.00 1,965,307.96 0.22BABCOCK INTERNATIONAL GROUP 61,100.00 583,887.71 0.07BAE SYSTEMS 569,454.00 2,048,978.76 0.23BALFOUR BEATTY 119,086.00 407,914.52 0.05BARCLAYS 1,999,176.00 5,642,648.58 0.64BG GROUP 583,834.00 10,142,856.63 1.16BHP BILLITON 361,795.00 8,279,983.09 0.94BP PLC 3,258,432.00 18,082,966.99 2.06BRITISH AMERICAN TOBACCO 339,324.00 12,826,152.64 1.46BRITISH LAND 145,160.00 835,795.54 0.10BRITISH SKY BROADCASTING GROUP 191,264.00 1,551,251.71 0.18BT GROUP 1,332,188.00 3,618,630.85 0.41BUNZL 56,944.00 685,936.68 0.08BURBERRY GROUP 73,537.00 1,320,778.68 0.15CAPITA GROUP 103,008.00 905,275.83 0.10CARNIVAL 27,716.00 664,398.10 0.08CENTRICA 885,448.00 3,361,258.22 0.38COBHAM 178,200.00 489,818.44 0.06COMPASS GROUP 330,400.00 2,598,454.26 0.30DIAGEO 428,173.00 7,718,556.74 0.88ESSAR ENERGY 36,800.00 68,568.02 0.01EURASIAN NATURAL RESOURCES 39,700.00 282,215.72 0.03EXPERIAN 172,831.00 2,020,718.56 0.23FRESNILLO 32,000.00 613,520.52 0.07G4S 244,533.00 799,477.65 0.09GKN 267,400.00 661,213.54 0.08GLAXOSMITHKLINE 868,331.00 14,548,847.38 1.66HAMMERSON REIT 125,980.00 628,173.32 0.07HSBC HOLDINGS 3,071,765.00 20,446,867.47 2.33ICAP 101,100.00 476,458.39 0.05IMPERIAL TOBACCO 172,780.00 5,255,012.77 0.60INMARSAT 70,300.00 388,238.54 0.04La nota integrativa costituisce parte integrante del presente bilancio.276
<strong>Pictet</strong> - Europe IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoINTERCONTINENTAL HOTELS 49,143.00 856,701.69 0.10INTERNATIONAL POWER 274,492.00 1,333,788.77 0.15INTERTEK GROUP 27,700.00 834,504.77 0.10INVENSYS 131,825.00 314,740.91 0.04INVESTEC 91,500.00 419,689.14 0.05ITV 666,100.00 706,070.93 0.08JOHNSON MATTHEY 36,600.00 1,035,884.58 0.12KAZAKHMYS 33,900.00 369,307.30 0.04KINGFISHER 417,903.00 1,537,770.79 0.18LAND SECURITIES GROUP 135,321.00 1,173,019.94 0.13LEGAL & GENERAL GROUP 1,004,787.00 1,575,621.64 0.18LIBERTY INTERNATIONAL R.EI.T 83,320.00 331,286.78 0.04LLOYDS TSB GROUP 7,153,755.00 2,884,299.17 0.33LONDON STOCK EXCHANGE GROUP 22,573.00 280,034.90 0.03LONMIN 26,744.00 327,928.83 0.04MAN GROUP 300,700.00 486,323.96 0.06MARKS & SPENCER GROUP 266,384.00 1,211,294.34 0.14MEGGITT 128,900.00 624,639.02 0.07MORRISON WM. SUPERMARKETS 365,200.00 1,305,717.95 0.15NATIONAL GRID 614,657.00 4,649,650.03 0.53NEXT 29,000.00 1,037,895.41 0.12OLD MUTUAL (GBP) 957,434.00 1,821,857.35 0.21PEARSON 142,345.00 1,989,621.59 0.23PRUDENTIAL 435,265.00 3,903,617.77 0.45RECKITT BENCKISER 107,000.00 4,535,547.89 0.52REED ELSEVIER GBP 205,567.00 1,368,827.50 0.16REXAM 153,379.00 787,795.46 0.09RIO TINTO NOM. 235,941.00 9,754,859.78 1.11ROLLS-ROYCE HOLDINGS 320,273.00 3,120,173.18 0.36ROYAL & SUN ALLIANCE INSUR. GROUP 636,016.00 798,182.26 0.09ROYAL BANK OF SCOTLAND GROUP 2,955,810.00 980,204.95 0.11ROYAL DUTCH SHELL 'A' 638,562.00 16,761,097.75 1.91ROYAL DUTCH SHELL 'B' 456,859.00 12,056,145.85 1.37SABMILLER (GBP) 163,900.00 4,934,787.95 0.56SAGE GROUP 230,850.00 828,693.27 0.09SAINSBURY J. 211,343.00 789,349.49 0.09SCHRODERS 20,839.00 395,035.66 0.05SCOTTISH & SOUTHERN ENERGY 160,700.00 2,562,378.02 0.29SEGRO 134,254.00 378,205.35 0.04SERCO GROUP 83,800.00 545,438.89 0.06SEVERN TRENT 40,134.00 743,467.66 0.08SMITH & NEPHEW 156,617.00 1,190,386.15 0.14SMITHS GROUP 68,787.00 868,209.33 0.10STANDARD CHARTERED PLC 406,855.00 7,614,941.97 0.87STANDARD LIFE 395,200.00 1,089,131.39 0.12TATE & LYLE 79,200.00 669,910.28 0.08TESCO 1,387,287.00 5,492,658.51 0.63TUI TRAVEL 85,700.00 201,838.25 0.02TULLOW OIL 154,600.00 2,832,375.76 0.32UNILEVER NEW (GBP) 221,607.00 5,487,765.05 0.63UNITED UTILITIES GROUP 115,268.00 831,853.28 0.09VEDANTA RESOURCES 22,000.00 324,133.11 0.04La nota integrativa costituisce parte integrante del presente bilancio.277
<strong>Pictet</strong> - Europe IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoVODAFONE GROUP PLC 8,647,512.00 17,865,972.55 2.04WEIR GROUP 36,700.00 776,724.47 0.09WHITBREAD 30,218.00 668,542.43 0.08XSTRATA 357,004.00 4,574,532.07 0.52293,102,119.26 33.45SPAGNAABERTIS INFRAESTRUCTURAS 67,010.00 855,382.65 0.10ACCIONA 3,719.00 194,726.84 0.02ACERINOX 14,436.00 139,119.73 0.02ACS 24,346.00 467,199.74 0.05AMADEUS IT HOLDING 'A' 51,059.00 722,484.85 0.08BANCO DE SABADELL 355,473.00 725,875.87 0.08BANCO POPULAR ESPANOL NOM. 168,659.00 453,692.71 0.05BANCO SANTANDER 1,471,452.00 8,490,278.04 0.97BANKIA SAU 148,067.00 402,149.97 0.05BANKINTER 42,740.00 168,096.42 0.02BCO BILBAO VIZCAYA ARGENT. NOM. 795,577.00 4,747,207.96 0.54CINTRA 64,548.00 556,274.66 0.06CRITERIA CAIXACORP 134,509.00 392,631.77 0.04DIA 93,126.00 346,149.34 0.04EDP RENOVAVEIS 31,211.00 116,292.19 0.01ENAGAS 32,534.00 469,465.62 0.05FOMENTO CONSTRUCCIONES CONTRATAS 8,538.00 143,011.50 0.02GAS NATURAL SDG 60,411.00 723,723.78 0.08GRIFOLS 'A' 25,321.00 405,136.00 0.05IBERDROLA 659,047.00 2,805,563.08 0.32INDITEX NOM. 37,495.00 2,692,890.90 0.31INDRA SISTEMAS 13,692.00 125,802.10 0.01INT. CONSOLID. AIRLINES GROUP (EUR) 145,113.00 313,298.97 0.04MAPFRE 147,347.00 355,695.66 0.04RED ELECTRICA CORP 18,818.00 690,432.42 0.08REPSOL YPF 135,726.00 2,553,006.06 0.29TELEFONICA 703,874.00 8,647,092.09 0.99ZARDOYA OTIS 22,564.00 219,096.44 0.0238,921,777.36 4.43STATI UNITISYNTHES 11,347.00 1,476,280.84 0.171,476,280.84 0.17SVEZIAALFA LAVAL 57,400.00 884,094.68 0.10ASSA ABLOY 'B' 53,900.00 1,267,544.07 0.14ATLAS COPCO 'A' -FRIA- 115,160.00 2,086,516.13 0.24ATLAS COPCO 'B' 66,700.00 1,076,401.06 0.12BOLIDEN AB 43,800.00 515,013.27 0.06ELECTROLUX 'B' -FRIA- 39,740.00 629,179.17 0.07ERICSSON TELEFON 'B' 521,900.00 4,048,773.80 0.46GETINGE INDUSTRIER 'B' 34,733.00 740,545.85 0.08HENNES & MAURITZ 'B' 176,750.00 4,788,641.52 0.55La nota integrativa costituisce parte integrante del presente bilancio.278
<strong>Pictet</strong> - Europe IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoHEXAGON 'B' 41,533.00 603,513.63 0.07HOLMEN 'B' 10,400.00 213,853.83 0.02HUSQVARNA 'B' 81,510.00 368,147.10 0.04INDUSTRIVAERDEN 'C' 17,700.00 196,904.46 0.02INVESTOR 'B' 79,100.00 1,313,213.55 0.15KINNEVIK INVESTMENTS 'B' 33,200.00 578,236.45 0.07LUNDIN PETROLEUM 37,800.00 606,592.15 0.07MODERN TIMES GROUP 'B' 9,100.00 375,274.04 0.04NORDEA BANK 451,943.00 3,076,437.20 0.35RATOS 'B' 36,400.00 378,363.56 0.04SANDVIK 175,915.00 1,901,231.51 0.22SCANIA 'B' 55,700.00 867,365.99 0.10SECURITAS 'B' 50,552.00 364,995.73 0.04SKANDINAVISKA ENSKILDA 'A' 236,070.00 1,255,646.57 0.14SKANSKA 'B' 67,840.00 880,598.65 0.10SKF 'B' 68,200.00 1,246,480.99 0.14SSAB SWEDISH STEEL 'A' 25,500.00 180,507.92 0.02SVENSKA CELLULOSA 'B' 98,800.00 1,281,357.52 0.15SVENSKA HANDELSBANKEN 'A' 84,675.00 2,020,973.15 0.23SWEDBANK 'A' 141,950.00 1,651,418.97 0.19SWEDISH MATCH 37,600.00 1,120,810.97 0.13TELE2 'B' 51,900.00 792,920.94 0.09TELIASONERA (SEK) 375,795.00 1,962,263.59 0.22VOLVO 'B' 238,700.00 2,604,103.32 0.3041,877,921.34 4.76SVIZZERAABB LTD 374,687.00 5,765,085.85 0.66ACTELION NOM. 17,670.00 484,447.44 0.06ADECCO NOM. 22,169.00 871,171.01 0.10ARYZTA NOMINATIVE 14,758.00 546,837.81 0.06BALOISE-HOLDING AG 7,574.00 457,462.90 0.05BARRY CALLEBAUT NOM. 309.00 232,200.54 0.03CIE FINANCIERE RICHEMONT 88,867.00 4,178,814.78 0.48CREDIT SUISSE GROUP 197,518.00 4,222,237.29 0.48GAM HOLDING NOM. 31,332.00 342,302.48 0.04GEBERIT 6,900.00 1,082,872.24 0.12GIVAUDAN NOM. 1,440.00 1,040,825.48 0.12HOLCIM LTD 42,306.00 2,070,205.37 0.24JULIUS BAER GROUPE NOM. 34,936.00 1,057,663.99 0.12KUEHNE & NAGEL INTERNATIONAL 9,184.00 931,630.53 0.11LINDT & SPRUENGLI 159.00 383,081.60 0.04LINDT & SPRUENGLI NOM. 18.00 502,392.70 0.06LONZA GROUP 9,113.00 353,266.35 0.04NESTLE S.A. 566,838.00 26,748,748.32 3.08NOVARTIS NOM. 401,834.00 16,678,818.47 1.90PARGESA HOLDING 4,212.00 227,106.33 0.03PARTNERS GROUP HOLDING NOM. 2,505.00 366,490.95 0.04ROCHE HOLDING BON DE JOUISSANCE 120,811.00 15,768,080.77 1.80S.G.S. S.A. 958.00 1,397,610.62 0.16SCHINDLER HOLDING B. PART. 8,372.00 755,362.15 0.09SCHINDLER HOLDING NOM. 3,990.00 357,676.59 0.04La nota integrativa costituisce parte integrante del presente bilancio.279
<strong>Pictet</strong> - Europe IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoSIKA FINANZ PORT. 351.00 569,807.09 0.06SONOVA HOLDING NOM. 8,221.00 685,049.18 0.08STRAUMANN HOLDING NOM. 1,187.00 151,474.00 0.02SULZER 3,843.00 409,631.37 0.05SWISS LIFE HLDG NOM. 5,357.00 477,993.62 0.05SWISS RE REG. 59,887.00 2,868,322.91 0.33SWISSCOM NOM. 4,030.00 1,221,729.56 0.14SYNGENTA AG 16,290.00 4,223,874.68 0.48THE SWATCH GROUP 5,285.00 1,824,366.93 0.21THE SWATCH GROUP NOM. 7,821.00 471,406.83 0.05TRANSOCEAN 59,201.00 2,422,319.63 0.28UBS AG 625,318.00 6,571,849.77 0.75ZURICH FINANCIAL SERVICES 25,210.00 5,081,124.24 0.58113,801,342.37 13.03TOTALE AZIONI 870,676,683.39 99.27DIRITTIFRANCIATOTAL STRIP VVPR 2,017.00 2.02 0.002.02 0.00GERMANIAHEIDELBERGCEMENT STRIP VVPR 169.00 1.69 0.001.69 0.00TOTALE DIRITTI 3.71 0.00TOTALE I. 870,676,687.10 99.27II. ALTRI VALORI MOBILIARIDIRITTIAUSTRIAIMMOEAST RTS 86,619.00 0.00 0.000.00 0.00TOTALE II. 0.00 0.00TOTALE INVESTIMENTI 870,676,687.10 99.27DISPONIBILITÀ LIQUIDE PRESSO BANCHE 6,955,930.88 0.79ALTRE PASSIVITÀ NETTE -571,358.37 -0.06PATRIMONIO NETTO COMPLESSIVO 877,061,259.61 100.00La nota integrativa costituisce parte integrante del presente bilancio.280
<strong>Pictet</strong> - Europe IndexRIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Regno Unito 33.45Francia 13.61Germania 13.14Svizzera 13.03Svezia 4.76Spagna 4.43Paesi Bassi 4.14Italia 3.42Danimarca 1.72Belgio 1.56Finlandia 1.35Norvegia 1.19Jersey 1.03Lussemburgo 0.72Irlanda 0.45Austria 0.40Portogallo 0.29Bermuda 0.18Stati Uniti 0.17Grecia 0.13Guernsey 0.09Panama 0.0199.27Ripartizione per settori economici(in % del patrimonio netto)Banche e istituti di credito 11.98Industria farmaceutica e cosmetica 10.02Petrolio 9.35Comunicazioni 7.95Servizi di pubblica utilità 5.88Alimentari e bevande non alcoliche 5.55Tabacco e bevande alcoliche 5.09Assicurazioni 4.78Sostanze chimiche 4.67Equipaggiamento elettrico ed elettronico 4.14Vendita al dettaglio e supermercati 2.76Holding e società finanziarie 2.66Automezzi 2.64Costruzione di macchine e apparecchiature 2.56Edilizia e materiali da costruzione 2.49Acciaio inossidabile 2.15Settore minerario e siderurgico 1.85Prodotti tessili e abbigliamento 1.46Aeronautica e astronautica 1.20Trasporto passeggeri e merci 1.15Servizi pubblici 1.10Internet, software e servizi informatici 1.05Pietre e metalli preziosi 0.94Editoria e arti grafiche 0.79Settore immobiliare 0.72Gastronomia 0.57Commercio vario 0.54Altri settori 0.51Carta e prodotti forestali 0.51Gomma e pneumatici 0.39Prodotti di consumo vari 0.37Fotografia e materiale ottico 0.33Biotecnologia 0.31Orologeria 0.26Computer e articoli per ufficio 0.23Agricoltura e pesca 0.13Salvaguardia dell’ambiente e trattamento dei rifiuti 0.09Imballi 0.09Servizi ambientali e riciclaggio 0.01Diritti 0.0099.27La nota integrativa costituisce parte integrante del presente bilancio.281
<strong>Pictet</strong> - USA IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoI. VALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOAZIONIANTILLE OLANDESISCHLUMBERGER 159,674.00 11,039,860.36 0.7211,039,860.36 0.72BERMUDAINVESCO 52,800.00 1,379,664.00 0.091,379,664.00 0.09IRLANDAACCENTURE 'A' 77,800.00 5,018,100.00 0.33COOPER INDUSTRIES 'A' 19,000.00 1,195,100.00 0.08COVIDIEN 57,100.00 3,079,403.00 0.20INGERSOLL-RAND 36,800.00 1,515,056.00 0.10XL GROUP 35,700.00 763,980.00 0.0511,571,639.00 0.76PANAMACARNIVAL TWIN 55,600.00 1,781,424.00 0.121,781,424.00 0.12STATI UNITI3 M 82,700.00 7,341,279.00 0.48ABBOTT LABORATORIES 189,400.00 11,549,612.00 0.75ABERCROMBIE & FITCH 'A' 9,700.00 482,381.00 0.03ADOBE SYSTEMS 58,600.00 2,020,528.00 0.13ADVANCED MICRO DEVICES (USD) 64,500.00 523,740.00 0.03AES 73,000.00 950,460.00 0.06AETNA 40,800.00 2,022,048.00 0.13AFLAC 57,600.00 2,638,080.00 0.17AGILENT TECHNOLOGIES 42,289.00 1,880,168.94 0.12AGL RESOURCES 13,000.00 503,750.00 0.03AIR PRODUCTS & CHEMICALS 24,900.00 2,282,085.00 0.15AIRGAS 8,100.00 716,445.00 0.05AKAMAI TECHNOLOGIES 20,200.00 745,784.00 0.05ALCOA INC. 130,060.00 1,305,802.40 0.09ALLEGHENY TECHNOLOGIES 11,750.00 477,872.50 0.03ALLERGAN 36,600.00 3,473,706.00 0.23ALLSTATE 61,800.00 2,033,220.00 0.13ALPHA NATURAL RESOURCES 25,370.00 387,146.20 0.03ALTERA 39,000.00 1,530,360.00 0.10ALTRIA GROUP (USD) 246,200.00 7,531,258.00 0.49AMAZON.COM 43,600.00 8,920,996.00 0.58AMEREN CORPORATION 31,200.00 1,002,768.00 0.07AMERICAN ELECTRIC POWER 59,160.00 2,264,644.80 0.15La nota integrativa costituisce parte integrante del presente bilancio.282
<strong>Pictet</strong> - USA IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoAMERICAN EXPRESS 122,500.00 7,091,525.00 0.46AMERICAN INTERNATIONAL GROUP 62,976.00 1,885,501.44 0.12AMERICAN TOWER 47,100.00 2,938,098.00 0.19AMERIPRISE FINANCIAL W-ISSUED 25,940.00 1,463,794.20 0.10AMERISOURCEBERGEN 29,200.00 1,144,640.00 0.07AMGEN 94,112.00 6,335,619.84 0.41AMPHENOL 'A' 18,700.00 1,104,235.00 0.07ANADARKO PETROLEUM 60,220.00 4,656,812.60 0.30ANALOG DEVICES 34,100.00 1,364,341.00 0.09AON 38,400.00 1,880,448.00 0.12APACHE 47,040.00 4,648,022.40 0.30APARTMENT INVESTMENT & MGMT 'A'. 13,974.00 360,529.20 0.02APOLLO GROUP 'A' 13,300.00 519,232.00 0.03APPLE 111,950.00 68,273,827.00 4.39APPLIED MATERIALS 158,336.00 1,976,033.28 0.13ARCHER-DANIELS MIDLAND 80,773.00 2,524,963.98 0.16ASHLAND 1.00 61.06 0.00ASSURANT 9,900.00 399,564.00 0.03AT & T 711,810.00 22,215,590.10 1.45AUTODESK 26,300.00 1,105,652.00 0.07AUTOMATIC DATA PROCESSING 58,700.00 3,230,261.00 0.21AUTONATION 5,800.00 200,216.00 0.01AUTOZONE 3,400.00 1,272,756.00 0.08AVALONBAY COMMUNITIES 11,149.00 1,545,920.34 0.10AVERY DENNISON 11,700.00 352,989.00 0.02AVON PRODUCTS 53,900.00 1,033,802.00 0.07BAKER HUGHES 52,470.00 2,140,251.30 0.14BALL 18,600.00 795,150.00 0.05BANK OF AMERICA 1,289,723.00 12,291,060.19 0.80BANK OF NEW YORK MELLON 145,432.00 3,456,918.64 0.23BAXTER INTERNATIONAL 67,700.00 4,029,504.00 0.26BB & T 86,000.00 2,706,420.00 0.18BEAM 17,300.00 1,005,476.00 0.07BECTON DICKINSON & CO 26,300.00 2,027,730.00 0.13BED BATH & BEYOND 29,141.00 1,944,287.52 0.13BEMIS 10,688.00 349,070.08 0.02BERKSHIRE HATHAWAY B 210,800.00 17,148,580.00 1.12BEST BUY 34,375.00 851,468.75 0.06BIG LOTS 7,800.00 338,676.00 0.02BIOGEN IDEC 28,980.00 3,665,390.40 0.24BLACKROCK 12,200.00 2,434,998.00 0.16BMC SOFTWARE 18,400.00 740,784.00 0.05BOEING 90,200.00 6,682,016.00 0.44BORGWARNER 12,600.00 1,058,022.00 0.07BOSTON PROPERTIES 17,700.00 1,838,322.00 0.12BOSTON SCIENTIFIC 166,333.00 997,998.00 0.07BRISTOL MYERS SQUIBB CO 201,530.00 6,763,346.80 0.44BROADCOM 'A' 60,825.00 2,345,412.00 0.15BROWN FORMAN 'B' N-VTG 12,100.00 1,001,517.00 0.07C. H. ROBINSON WORLDWIDE 20,600.00 1,334,056.00 0.09C.A. 43,700.00 1,209,179.00 0.08CABLEVISION SYSTEMS 'A' 25,700.00 380,360.00 0.02La nota integrativa costituisce parte integrante del presente bilancio.283
<strong>Pictet</strong> - USA IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoCABOT OIL & GAS 23,600.00 713,900.00 0.05CAMERON INTERNATIONAL 29,500.00 1,542,260.00 0.10CAMPBELL SOUP 20,300.00 673,554.00 0.04CAPITAL ONE FINANCIAL 65,788.00 3,712,416.84 0.24CARDINAL HEALTH 41,050.00 1,769,255.00 0.12CAREFUSION W.I. 28,525.00 739,368.00 0.05CARMAX 27,800.00 950,482.00 0.06CATERPILLAR 77,300.00 8,195,346.00 0.53CBRE GROUP A 37,100.00 734,209.00 0.05CBS 'B' 77,905.00 2,557,621.15 0.17CELGENE 52,800.00 4,093,056.00 0.27CENTERPOINT ENERGY 48,000.00 928,800.00 0.06CENTURYTEL 73,765.00 2,850,279.60 0.19CERNER 18,100.00 1,378,315.00 0.09CF INDUSTRIES HOLDINGS 7,900.00 1,418,050.00 0.09CHARLES SCHWAB 131,000.00 1,869,370.00 0.12CHESAPEAKE ENERGY 78,300.00 1,817,343.00 0.12CHEVRON 237,823.00 25,411,387.55 1.66CHIPOTLE MEXICAN GRILL 3,800.00 1,598,356.00 0.10CHUBB 33,000.00 2,272,710.00 0.15CIGNA 35,900.00 1,758,023.00 0.11CINCINNATI FINANCIAL 17,828.00 619,701.28 0.04CINTAS 13,500.00 526,905.00 0.03CISCO SYSTEMS 647,388.00 13,614,569.64 0.89CITIGROUP 350,354.00 12,791,424.54 0.83CITRIX SYSTEMS 22,900.00 1,794,902.00 0.12CLIFFS NATURAL RESOURCES 17,800.00 1,258,460.00 0.08CLOROX 16,100.00 1,100,435.00 0.07CME GROUP 'A' 8,000.00 2,316,800.00 0.15CMS ENERGY 30,300.00 663,873.00 0.04COACH 34,900.00 2,696,374.00 0.18COCA-COLA 270,950.00 19,998,819.50 1.31COCA-COLA ENTERPRISES 35,400.00 996,510.00 0.07COGNIZANT TECH SOL 'A' 37,100.00 2,830,730.00 0.18COLGATE PALMOLIVE 57,100.00 5,520,999.00 0.36COMCAST 'A' 322,217.00 9,611,733.11 0.63COMERICA 25,400.00 821,182.00 0.05COMPUTER SCIENCES 18,000.00 545,040.00 0.04CONAGRA FOODS 51,700.00 1,358,159.00 0.09CONOCOPHILLIPS 153,111.00 11,605,813.80 0.76CONSOL ENERGY 25,500.00 863,430.00 0.06CONSOLIDATED EDISON 35,000.00 2,030,000.00 0.13CONSTELLATION BRANDS 'A' 21,200.00 500,744.00 0.03CORNING (USD) 183,800.00 2,578,714.00 0.17COSTCO WHOLESALE 51,800.00 4,653,712.00 0.30COVENTRY HEALTH CARE 16,750.00 579,550.00 0.04CR BARD 9,700.00 959,718.00 0.06CROWN CASTLE INTERNATIONAL 31,400.00 1,664,200.00 0.11CSX 122,400.00 2,642,616.00 0.17CUMMINS 22,700.00 2,716,282.00 0.18CVS CAREMARK 157,258.00 6,964,956.82 0.45DANAHER 68,000.00 3,742,040.00 0.24La nota integrativa costituisce parte integrante del presente bilancio.284
<strong>Pictet</strong> - USA IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoDARDEN RESTAURANTS 14,250.00 722,475.00 0.05DAVITA 10,500.00 937,440.00 0.06DEAN FOODS 19,300.00 236,232.00 0.02DEERE 49,200.00 3,960,108.00 0.26DELL 186,200.00 3,090,920.00 0.20DENBURY RESOURCES 46,000.00 836,740.00 0.05DENTSPLY INTL 16,700.00 668,167.00 0.04DEVON ENERGY 48,200.00 3,403,402.00 0.22DEVRY 6,600.00 226,578.00 0.01DIAMOND OFFSHORE DRILLING 7,900.00 523,691.00 0.03DIRECTV 80,800.00 3,998,792.00 0.26DISCOVER FINANCIAL SERVICES 65,250.00 2,149,987.50 0.14DISCOVERY COMMUNICATIONS -A- 33,100.00 1,635,471.00 0.11DOLLAR TREE 14,700.00 1,388,415.00 0.09DOMINION RESOURCES 68,082.00 3,457,203.96 0.23DOVER 21,500.00 1,337,730.00 0.09DOW CHEMICAL 141,688.00 4,842,895.84 0.32DR HORTON 33,500.00 515,565.00 0.03DR PEPPER 24,000.00 954,000.00 0.06DTE ENERGY COMPANY 21,300.00 1,168,518.00 0.08DU PONT DE NEMOURS 113,300.00 5,976,575.00 0.39DUKE ENERGY 164,172.00 3,432,836.52 0.22DUN & BRADSTREET 5,400.00 454,950.00 0.03E TRADE FINANCIAL 26,600.00 289,940.00 0.02EASTMAN CHEMICAL 15,800.00 809,276.00 0.05EATON 40,500.00 1,990,575.00 0.13EBAY 138,900.00 5,137,911.00 0.34ECOLAB 35,300.00 2,178,363.00 0.14EDISON INTERNATIONAL 38,800.00 1,649,000.00 0.11EDWARDS LIFESCIENCES 12,900.00 940,152.00 0.06EL PASO 92,920.00 2,765,299.20 0.18ELECTRONIC ARTS 40,000.00 659,600.00 0.04ELI LILLY 121,100.00 4,839,156.00 0.32EMC 245,076.00 7,249,348.08 0.47EMERSON ELECTRIC 87,200.00 4,523,064.00 0.30ENTERGY 21,000.00 1,405,530.00 0.09EOG RESOURCES 32,100.00 3,499,542.00 0.23EQT 18,300.00 869,799.00 0.06EQUIFAX 13,600.00 591,872.00 0.04EQUITY RESIDENTIAL (SBI) 37,200.00 2,281,104.00 0.15ESTEE LAUDER 'A' 25,600.00 1,593,088.00 0.10EXELON 103,953.00 4,066,641.36 0.27EXPEDIA 11,000.00 365,750.00 0.02EXPEDITORS INTL OF WASHINGTON 26,100.00 1,208,169.00 0.08EXPRESS SCRIPTS 58,700.00 3,120,492.00 0.20EXXON MOBIL 566,824.00 48,792,209.92 3.19F5 NETWORKS 9,500.00 1,281,170.00 0.08FAMILY DOLLAR STORE 12,700.00 763,143.00 0.05FASTENAL 35,300.00 1,915,378.00 0.13FEDERATED INVESTORS 'B' 9,600.00 217,248.00 0.01FEDEX 37,900.00 3,476,946.00 0.23FIDELITY NATIONAL 26,400.00 872,520.00 0.06La nota integrativa costituisce parte integrante del presente bilancio.285
<strong>Pictet</strong> - USA IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoFIFTH THIRD BANCORP 111,560.00 1,565,186.80 0.10FIRST HORIZON NATIONAL 29,515.00 308,726.90 0.02FIRST SOLAR 6,700.00 168,304.00 0.01FIRSTENERGY 51,926.00 2,361,594.48 0.15FISERV 15,700.00 1,092,563.00 0.07FLIR SYSTEMS 18,500.00 468,790.00 0.03FLOWSERVE 6,400.00 736,320.00 0.05FLUOR 20,800.00 1,249,248.00 0.08FMC 7,800.00 822,198.00 0.05FMC TECHNOLOGIES 29,100.00 1,448,307.00 0.09FORD MOTOR 463,214.00 5,790,175.00 0.38FOREST LABORATORIES 30,700.00 1,063,141.00 0.07FRANKLIN RESOURCES 17,500.00 2,157,575.00 0.14FREEPORT MCMORAN COPPER & GOLD 'B' 113,854.00 4,282,048.94 0.28FRONTIER COMMUNICATIONS 'B' 111,066.00 453,149.28 0.03GAMESTOP 'A' 16,900.00 381,771.00 0.02GANNETT 26,600.00 402,724.00 0.03GAP 39,800.00 1,038,780.00 0.07GENERAL DYNAMICS 43,800.00 3,182,070.00 0.21GENERAL ELECTRIC 1,270,912.00 25,354,694.40 1.66GENERAL MILLS 78,000.00 3,051,360.00 0.20GENUINE PARTS 18,982.00 1,186,185.18 0.08GENWORTH FINANCIAL -A- 59,400.00 501,930.00 0.03GILEAD SCIENCES 90,200.00 4,308,854.00 0.28GOLDMAN SACHS 59,200.00 7,326,592.00 0.48GOODRICH 14,600.00 1,828,650.00 0.12GOODYEAR TIRE & RUBBER 26,700.00 303,846.00 0.02GOOGLE 'A' 30,350.00 19,679,243.50 1.28GRAINGER (W.W.) 7,400.00 1,609,870.00 0.11H&R BLOCK 31,700.00 529,390.00 0.03H.J. HEINZ 37,700.00 2,008,656.00 0.13HALLIBURTON 110,900.00 3,634,193.00 0.24HARLEY DAVIDSON 29,200.00 1,415,616.00 0.09HARMAN INTERNATIONAL INDUSTRIES 8,300.00 387,942.00 0.03HARRIS 13,500.00 603,720.00 0.04HARTFORD FINANCIAL SERVICES GROUP 57,100.00 1,200,813.00 0.08HASBRO 13,000.00 482,820.00 0.03HCP 47,900.00 1,894,924.00 0.12HEALTH CARE REIT 26,600.00 1,447,306.00 0.09HELMERICH & PAYNE 12,400.00 649,760.00 0.04HERSHEY 19,200.00 1,174,656.00 0.08HESS 36,051.00 2,106,459.93 0.14HEWLETT PACKARD 236,782.00 5,566,744.82 0.36HOME DEPOT 184,700.00 9,218,377.00 0.60HONEYWELL INTERNATIONAL 94,075.00 5,710,352.50 0.37HORMEL FOODS 16,000.00 472,960.00 0.03HOSPIRA 20,710.00 780,145.70 0.05HOST HOTELS & RESORTS 86,080.00 1,379,001.60 0.09HUDSON CITY BANCORP 56,200.00 414,756.00 0.03HUMANA 19,700.00 1,803,338.00 0.12HUNTINGTON BANCSHARES 99,780.00 638,592.00 0.04IBM 139,258.00 29,003,263.66 1.89La nota integrativa costituisce parte integrante del presente bilancio.286
<strong>Pictet</strong> - USA IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoILLINOIS TOOL WORKS 59,300.00 3,368,240.00 0.22INT. FLAVORS & FRAGRANCES 10,000.00 581,300.00 0.04INTEGRYS ENERGY GROUP 8,080.00 427,028.00 0.03INTEL 598,818.00 16,862,714.88 1.10INTERCONTINENTAL EXCHANGE 8,600.00 1,162,634.00 0.08INTERNATIONAL GAME TECHNOLOGY 35,900.00 606,710.00 0.04INTERNATIONAL PAPER 52,736.00 1,854,197.76 0.12INTERPUBLIC GROUP 52,100.00 591,856.00 0.04INTUIT 35,400.00 2,117,982.00 0.14INTUITIVE SURGICAL 4,700.00 2,555,296.00 0.17IRON MOUNTAIN 22,700.00 652,171.00 0.04JABIL CIRCUIT 21,500.00 541,155.00 0.04JACOBS ENGINEERING GROUP 14,400.00 645,840.00 0.04JDS UNIPHASE 27,262.00 397,207.34 0.03JM SMUCKER CO 14,296.00 1,159,262.64 0.08JOHNSON & JOHNSON 330,680.00 21,672,767.20 1.41JOHNSON CONTROLS 80,100.00 2,584,827.00 0.17JOY GLOBAL 13,800.00 1,008,090.00 0.07JP MORGAN CHASE 457,432.00 20,890,919.44 1.36JUNIPER NETWORKS 64,400.00 1,472,828.00 0.10KELLOGG 29,800.00 1,591,022.00 0.10KEYCORP 122,300.00 1,037,104.00 0.07KIMBERLY CLARK 47,400.00 3,500,016.00 0.23KIMCO REALTY 51,900.00 1,000,632.00 0.07KLA-TENCOR 21,000.00 1,136,100.00 0.07KOHL'S 28,600.00 1,423,708.00 0.09KRAFT FOODS 'A' 212,277.00 8,026,193.37 0.52KROGER 67,700.00 1,639,694.00 0.11L-3 COMMUNICATIONS 11,600.00 821,976.00 0.05LABORATORY CORP OF AMERICA HLDGS 11,400.00 1,041,618.00 0.07LEGG MASON 14,900.00 409,899.00 0.03LEGGETT & PLATT 15,400.00 353,276.00 0.02LENNAR CORP 'A' 17,400.00 473,454.00 0.03LEUCADIA NATIONAL 23,400.00 616,356.00 0.04LEXMARK INTERNATIONAL 'A' 8,000.00 267,840.00 0.02LIFE TECHNOLOGIES 20,440.00 993,179.60 0.06LIMITED BRANDS 30,429.00 1,469,416.41 0.10LINCOLN NATIONAL 34,232.00 881,474.00 0.06LINEAR TECHNOLOGY 26,000.00 865,800.00 0.06LOCKHEED MARTIN 31,900.00 2,859,197.00 0.19LOEWS 37,897.00 1,495,794.59 0.10LORILLARD 16,362.00 2,148,821.46 0.14LOWE'S COMPANIES 150,300.00 4,690,863.00 0.31LSI 62,700.00 536,712.00 0.04M & T BANK 15,600.00 1,350,492.00 0.09MACY'S INC 51,224.00 2,045,374.32 0.13MARATHON OIL 82,760.00 2,627,630.00 0.17MARATHON PETROLEUM 42,230.00 1,826,025.20 0.12MARRIOTT INTERNATIONAL 'A' 31,926.00 1,201,694.64 0.08MARSH & MC LENNAN 65,100.00 2,133,327.00 0.14MASCO 45,700.00 623,348.00 0.04MASTERCARD 'A' 12,600.00 5,395,572.00 0.35La nota integrativa costituisce parte integrante del presente bilancio.287
<strong>Pictet</strong> - USA IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoMATTEL 43,100.00 1,466,693.00 0.10MC GRAW-HILL 33,200.00 1,579,656.00 0.10MCCORMICK NON-VTG 15,900.00 860,190.00 0.06MCDONALD'S 122,100.00 11,921,844.00 0.78MCKESSON 30,500.00 2,701,995.00 0.18MEAD JOHNSON NUTRITION 'A' 24,100.00 2,005,120.00 0.13MEADWESTVACO 18,677.00 587,578.42 0.04MEDCO HEALTH SOLUTIONS 46,320.00 3,251,200.80 0.21MEDTRONIC 124,800.00 4,893,408.00 0.32MERCK & CO 364,723.00 13,863,121.23 0.90METLIFE 127,400.00 4,731,636.00 0.31METROPCS COMMUNICATIONS 33,100.00 305,844.00 0.02MICROCHIP TECHNOLOGY 21,000.00 771,540.00 0.05MICRON TECHNOLOGY 122,300.00 1,029,766.00 0.07MICROSOFT 895,002.00 28,747,464.24 1.88MOLEX 18,600.00 518,940.00 0.03MOLSON COORS 'B' NVTG 18,100.00 814,319.00 0.05MONSANTO 65,104.00 5,137,356.64 0.34MOODY'S W.I. 25,900.00 1,075,368.00 0.07MORGAN STANLEY 184,500.00 3,642,030.00 0.24MOSAIC 35,400.00 1,956,558.00 0.13MOTOROLA MOBILITY HOLDINGS -WI- 32,770.00 1,286,222.50 0.08MOTOROLA SOLUTIONS 36,094.00 1,828,161.10 0.12MURPHY OIL 23,900.00 1,336,966.00 0.09MYLAN 55,000.00 1,276,000.00 0.08NABORS INDUSTRIES 32,600.00 559,416.00 0.04NASDAQ OMX GROUP 14,800.00 382,136.00 0.02NATIONAL OILWELL VARCO 50,500.00 3,972,330.00 0.26NETAPP INC 43,400.00 1,938,678.00 0.13NETFLIX 7,100.00 816,855.00 0.05NEWELL RUBBERMAID 33,100.00 591,828.00 0.04NEWFIELD EXPLORATION 17,100.00 582,597.00 0.04NEWMONT MINING 59,700.00 3,064,998.00 0.20NEWS CORP 'A' 262,300.00 5,099,112.00 0.33NEXTERA ENERGY 50,900.00 3,084,540.00 0.20NIKE 'B' 44,500.00 4,799,325.00 0.31NISOURCE 35,346.00 857,140.50 0.06NOBLE ENERGY 20,700.00 2,032,119.00 0.13NORDSTROM 18,200.00 1,005,914.00 0.07NORFOLK SOUTHERN 40,500.00 2,679,885.00 0.17NORTHEAST UTILITIES 21,000.00 781,410.00 0.05NORTHERN TRUST 29,300.00 1,380,030.00 0.09NORTHROP GRUMMAN 29,456.00 1,793,575.84 0.12NOVELLUS SYSTEMS 7,500.00 371,025.00 0.02NRG ENERGY 26,200.00 412,388.00 0.03NUCOR 37,600.00 1,609,656.00 0.11NVIDIA 75,550.00 1,150,626.50 0.08NYSE EURONEXT 29,500.00 871,430.00 0.06O REILLY AUTOMOTIVE 15,200.00 1,376,512.00 0.09OCCIDENTAL PETROLEUM 98,200.00 9,273,026.00 0.61OMNICOM GROUP 31,800.00 1,598,586.00 0.10ONEOK 11,700.00 958,113.00 0.06La nota integrativa costituisce parte integrante del presente bilancio.288
<strong>Pictet</strong> - USA IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoORACLE SYSTEMS 471,296.00 13,813,685.76 0.90OWENS-ILLINOIS 23,100.00 542,157.00 0.04PACCAR 43,262.00 2,026,824.70 0.13PALL 12,900.00 759,939.00 0.05PARKER HANNIFIN 18,500.00 1,564,915.00 0.10PATTERSON 10,000.00 329,400.00 0.02PAYCHEX 40,850.00 1,280,647.50 0.08PEABODY ENERGY 33,400.00 989,308.00 0.06PENNEY (J. C) CO 15,900.00 567,312.00 0.04PEOPLE'S UNITED FINANCIAL 43,000.00 565,880.00 0.04PEPCO HOLDINGS 26,000.00 490,620.00 0.03PEPSICO 187,679.00 12,390,567.58 0.81PERKINELMER 11,500.00 318,205.00 0.02PERRIGO 11,200.00 1,153,376.00 0.08PFIZER INC. 906,652.00 20,327,137.84 1.33PG & E 50,700.00 2,179,593.00 0.14PHILIP MORRIS WI (USD) 207,200.00 17,953,880.00 1.17PINNACLE WEST CAPITAL 12,200.00 581,086.00 0.04PIONEER NATURAL RESOURCES 14,600.00 1,535,920.00 0.10PITNEY BOWES 22,800.00 405,156.00 0.03PLUM CREEK TIMBER 18,300.00 759,816.00 0.05PNC FINANCIAL SERVICES 62,516.00 3,997,898.20 0.26PPG INDUSTRIES 18,900.00 1,808,541.00 0.12PPL 68,000.00 1,904,680.00 0.12PRAXAIR 35,800.00 4,094,804.00 0.27PRECISION CASTPARTS 17,500.00 3,007,025.00 0.20PRICELINE.COM INC 5,850.00 4,212,234.00 0.27PRINCIPAL FINANCIAL GROUP 35,000.00 1,015,350.00 0.07PROCTER & GAMBLE 330,814.00 22,167,846.14 1.45PROGRESS ENERGY 35,075.00 1,852,310.75 0.12PROGRESSIVE 70,900.00 1,632,118.00 0.11PROLOGIS 55,482.00 1,959,069.42 0.13PRUDENTIAL FINANCIAL 56,400.00 3,539,664.00 0.23PUBLIC SERVICE ENTERPRISE GROUP 59,100.00 1,787,775.00 0.12PUBLIC STORAGE 16,600.00 2,283,662.00 0.15PULTE HOMES 35,017.00 324,257.42 0.02QEP RESOURCES -WHEN ISSUED- 20,000.00 594,400.00 0.04QUALCOMM 201,640.00 13,697,405.20 0.89QUANTA SERVICES 24,400.00 510,936.00 0.03QUEST DIAGNOSTICS 19,700.00 1,208,004.00 0.08RALPH LAUREN -A- 7,600.00 1,328,100.00 0.09RANGE RESOURCES 20,300.00 1,156,288.00 0.08RAYTHEON 42,000.00 2,220,120.00 0.14RED HAT 24,100.00 1,480,463.00 0.10REGIONS FINANCIAL 155,641.00 1,014,779.32 0.07REPUBLIC SERVICES 39,250.00 1,188,882.50 0.08REYNOLDS AMERICAN 40,500.00 1,660,095.00 0.11ROBERT HALF INTERNATIONAL 15,700.00 473,355.00 0.03ROCKWELL AUTOMATION 17,900.00 1,428,957.00 0.09ROCKWELL COLLINS 17,900.00 1,030,682.00 0.07ROPER INDUSTRIES 11,800.00 1,165,604.00 0.08ROSS STORES 28,200.00 1,656,750.00 0.11La nota integrativa costituisce parte integrante del presente bilancio.289
<strong>Pictet</strong> - USA IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoROWAN COMPANIES 14,100.00 459,378.00 0.03RR DONNELLEY & SONS 21,800.00 276,642.00 0.02RYDER SYSTEM 6,000.00 316,320.00 0.02SAFEWAY 32,100.00 657,408.00 0.04SAIC 33,200.00 438,572.00 0.03SALESFORCE.COM 16,000.00 2,502,560.00 0.16SANDISK 27,200.00 1,365,984.00 0.09SARA LEE 71,400.00 1,530,102.00 0.10SCANA 12,500.00 570,625.00 0.04SCRIPPS NETWORKS 'A' (WHEN ISS.) 10,700.00 520,341.00 0.03SEALED AIR 23,900.00 465,094.00 0.03SEARS HOLDINGS 4,637.00 313,229.35 0.02SEMPRA ENERGY 28,800.00 1,706,400.00 0.11SHERWIN-WILLIAMS 10,100.00 1,103,021.00 0.07SIGMA-ALDRICH 15,500.00 1,131,500.00 0.07SIMON PROPERTY GROUP 37,134.00 5,374,403.82 0.35SLM 58,800.00 931,980.00 0.06SNAP-ON 6,400.00 390,848.00 0.03SOUTHERN 104,500.00 4,685,780.00 0.31SOUTHWEST AIRLINES 87,950.00 738,780.00 0.05SOUTHWESTERN ENERGY 40,900.00 1,241,315.00 0.08SPECTRA ENERGY 80,686.00 2,544,836.44 0.17SPRINT NEXTEL 375,934.00 1,120,283.32 0.07ST JUDE MEDICAL 38,700.00 1,700,865.00 0.11STANLEY BLACK & DECKER 20,187.00 1,571,759.82 0.10STAPLES 81,900.00 1,352,988.00 0.09STARBUCKS 90,200.00 5,026,846.00 0.33STARWOOD HOTELS & RESORTS 25,100.00 1,420,158.00 0.09STATE STREET 58,900.00 2,654,034.00 0.17STERICYCLE 10,900.00 917,562.00 0.06STRYKER 39,600.00 2,181,168.00 0.14SUNOCO 11,500.00 439,645.00 0.03SUNTRUST BANKS 61,800.00 1,492,470.00 0.10SUPERVALU 24,067.00 142,717.31 0.01SYMANTEC 89,783.00 1,652,007.20 0.11SYSCO 69,300.00 2,063,754.00 0.13T ROWE PRICE GROUP 30,900.00 1,980,690.00 0.13TARGET 79,800.00 4,626,804.00 0.30TECO ENERGY 22,600.00 398,438.00 0.03TENET HEALTHCARE 50,650.00 261,354.00 0.02TERADATA W-ISSUED 20,700.00 1,409,877.00 0.09TERADYNE 19,400.00 324,756.00 0.02TESORO 15,100.00 410,418.00 0.03TEXAS INSTRUMENTS 139,600.00 4,633,324.00 0.30TEXTRON 31,600.00 883,852.00 0.06THE WESTERN UNION 76,437.00 1,365,929.19 0.09THERMO FISHER SCIENTIFIC INC 44,300.00 2,483,458.00 0.16TIFFANY 15,600.00 1,077,180.00 0.07TIME WARNER 118,546.00 4,402,798.44 0.29TIME WARNER CABLE 37,680.00 3,027,211.20 0.20TITANIUM METALS 11,300.00 153,793.00 0.01TJX COS 91,900.00 3,604,318.00 0.24La nota integrativa costituisce parte integrante del presente bilancio.290
<strong>Pictet</strong> - USA IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoTORCHMARK 12,250.00 608,090.00 0.04TOTAL SYSTEM SERVICES 20,514.00 469,975.74 0.03TRAVELERS COMPANIES 47,593.00 2,791,329.45 0.18TRIPADVISOR 11,000.00 386,760.00 0.03TYSON FOODS 'A' 33,200.00 639,432.00 0.04UNION PACIFIC 57,600.00 6,186,240.00 0.40UNITED PARCEL SERVICE 'B' 114,900.00 9,174,765.00 0.60UNITED TECHNOLOGIES 108,900.00 8,964,648.00 0.59UNITEDHEALTH GROUP 125,900.00 7,316,049.00 0.48UNUM 34,500.00 843,180.00 0.06URBAN OUTFITTERS 13,600.00 396,984.00 0.03US BANCORP 231,769.00 7,312,311.95 0.48US STEEL 16,100.00 473,340.00 0.03VALERO ENERGY 67,200.00 1,790,880.00 0.12VARIAN MEDICAL 13,300.00 915,040.00 0.06VENTAS REIT 34,200.00 1,945,296.00 0.13VERISIGN 17,800.00 686,012.00 0.04VERIZON COMMUNICATIONS 340,886.00 12,977,530.02 0.85VF CORP. 10,300.00 1,529,138.00 0.10VIACOM 'B' WHEN ISSUED 65,905.00 3,119,942.70 0.20VISA 'A' 60,000.00 7,140,000.00 0.47VORNADO REALTY TRUST -SBI- 21,637.00 1,805,607.65 0.12VULCAN MATERIALS 14,821.00 628,558.61 0.04WALGREEN 106,300.00 3,606,759.00 0.24WAL-MART STORES 209,398.00 12,735,586.36 0.83WALT DISNEY HOLDING 214,200.00 9,212,742.00 0.60WASHINGTON POST 'B' 540.00 199,654.20 0.01WASTE MANAGEMENT 55,300.00 1,930,523.00 0.13WATERS 10,700.00 982,367.00 0.06WATSON PHARMACEUTICALS 15,400.00 1,032,262.00 0.07WELLPOINT 40,400.00 2,893,448.00 0.19WELLS FARGO 631,215.00 21,423,437.10 1.40WESTERN DIGITAL 29,200.00 1,226,692.00 0.08WEYERHAEUSER 66,006.00 1,444,871.34 0.09WHIRLPOOL 10,130.00 771,196.90 0.05WHOLE FOODS MARKET 19,600.00 1,619,156.00 0.11WILLIAMS COMPANIES 72,900.00 2,230,011.00 0.15WINDSTREAM W-ISSUED 67,545.00 786,561.53 0.05WISCONSIN ENERGY 29,500.00 1,033,680.00 0.07WPX ENERGY A 22,700.00 412,232.00 0.03WYNDHAM WORLDWIDE W-ISSUED 17,200.00 776,064.00 0.05WYNN RESORTS 9,800.00 1,224,314.00 0.08XCEL ENERGY 59,960.00 1,581,744.80 0.10XEROX 156,311.00 1,270,808.43 0.08XILINX 32,400.00 1,175,796.00 0.08XYLEM 20,700.00 572,562.00 0.04YAHOO 149,600.00 2,288,880.00 0.15YUM BRANDS 55,400.00 3,894,066.00 0.25ZIMMER HOLDINGS 20,483.00 1,296,369.07 0.08ZIONS BANCORP 20,800.00 450,320.00 0.031,487,540,862.75 97.09La nota integrativa costituisce parte integrante del presente bilancio.291
<strong>Pictet</strong> - USA IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoSVIZZERAACE 41,300.00 3,019,030.00 0.20NOBLE CORP NOM. 31,500.00 1,164,555.00 0.08TYCO ELECTRONICS 50,900.00 1,841,562.00 0.12TYCO INTERNATIONAL NOM. 55,400.00 3,103,508.00 0.209,128,655.00 0.60TOTALE I. 1,522,442,105.11 99.38II. ALTRI VALORI MOBILIARIWARRANTSTATI UNITIAMERICAN INT. GP WTS 19.1.21 (PROV) 58,766.00 0.00 0.000.00 0.00TOTALE II. 0.00 0.00TOTALE INVESTIMENTI 1,522,442,105.11 99.38DISPONIBILITÀ LIQUIDE PRESSO BANCHE 10,221,578.12 0.67ALTRE PASSIVITÀ NETTE -738,545.99 -0.05PATRIMONIO NETTO COMPLESSIVO 1,531,925,137.24 100.00La nota integrativa costituisce parte integrante del presente bilancio.292
<strong>Pictet</strong> - USA IndexRIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Stati Uniti 97.09Irlanda 0.76Antille olandesi 0.72Svizzera 0.60Panama 0.12Bermuda 0.0999.38Ripartizione per settori economici(in % del patrimonio netto)Computer e articoli per ufficio 12.84Holding e società finanziarie 10.02Petrolio 9.90Industria farmaceutica e cosmetica 8.90Comunicazioni 5.92Banche e istituti di credito 5.83Alimentari e bevande non alcoliche 5.15Vendita al dettaglio e supermercati 4.65Equipaggiamento elettrico ed elettronico 3.86Servizi di pubblica utilità 3.31Internet, software e servizi informatici 3.12Costruzione di macchine e apparecchiature 2.37Biotecnologia 2.22Sostanze chimiche 2.19Tabacco e bevande alcoliche 2.13Settore immobiliare 1.71Aeronautica e astronautica 1.69Assicurazioni 1.68Prodotti tessili e abbigliamento 1.16Servizi pubblici 1.11Trasporto passeggeri e merci 1.10Automezzi 0.93Imballi 0.80Servizi sanitari e sociali 0.77Gastronomia 0.70Tempo libero 0.64Prodotti di consumo vari 0.63Settore minerario e siderurgico 0.56Edilizia e materiali da costruzione 0.55Conglomerati 0.52Pietre e metalli preziosi 0.51Editoria e arti grafiche 0.49Altri settori 0.45Carta e prodotti forestali 0.44Salvaguardia dell’ambiente e trattamento dei rifiuti 0.21Gomma e pneumatici 0.14Servizi ambientali e riciclaggio 0.11Commercio vario 0.06Acciaio inossidabile 0.01Warrant 0.0099.38La nota integrativa costituisce parte integrante del presente bilancio.293
<strong>Pictet</strong> - European Sustainable EquitiesPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoVALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOAZIONIAUSTRIATELEKOM AUSTRIA 69,620.00 607,086.40 0.60607,086.40 0.60BELGIOANHEUSER-BUSH INBEV 26,950.00 1,450,718.50 1.43BELGACOM 26,210.00 629,302.10 0.62DEXIA 116,010.00 33,642.90 0.03UMICORE 11,490.00 464,023.65 0.462,577,687.15 2.54DANIMARCACOLOPLAST 'B' 6,600.00 852,764.37 0.84NOVO NORDISK 'B' 13,600.00 1,413,448.94 1.39NOVOZYMES B 7,700.00 168,748.55 0.172,434,961.86 2.40FINLANDIAKESKO 35,900.00 861,600.00 0.85KONE 'B' 18,020.00 737,919.00 0.73NOKIA 64,050.00 256,200.00 0.25OUTOKUMPU 'A' 32,800.00 53,759.20 0.05STORA ENSO 'R' 44,800.00 243,488.00 0.24UPM-KYMMENE 33,300.00 329,836.50 0.322,482,802.70 2.44FRANCIABIC 11,510.00 862,444.30 0.85BIOMERIEUX 3,025.00 177,295.25 0.17BNP PARIBAS 12,835.00 458,016.98 0.45BOUYGUES 14,130.00 319,196.70 0.31CAP GEMINI 10,840.00 359,508.60 0.35CARREFOUR 16,515.00 292,150.35 0.29DANONE GROUPE 23,660.00 1,226,771.00 1.21DASSAULT SYSTEMES 13,945.00 945,471.00 0.93DIOR CHRISTIAN 4,945.00 561,999.25 0.55ESSILOR INTERNATIONAL 19,940.00 1,312,450.80 1.29JC DECAUX 14,070.00 316,997.10 0.31L.V.M.H. 5,320.00 671,118.00 0.66L'OREAL 9,285.00 835,000.05 0.82MICHELIN 'B' NOM. 5,260.00 286,933.00 0.28RENAULT 10,125.00 392,748.75 0.39SANOFI-AVENTIS 22,465.00 1,292,636.10 1.27SCHNEIDER ELECTRIC S.A. 17,150.00 836,920.00 0.82La nota integrativa costituisce parte integrante del presente bilancio.294
<strong>Pictet</strong> - European Sustainable EquitiesPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoSOCIETE GENERALE 11,025.00 241,943.63 0.24SUEZ ENVIRONNEMENT 56,910.00 646,213.05 0.64TF1 -TELEVISION FRANCAISE 1- 19,270.00 172,081.10 0.17TOTAL 71,785.00 2,715,626.55 2.67UNIBAIL-RODAMCO 1,965.00 290,328.75 0.29VIVENDI 57,735.00 786,928.05 0.7716,000,778.36 15.73GERMANIAALLIANZ NOM. 8,173.00 729,848.90 0.72B.M.W. 4,414.00 290,573.62 0.29DEUTSCHE BANK NOM. 12,234.00 451,740.45 0.44DEUTSCHE BOERSE NOM. 11,562.00 570,064.41 0.56DEUTSCHE POST NOM. 22,201.00 319,472.39 0.31DEUTSCHE TELEKOM NOM. 82,093.00 736,866.77 0.72FRESENIUS 12,115.00 933,824.20 0.92FRESENIUS MEDICAL CARE 14,097.00 748,550.70 0.74K+S REG. 11,386.00 436,653.10 0.43MERCK 9,508.00 784,885.40 0.77MUENCHENER RUECKVER. NOM. 8,663.00 983,250.50 0.97PUMA 486.00 128,765.70 0.13SAP AG 28,343.00 1,480,921.75 1.46SIEMENS AG 12,133.00 909,247.02 0.89VOLKSWAGEN (EUR) 3,634.00 429,175.40 0.42VOLKSWAGEN PREF 4,128.00 535,195.20 0.53WACKER CHEMIE 2,220.00 144,744.00 0.1410,613,779.51 10.44ITALIAA2A 581,500.00 347,446.25 0.34ATLANTIA 70,800.00 875,796.00 0.86ENI 136,500.00 2,380,560.00 2.34FIAT 34,600.00 152,309.20 0.15SNAM RETE GAS 179,700.00 645,482.40 0.63T.E.R.N.A. 282,000.00 836,412.00 0.82TELECOM ITALIA 390,400.00 351,360.00 0.35UNICREDIT -POST REGROUPPAMENTO- 106,347.00 399,864.72 0.395,989,230.57 5.88JERSEYWPP 79,100.00 805,211.14 0.79805,211.14 0.79NORVEGIADNB NOR 28,000.00 259,812.32 0.26NORSK HYDRO NOM. (NOK) 99,820.00 399,886.16 0.39ORKLA 'A' 50,960.00 300,121.71 0.30STATOIL 44,200.00 883,895.86 0.87TELENOR 17,600.00 240,013.61 0.242,083,729.66 2.06La nota integrativa costituisce parte integrante del presente bilancio.295
<strong>Pictet</strong> - European Sustainable EquitiesPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoPAESI BASSIAKZO NOBEL 7,493.00 327,481.57 0.32HEINEKEN 15,330.00 635,428.50 0.62KONINKLIJKE AHOLD 86,850.00 889,344.00 0.87KONINKLIJKE DSM 14,940.00 639,656.10 0.63KONINKLIJKE KPN NV 78,560.00 651,655.20 0.64RANDSTAD HOLDING 8,010.00 222,117.30 0.22REED ELSEVIER 57,530.00 545,326.87 0.54ROYAL PHILIPS (EUR) 28,550.00 429,963.00 0.42STMICROELECTRONICS 56,130.00 342,336.87 0.34UNILEVER NV 45,829.00 1,156,036.53 1.145,839,345.94 5.74PORTOGALLOBANCO COMERCIAL PORTUGUES NOM. 960,400.00 131,574.80 0.13BANCO ESPIRITO SANTO NOM. 225,500.00 316,827.50 0.31EDP (ELECTRIC. DE PORTUGAL) NOM. 305,000.00 657,275.00 0.65PORTUGAL TELECOM SGPS 97,700.00 399,104.50 0.391,504,781.80 1.48REGNO UNITOANGLO AMERICAN 33,600.00 924,646.30 0.91ASTRAZENECA (GBP) 34,300.00 1,142,021.89 1.12BARCLAYS 192,900.00 541,247.99 0.53BG GROUP 67,400.00 1,163,033.69 1.14BHP BILLITON 44,900.00 1,010,174.02 0.99BRITISH LAND 32,000.00 181,683.27 0.18BRITISH SKY BROADCASTING GROUP 87,900.00 702,561.94 0.69BUNZL 120,300.00 1,428,595.21 1.41CAPITA GROUP 94,000.00 825,660.93 0.81DIAGEO 86,500.00 1,570,876.19 1.55EXPERIAN 60,600.00 709,475.00 0.70FIRSTGROUP 60,300.00 178,766.82 0.18G4S 243,900.00 801,107.40 0.79GLAXOSMITHKLINE 103,900.00 1,743,064.64 1.71HAMMERSON REIT 54,500.00 265,868.88 0.26HSBC HOLDINGS 208,600.00 1,367,574.29 1.35JOHNSON MATTHEY 28,600.00 788,249.63 0.78LAND SECURITIES GROUP 64,700.00 548,530.31 0.54LIBERTY INTERNATIONAL R.EI.T 85,300.00 336,903.98 0.33LONMIN 16,000.00 199,590.85 0.20NATIONAL GRID 149,100.00 1,118,463.68 1.10PEARSON 58,400.00 818,782.62 0.81RECKITT BENCKISER 25,900.00 1,094,339.26 1.08REED ELSEVIER GBP 101,500.00 668,957.67 0.66REXAM 59,300.00 303,496.84 0.30SAGE GROUP 392,700.00 1,402,790.40 1.38La nota integrativa costituisce parte integrante del presente bilancio.296
<strong>Pictet</strong> - European Sustainable EquitiesPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoSTANDARD CHARTERED PLC 35,700.00 658,166.28 0.65UNILEVER NEW (GBP) 30,000.00 732,647.96 0.72VODAFONE GROUP PLC 888,400.00 1,857,160.47 1.8325,084,438.41 24.70SPAGNAABERTIS INFRAESTRUCTURAS 15,300.00 192,933.00 0.19ACCIONA 1,800.00 93,366.00 0.09BANCO DE SABADELL 305,700.00 623,628.00 0.61BANCO POPULAR ESPANOL NOM. 48,300.00 130,361.70 0.13BANCO SANTANDER 101,000.00 573,478.00 0.56BANKINTER 36,100.00 143,533.60 0.14BCO BILBAO VIZCAYA ARGENT. NOM. 65,600.00 384,088.00 0.38CINTRA 22,300.00 189,527.70 0.19EDP RENOVAVEIS 131,600.00 502,712.00 0.49GAS NATURAL SDG 49,900.00 589,568.50 0.58INDITEX NOM. 13,900.00 985,093.00 0.97MAPFRE 129,700.00 307,907.80 0.30RED ELECTRICA CORP 22,200.00 781,773.00 0.77REPSOL YPF 37,800.00 709,884.00 0.70TELEFONICA 80,900.00 985,362.00 0.977,193,216.30 7.07SVEZIAALFA LAVAL 35,800.00 529,644.67 0.52ASSA ABLOY 'B' 25,400.00 582,604.62 0.57BOLIDEN AB 26,000.00 299,798.44 0.29ERICSSON TELEFON 'B' 47,000.00 358,818.51 0.35GETINGE INDUSTRIER 'B' 18,800.00 389,817.03 0.38HENNES & MAURITZ 'B' 40,050.00 1,076,941.71 1.06NORDEA BANK 26,000.00 172,655.71 0.17SANDVIK 35,200.00 366,127.69 0.36SKANDINAVISKA ENSKILDA 'A' 33,600.00 182,142.29 0.18SVENSKA CELLULOSA 'B' 20,000.00 263,591.34 0.26SWEDBANK 'A' 20,600.00 236,834.67 0.23TELIASONERA (SEK) 161,500.00 834,802.46 0.825,293,779.14 5.19SVIZZERAABB LTD 38,753.00 582,926.03 0.57CIE FINANCIERE RICHEMONT 9,560.00 442,438.28 0.44CREDIT SUISSE GROUP 22,306.00 474,776.98 0.47GEBERIT 1,935.00 298,774.72 0.29GIVAUDAN NOM. 882.00 630,774.02 0.62LINDT & SPRUENGLI 181.00 428,526.84 0.42LINDT & SPRUENGLI NOM. 9.00 247,148.48 0.24LOGITECH INTERNATIONAL 28,209.00 163,570.15 0.16NESTLE S.A. 51,994.00 2,421,397.12 2.38NOVARTIS NOM. 34,453.00 1,423,743.87 1.40ROCHE HOLDING BON DE JOUISSANCE 11,183.00 1,457,497.80 1.43S.G.S. S.A. 777.00 1,108,783.68 1.09La nota integrativa costituisce parte integrante del presente bilancio.297
<strong>Pictet</strong> - European Sustainable EquitiesPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoSIKA FINANZ PORT. 158.00 256,814.60 0.25SONOVA HOLDING NOM. 10,096.00 834,335.14 0.82STRAUMANN HOLDING NOM. 4,756.00 593,799.21 0.58SWISSCOM NOM. 1,963.00 587,456.21 0.58THE SWATCH GROUP NOM. 4,670.00 280,288.39 0.2812,233,051.52 12.02TOTALE INVESTIMENTI 100,743,880.46 99.08DISPONIBILITÀ LIQUIDE PRESSO BANCHE 1,025,720.75 1.01ALTRE PASSIVITÀ NETTE -95,366.38 -0.09PATRIMONIO NETTO COMPLESSIVO 101,674,234.83 100.00La nota integrativa costituisce parte integrante del presente bilancio.298
<strong>Pictet</strong> - European Sustainable EquitiesRIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Regno Unito 24.70Francia 15.73Svizzera 12.02Germania 10.44Spagna 7.07Italia 5.88Paesi Bassi 5.74Svezia 5.19Belgio 2.54Finlandia 2.44Danimarca 2.40Norvegia 2.06Portogallo 1.48Jersey 0.79Austria 0.6099.08Ripartizione per settori economici(in % del patrimonio netto)Industria farmaceutica e cosmetica 12.74Comunicazioni 9.99Banche e istituti di credito 8.38Servizi di pubblica utilità 6.67Petrolio 6.58Alimentari e bevande non alcoliche 6.11Equipaggiamento elettrico ed elettronico 5.36Sostanze chimiche 3.95Tabacco e bevande alcoliche 3.60Servizi pubblici 3.48Vendita al dettaglio e supermercati 3.07Carta e prodotti forestali 2.53Editoria e arti grafiche 2.32Prodotti tessili e abbigliamento 2.31Holding e società finanziarie 2.26Assicurazioni 1.99Computer e articoli per ufficio 1.89Automezzi 1.78Trasporto passeggeri e merci 1.73Internet, software e servizi informatici 1.46Acciaio inossidabile 1.37Settore immobiliare 1.31Fotografia e materiale ottico 1.29Costruzione di macchine e apparecchiature 1.25Commercio vario 1.08Edilizia e materiali da costruzione 1.05Pietre e metalli preziosi 0.99Prodotti di consumo vari 0.85Servizi ambientali e riciclaggio 0.49Settore minerario e siderurgico 0.34Imballi 0.30Orologeria 0.28Gomma e pneumatici 0.2899.08La nota integrativa costituisce parte integrante del presente bilancio.299
<strong>Pictet</strong> - Japan IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN JPY)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoVALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOAZIONIGIAPPONEABC-MART 6,900.00 21,493,500.00 0.04ADVANTEST 42,600.00 55,550,400.00 0.11AEON 163,000.00 177,344,000.00 0.34AEON CREDIT SERVICE 19,700.00 25,649,400.00 0.05AEON MALL 20,500.00 39,421,500.00 0.08AIR WATER 41,000.00 43,788,000.00 0.08AISIN SEIKI 52,500.00 152,565,000.00 0.29AJINOMOTO 174,000.00 180,612,000.00 0.35ALFRESA HOLDINGS 10,100.00 39,743,500.00 0.08ALL NIPPON AIRWAYS 227,000.00 56,750,000.00 0.11AMADA CO 101,000.00 56,358,000.00 0.11AOZORA BANK 157,000.00 37,523,000.00 0.07ASAHI BREWERIES 107,100.00 196,314,300.00 0.38ASAHI GLASS 278,000.00 195,156,000.00 0.38ASAHI KASEI 350,000.00 178,850,000.00 0.35ASICS CORP 42,300.00 39,592,800.00 0.08ASTELLAS PHARMA 120,900.00 411,060,000.00 0.79BANK OF KYOTO 90,000.00 67,590,000.00 0.13BANK OF YOKOHAMA 339,000.00 140,346,000.00 0.27BENESSE 18,800.00 77,550,000.00 0.15BRIDGESTONE 178,600.00 358,271,600.00 0.69BROTHER INDUSTRIES 66,700.00 74,837,400.00 0.14CANON 309,750.00 1,211,122,500.00 2.34CASIO COMPUTER 67,900.00 40,128,900.00 0.08CENTRAL JAPAN RAILWAY 415.00 283,030,000.00 0.55CHIBA BANK 213,000.00 112,464,000.00 0.22CHIYODA 40,000.00 42,040,000.00 0.08CHOU MITSUI TRUST 848,360.00 223,967,040.00 0.43CHUBU ELECTRIC POWER 184,800.00 276,091,200.00 0.53CHUGAI PHARMACEUTICAL 60,000.00 91,560,000.00 0.18CHUGOKU BANK 46,000.00 51,474,000.00 0.10CHUGOKU ELECTRIC POWER 82,200.00 126,341,400.00 0.24CITIZEN WATCH CO LTD 76,300.00 39,981,200.00 0.08COCA-COLA WEST HLDG 15,300.00 22,200,300.00 0.04COSMO OIL 171,000.00 39,330,000.00 0.08CREDIT SAISON 41,000.00 68,675,000.00 0.13DAI NIPPON PRINTING 156,000.00 131,976,000.00 0.25DAICEL CHEMICAL INDUSTRIES 77,000.00 41,041,000.00 0.08DAIDO STEEL 77,000.00 44,121,000.00 0.09DAIHATSU MOTOR 53,000.00 80,348,000.00 0.16DAI-ICHI LIFE INSURANCE 2,476.00 283,006,800.00 0.55DAIICHI SANKYO 185,284.00 279,408,272.00 0.54DAIKIN INDUSTRIES 64,700.00 145,769,100.00 0.28DAINIPPON PHARMACEUTICAL 45,400.00 39,815,800.00 0.08La nota integrativa costituisce parte integrante del presente bilancio.300
<strong>Pictet</strong> - Japan IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN JPY)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoDAITO TRUST CONSTRUCTION 19,700.00 146,371,000.00 0.28DAIWA HOUSE INDUSTRY 131,000.00 143,314,000.00 0.28DAIWA SECURITIES GROUP 450,000.00 147,150,000.00 0.28DENA 27,900.00 63,974,700.00 0.12DENKI KAGAKU KOGYO 128,000.00 42,368,000.00 0.08DENSO 133,200.00 368,298,000.00 0.71DENTSU 49,300.00 129,954,800.00 0.25EAST JAPAN RAILWAY 92,700.00 482,967,000.00 0.93EISAI 68,600.00 225,694,000.00 0.44ELECTRIC POWER DEVELOPMENT 32,800.00 73,603,200.00 0.14FAMILYMART 17,700.00 61,950,000.00 0.12FANUC 52,300.00 767,764,000.00 1.48FAST RETAILING 14,400.00 271,584,000.00 0.52FUJI ELECTRIC HOLDINGS 162,000.00 35,316,000.00 0.07FUJI HEAVY INDUSTRIES 161,000.00 107,065,000.00 0.21FUJIFILM 126,100.00 244,760,100.00 0.47FUJITSU 515,000.00 224,540,000.00 0.43FUKUOKA FINANCIAL GROUP 211,000.00 77,437,000.00 0.15FURUKAWA ELECTRIC 174,000.00 38,280,000.00 0.07GREE 26,300.00 54,940,700.00 0.11GS YUASA 100,000.00 45,400,000.00 0.09GUNMA BANK 100,000.00 44,300,000.00 0.09HACHIJUNI BANK 110,000.00 53,680,000.00 0.10HAKUHODO DY HOLDINGS 6,730.00 34,996,000.00 0.07HAMAMATSU PHOTONICS 18,700.00 58,437,500.00 0.11HINO MOTORS 66,000.00 39,468,000.00 0.08HIR0SHIMA BANK 139,000.00 52,542,000.00 0.10HIROSE ELECTRIC 8,600.00 74,734,000.00 0.14HISAMITSU PHARMACEUTICAL 16,300.00 63,977,500.00 0.12HITACHI 1,239,000.00 657,909,000.00 1.27HITACHI CHEMICAL 28,900.00 43,061,000.00 0.08HITACHI CONSTRUCTION MACHINERY 27,900.00 51,084,900.00 0.10HITACHI HIGH-TECHNOLOGIES 16,000.00 31,600,000.00 0.06HITACHI METALS 47,000.00 48,316,000.00 0.09HOKKAIDO ELECTRIC POWER 49,000.00 59,535,000.00 0.12HOKUHOKU FINANCIAL GROUP 357,000.00 56,406,000.00 0.11HOKURIKU ELECTRIC POWER 45,300.00 67,768,800.00 0.13HONDA MOTOR 445,400.00 1,400,783,000.00 2.71HOYA 118,100.00 219,547,900.00 0.42IBIDEN 32,800.00 69,437,600.00 0.13IDEMITSU KOSAN 6,300.00 51,975,000.00 0.10IHI 368,000.00 76,912,000.00 0.15INPEX 596.00 333,164,000.00 0.64ISETAN MITSUKOSHI 103,700.00 100,796,400.00 0.19ISUZU MOTORS 327,000.00 158,595,000.00 0.31ITOCHU 411,100.00 371,223,300.00 0.72ITOCHU TECHNO-SCIENCE 8,400.00 31,122,000.00 0.06IY0 BANK 63,000.00 46,179,000.00 0.09J. FRONT RETAIL 135,000.00 62,370,000.00 0.12JAPAN PETROLEUM EXPLORATION 8,300.00 31,996,500.00 0.06JAPAN PRIME REALTY INVESTMENT 182.00 43,297,800.00 0.08JAPAN REAL ESTATE INVESTMENT REIT 152.00 110,808,000.00 0.21La nota integrativa costituisce parte integrante del presente bilancio.301
<strong>Pictet</strong> - Japan IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN JPY)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoJAPAN STEEL WORKS 89,000.00 50,463,000.00 0.10JAPAN TOBACCO 1,228.00 572,248,000.00 1.11JFE HOLDINGS 126,100.00 224,205,800.00 0.43JGC 57,000.00 146,205,000.00 0.28JOYO BANK 181,000.00 68,599,000.00 0.13JP RETAIL FUND INVESTMENT 498.00 61,204,200.00 0.12JS GROUP 71,400.00 123,736,200.00 0.24JSR 49,600.00 82,633,600.00 0.16JTEKT 60,400.00 59,856,400.00 0.12JUPITER TELECOMMUNICATIONS 505.00 41,864,500.00 0.08JX HOLDINGS 616,510.00 316,269,630.00 0.61KAJIMA 223,000.00 56,196,000.00 0.11KAMIGUMI 65,000.00 44,525,000.00 0.09KANEKA 72,000.00 35,928,000.00 0.07KANSAI ELECTRIC POWER 206,400.00 264,604,800.00 0.51KANSAI PAINT 57,000.00 47,595,000.00 0.09KAO 144,600.00 314,071,200.00 0.61KAWASAKI HEAVY INDUSTRIES 382,000.00 96,646,000.00 0.19KAWASAKI KISEN KAISHA 211,000.00 38,402,000.00 0.07KDDI 793.00 425,048,000.00 0.82KEIHIN ELECTRIC EXPRESS RAILWAY 131,000.00 94,844,000.00 0.18KEIO 162,000.00 96,066,000.00 0.19KEISEI ELECTRIC RAILWAY 77,000.00 49,280,000.00 0.10KEYENCE 12,470.00 242,666,200.00 0.47KIKKOMAN 46,000.00 44,022,000.00 0.09KINDEN 34,000.00 21,726,000.00 0.04KINTETSU CORP 450,000.00 141,750,000.00 0.27KIRIN HOLDINGS 223,000.00 238,833,000.00 0.46KOBE STEEL 695,000.00 93,130,000.00 0.18KOITO MANUFACTURING 28,000.00 37,492,000.00 0.07KOMATSU 258,800.00 610,509,200.00 1.18KONAMI 26,100.00 61,230,600.00 0.12KONICA MINOLTA 128,500.00 92,905,500.00 0.18KUBOTA 315,000.00 250,425,000.00 0.48KURARAY 95,900.00 112,298,900.00 0.22KURITA WATER INDUSTRIES 31,600.00 64,084,800.00 0.12KYOCERA 41,700.00 316,086,000.00 0.61KYOWA HAKKO KOGYO 71,000.00 65,320,000.00 0.13KYUSHU ELECTRIC POWER 108,300.00 127,685,700.00 0.25LAWSON 16,800.00 87,528,000.00 0.17MABUCHI MOTOR 6,800.00 25,534,000.00 0.05MAKITA 31,100.00 103,252,000.00 0.20MARUBENI 448,000.00 267,456,000.00 0.52MARUI 60,500.00 41,745,000.00 0.08MARUICHI STEEL TUBE 11,700.00 22,604,400.00 0.04MATSUSHITA ELECTRIC INDUSTRIAL 602,500.00 458,502,500.00 0.89MAZDA MOTOR 696,000.00 100,920,000.00 0.19MCDONALDS 18,900.00 41,504,400.00 0.08MEDICEO PALTAC HOLDINGS 42,200.00 45,238,400.00 0.09MEIJI HOLDING 18,857.00 68,168,055.00 0.13MIRACA HOLDINGS 15,300.00 49,419,000.00 0.10MITSUBISHI 384,400.00 738,048,000.00 1.43La nota integrativa costituisce parte integrante del presente bilancio.302
<strong>Pictet</strong> - Japan IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN JPY)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoMITSUBISHI CHEMICAL HOLDINGS 369,500.00 163,319,000.00 0.32MITSUBISHI ELECTRIC 529,000.00 387,228,000.00 0.75MITSUBISHI ESTATE 344,000.00 507,744,000.00 0.98MITSUBISHI GAS CHEMICAL 102,000.00 56,406,000.00 0.11MITSUBISHI HEAVY INDUSTRIES 827,000.00 331,627,000.00 0.64MITSUBISHI LOGISTICS 30,000.00 29,310,000.00 0.06MITSUBISHI MATERIALS 297,000.00 77,814,000.00 0.15MITSUBISHI MOTORS 1,073,000.00 100,862,000.00 0.19MITSUBISHI TANABE PHARMA 62,300.00 72,330,300.00 0.14MITSUBISHI UFJ FINANCIAL GROUP 3,484,420.00 1,435,581,040.00 2.77MITSUBISHI UFJ LEASE & FINANCE 16,560.00 60,278,400.00 0.12MITSUI & CO 474,300.00 643,625,100.00 1.24MITSUI CHEMICALS 225,000.00 56,475,000.00 0.11MITSUI FUDOSAN 230,000.00 364,090,000.00 0.70MITSUI O.S.K. LINES 316,000.00 113,760,000.00 0.22MIZUHO FINANCIAL GROUP 6,248,960.00 843,609,600.00 1.63MSIG HOLDINGS 156,641.00 266,133,059.00 0.51MURATA MANUFACTURING 55,800.00 273,699,000.00 0.53N.T.T. 119,700.00 449,473,500.00 0.87NABTESCO 27,100.00 46,015,800.00 0.09NAMCO BANDAI 55,200.00 65,908,800.00 0.13NEC 700,000.00 121,100,000.00 0.23NGK INSULATORS 69,000.00 81,489,000.00 0.16NGK SPARK PLUG 43,000.00 50,783,000.00 0.10NHK SPRING 38,000.00 33,820,000.00 0.07NIDEC 29,600.00 223,184,000.00 0.43NIKON 92,600.00 232,611,200.00 0.45NINTENDO 27,000.00 336,150,000.00 0.65NIPPON BUILDING FUND 165.00 129,690,000.00 0.25NIPPON ELECTRIC GLASS 107,500.00 77,292,500.00 0.15NIPPON EXPRESS 231,000.00 74,613,000.00 0.14NIPPON MEAT PACKERS 46,000.00 48,346,000.00 0.09NIPPON PAPER GROUP 27,800.00 47,899,400.00 0.09NIPPON SHEET GLASS 226,000.00 28,702,000.00 0.06NIPPON STEEL 1,393,000.00 316,211,000.00 0.61NIPPON YUSEN 425,000.00 110,500,000.00 0.21NISHI-NIPPON CITY BANK 183,000.00 42,822,000.00 0.08NISSAN MOTOR 679,600.00 598,727,600.00 1.16NISSHIN SEIFUN 49,400.00 49,449,400.00 0.10NISSHIN STEEL 181,000.00 25,159,000.00 0.05NISSIN FOOD PRODUCTS 16,400.00 50,758,000.00 0.10NITORI CO 10,250.00 76,670,000.00 0.15NITTO DENKO 44,700.00 149,074,500.00 0.29NKSJ HOLDINGS 102,650.00 189,902,500.00 0.37NOK 26,900.00 48,420,000.00 0.09NOMURA HOLDINGS 993,300.00 363,547,800.00 0.70NOMURA REAL ESTATE HOLDINGS 25,600.00 37,350,400.00 0.07NOMURA REAL ESTATE OFFICE FD 70.00 34,475,000.00 0.07NOMURA RESEARCH INSTITUTE 28,000.00 57,484,000.00 0.11NSK 122,000.00 77,714,000.00 0.15NTN 135,000.00 47,250,000.00 0.09NTT DATA 338.00 98,324,200.00 0.19La nota integrativa costituisce parte integrante del presente bilancio.303
<strong>Pictet</strong> - Japan IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN JPY)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoNTT DOCOMO 4,169.00 572,820,600.00 1.11NTT URBAN DEVELOPMENT 347.00 23,387,800.00 0.05OBAYASHI 181,000.00 65,341,000.00 0.13ODAKYU ELECTRIC RAILWAY 172,000.00 134,504,000.00 0.26OJI PAPER 238,000.00 95,200,000.00 0.18OLYMPUS 59,000.00 79,886,000.00 0.15OMRON 56,700.00 100,926,000.00 0.20ONO PHARMACEUTICAL 22,100.00 101,881,000.00 0.20ORACLE JAPAN 9,900.00 31,135,500.00 0.06ORIENTAL LAND 13,400.00 118,858,000.00 0.23ORIX 28,880.00 228,152,000.00 0.44OSAKA GAS 510,000.00 169,320,000.00 0.33OTSUKA 4,000.00 26,920,000.00 0.05OTSUKA HOLDINGS 68,800.00 168,560,000.00 0.33RAKUTEN 1,977.00 171,405,900.00 0.33RESONA HOLDINGS 518,900.00 197,700,900.00 0.38RICOH 181,000.00 145,705,000.00 0.28RINNAI 8,600.00 51,256,000.00 0.10ROHM 26,800.00 109,478,000.00 0.21SANKYO 15,000.00 60,900,000.00 0.12SANRIO 12,300.00 39,729,000.00 0.08SANTEN PHARMACEUTICAL 21,000.00 74,235,000.00 0.14SBI HOLDINGS 6,033.00 47,117,730.00 0.09SECOM 57,200.00 231,660,000.00 0.45SEGA SAMMY HOLDINGS 58,500.00 101,439,000.00 0.20SEIKO EPSON 36,200.00 41,992,000.00 0.08SEKISUI CHEMICAL 115,000.00 82,570,000.00 0.16SEKISUI HOUSE 159,000.00 128,949,000.00 0.25SEVEN & I HOLDINGS 205,900.00 506,102,200.00 0.98SEVEN BANK 149,900.00 27,131,900.00 0.05SHARP 269,000.00 162,476,000.00 0.31SHIKOKU ELECTRIC POWER 50,900.00 118,749,700.00 0.23SHIMADZU 63,000.00 47,061,000.00 0.09SHIMAMURA 6,200.00 57,412,000.00 0.11SHIMANO 20,100.00 100,198,500.00 0.19SHIMIZU 166,000.00 55,112,000.00 0.11SHIN-ETSU CHEMICAL 112,100.00 535,838,000.00 1.04SHINSEI BANK 397,000.00 42,876,000.00 0.08SHIONOGI & CO 82,500.00 94,380,000.00 0.18SHISEIDO 99,600.00 142,228,800.00 0.27SHIZUOKA BANK 159,000.00 135,468,000.00 0.26SHOWA DENKO 423,000.00 79,524,000.00 0.15SHOWA SHELL SEKIYU 46,200.00 24,393,600.00 0.05SMC 14,800.00 194,768,000.00 0.38SOFTBANK 242,500.00 593,397,500.00 1.15SOJITZ CORPORATION 345,600.00 51,148,800.00 0.10SONY 275,900.00 470,133,600.00 0.91SONY FINANCIAL 45,600.00 67,032,000.00 0.13SQUARE ENIX 19,000.00 33,022,000.00 0.06STANLEY ELECTRIC 40,300.00 52,994,500.00 0.10SUMCO 29,000.00 29,203,000.00 0.06SUMITOMO 305,900.00 365,856,400.00 0.71La nota integrativa costituisce parte integrante del presente bilancio.304
<strong>Pictet</strong> - Japan IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN JPY)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoSUMITOMO CHEMICAL 426,000.00 149,952,000.00 0.29SUMITOMO ELECTRIC INDUSTRIES 204,500.00 231,698,500.00 0.45SUMITOMO HEAVY INDUSTRIES 154,000.00 70,840,000.00 0.14SUMITOMO METAL INDUSTRIES 925,000.00 154,475,000.00 0.30SUMITOMO METAL MINING 145,000.00 168,635,000.00 0.33SUMITOMO MITSUI FINANCIAL GROUP 367,600.00 1,000,974,800.00 1.93SUMITOMO REALTY & DEVELOPMENT 98,000.00 195,510,000.00 0.38SUMITOMO RUBBER INDUSTRIES 46,500.00 51,103,500.00 0.10SURUGA BANK 49,000.00 41,405,000.00 0.08SUZUKEN 18,700.00 47,722,400.00 0.09SUZUKI MOTOR 93,000.00 183,861,000.00 0.36SYSMEX 19,300.00 64,462,000.00 0.12T&D HOLDINGS 157,500.00 151,042,500.00 0.29TAISEI 287,000.00 61,992,000.00 0.12TAISHO PHARMACEUTICALS HOLDINGS 9,700.00 65,087,000.00 0.13TAIYO NIPPON SANSO 74,000.00 43,216,000.00 0.08TAKASHIMAYA 74,000.00 50,838,000.00 0.10TAKEDA PHARMACEUTICAL 216,000.00 787,320,000.00 1.52TDK 34,300.00 160,867,000.00 0.31TEIJIN 251,000.00 69,778,000.00 0.13TERUMO 47,200.00 186,676,000.00 0.36THK 34,100.00 57,390,300.00 0.11TOBU RAILWAY 273,000.00 119,847,000.00 0.23TOHO 29,700.00 45,114,300.00 0.09TOHO GAS 114,000.00 55,632,000.00 0.11TOHOKU ELECTRIC POWER 121,900.00 115,073,600.00 0.22TOKIO MARINE HOLDINGS 198,800.00 451,474,800.00 0.87TOKYO ELECTRIC POWER 403,700.00 83,969,600.00 0.16TOKYO ELECTRON 46,600.00 220,651,000.00 0.43TOKYO GAS CO 667,000.00 260,130,000.00 0.50TOKYU 305,000.00 119,865,000.00 0.23TOKYU LAND 113,000.00 45,765,000.00 0.09TONENGENERAL SEKIYU 75,000.00 57,150,000.00 0.11TOPPAN PRINTING 149,000.00 96,254,000.00 0.19TORAY INDUSTRIES 399,000.00 244,986,000.00 0.47TOSHIBA 1,101,000.00 400,764,000.00 0.77TOSOH 146,000.00 33,580,000.00 0.06TOTO 84,000.00 52,332,000.00 0.10TOYO SEIKAN KAISHA 41,500.00 49,260,500.00 0.10TOYO SUISAN KAISHA 25,000.00 53,725,000.00 0.10TOYODA GOSEI 16,500.00 26,581,500.00 0.05TOYOTA BOSHOKU 16,000.00 15,616,000.00 0.03TOYOTA INDUSTRIES CORPORATION 49,900.00 124,550,400.00 0.24TOYOTA MOTOR 754,600.00 2,693,922,000.00 5.22TOYOTA TSUSHO CORP 59,300.00 99,920,500.00 0.19TREND MICRO 28,500.00 72,475,500.00 0.14TSUMURA 17,200.00 41,125,200.00 0.08UBE INDUSTRIES 280,000.00 63,000,000.00 0.12UNI-CHARM 30,600.00 133,722,000.00 0.26USHIO 29,700.00 34,541,100.00 0.07USS 5,980.00 50,172,200.00 0.10WEST JAPAN RAILWAY 45,900.00 152,617,500.00 0.29La nota integrativa costituisce parte integrante del presente bilancio.305
<strong>Pictet</strong> - Japan IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN JPY)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoYAHOO JAPAN 3,913.00 104,790,140.00 0.20YAKULT HONSHA 27,300.00 77,668,500.00 0.15YAMADA DENKI 22,070.00 114,101,900.00 0.22YAMAGUCHI FINANCIAL GROUP 58,000.00 43,616,000.00 0.08YAMAHA 43,600.00 37,408,800.00 0.07YAMAHA MOTOR 75,200.00 83,396,800.00 0.16YAMATO HOLDINGS 108,800.00 139,155,200.00 0.27YAMATO KOGYO 11,300.00 27,289,500.00 0.05YAMAZAKI BAKING 34,000.00 40,324,000.00 0.08YASKAWA ELECTRIC 58,000.00 45,124,000.00 0.09YOKOGAWA ELECTRIC 61,500.00 51,475,500.00 0.1050,844,948,666.00 98.24TOTALE INVESTIMENTI 50,844,948,666.00 98.24DISPONIBILITÀ LIQUIDE PRESSO BANCHE 882,656,045.57 1.71ALTRE PASSIVITÀ NETTE 28,801,702.00 0.05PATRIMONIO NETTO COMPLESSIVO 51,756,406,413.57 100.00La nota integrativa costituisce parte integrante del presente bilancio.306
<strong>Pictet</strong> - Japan IndexRIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Giappone 98.2498.24Ripartizione per settori economici(in % del patrimonio netto)Holding e società finanziarie 13.93Equipaggiamento elettrico ed elettronico 13.20Automezzi 12.35Costruzione di macchine e apparecchiature 6.11Sostanze chimiche 5.21Trasporto passeggeri e merci 4.34Industria farmaceutica e cosmetica 4.18Servizi di pubblica utilità 4.11Comunicazioni 3.13Settore immobiliare 3.07Commercio vario 3.01Vendita al dettaglio e supermercati 3.01Banche e istituti di credito 2.85Edilizia e materiali da costruzione 2.51Computer e articoli per ufficio 2.28Tabacco e bevande alcoliche 1.95Fotografia e materiale ottico 1.67Prodotti tessili e abbigliamento 1.57Settore minerario e siderurgico 1.32Alimentari e bevande non alcoliche 1.18Prodotti di consumo vari 1.14Assicurazioni 0.97Gomma e pneumatici 0.95Internet, software e servizi informatici 0.78Orologeria 0.57Tempo libero 0.57Acciaio inossidabile 0.57Editoria e arti grafiche 0.44Petrolio 0.40Servizi pubblici 0.38Carta e prodotti forestali 0.27Servizi ambientali e riciclaggio 0.12Imballi 0.1098.24La nota integrativa costituisce parte integrante del presente bilancio.307
<strong>Pictet</strong> - Pacific Ex Japan IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoI. VALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOAZIONIAUSTRALIAAGL ENERGY 117,554.00 1,804,672.43 0.51ALUMINA 624,515.00 802,747.18 0.23AMCOR 311,002.00 2,408,269.41 0.68AMP 723,387.00 3,252,545.64 0.92ANZ BANKING GROUP 669,436.00 16,206,443.76 4.57APA GROUP 140,400.00 745,257.30 0.21ASCIANO GROUP -STAPLED SECURITY- 248,600.00 1,267,844.98 0.36ASX LTD 45,021.00 1,555,686.82 0.44BENDIGO & ADEL 95,600.00 771,131.68 0.22BHP BILLITON 816,100.00 29,397,739.00 8.33BORAL 188,768.00 791,776.07 0.22BRAMBLES 374,700.00 2,768,923.74 0.78CALTEX AUSTRALIA 34,400.00 497,312.80 0.14CAMPBELL BROTHERS 17,300.00 1,210,537.28 0.34CFS RETAIL PROPERTY TRUST 465,282.00 866,838.59 0.24COCA-COLA AMATIL 145,561.00 1,889,210.87 0.53COCHLEAR 14,600.00 940,616.21 0.27COMMONWEALTH BANK OF AUSTRALIA 400,500.00 20,883,784.30 5.89COMPUTERSHARE 112,700.00 1,055,687.50 0.30CROWN 102,374.00 925,930.53 0.26CSL 133,203.00 4,975,725.54 1.40DEXUS PROPERTY GROUP 1,230,026.00 1,113,787.90 0.31ECHO ENTERTAINMENT GROUP 175,966.00 804,011.45 0.23FAIRFAX MEDIA 576,860.00 435,288.69 0.12FORTESCUE METALS 314,400.00 1,901,199.20 0.54GOODMAN GROUP-STAPLED SECURITY 1,774,900.00 1,274,652.88 0.36GPT GROUP 440,481.00 1,430,377.69 0.40HARVEY NORMAN HOLDINGS 133,700.00 279,702.54 0.08ILUKA RESOURCES 105,900.00 1,960,834.14 0.55INCITEC PIVOT 415,769.00 1,363,112.22 0.38INSURANCE AUSTRALIA GROUP 529,200.00 1,872,697.82 0.53JAMES HARDIES INDUSTRIES 111,700.00 892,859.96 0.25LEIGHTON HOLDINGS 38,087.00 845,148.29 0.24LEND LEASE 138,357.00 1,075,698.82 0.30LYNAS CORP 438,400.00 499,635.88 0.14MACQUARIE GROUP 88,400.00 2,675,565.70 0.75METCASH 197,900.00 885,692.98 0.25MIRVAC GROUP 'STAPLED SECURITIES' 874,618.00 1,065,057.92 0.30NATIONAL AUSTRALIA BANK 560,200.00 14,343,236.66 4.05NEWCREST MINING 194,675.00 6,013,717.64 1.70ORICA 92,336.00 2,688,019.88 0.76ORIGIN ENERGY 276,297.00 3,839,073.15 1.08OZ MINERALS 81,062.00 823,447.82 0.23QANTAS AIRWAYS 287,900.00 534,870.74 0.15La nota integrativa costituisce parte integrante del presente bilancio.308
<strong>Pictet</strong> - Pacific Ex Japan IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoQBE INSURANCE GROUP 284,210.00 4,191,583.84 1.18QR NATIONAL 431,700.00 1,675,945.27 0.47RAMSAY HEALTH CARE 33,600.00 683,683.33 0.19RIO TINTO 110,771.00 7,540,024.85 2.13SANTOS 239,520.00 3,549,937.65 1.00SIMS GROUP 41,600.00 636,039.49 0.18SONIC HEALTHCARE 93,000.00 1,211,870.55 0.34SP AUSNET STAPLED SECURITY 365,600.00 409,056.79 0.12STOCKLAND 590,441.00 1,806,728.06 0.51SUNCORP METWAY 326,876.00 2,857,796.33 0.81SYDNEY AIRPORT-STAPLED SECURITY- 92,490.00 276,277.57 0.08TABCORP HOLDINGS 182,566.00 516,841.95 0.15TATTS GROUP 338,845.00 874,624.65 0.25TELSTRA 1,105,700.00 3,786,187.87 1.07TOLL HOLDINGS 173,480.00 1,059,879.44 0.30TRANSURBAN GROUP 'STAPLED SEC.' 330,873.00 1,928,494.07 0.54WESFARMERS 255,634.00 7,987,267.99 2.25WESTFIELD 558,302.00 5,130,962.49 1.45WESTFIELD -STAPLED SECURITY- 735,965.00 1,976,267.91 0.56WESTPAC BANKING 770,414.00 17,552,495.91 4.95WOODSIDE PETROLEUM 163,850.00 5,936,348.95 1.67WOOLWORTHS 310,805.00 8,404,194.53 2.37WORLEY PARSONS 49,400.00 1,472,031.99 0.42225,100,913.08 63.53BERMUDAFIRST PACIFIC 538,000.00 596,599.74 0.17KERRY PROPERTIES 181,500.00 816,998.84 0.23LI & FUNG 1,443,200.00 3,312,316.69 0.93NOBLE GROUP 970,745.00 1,065,988.36 0.30NWS HOLDINGS 342,500.00 524,052.32 0.15ORIENT OVERSEAS 56,200.00 399,913.65 0.11YUE YUEN INDUSTRIAL 189,000.00 663,324.35 0.197,379,193.95 2.08HONG KONGAIA GROUP 2,143,000.00 7,852,393.85 2.21BANK OF EAST ASIA 393,600.00 1,477,717.04 0.42BOC HONG KONG (HOLDINGS) 945,000.00 2,610,698.61 0.74C K INFRASTRUCTURE 120,000.00 730,265.34 0.21CATHAY PACIFIC AIRWAYS 295,000.00 546,359.54 0.15CHEUNG KONG HOLDINGS 354,000.00 4,573,006.59 1.29CLP HOLDINGS 489,000.00 4,219,697.26 1.19GALAXY ENTERTAINMENT 316,000.00 872,995.51 0.25HANG LUNG GROUP 223,000.00 1,443,240.02 0.41HANG LUNG PROPERTIES 622,000.00 2,279,136.25 0.64HANG SENG BANK 194,200.00 2,581,229.12 0.73HENDERSON LAND DEVELOPMENT 240,424.00 1,326,863.59 0.37HKT -STAPLED SEC.-PROV.- 21,586.00 16,792.17 0.00HONG KONG & CHINA GAS 1,204,675.00 3,087,596.97 0.87HONG KONG EXCHANGES AND CLEARING 260,300.00 4,375,042.86 1.23La nota integrativa costituisce parte integrante del presente bilancio.309
<strong>Pictet</strong> - Pacific Ex Japan IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoHONGKONG ELECTRIC 353,000.00 2,591,476.01 0.73HOPEWELL 143,500.00 393,667.11 0.11HUTCHISON WHAMPOA 542,000.00 5,413,507.23 1.53HYSAN DEVELOPMENT 162,000.00 644,719.98 0.18MTR 370,000.00 1,324,781.19 0.37NEW WORLD DEVELOPMENT 904,889.00 1,087,363.09 0.31PCCW 993,000.00 355,542.63 0.10SHANGRI-LA ASIA 358,500.00 784,015.19 0.22SINO LAND 744,000.00 1,188,207.40 0.34SJM HOLDINGS 421,000.00 854,546.98 0.24SUN HUNG KAI PROPERTIES 360,000.00 4,474,324.17 1.26SWIRE PACIFIC 'A' 184,000.00 2,062,928.76 0.58THE LINK REIT 573,000.00 2,132,799.83 0.60WHARF HOLDINGS 384,987.00 2,092,455.10 0.59WHEELOCK 236,000.00 711,255.26 0.20WING HANG BANK 46,000.00 457,079.13 0.1364,561,703.78 18.20ISOLA MAURIZIOGOLDEN AGRI - RESOURCES 1,712,194.00 1,069,524.75 0.301,069,524.75 0.30ISOLE CAYMANASM PACIFIC TECHNOLOGY 50,400.00 733,510.97 0.21FOXCONN INTERNATIONAL 542,000.00 386,030.88 0.11LIFESTYLE INTERNATIONAL 145,000.00 369,395.77 0.10SANDS CHINA 612,800.00 2,391,437.40 0.67WYNN MACAU 399,600.00 1,176,005.40 0.335,056,380.42 1.42NUOVA ZELANDAAUCKLAND INTERNATIONAL AIRPORT 238,501.00 482,337.96 0.14CONTACT ENERGY 90,541.00 352,072.87 0.10FLETCHER BUILDING 173,584.00 961,824.25 0.27SKY CITY ENTERTAINMENT GROUP 144,234.00 467,186.20 0.13TELECOM CORP. OF NEW ZEALAND 491,209.00 979,273.93 0.283,242,695.21 0.92REGNO UNITOGENTING INTERNATIONAL PUBLIC 1,556,200.00 2,111,339.18 0.602,111,339.18 0.60SINGAPOREASCENDAS REAL ESTATE 455,666.00 732,430.14 0.21CAPITALAND 648,000.00 1,608,784.27 0.45CAPITAMALL 550,030.00 790,008.56 0.22CAPITAMALLS ASIA 340,000.00 442,348.83 0.12CITY DEVELOPMENTS 127,000.00 1,147,011.56 0.32COMFORTDELGRO 483,000.00 599,570.06 0.17COSCO CORPORATION (SINGAPORE) 250,000.00 231,757.69 0.07DBS GROUP HOLDINGS 447,500.00 5,049,373.34 1.42La nota integrativa costituisce parte integrante del presente bilancio.310
<strong>Pictet</strong> - Pacific Ex Japan IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoFRASER AND NEAVE 235,000.00 1,252,884.04 0.35GLOBAL LOGISTIC PROPERTIES 466,000.00 815,787.06 0.23HUTCHISON PORT -UNITS- 1,316,000.00 1,006,740.00 0.28JARDINE CYCLE & CARRIAGE 27,217.00 1,045,841.02 0.30KEPPEL CORP 363,900.00 3,182,350.13 0.90KEPPEL LAND 187,000.00 516,344.19 0.15NEPTUNE ORIENT LINES 227,000.00 255,593.91 0.07OLAM INTERNATIONAL 371,012.00 696,735.87 0.20OVERSEA-CHINESE BANKING 655,200.00 4,650,578.24 1.31SEMBCORP INDUSTRIES 252,500.00 1,060,873.29 0.30SEMBCORP MARINE 211,800.00 889,873.12 0.25SINGAPORE AIRLINES 137,917.00 1,181,957.11 0.33SINGAPORE EXCHANGE 219,000.00 1,209,405.11 0.34SINGAPORE PRESS HOLDING 385,500.00 1,202,482.21 0.34SINGAPORE TECHNOLOGIES ENGINEER. 386,000.00 998,248.99 0.28SINGAPORE TELECOMMUNICATIONS 2,028,150.00 5,083,687.40 1.43STARHUB 155,000.00 382,350.45 0.11UNITED OVERSEAS BANK 320,000.00 4,672,553.25 1.32UOL GROUP 121,100.00 456,762.77 0.13WILMAR INTERNATIONAL 484,000.00 1,887,164.05 0.53YANGZIJIANG SHIPBUILDING 485,000.00 513,288.57 0.1443,562,785.23 12.27TOTALE I. 352,084,535.60 99.32II. ALTRI VALORI MOBILIARIAZIONIMALTABGP HLDGS 1,686,208.00 0.00 0.000.00 0.00TOTALE II. 0.00 0.00TOTALE INVESTIMENTI 352,084,535.60 99.32DISPONIBILITÀ LIQUIDE PRESSO BANCHE 2,162,262.71 0.61ALTRE PASSIVITÀ NETTE 265,899.54 0.07PATRIMONIO NETTO COMPLESSIVO 354,512,697.85 100.00La nota integrativa costituisce parte integrante del presente bilancio.311
<strong>Pictet</strong> - Pacific Ex Japan IndexRIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Australia 63.53Hong Kong 18.20Singapore 12.27Bermuda 2.08Isole Cayman 1.42Nuova Zelanda 0.92Regno Unito 0.60Isola Maurizio 0.30Malta 0.0099.32Ripartizione per settori economici(in % del patrimonio netto)Banche e istituti di credito 27.32Settore immobiliare 9.22Settore minerario e siderurgico 8.86Holding e società finanziarie 7.79Vendita al dettaglio e supermercati 4.00Assicurazioni 3.92Servizi di pubblica utilità 3.52Petrolio 3.44Edilizia e materiali da costruzione 3.06Servizi pubblici 3.03Trasporto passeggeri e merci 3.02Comunicazioni 2.99Gastronomia 2.93Acciaio inossidabile 2.91Industria farmaceutica e cosmetica 2.54Pietre e metalli preziosi 2.38Commercio vario 1.47Sostanze chimiche 1.14Equipaggiamento elettrico ed elettronico 0.90Carta e prodotti forestali 0.68Alimentari e bevande non alcoliche 0.60Conglomerati 0.58Tabacco e bevande alcoliche 0.53Altri settori 0.47Editoria e arti grafiche 0.46Agricoltura e pesca 0.30Automezzi 0.30Costruzione di macchine e apparecchiature 0.25Servizi sanitari e sociali 0.19Prodotti tessili e abbigliamento 0.19Servizi ambientali e riciclaggio 0.18Tempo libero 0.1599.32La nota integrativa costituisce parte integrante del presente bilancio.312
<strong>Pictet</strong> - Digital CommunicationPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoI. VALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOAZIONIBELGIOTELENET GROUP HOLDING 125,831.66 5,157,143.72 2.975,157,143.72 2.97BERMUDAVIMPELCOM ADR (REP.1 SHS-WI-) 234,351.49 2,638,797.80 1.522,638,797.80 1.52CANADATELUS -NVTG- 93,331.60 5,356,232.32 3.095,356,232.32 3.09CINACHINA UNICOM (HK) 1,032,316.68 1,749,711.58 1.011,749,711.58 1.01COREA DEL SUDNHN 19,951.57 4,578,207.10 2.644,578,207.10 2.64GIAPPONEN.T.T. 38,552.92 1,763,402.17 1.02RAKUTEN 3,977.25 4,200,357.44 2.42SOFTBANK 56,471.07 1,683,232.57 0.977,646,992.18 4.41HONG KONGCHINA MOBILE ADR (R. 5 SHS) 135,103.43 7,279,373.02 4.207,279,373.02 4.20ISOLE CAYMANBAIDU. COM ADR 'A' (R. 1 SHS 'A') 15,958.71 2,336,515.34 1.35NETEASE. COM ADR (R. 25 SHS) 43,304.12 2,526,362.60 1.46SINA 51,811.78 3,406,624.38 1.96TENCENT HOLDINGS 139,299.17 3,886,016.29 2.2412,155,518.61 7.01ITALIAYOOX 117,754.04 1,848,689.94 1.071,848,689.94 1.07La nota integrativa costituisce parte integrante del presente bilancio.313
<strong>Pictet</strong> - Digital CommunicationPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoLUSSEMBURGOSES GLOBAL FDR 129,239.00 3,193,603.07 1.843,193,603.07 1.84PAESI BASSIYANDEX -A- 6,829.71 173,133.03 0.10ZIGGO 57,268.72 1,766,080.14 1.021,939,213.17 1.12REGNO UNITOVODAFONE GROUP PLC 1,745,411.68 4,875,133.30 2.814,875,133.30 2.81RUSSIAMOBILE TELESYS ADR (R. 5 SHS) 140,204.90 2,541,914.92 1.472,541,914.92 1.47STATI UNITIAMAZON.COM 38,211.32 7,818,418.85 4.51AMERICAN PUBLIC EDUCATION 24,434.00 934,356.14 0.54APPLE 7,990.34 4,872,988.25 2.81ARIBA 106,979.45 3,478,971.76 2.01CENTURYTEL 63,236.04 2,443,440.73 1.41COMCAST 'A' 176,455.06 5,263,654.37 3.03COMSCORE 152,021.06 3,307,978.22 1.91CONCUR TECHNOLOGIES 54,343.44 3,130,725.51 1.80CONSTANT CONTACT 24,796.41 739,180.94 0.43DIRECTV 143,749.23 7,114,149.42 4.10EBAY 220,259.73 8,147,407.59 4.68GOOGLE 'A' 9,930.12 6,438,791.37 3.71GRAND CANYON EDUCATION 111,513.32 2,006,124.65 1.16HOMEAWAY 82,369.16 2,079,821.30 1.20IAC/INTERACTIVECORP 106,816.45 5,222,256.44 3.01INTUIT 55,461.88 3,318,284.18 1.91LINKEDIN -A- 22,108.69 2,269,898.78 1.31MERCADOLIBRE 17,133.22 1,695,503.46 0.98NETFLIX 14,042.05 1,615,537.86 0.93NII HOLDINGS 'B' 146,350.83 2,591,873.21 1.49NUANCE COMMUNICATIONS 84,017.63 2,129,846.93 1.23RACKSPACE HOSTING 32,426.07 1,851,528.75 1.07SALESFORCE.COM 14,247.82 2,228,501.49 1.28SOHU. COM 22,726.57 1,237,461.90 0.71SOLERA HOLDINGS 63,410.60 2,937,179.04 1.69TIME WARNER CABLE 14,071.53 1,130,506.58 0.65TRIPADVISOR 71,770.86 2,523,463.56 1.45YAHOO 315,876.19 4,832,905.67 2.7993,360,756.95 53.80La nota integrativa costituisce parte integrante del presente bilancio.314
<strong>Pictet</strong> - Digital CommunicationPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Valuta Quantità/Valore nominale Valore di stima (nota 2) % del patrimonionettoSUDAFRICAMTN GROUP 285,333.83 5,112,469.50 2.955,112,469.50 2.95SVEZIATELIASONERA (SEK) 344,431.94 2,382,627.89 1.372,382,627.89 1.37TAIWANACER 1,721,876.48 2,284,013.33 1.32HIGH TECH COMPUTER 113,151.39 2,288,753.85 1.324,572,767.18 2.64TOTALE I. 166,389,152.25 95.92II. ALTRI VALORI MOBILIARIAZIONIPORTOGALLOKIWI II VENT. PREF 'A' 86.70 0.00 0.000.00 0.00STATI UNITIIBIQUITY DIGITAL PREF 'A' REST. 15,587.64 0.00 0.000.00 0.00TOTALE AZIONI 0.00 0.00OBBLIGAZIONICANADA10% HIGHPOINT TEL. II CV 00/04 USD 127,444.70 0.00 0.000.00 0.00TOTALE OBBLIGAZIONI 0.00 0.00TOTALE II. 0.00 0.00TOTALE INVESTIMENTI 166,389,152.25 95.92DISPONIBILITÀ LIQUIDE PRESSO BANCHE 7,345,032.68 4.23ALTRE PASSIVITÀ NETTE -274,480.22 -0.15PATRIMONIO NETTO COMPLESSIVO 173,459,704.71 100.00La nota integrativa costituisce parte integrante del presente bilancio.315
<strong>Pictet</strong> - Digital CommunicationRIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Stati Uniti 53.80Isole Cayman 7.01Giappone 4.41Hong Kong 4.20Canada 3.09Belgio 2.97Sudafrica 2.95Regno Unito 2.81Corea del Sud 2.64Taiwan 2.64Lussemburgo 1.84Bermuda 1.52Russia 1.47Svezia 1.37Paesi Bassi 1.12Italia 1.07Cina 1.01Portogallo 0.0095.92Ripartizione per settori economici(in % del patrimonio netto)Comunicazioni 32.35Internet, software e servizi informatici 31.59Computer e articoli per ufficio 9.80Holding e società finanziarie 7.28Servizi pubblici 5.61Vendita al dettaglio e supermercati 4.68Equipaggiamento elettrico ed elettronico 1.32Altri settori 1.20Prodotti tessili e abbigliamento 1.07Prodotti di consumo vari 1.02Obbligazioni societarie 0.0095.92La nota integrativa costituisce parte integrante del presente bilancio.316
<strong>Pictet</strong> - BiotechPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoI. VALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOAZIONIDANIMARCANOVO NORDISK 'B' 347,908.89 48,007,147.40 5.1148,007,147.40 5.11NORVEGIAALGETA 1,735,841.23 43,162,269.03 4.5943,162,269.03 4.59REGNO UNITOAMARIN CORPORATION -ADR SPONS.- 3,777,021.80 42,718,116.54 4.5542,718,116.54 4.55STATI UNITIALEXION PHARMACEUTICALS 509,744.43 46,519,276.29 4.95AMGEN 631,417.46 42,507,023.46 4.52ARIAD PHARMACEUTICALS 2,682,829.80 42,817,963.57 4.56AUXILIUM PHARMACEUTICALS 511,806.07 9,458,176.19 1.01AVEO PHARMACEUTICALS 1,533,787.43 18,804,233.84 2.00BIOGEN IDEC 417,636.03 52,822,604.79 5.63BIOMARIN PHARMACEUTICAL 944,246.00 32,340,425.67 3.44CELGENE 521,617.77 40,435,809.84 4.30DENDREON 1,593,547.25 16,588,826.84 1.77GILEAD SCIENCES 923,332.72 44,107,604.09 4.69ILLUMINA 581,964.07 30,494,917.07 3.24INCYTE 2,568,318.55 51,032,489.59 5.43INTERMUNE 2,888,276.50 40,435,871.00 4.30IRONWOOD PHAMRACEUTICALS A 2,173,985.77 28,327,034.55 3.01LIFE TECHNOLOGIES 818,991.18 39,794,781.26 4.23LUMINEX 720,684.35 16,719,876.94 1.78MEDIVATION 481,189.92 35,954,511.04 3.83ONYX PHARMACEUTICALS 1,173,439.40 44,485,087.80 4.73OPTIMER PHARMACEUTICALS 2,083,372.33 29,167,212.65 3.10REGENERON PHARMACEUTICALS 249,340.31 28,584,373.37 3.04SAVIENT PHARMACEUTICALS 1,916,546.39 4,101,409.28 0.44SEQUENOM 2,812,704.44 11,082,055.49 1.18THERAVANCE 1,129,657.33 22,039,614.54 2.35UNITED THERAPEUTICS 499,742.03 23,707,761.87 2.52VERTEX PHARMACEUTICALS 1,099,579.98 44,576,972.47 4.74796,905,913.50 84.79SVEZIAMEDIVIR 'B' 459,330.37 4,614,550.49 0.494,614,550.49 0.49TOTALE AZIONI 935,407,996.96 99.53La nota integrativa costituisce parte integrante del presente bilancio.317
<strong>Pictet</strong> - BiotechPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoWARRANTSTATI UNITIINTARCIA THER.BB2 (0.01) WTS 151114 24,825.39 0.00 0.000.00 0.00TOTALE WARRANT 0.00 0.00TOTALE I. 935,407,996.96 99.53II. ALTRI VALORI MOBILIARIAZIONISTATI UNITIINTARCIA THERAPEUTICS PREF 'AA' 115,920.76 148,378.57 0.02INTARCIA THERAPEUTICS PREF 'BB-1' 56,215.81 71,956.23 0.01INTARCIA THERAPEUTICS PREF 'BB-2' 275,410.41 352,525.32 0.04METABOLEX PFD 'E1' 153,497.21 67,538.77 0.01METABOLEX PREF 'A1' 16,353.74 7,195.64 0.00METABOLEX PREF 'B1' 1,381,477.55 607,850.12 0.06METABOLEX PREF 'D1' 204,164.02 89,832.17 0.01PTC THERAPEUTICS PREF 'C' 359,798.43 400,167.81 0.04PTC THERAPEUTICS PREF CV 'E-2' 32,490.70 259,925.58 0.03PTC THERAPEUTICS PREF 'D' 276,767.75 346,762.31 0.042,352,132.52 0.26TOTALE AZIONI 2,352,132.52 0.26WARRANTSTATI UNITIINTARCIA THERAP. PFD WTS 02.05.15 53,101.12 0.00 0.00METABOLEX 'D1' (C-0. 38) WRT. 12.4.12 30,624.24 3.06 0.003.06 0.00TOTALE WARRANT 3.06 0.00TOTALE II. 2,352,135.58 0.26TOTALE INVESTIMENTI 937,760,132.54 99.79DISPONIBILITÀ LIQUIDE PRESSO BANCHE 4,455,676.05 0.47ALTRE PASSIVITÀ NETTE -2,451,508.49 -0.26PATRIMONIO NETTO COMPLESSIVO 939,764,300.10 100.00La nota integrativa costituisce parte integrante del presente bilancio.318
<strong>Pictet</strong> - BiotechRIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Stati Uniti 85.05Danimarca 5.11Norvegia 4.59Regno Unito 4.55Svezia 0.4999.79Ripartizione per settori economici(in % del patrimonio netto)Biotecnologia 51.35Industria farmaceutica e cosmetica 48.37Sostanze chimiche 0.07Warrant 0.0099.79La nota integrativa costituisce parte integrante del presente bilancio.319
<strong>Pictet</strong> - Premium BrandsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoVALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOAZIONIBERMUDAMANDARIN ORIENTAL INTERNATIONAL 5,600,938.75 6,775,673.11 1.23TRINITY 9,180,670.45 5,659,681.39 1.0312,435,354.50 2.26FRANCIADIOR CHRISTIAN 181,886.70 20,671,423.30 3.76ESSILOR INTERNATIONAL 278,359.70 18,321,635.67 3.34HERMES INTERNATIONAL 30,735.96 7,656,326.64 1.39INTER PARFUMS 119,618.43 2,528,733.70 0.46L.V.M.H. 211,122.13 26,633,056.98 4.85LAURENT PERRIER 110,648.59 8,945,938.35 1.63L'OREAL 69,094.02 6,213,625.16 1.13PERNOD-RICARD 342,207.02 26,418,381.61 4.81PPR 141,509.16 18,042,418.01 3.29REMY COINTREAU 200,762.72 15,089,326.32 2.75150,520,865.74 27.41GERMANIAHUGO BOSS PFD N-VTG 123,163.18 10,456,554.29 1.90PORSCHE AUTOMOBILE -NVTG- 171,157.71 7,500,130.75 1.3717,956,685.04 3.27ISOLE CAYMANWYNN MACAU 2,433,620.25 5,364,827.24 0.98XINYU HENGDELI HLGDS 24,169,612.06 7,578,264.65 1.3812,943,091.89 2.36ITALIAPRADA 1,825,945.39 8,896,022.85 1.62YOOX 1,082,834.30 12,734,131.40 2.3221,630,154.25 3.94REGNO UNITOBURBERRY GROUP 737,131.19 13,004,509.74 2.37DIAGEO 1,602,648.37 29,129,344.50 5.2942,133,854.24 7.66SINGAPOREBANYAN TREE 1,047,963.80 421,635.68 0.08421,635.68 0.08La nota integrativa costituisce parte integrante del presente bilancio.320
<strong>Pictet</strong> - Premium BrandsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoSTATI UNITICOACH 287,083.73 16,614,312.65 3.03ELIZABETH ARDEN 321,293.59 8,510,075.53 1.55ESTEE LAUDER 'A' 404,123.62 18,837,927.98 3.43LAS VEGAS SANDS 438,868.65 18,833,562.52 3.43LIMITED BRANDS 384,092.76 13,893,524.09 2.53MACY'S INC 591,161.43 17,681,719.49 3.22NIKE 'B' 309,879.21 25,034,082.68 4.56PVH 349,925.57 23,456,828.10 4.27RALPH LAUREN -A- 141,295.78 18,495,473.66 3.37SAKS 657,976.50 5,791,183.74 1.05STARWOOD HOTELS & RESORTS 140,278.36 5,945,285.41 1.08TEMPUR-PEDIC INTERNATIONAL 96,947.57 6,082,648.25 1.11TIFFANY 219,586.68 11,357,657.72 2.07WARNACO GROUP 'A' 171,476.08 7,483,299.31 1.36WHOLE FOODS MARKET 158,127.57 9,784,966.10 1.78207,802,547.23 37.84SVIZZERACIE FINANCIERE RICHEMONT 408,241.95 18,888,012.72 3.44KUONI REISEN HOLDING NOM. 'B' 27,641.02 7,558,459.32 1.38LINDT & SPRUENGLI 5,850.16 13,846,531.29 2.52THE SWATCH GROUP 75,568.97 25,976,304.20 4.7366,269,307.53 12.07TOTALE INVESTIMENTI 532,113,496.10 96.89DISPONIBILITÀ LIQUIDE PRESSO BANCHE 18,059,512.41 3.29ALTRE PASSIVITÀ NETTE -1,005,560.86 -0.18PATRIMONIO NETTO COMPLESSIVO 549,167,447.65 100.00La nota integrativa costituisce parte integrante del presente bilancio.321
<strong>Pictet</strong> - Premium BrandsRIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Stati Uniti 37.84Francia 27.41Svizzera 12.07Regno Unito 7.66Italia 3.94Germania 3.27Isole Cayman 2.36Bermuda 2.26Singapore 0.0896.89Ripartizione per settori economici(in % del patrimonio netto)Prodotti tessili e abbigliamento 34.47Tabacco e bevande alcoliche 12.85Vendita al dettaglio e supermercati 9.34Gastronomia 6.80Industria farmaceutica e cosmetica 6.57Prodotti di consumo vari 5.71Holding e società finanziarie 4.80Orologeria 4.73Alimentari e bevande non alcoliche 4.15Fotografia e materiale ottico 3.34Trasporto passeggeri e merci 1.38Altri settori 1.38Automezzi 1.3796.89La nota integrativa costituisce parte integrante del presente bilancio.322
<strong>Pictet</strong> - WaterPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoI. VALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOAZIONIAUSTRIAANDRITZ 563,815.84 40,995,049.88 1.8340,995,049.88 1.83BERMUDABEIJING ENTERPRISES WATER 125,798,465.05 21,481,536.19 0.9621,481,536.19 0.96BRASILECEMIG MINAS GERAIS PREF 4,025,358.40 72,285,981.56 3.22CIA SANEAMENTO MG 3,335,722.06 57,160,234.86 2.55COPEL PREF 'B' 928,233.40 15,867,869.25 0.71SABESP 2,783,088.50 79,484,036.35 3.54SABESP ADR (R.2 SHS) 204,205.60 11,637,434.52 0.52236,435,556.54 10.54CANADABIOTEQ ENVIRONMENTAL TECHN. 570,521.19 75,087.43 0.00PROGRESSIVE WASTE SOLUTIONS (USD) 1,774,658.15 28,806,647.19 1.28PURE TECHNOLOGIES 2,870,504.09 8,592,086.68 0.38STANTEC (CAD) 1,362,132.95 32,402,319.52 1.4469,876,140.82 3.10CILEINVERSIONES AGUAS METROPOL 35,520,682.47 44,654,638.73 1.9944,654,638.73 1.99COREA DEL SUDWOONG JIN COWAY 1,523,402.14 37,867,485.93 1.6937,867,485.93 1.69FILIPPINEMANILA WATER COMPANY 41,251,466.00 16,696,886.65 0.7416,696,886.65 0.74FINLANDIAFORTUM 1,611,686.30 28,301,211.37 1.26KEMIRA 1,272,094.41 12,504,688.06 0.5640,805,899.43 1.82La nota integrativa costituisce parte integrante del presente bilancio.323
<strong>Pictet</strong> - WaterPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoFRANCIASUEZ ENVIRONNEMENT 7,135,172.03 81,019,878.40 3.61VEOLIA ENVIRONNEMENT 5,350,406.07 65,355,210.12 2.91146,375,088.52 6.52GERMANIAELSTER GROUP ADR (R. 1/4 SHS) 1,193,449.78 13,713,509.25 0.61JOYOU 344,879.93 3,293,603.37 0.15KSB PREF N-VTG 26,468.97 11,732,370.27 0.5228,739,482.89 1.28GIAPPONEEBARA 7,057,753.17 19,126,086.45 0.85KURITA WATER INDUSTRIES 2,310,863.52 42,760,763.15 1.9161,886,849.60 2.76HONG KONGCHINA EVERBRIGHT INTL 45,486,596.72 16,017,437.42 0.71GUANGDONG INVESTMENT 95,776,679.18 49,711,718.61 2.2265,729,156.03 2.93INDIAJAIN IRRIGATION SYS -DVR- 306,218.39 216,231.84 0.01JAIN IRRIGATION SYSTEMS 7,594,482.37 11,010,668.01 0.4911,226,899.85 0.50ITALIAHERA 9,435,553.31 9,935,637.63 0.449,935,637.63 0.44PAESI BASSIAALBERTS INDUSTRIES 1,294,415.87 19,798,090.77 0.8819,798,090.77 0.88REGNO UNITOPENNON GROUP 10,408,995.59 88,385,008.23 3.94ROTORK 748,946.36 17,560,383.62 0.78SEVERN TRENT 2,972,184.57 54,217,752.93 2.42UNITED UTILITIES GROUP 7,687,017.46 54,992,674.33 2.45215,155,819.11 9.59RUSSIARUSHYDRO OJSC (USD) 458,649,827.85 12,368,095.51 0.5512,368,095.51 0.55SINGAPOREEPURE INTL 42,995,516.29 15,248,511.13 0.68HYFLUX 16,754,742.13 14,930,221.38 0.6730,178,732.51 1.35La nota integrativa costituisce parte integrante del presente bilancio.324
<strong>Pictet</strong> - WaterPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoSTATI UNITIAEGION 976,339.12 13,310,402.06 0.59AMERICAN STATES WATER 416,091.42 11,366,941.28 0.51AMERICAN WATER WORKS 4,463,636.25 114,081,944.03 5.11AQUA AMERICA 4,003,483.19 67,024,661.89 2.99BADGER METER 437,854.58 11,226,797.52 0.50CALGON CARBON 1,170,131.42 13,796,167.72 0.61CALIFORNIA WATER SERVICE 987,510.86 13,499,691.56 0.60CLARCOR 554,477.97 20,596,692.98 0.92CLEAN HARBORS 1,588,919.54 79,529,356.96 3.54DANAHER 2,587,875.07 106,674,818.91 4.75DONALDSON 2,242,455.99 60,319,596.54 2.69ECOLAB 503,236.00 23,261,961.87 1.04FLOWSERVE 128,993.13 11,116,607.99 0.50FRANKLIN ELECTRIC 527,556.99 19,549,263.05 0.87IDEX 803,453.85 25,355,459.92 1.13PALL 730,773.36 32,247,111.96 1.44PENTAIR 628,605.44 22,196,618.06 0.99REPUBLIC SERVICES 2,821,047.15 64,007,182.74 2.85ROPER INDUSTRIES 996,225.32 73,713,272.63 3.29TETRA TECH 2,725,039.68 53,561,873.01 2.39TORO 252,843.77 13,511,527.62 0.60VALMONT INDUSTRIES 158,392.45 13,911,258.77 0.62WASTE CONNECTIONS 1,667,441.59 40,368,357.21 1.80WASTE MANAGEMENT 1,470,089.76 38,442,603.96 1.71XYLEM 3,729,883.69 77,279,901.56 3.441,019,950,071.80 45.48SVIZZERAGEBERIT 340,198.07 52,513,208.23 2.34SULZER 253,245.02 26,249,867.22 1.1778,763,075.45 3.51TOTALE I. 2,208,920,193.84 98.46II. ALTRI VALORI MOBILIARIAZIONISTATI UNITIUNDERGROUND SOLUTIONS 54,410,950.36 6,154,352.30 0.276,154,352.30 0.27TOTALE AZIONI 6,154,352.30 0.27La nota integrativa costituisce parte integrante del presente bilancio.325
<strong>Pictet</strong> - WaterPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoWARRANTSTATI UNITIFLEXIBLE SOLUTIONS WRT 03.05.10 44,817.21 0.00 0.000.00 0.00TOTALE WARRANT 0.00 0.00TOTALE II. 6,154,352.30 0.27TOTALE INVESTIMENTI 2,215,074,546.14 98.73DISPONIBILITÀ LIQUIDE PRESSO BANCHE 32,559,539.84 1.45ALTRE PASSIVITÀ NETTE -4,049,243.39 -0.18PATRIMONIO NETTO COMPLESSIVO 2,243,584,842.59 100.00La nota integrativa costituisce parte integrante del presente bilancio.326
<strong>Pictet</strong> - WaterRIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Stati Uniti 45.75Brasile 10.54Regno Unito 9.59Francia 6.52Svizzera 3.51Canada 3.10Hong Kong 2.93Giappone 2.76Cile 1.99Austria 1.83Finlandia 1.82Corea del Sud 1.69Singapore 1.35Germania 1.28Bermuda 0.96Paesi Bassi 0.88Filippine 0.74Russia 0.55India 0.50Italia 0.4498.73Ripartizione per settori economici(in % del patrimonio netto)Servizi di pubblica utilità 46.19Costruzione di macchine e apparecchiature 17.99Servizi ambientali e riciclaggio 14.94Salvaguardia dell’ambiente e trattamento dei rifiuti 9.27Edilizia e materiali da costruzione 4.75Equipaggiamento elettrico ed elettronico 1.65Sostanze chimiche 1.17Industria farmaceutica e cosmetica 1.04Prodotti di consumo vari 0.75Carta e prodotti forestali 0.71Holding e società finanziarie 0.27Warrant 0.0098.73La nota integrativa costituisce parte integrante del presente bilancio.327
<strong>Pictet</strong> - Indian EquitiesPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoVALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOAZIONIINDIAAXIS BANK DEMAT. 400,000.00 9,013,657.88 3.17BAJAJ AUTO 262,736.00 8,671,599.65 3.05BANK OF BARODA DEMAT. 582,543.00 9,118,083.43 3.21BHARTI AIRTEL 1,224,529.00 8,134,632.56 2.86CAIRN INDIA 202,096.00 1,326,645.26 0.47CIPLA DEMAT. 718,849.00 4,311,819.33 1.52COAL INDIA 300,000.00 2,028,308.94 0.71DR REDDY'S LABORATORIES DEMAT. 150,000.00 5,204,213.73 1.83HCL TECHNOLOGIES DEMAT. 816,704.00 7,759,204.89 2.73HDFC BANK 2,107,049.00 21,534,428.88 7.58HERO HONDA MOTORS DEMAT. 148,156.00 5,986,384.06 2.11HINDALCO INDUSTRIES INDIA DEMAT. 1,869,353.00 4,755,610.42 1.67HINDUSTAN UNILEVER 514,517.00 4,147,794.39 1.46HOUSING DEVELOPMENT FINANCE 1,033,021.00 13,674,090.16 4.81ICICI BANK DEMAT. 776,215.00 13,584,707.61 4.78INDUSIND BANK 240,219.00 1,519,048.30 0.53INFOSYS TECHNOLOG ADR (R.1 SHS) 41,737.00 2,356,471.02 0.83INFOSYS TECHNOLOGIES DEMAT. 397,357.00 22,391,499.92 7.86ITC DEMAT. 3,196,035.00 14,256,952.33 5.02JINDAL STEEL & POWER DEMAT. 1,054,277.00 11,299,296.98 3.98KOTAK MAHINDRA BANK 236,204.00 2,532,463.76 0.89LARSEN & TOUBRO DEMAT. 262,160.00 6,746,627.77 2.37LUPIN 950,000.00 9,889,406.85 3.48MARUTI SUZUKI 327,193.00 8,687,188.94 3.06OIL & NATURAL GAS CORP 1,814,856.00 9,574,683.92 3.37POWER GRID INDIA 4,918,823.00 10,458,475.73 3.68PUNJAB NATIONAL BANK 97,234.00 1,768,237.35 0.62RELIANCE INDUSTRIES DEMAT. 1,273,637.00 18,794,678.52 6.61SINTEX INDUSTRIES 370,772.00 628,704.70 0.22STERLITE INDUSTRIES (INDIA) 1,400,000.00 3,056,520.22 1.08TATA CONSULTANCY SERVICES DEMAT. 903,322.00 20,756,946.45 7.30TATA MOTORS 1,164,910.00 6,303,770.25 2.22TORRENT PHARMACEUTICALS -DEMAT.- 263,581.00 3,267,749.40 1.15WIPRO DEMAT 364,246.00 3,151,569.11 1.11276,691,472.71 97.34TOTALE INVESTIMENTI 276,691,472.71 97.34DISPONIBILITÀ LIQUIDE PRESSO BANCHE 8,237,703.59 2.90ALTRE PASSIVITÀ NETTE -683,899.38 -0.24PATRIMONIO NETTO COMPLESSIVO 284,245,276.92 100.00La nota integrativa costituisce parte integrante del presente bilancio.328
<strong>Pictet</strong> - Indian EquitiesRIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)India 97.3497.34Ripartizione per settori economici(in % del patrimonio netto)Banche e istituti di credito 21.49Internet, software e servizi informatici 19.83Automezzi 10.44Sostanze chimiche 10.09Industria farmaceutica e cosmetica 5.96Tabacco e bevande alcoliche 5.02Settore minerario e siderurgico 4.69Holding e società finanziarie 4.10Servizi di pubblica utilità 3.68Petrolio 3.37Comunicazioni 2.86Acciaio inossidabile 2.75Edilizia e materiali da costruzione 2.37Servizi pubblici 0.47Prodotti tessili e abbigliamento 0.2297.34La nota integrativa costituisce parte integrante del presente bilancio.329
<strong>Pictet</strong> - Japanese Equity OpportunitiesPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN JPY)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoVALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOAZIONIGIAPPONEADEKA 53,799.95 42,286,760.50 0.84ADVANCE RESIDENCE 602.00 94,574,112.65 1.88AEON DELIGHT 19,699.98 34,356,767.90 0.68AIDA ENGINEERING 51,199.95 24,371,177.23 0.48AIN PHARMACIEZ 17,099.98 76,009,428.99 1.51ARNEST ONE 62,399.94 57,532,746.25 1.14ASTELLAS PHARMA 13,799.99 46,919,956.17 0.93BANK OF YOKOHAMA 172,999.84 71,621,933.09 1.42C. UYEMURA 6,999.99 22,679,978.81 0.45CANON 30,999.97 121,209,887.77 2.42CHOU MITSUI TRUST 332,499.69 87,779,919.00 1.74DAIHATSU MOTOR 39,999.96 60,639,943.35 1.20DAIICHIKOSHO 28,599.97 46,617,956.45 0.93DENSO 17,299.98 47,834,455.31 0.95DENYO 24,999.98 25,649,976.04 0.51DIC 356,999.67 59,618,944.30 1.18DOSHISHA 20,799.98 49,587,153.68 0.98FAMILYMART 13,799.99 48,299,954.88 0.96FUJI MACHINE MFG 28,399.97 47,001,956.09 0.93FUJI SEAL INTERNATIONAL 31,299.97 49,078,354.15 0.97HITACHI CHEMICAL 31,999.97 47,679,955.46 0.95HITACHI TRANSPORT SYSTEM 51,699.95 77,808,427.31 1.55HONDA MOTOR 14,999.99 47,174,955.93 0.94HOSHIZAKI ELECTRIC 25,599.98 49,971,153.32 0.99INPEX 95.00 53,104,950.39 1.05ITOCHU 55,299.95 49,935,853.35 0.99JAPAN TOBACCO 99.00 46,133,956.90 0.92JGC 28,999.97 74,384,930.51 1.48KAYABA INDUSTRY 99,999.91 50,299,953.01 1.00KINTETSU WORLD EXPRESS 17,999.98 51,911,951.50 1.03MITSUBISHI 25,499.98 48,959,954.26 0.97MITSUBISHI ELECTRIC 108,999.90 79,787,925.46 1.58MITSUBISHI ESTATE 78,999.93 116,603,892.07 2.32MITSUBISHI GAS CHEMICAL 129,999.88 71,889,932.84 1.43MITSUBISHI UFJ FINANCIAL GROUP 187,699.82 77,332,327.76 1.54MITSUBISHI UFJ LEASE & FINANCE 22,339.98 81,317,524.03 1.61MITSUI & CO 65,099.94 88,340,618.47 1.75MODEC 53,099.95 90,907,116.07 1.81MURATA MANUFACTURING 12,699.99 62,293,441.81 1.24N.T.T. 19,699.98 73,973,430.89 1.47NAFCO 24,399.98 35,282,367.04 0.70NIHON KOHDEN 25,699.98 56,951,146.80 1.13NIHON PARKERIZING 68,999.94 84,662,921.12 1.68NIPPON CERAMIC 25,099.98 35,340,766.98 0.70La nota integrativa costituisce parte integrante del presente bilancio.330
<strong>Pictet</strong> - Japanese Equity OpportunitiesPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN JPY)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoNIPPON DENSETSU KOGYO 44,999.96 36,944,965.49 0.73NIPPON KAYAKU 88,999.92 75,471,929.49 1.50NISSAN MOTOR 100,499.91 88,540,418.29 1.76NITTOKU ENGINEERING 38,499.96 50,781,452.56 1.01NORITZ 40,599.96 63,741,940.45 1.27NTT DOCOMO 550.00 75,569,929.40 1.50OBIC 2,840.00 47,655,155.48 0.95OILES 48,499.95 79,054,926.15 1.57OKINAWA CELLULAR TELEPHONE 214.00 36,337,166.05 0.72RAKUTEN 899.00 77,943,227.19 1.55SANKYU 140,999.87 45,683,957.32 0.91SATO HOLDINGS 41,099.96 47,881,455.27 0.95SEKISUI JUSHI 60,999.94 50,446,952.87 1.00SHIKOKU CHEMICALS 87,999.92 43,031,959.80 0.85SIIX 50,399.95 64,108,740.11 1.27STANLEY ELECTRIC 40,099.96 52,731,450.74 1.05SUMITOMO BAKELITE 125,999.88 54,935,948.68 1.09SUMITOMO MITSUI FINANCIAL GROUP 25,499.98 69,436,435.13 1.38SURUGA BANK 56,999.95 48,164,955.00 0.96TACHI-S 40,499.96 65,933,938.40 1.31TAIHO KOGYO 25,699.98 26,650,875.10 0.53TAKARA LEBEN 56,999.95 44,402,958.52 0.88TAKUMA 116,999.89 48,203,954.97 0.96TEIKOKU ELECTRIC MFG. 32,999.97 53,558,949.97 1.06TOCALO 38,799.96 63,631,940.55 1.26TOKIO MARINE HOLDINGS 40,999.96 93,110,914.02 1.85TOKYO ELECTRON 6,299.99 29,830,472.13 0.59TORAY INDUSTRIES 83,999.92 51,575,951.82 1.02TOSHIBA PLANT SYSTEMS & SERVICES 71,999.93 68,543,935.97 1.36TOYOTA MOTOR 20,599.98 73,541,931.30 1.46TOYOTA TSUSHO CORP 51,199.95 86,271,920.40 1.71UNIDEN 151,399.86 50,264,753.04 1.00XEBIO 22,799.98 50,319,552.99 1.00YAMADA DENKI 12,783.99 66,093,218.26 1.31YOROZU 34,199.97 61,696,742.36 1.234,707,815,791.16 93.48TOTALE INVESTIMENTI 4,707,815,791.16 93.48DISPONIBILITÀ LIQUIDE PRESSO BANCHE 301,274,409.55 5.98ALTRE PASSIVITÀ NETTE 27,048,189.64 0.54PATRIMONIO NETTO COMPLESSIVO 5,036,138,390.35 100.00La nota integrativa costituisce parte integrante del presente bilancio.331
<strong>Pictet</strong> - Japanese Equity OpportunitiesRIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Giappone 93.4893.48Ripartizione per settori economici(in % del patrimonio netto)Equipaggiamento elettrico ed elettronico 11.89Costruzione di macchine e apparecchiature 9.85Automezzi 9.85Sostanze chimiche 9.28Holding e società finanziarie 6.51Settore immobiliare 6.22Edilizia e materiali da costruzione 5.56Industria farmaceutica e cosmetica 5.07Commercio vario 4.65Vendita al dettaglio e supermercati 4.41Banche e istituti di credito 3.99Comunicazioni 3.69Trasporto passeggeri e merci 3.49Servizi pubblici 2.23Computer e articoli per ufficio 1.90Servizi di pubblica utilità 1.05Prodotti tessili e abbigliamento 1.02Imballi 0.97Tempo libero 0.93Tabacco e bevande alcoliche 0.9293.48La nota integrativa costituisce parte integrante del presente bilancio.332
<strong>Pictet</strong> - Asian Equities Ex JapanPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoI. VALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOAZIONIBERMUDAHAIER ELECTRONICS GROUP 1,442,000.00 1,634,351.87 0.42JARDINE MATHESON HOLDINGS 29,825.00 1,491,250.00 0.38NOBLE GROUP 2,502,000.00 2,747,480.41 0.705,873,082.28 1.50CINAAGRICULTURAL BANK OF CHINA 'A' 8,948,100.00 3,807,560.30 0.98ANHUI CONCH CEMENT 'A' 1,095,497.00 2,744,728.29 0.70BEIJING CAPITAL INTL AIRPORT NOM. 3,080,000.00 1,781,126.19 0.46CHINA CONSTRUCTION BANK 'H' 6,734,720.00 5,204,373.14 1.33CHINA EASTERN AIRLINES H 7,128,000.00 2,341,022.05 0.60CHINA LIFE INSURANCE 'H' 1,093,700.00 2,838,382.33 0.73CHINA MINSENG BANKING 'H' 853,000.00 772,328.37 0.20CHINA PETROLEUM & CHEMICAL 'H' 5,138,000.00 5,598,376.41 1.43CHINA SHENHUA ENERGY H 1,353,700.00 5,701,220.18 1.46CHINA VANKE 'A' 1,682,700.00 2,212,168.47 0.57CITIC SECURITIES 'A' 1,638,788.00 3,015,694.74 0.77CITIC SECURITIES H 1,229,000.00 2,466,135.69 0.63DAQIN RAILWAY ´A´ 4,277,115.00 5,059,275.94 1.30DONGFENG MOTOR GROUP 'H' 1,524,000.00 2,747,961.44 0.70FAR EAST HORIZON 1,596,000.00 1,278,559.38 0.33HARBIN ELECTRIC 'H' 2,010,000.00 2,107,259.86 0.54IND. & COMM. BANK OF CHINA 'H' 13,609,000.00 8,781,355.76 2.25JIANGSU CHANGBAO STEELTUBE -A- 1,072,190.00 1,821,531.55 0.47PETROCHINA 'H' 1,658,000.00 2,336,143.31 0.60PING AN INSURANCE 'A' 512,780.00 2,978,214.31 0.76ZHUZHOU CSR TIMES 'H' 899,000.00 2,297,200.98 0.5967,890,618.69 17.40COREA DEL SUDASIANA AIRLINES 240,430.00 1,491,725.64 0.38CJ O SHOPPING 10,394.00 2,385,069.47 0.61DAEWOO SHIPBUILD & MARINE 84,920.00 2,270,897.79 0.58DOOSAN INFRACORE 115,790.00 2,227,781.13 0.57DUK SAN HI METAL 89,397.00 1,838,331.54 0.47GRAND KOREA LEISURE 64,800.00 1,249,601.16 0.32GS ENG. & CONSTRUCTION 36,866.00 3,250,397.53 0.83HANA FINANCIAL HOLDINGS 124,490.00 4,691,452.41 1.20HANKOOK TIRE 46,510.00 1,721,960.87 0.44HYNIX SEMICONDUCTOR 145,050.00 3,744,454.66 0.96HYUNDAI HOME SHOPPING NETWORK 12,898.00 1,525,359.26 0.39HYUNDAI MOTOR 33,829.00 6,956,488.22 1.78KB FINANCIAL 174,368.00 6,363,371.42 1.63La nota integrativa costituisce parte integrante del presente bilancio.333
<strong>Pictet</strong> - Asian Equities Ex JapanPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoLG CHEMICAL 13,714.00 4,478,275.86 1.15LG DISPLAY CO. 105,920.00 2,477,244.19 0.63LG ELECTRONICS 58,042.00 4,241,482.49 1.09LG FASHION 46,679.00 1,645,823.66 0.42PARADISE 166,235.00 1,289,603.83 0.33POSCO 5,548.00 1,860,651.43 0.48SAMSUNG ELECTRONICS 18,891.00 21,257,398.09 5.48SAMSUNG ENGINEERING 23,533.00 5,026,175.32 1.29SHINHAN FINANCIAL GROUP 77,173.00 2,979,808.90 0.76SK ENERGY 15,079.00 2,202,497.95 0.56SK HOLDINGS 17,234.00 2,243,484.54 0.5889,419,337.36 22.93FILIPPINEALLIANCE GLOBAL GROUP 7,897,700.00 2,317,715.95 0.59METRO BANK & TRUST 1,091,250.00 2,220,118.73 0.574,537,834.68 1.16HONG KONGAIA GROUP 2,479,712.00 9,086,176.04 2.33BOC HONG KONG (HOLDINGS) 1,336,900.00 3,693,378.80 0.95CHEUNG KONG HOLDINGS 307,200.00 3,968,439.62 1.02CHINA MOBILE 1,240,421.00 13,651,450.84 3.50CNOOC 4,208,204.00 8,650,223.01 2.22EMPEROR WATCH & JEWELLERY 12,720,000.00 2,015,068.69 0.52HONGKONG LAND HOLDINGS 662,500.00 3,849,125.00 0.99HUTCHISON WHAMPOA 808,400.00 8,074,315.95 2.07SUN HUNG KAI PROPERTIES 265,100.00 3,294,842.61 0.84SWIRE PROPERTIES 963,450.00 2,394,882.01 0.61THE LINK REIT 934,500.00 3,478,362.02 0.8962,156,264.59 15.94INDIABAJAJ AUTO 56,954.00 1,879,766.32 0.48CAIRN INDIA 358,245.00 2,351,674.62 0.60HCL TECHNOLOGIES DEMAT. 201,833.00 1,917,541.23 0.49HDFC BANK 389,452.00 3,980,271.17 1.02HERO HONDA MOTORS DEMAT. 68,850.00 2,781,949.73 0.71ICICI BANK DEMAT. 155,154.00 2,715,383.92 0.70ITC DEMAT. 1,015,405.00 4,529,543.86 1.16TATA CONSULTANCY SERVICES DEMAT. 199,191.00 4,577,101.99 1.17UNITED PHOSPHORUS DEMAT. 1,148,768.00 2,938,260.53 0.75YES BANK 369,802.00 2,681,271.82 0.6930,352,765.19 7.77INDONESIAALAM SUTERA REALTY 25,618,500.00 1,736,869.59 0.45ASTRA INTERNATIONAL 204,600.00 1,654,495.66 0.42BANK NEGARA INDONESIA 7,192,000.00 3,145,802.79 0.81BANK RAKYAT INDONESIA 'B' 5,159,700.00 3,921,309.12 1.01La nota integrativa costituisce parte integrante del presente bilancio.334
<strong>Pictet</strong> - Asian Equities Ex JapanPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoPT BUMI SERPONG DAMAI 20,067,900.00 2,830,827.87 0.73SEMEN GRESIK 1,832,133.00 2,454,228.02 0.63UNITED TRACTORS 1,194,600.00 4,310,803.97 1.1020,054,337.02 5.15ISOLA MAURIZIOGOLDEN AGRI - RESOURCES 4,177,000.00 2,609,169.81 0.672,609,169.81 0.67ISOLE CAYMANAAC TECHNOLOGIES HOLDINGS 782,000.00 2,125,136.55 0.54BAIDU. COM ADR 'A' (R. 1 SHS 'A') 18,021.00 2,638,454.61 0.68CHINA HIGH PRECISION AUTOMATION 4,332,000.00 1,498,064.01 0.38KINGBOARD CHEMICAL HOLDINGS 537,000.00 1,863,934.67 0.48MELCO CROWN ENTERTAINMENT -SP.ADR- 204,698.00 2,718,389.44 0.70MIE HOLDINGS 7,498,000.00 2,443,225.71 0.63MONGOLIAN MINING 2,038,000.00 1,937,127.35 0.50TENCENT HOLDINGS 86,100.00 2,401,923.86 0.6217,626,256.20 4.53SINGAPOREDBS GROUP HOLDINGS 666,000.00 7,514,821.55 1.93FRASER AND NEAVE 637,000.00 3,396,115.46 0.87OVERSEA-CHINESE BANKING 611,000.00 4,336,848.76 1.1115,247,785.77 3.91TAIWANCAREER TECHNOLOGY 1,094,000.00 1,760,661.25 0.45CHINA LIFE INSURANCE 2,599,610.00 2,532,275.32 0.65FORMOSA PLASTICS 1,100,000.00 3,238,749.33 0.83HIGH TECH COMPUTER 121,950.00 2,466,726.56 0.63HON HAI PRECISION INDUSTRY 2,395,333.00 9,292,578.93 2.38MEGA FINANCIAL HLDG 4,305,800.00 3,041,758.90 0.78SIMPLO TECHNOLOGY 354,000.00 2,668,690.14 0.68TAIWAN SEMICONDUCTOR 4,345,156.00 12,499,076.83 3.20UNITED MICROELECTRONICS 8,516,000.00 4,169,350.19 1.07WISTRON 2,000,322.00 3,015,954.58 0.77YANG MING MARINE TRANSPORT 3,594,000.00 1,917,889.16 0.4946,603,711.19 11.93THAILANDIAADVANCED INFO SERV. NOM. FGN. 549,700.00 3,279,966.96 0.84KASIKORNBANK PUB. FGN NOM. 1,285,000.00 6,521,438.14 1.67PTT FGN NOM. 492,800.00 5,657,178.35 1.45SIAM COMMERCIAL BANK PUB. FGN NOM. 1,072,000.00 4,988,530.09 1.28THAI UNION FROZEN PRODUCTS -FGN- 1,185,300.00 2,719,447.24 0.7023,166,560.78 5.94TOTALE AZIONI 385,537,723.56 98.83La nota integrativa costituisce parte integrante del presente bilancio.335
<strong>Pictet</strong> - Asian Equities Ex JapanPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoDIRITTITAIWANCHINATRUST FIN.NIL-PAID -NON TRAD.- 219,411.00 16,726.53 0.0016,726.53 0.00TOTALE DIRITTI 16,726.53 0.00TOTALE I. 385,554,450.09 98.83II. QUOTE DI FONDI DI INVESTIMENTOISOLE CAYMANVIETNAM GROWTH FUND 73,158.00 987,633.00 0.25987,633.00 0.25TOTALE II. 987,633.00 0.25TOTALE INVESTIMENTI 386,542,083.09 99.08DISPONIBILITÀ LIQUIDE PRESSO BANCHE 4,275,375.67 1.10ALTRE PASSIVITÀ NETTE -685,577.09 -0.18PATRIMONIO NETTO COMPLESSIVO 390,131,881.67 100.00La nota integrativa costituisce parte integrante del presente bilancio.336
<strong>Pictet</strong> - Asian Equities Ex JapanRIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Corea del Sud 22.93Cina 17.40Hong Kong 15.94Taiwan 11.93India 7.77Thailandia 5.94Indonesia 5.15Isole Cayman 4.78Singapore 3.91Bermuda 1.50Filippine 1.16Isola Maurizio 0.6799.08Ripartizione per settori economici(in % del patrimonio netto)Equipaggiamento elettrico ed elettronico 19.22Banche e istituti di credito 16.50Holding e società finanziarie 7.86Petrolio 6.91Comunicazioni 5.37Assicurazioni 4.47Settore immobiliare 4.08Automezzi 4.07Edilizia e materiali da costruzione 3.36Sostanze chimiche 3.29Trasporto passeggeri e merci 3.23Settore minerario e siderurgico 3.14Internet, software e servizi informatici 2.96Costruzione di macchine e apparecchiature 2.82Vendita al dettaglio e supermercati 2.07Computer e articoli per ufficio 2.03Agricoltura e pesca 1.37Servizi pubblici 1.31Tabacco e bevande alcoliche 1.16Gastronomia 1.03Alimentari e bevande non alcoliche 0.87Orologeria 0.52Gomma e pneumatici 0.44Prodotti tessili e abbigliamento 0.42Altri settori 0.33Quote di fondi di investimento 0.25Diritti 0.0099.08La nota integrativa costituisce parte integrante del presente bilancio.337
<strong>Pictet</strong> - Greater ChinaPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoVALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOAZIONIBERMUDALI & FUNG 1,378,000.00 3,162,674.88 0.993,162,674.88 0.99CINAAGRICULTURAL BANK OF CHINA 'H' 3,441,000.00 1,475,796.71 0.46ANHUI CONCH CEMENT 'H' 987,500.00 3,128,742.66 0.98BANK OF CHINA 7,768,500.00 3,121,687.29 0.98CHINA CONSTRUCTION BANK 'H' 14,724,000.00 11,378,229.56 3.56CHINA LIFE INSURANCE 'H' 1,733,000.00 4,497,500.76 1.41CHINA MERCHANTS BANK 'H' 1,854,000.00 3,791,908.60 1.19CHINA PETROLEUM & CHEMICAL 'H' 4,292,000.00 4,676,572.90 1.46CHINA RESOURCES POWER HOLDINGS 954,000.00 1,766,871.21 0.55CHINA SHENHUA ENERGY H 1,257,000.00 5,293,960.09 1.66CHINA TELECOM 'H' 4,430,000.00 2,447,702.61 0.77CHINA UNICOM (HK) 1,342,000.00 2,274,605.25 0.71CHINA VANKE 'A' 2,011,788.00 2,644,805.36 0.83CITIC SECURITIES 'A' 3,470,169.00 6,385,798.77 2.00FAR EAST HORIZON 2,805,000.00 2,247,092.15 0.70GEMDALE 'A' 4,341,984.00 4,129,488.00 1.29IND. & COMM. BANK OF CHINA 'H' 23,077,633.00 14,891,094.54 4.66MAANSHAN IRON & STEEL 'H' 6,400,000.00 1,862,885.00 0.58NEW CHINA LIFE INSURANCE H 829,600.00 3,381,739.03 1.06PETROCHINA 'H' 7,580,000.00 10,680,317.42 3.34PING AN INSURANCE (GROUP) 399,000.00 3,016,536.81 0.94SHANGHAI FRIENDSHIP GROUP ´A´ 2,099,943.00 3,994,344.25 1.25WUHAN ZHONGBAI GROUP 'A' 1,021,389.00 1,555,216.84 0.49YUNNAN BAIYAO GROUP -A- 313,290.00 2,448,326.36 0.77101,091,222.17 31.64HONG KONGAIA GROUP 2,777,400.00 10,176,966.25 3.19BOC HONG KONG (HOLDINGS) 1,133,000.00 3,130,075.68 0.98CHEUNG KONG HOLDINGS 612,000.00 7,905,875.80 2.48CHINA MOBILE 1,485,300.00 16,346,466.19 5.12CHINA RESOURCES ENTERPRISE 402,000.00 1,403,114.06 0.44CHINA ZHENGTONG AUTO.SERVICES 3,105,000.00 3,111,278.11 0.97CLP HOLDINGS 326,500.00 2,817,446.13 0.88CNOOC 3,663,000.00 7,529,522.55 2.36GALAXY ENTERTAINMENT 906,000.00 2,502,955.49 0.78HANG SENG BANK 163,500.00 2,173,176.93 0.68HONG KONG & CHINA GAS 1,789,000.00 4,585,229.20 1.44HONG KONG EXCHANGES AND CLEARING 220,011.00 3,697,877.66 1.16HONGKONG ELECTRIC 280,000.00 2,055,561.71 0.64La nota integrativa costituisce parte integrante del presente bilancio.338
<strong>Pictet</strong> - Greater ChinaPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoHUTCHISON WHAMPOA 600,000.00 5,992,812.43 1.88LENOVO GROUP 3,558,000.00 3,203,175.63 1.00SJM HOLDINGS 1,157,000.00 2,348,481.83 0.74SUN HUNG KAI PROPERTIES 376,744.00 4,682,429.96 1.47SWIRE PACIFIC 'A' 211,889.00 2,375,608.22 0.74SWIRE PROPERTIES 148,322.00 368,689.28 0.12THE LINK REIT 941,125.00 3,503,021.36 1.1089,909,764.47 28.17ISOLE CAYMANBAIDU. COM ADR 'A' (R. 1 SHS 'A') 33,170.00 4,856,419.70 1.52BELLE INTERNATIONAL 1,143,000.00 2,052,138.35 0.64CHINA RESOURCES LAND 4,060,000.00 7,017,399.18 2.20HENGAN INTERNATIONAL GROUP 161,000.00 1,627,770.47 0.51SANDS CHINA 982,800.00 3,835,353.59 1.20SHENGUAN HOLDINGS 4,012,794.00 2,377,400.39 0.74TENCENT HOLDINGS 278,700.00 7,774,868.52 2.43TPK HOLDING 127,750.00 2,066,803.36 0.65WYNN MACAU 2,110,000.00 6,209,638.13 1.9437,817,791.69 11.83TAIWANADVANCED SEMICONDUCTOR ENGINEER. 1,623,539.00 1,633,744.16 0.51ASUSTEK COMPUTER 680,552.00 6,421,720.34 2.01CATCHER TECHNOLOGY 499,000.00 3,525,100.31 1.10CHINATRUST FINANCIAL HOLDINGS 5,179,855.00 3,255,565.15 1.02COMPAL ELECTRONICS 2,392,000.00 2,690,692.90 0.84DELTA ELECTRONICS 493,000.00 1,444,867.10 0.45FAR EASTERN DEPARTMENT STORES 1,103,000.00 1,410,773.66 0.44FAR EASTONE TELECOM 1,823,000.00 3,736,860.78 1.17FORMOSA CHEMICALS AND FIBER 749,000.00 2,187,529.70 0.69FORMOSA PLASTICS 1,704,000.00 5,017,117.14 1.57FUBON FINANCIAL 1,311,705.00 1,477,721.86 0.46HIGH TECH COMPUTER 185,147.00 3,745,035.04 1.17HON HAI PRECISION INDUSTRY 2,193,312.00 8,508,848.20 2.66MEDIATEK 469,000.00 4,489,067.85 1.41QUANTA COMPUTER 2,172,000.00 5,688,584.18 1.78SILICONWARE PRECISION INDUSTRIES 2,183,000.00 2,647,900.35 0.83SYNNEX TECHNOLOGY INTL 718,000.00 1,783,172.23 0.56TAIWAN MOBILE 613,000.00 1,867,175.07 0.58TAIWAN SEMICONDUCTOR 6,112,148.00 17,581,925.13 5.54UNI-PRESIDENT ENTERPRISES 2,088,000.00 2,889,930.71 0.91YUANTA FINANCIAL 3,229,994.00 1,679,867.27 0.5383,683,199.13 26.23TOTALE AZIONI 315,664,652.34 98.86La nota integrativa costituisce parte integrante del presente bilancio.339
<strong>Pictet</strong> - Greater ChinaPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoDIRITTITAIWANCHINATRUST FIN.NIL-PAID -NON TRAD.- 138,349.00 10,546.87 0.0010,546.87 0.00TOTALE DIRITTI 10,546.87 0.00TOTALE INVESTIMENTI 315,675,199.21 98.86DISPONIBILITÀ LIQUIDE PRESSO BANCHE 4,294,175.43 1.34ALTRE PASSIVITÀ NETTE -641,815.50 -0.20PATRIMONIO NETTO COMPLESSIVO 319,327,559.14 100.00La nota integrativa costituisce parte integrante del presente bilancio.340
<strong>Pictet</strong> - Greater ChinaRIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Cina 31.64Hong Kong 28.17Taiwan 26.23Isole Cayman 11.83Bermuda 0.9998.86Ripartizione per settori economici(in % del patrimonio netto)Equipaggiamento elettrico ed elettronico 14.55Banche e istituti di credito 13.67Settore immobiliare 8.46Comunicazioni 8.35Petrolio 7.16Assicurazioni 6.60Computer e articoli per ufficio 5.96Holding e società finanziarie 5.48Internet, software e servizi informatici 3.95Gastronomia 3.88Servizi di pubblica utilità 3.51Vendita al dettaglio e supermercati 2.81Sostanze chimiche 2.26Settore minerario e siderurgico 2.24Prodotti tessili e abbigliamento 1.89Edilizia e materiali da costruzione 1.76Alimentari e bevande non alcoliche 1.65Industria farmaceutica e cosmetica 1.28Commercio vario 0.99Servizi pubblici 0.97Conglomerati 0.74Altri settori 0.70Diritti 0.0098.86La nota integrativa costituisce parte integrante del presente bilancio.341
<strong>Pictet</strong> - Japanese Equity SelectionPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN JPY)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoVALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOAZIONIGIAPPONEADEKA 221,192.76 173,857,509.54 0.97ADVANCE RESIDENCE 2,118.93 332,884,004.52 1.86AIN PHARMACIEZ 62,097.97 276,025,465.53 1.54ARNEST ONE 262,491.41 242,017,078.64 1.35ASTELLAS PHARMA 49,998.36 169,994,435.99 0.95BANK OF YOKOHAMA 562,981.57 233,074,371.34 1.30CANON 124,395.93 486,388,080.24 2.71CHOU MITSUI TRUST 1,331,776.41 351,588,972.29 1.96DAIHATSU MOTOR 153,994.96 233,456,358.84 1.30DAIICHIKOSHO 135,995.55 221,672,744.52 1.24DENSO 78,297.44 216,492,414.08 1.21DIC 1,520,950.22 253,998,686.48 1.42FAMILYMART 42,098.62 147,345,177.31 0.82FUJI SEAL INTERNATIONAL 126,295.87 198,031,918.30 1.10HITACHI CHEMICAL 157,394.85 234,518,324.08 1.31HITACHI TRANSPORT SYSTEM 209,593.14 315,437,675.54 1.76HONDA MOTOR 150,695.07 473,935,987.80 2.64HOYA 102,996.63 191,470,733.05 1.07INPEX 571.98 319,737,534.81 1.78ITOCHU 225,492.62 203,619,835.41 1.14JAPAN TOBACCO 408.99 190,587,761.95 1.06JGC 115,996.20 297,530,261.66 1.66KAYABA INDUSTRY 403,986.78 203,205,348.97 1.13KINTETSU WORLD EXPRESS 88,497.10 255,225,646.32 1.42MITSUBISHI 205,793.26 395,123,067.40 2.20MITSUBISHI ELECTRIC 423,986.12 310,357,841.81 1.73MITSUBISHI ESTATE 283,990.70 419,170,280.32 2.34MITSUBISHI GAS CHEMICAL 469,984.62 259,901,493.28 1.45MITSUBISHI UFJ FINANCIAL GROUP 1,560,348.93 642,863,758.70 3.59MITSUBISHI UFJ LEASE & FINANCE 88,757.09 323,075,825.54 1.80MITSUI & CO 204,793.30 277,904,504.03 1.55MODEC 204,493.31 350,092,541.27 1.95MURATA MANUFACTURING 65,597.85 321,757,468.69 1.80N.T.T. 121,196.03 455,091,104.61 2.54NIHON KOHDEN 120,496.06 267,019,260.31 1.49NIHON PARKERIZING 240,992.11 295,697,321.66 1.65NIPPON KAYAKU 321,989.46 273,047,063.01 1.52NISSAN MOTOR 367,887.96 324,109,291.72 1.81NITORI CO 34,998.85 261,791,431.42 1.46NITTO DENKO 50,398.35 168,078,498.69 0.94NORITZ 148,895.13 233,765,348.73 1.30NTT DOCOMO 1,799.94 247,311,905.34 1.38OBIC 10,219.67 171,485,987.17 0.96OILES 183,593.99 299,258,205.11 1.67La nota integrativa costituisce parte integrante del presente bilancio.342
<strong>Pictet</strong> - Japanese Equity SelectionPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN JPY)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoRAKUTEN 3,466.89 300,579,061.88 1.68SANKYU 537,982.39 174,306,294.86 0.97SIIX 149,695.10 190,412,167.70 1.06SUMITOMO BAKELITE 494,983.80 215,812,936.32 1.20SUMITOMO MITSUI FINANCIAL GROUP 152,795.00 416,060,782.09 2.32SURUGA BANK 219,992.80 185,893,915.59 1.04TACHI-S 117,896.14 191,934,917.86 1.07TAKUMA 523,982.85 215,880,934.09 1.20TOKIO MARINE HOLDINGS 205,093.29 465,766,855.18 2.60TOKYO ELECTRON 53,698.24 254,261,177.89 1.42TORAY INDUSTRIES 359,988.22 221,032,765.47 1.23TOSHIBA PLANT SYSTEMS & SERVICES 263,991.36 251,319,774.16 1.40TOYOTA MOTOR 222,092.73 792,871,049.81 4.46TOYOTA TSUSHO CORP 204,093.32 343,897,244.05 1.92UNIDEN 842,972.41 279,866,839.80 1.56XEBIO 85,997.19 189,795,787.88 1.06YAMADA DENKI 47,794.44 247,097,232.37 1.38YOROZU 137,395.50 247,861,487.35 1.3817,703,649,750.37 98.78TOTALE INVESTIMENTI 17,703,649,750.37 98.78DISPONIBILITÀ LIQUIDE PRESSO BANCHE 293,716,514.32 1.64ALTRE PASSIVITÀ NETTE -75,388,850.58 -0.42PATRIMONIO NETTO COMPLESSIVO 17,921,977,414.11 100.00La nota integrativa costituisce parte integrante del presente bilancio.343
<strong>Pictet</strong> - Japanese Equity SelectionRIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Giappone 98.7898.78Ripartizione per settori economici(in % del patrimonio netto)Automezzi 15.00Equipaggiamento elettrico ed elettronico 12.60Holding e società finanziarie 10.47Sostanze chimiche 8.00Settore immobiliare 5.55Industria farmaceutica e cosmetica 5.50Commercio vario 5.26Vendita al dettaglio e supermercati 4.89Costruzione di macchine e apparecchiature 4.82Edilizia e materiali da costruzione 4.36Trasporto passeggeri e merci 4.15Banche e istituti di credito 4.14Comunicazioni 3.92Servizi di pubblica utilità 1.78Servizi pubblici 1.68Tempo libero 1.24Prodotti tessili e abbigliamento 1.23Imballi 1.10Fotografia e materiale ottico 1.07Tabacco e bevande alcoliche 1.06Computer e articoli per ufficio 0.9698.78La nota integrativa costituisce parte integrante del presente bilancio.344
<strong>Pictet</strong> - GenericsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoVALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOAZIONICANADAVALEANT PHARMACEUTICALS INTER. 230,768.79 12,436,130.19 3.9612,436,130.19 3.96CILECFR PHARMACEUTICALS 53,076,415.70 13,041,767.98 4.1513,041,767.98 4.15COREA DEL SUDGREEN CROSS 76,449.39 8,535,117.32 2.728,535,117.32 2.72GERMANIASTADA ARZNEIMITTEL NOM. 266,311.85 8,564,622.48 2.738,564,622.48 2.73GIAPPONENICHI-IKO PHARMACEUTICAL 340,459.93 7,543,672.17 2.40SAWAI PHARMACEUTICAL 126,265.94 13,488,694.66 4.30TOWA PHARMACEUTICAL 262,399.92 13,104,837.93 4.1734,137,204.76 10.87INDIADR REDDY'S LAB ADR (R. 1 SHS) 284,768.69 9,499,883.56 3.039,499,883.56 3.03INDONESIAKALBE FARMA 8,213,835.93 3,188,571.79 1.023,188,571.79 1.02ISOLE CAYMAN3SBIO ADR (R.7 SHS) 657,024.74 9,875,081.78 3.159,875,081.78 3.15ISRAELETEVA PHARMACEUTICAL ADR 360,870.95 15,925,235.16 5.0715,925,235.16 5.07REGNO UNITOHIKMA PHARMACEUTICALS 1,783,421.63 19,745,305.47 6.31SHIRE ADR (R. 3 SHS) 102,534.39 10,430,823.01 3.3230,176,128.48 9.63La nota integrativa costituisce parte integrante del presente bilancio.345
<strong>Pictet</strong> - GenericsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoRUSSIAPHARMSTANDARD OKTYABR -GDR- (USD) 710,048.98 12,567,866.86 4.0012,567,866.86 4.00SLOVENIAKRKA 75,930.84 5,083,585.05 1.625,083,585.05 1.62STATI UNITIHOSPIRA 168,727.90 6,355,980.12 2.02MOMENTA PHARMACEUTICALS 315,836.99 4,876,523.13 1.55MYLAN 676,917.93 15,704,496.03 5.00PERRIGO 182,246.45 18,767,739.30 5.98SAGENT PHARMACEUTICALS 520,115.80 9,445,303.01 3.01WATSON PHARMACEUTICALS 197,064.21 13,209,213.92 4.2168,359,255.51 21.77SUDAFRICAASPEN PHARMACARE 1,067,453.69 16,425,620.22 5.2316,425,620.22 5.23SVIZZERALONZA GROUP 119,858.44 6,158,912.35 1.966,158,912.35 1.96UNGHERIAGEDEON RICHTER 35,711.62 6,011,466.25 1.926,011,466.25 1.92TOTALE AZIONI 259,986,449.74 82.83WARRANTANTILLE OLANDESICIPLA (ML CUR.) LEPO WTS 23.09.15 989,362.97 5,916,400.43 1.88DIVI'S LABO. (ML) LEPO WTS 20.10.14 582,874.51 8,751,685.91 2.79STRIDES ARC. (ML) LEPO WTS 09.09.15 815,714.62 9,382,635.03 2.9924,050,721.37 7.66REGNO UNITOLUPIN (DBL) LEPO WTS 20.2.17 1,513,369.99 15,706,177.46 5.00SUN PHARMA. (DB) LEPO WTS 06.02.17 817,619.51 9,133,717.52 2.9124,839,894.98 7.91TOTALE WARRANT 48,890,616.35 15.57TOTALE INVESTIMENTI 308,877,066.09 98.40DISPONIBILITÀ LIQUIDE PRESSO BANCHE 5,561,476.30 1.77ALTRE PASSIVITÀ NETTE -535,346.67 -0.17PATRIMONIO NETTO COMPLESSIVO 313,903,195.72 100.00La nota integrativa costituisce parte integrante del presente bilancio.346
<strong>Pictet</strong> - GenericsRIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Stati Uniti 21.77Regno Unito 17.54Giappone 10.87Antille olandesi 7.66Sudafrica 5.23Israele 5.07Cile 4.15Russia 4.00Canada 3.96Isole Cayman 3.15India 3.03Germania 2.73Corea del Sud 2.72Svizzera 1.96Ungheria 1.92Slovenia 1.62Indonesia 1.0298.40Ripartizione per settori economici(in % del patrimonio netto)Industria farmaceutica e cosmetica 69.40Warrant 15.57Biotecnologia 8.32Servizi pubblici 3.15Sostanze chimiche 1.9698.40La nota integrativa costituisce parte integrante del presente bilancio.347
<strong>Pictet</strong> - Emerging Markets IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoI. VALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOAZIONIBERMUDABRILLIANCE CHINA AUTO. HOLD. 600,377.04 656,461.97 0.07CHINA GAS HOLDINGS 773,960.86 376,780.66 0.04CHINA RESOURCES GAS GROUP 189,508.93 362,194.12 0.04CHINA YURUN FOOD 346,371.37 490,695.96 0.05CREDICORP 17,792.89 2,301,866.56 0.24HAIER ELECTRONICS GROUP 212,600.36 231,639.25 0.02HUABAO INTERNATIONAL HOLDINGS 504,826.32 334,832.05 0.04KUNLUN ENERGY 571,711.83 1,001,368.41 0.11NINE DRAGONS PAPER 415,645.64 338,312.56 0.04SIHUAN PARMACEUTICAL HLDGS (IPO) 476,161.10 184,585.77 0.02SINOFERT HOLDINGS 584,451.92 144,519.96 0.02SKYWORTH DIGITAL HOLDINGS 468,198.54 212,854.37 0.026,636,111.64 0.71BRASILEAES TIETE PFD 24,646.17 369,467.61 0.04ALL AMERICA LATINA LOGISTICA 111,845.21 562,747.08 0.06AMBEV-CIA DE BEBIDAS PREF 196,006.44 8,137,508.11 0.85AMIL PARTICIPACOES 31,169.08 329,794.72 0.03ANHANGUERA EDUCACIONAL PARTICIP. 30,980.75 363,436.32 0.04BANCO BRADESCO PREF 495,879.37 8,663,596.84 0.91BANCO DO BRASIL 150,015.57 2,155,638.28 0.23BANCO ESTADO RIO GRANDE S. PFD 47,385.48 521,784.05 0.05BCO SANTANDER (55 ORD+50PFD) 199,161.96 1,847,821.85 0.19BMF BOVESPA 505,653.85 3,125,795.25 0.33BR MALLS PARTICIPACOES 103,394.72 1,294,089.74 0.14BRADESPAR 4,963.51 98,704.74 0.01BRADESPAR PREF 55,610.92 1,045,859.37 0.11BRASIL TELECOM PFD -ADR SPONS. 1,789.16 36,874.62 0.00BRASIL TELECOM PREF 60,528.28 417,720.92 0.04BRASKEM 'A' PREF 39,777.77 314,848.24 0.03BRF FOODS 169,318.74 3,433,540.08 0.36BROOKFIELD INCORPORACOES 63,520.89 204,989.90 0.02CEMIG MINAS GERAIS PREF 100,093.24 2,384,406.83 0.25CESP PREF 'B' 41,621.55 830,411.83 0.09CETIP 50,366.79 840,155.82 0.09CIA BRASILIERA DE DIS. PREF 27,642.55 1,295,897.66 0.14CIA HERING 32,487.41 827,039.29 0.09CIA SIDERURGICA NACIONAL NOM. 190,622.95 1,801,849.15 0.19CIELO 64,779.90 2,154,092.03 0.23CONCESSOES RODOVIARIAS 231,743.53 1,873,453.57 0.20COPEL PREF 'B' 25,702.72 582,863.16 0.06COSAN 30,749.10 561,527.94 0.06La nota integrativa costituisce parte integrante del presente bilancio.348
<strong>Pictet</strong> - Emerging Markets IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoCPFL ENERGIA 48,571.03 733,417.51 0.08CYRELA BRAZIL REALTY SA EMPREEDI. 77,251.30 706,629.71 0.07DIAGNOSTICOS DA AMERICA 62,149.83 496,670.17 0.05DURATEX SA 61,434.17 370,055.10 0.04ECORODOVIAS INFRAS. E LOGISTI. 44,540.71 386,539.94 0.04ELETROBRAS 'B' PREF 60,440.71 781,516.94 0.08ELETROBRAS NOM. 72,564.64 683,538.39 0.07ELETROPAULO PFD 25,179.16 528,714.97 0.06EMBRAER EMPRES. BRASIL. AERONAUTICA 142,766.64 1,128,467.05 0.12ENERGIAS DO BRASIL 21,122.47 474,160.26 0.05FIBRIA CELULOSE 52,578.76 423,622.39 0.04GERDAU METALURGICA PREF 70,722.74 892,877.32 0.09GERDAU PREF 222,454.96 2,171,860.05 0.23GOL LINHAS AEREAS INTELLIGENTES 27,119.93 183,317.68 0.02HRT PARTICIPACEOS EM PETROLEO 1,318.33 452,750.31 0.05HYPERMARCAS 75,709.79 527,857.58 0.06ITAU UNIBANCO PFD 591,459.22 11,487,744.98 1.21ITAUSA INVESTIMENTOS ITAU PREF 598,566.90 3,752,361.71 0.39JBS 197,817.26 841,110.29 0.09KLABIN 121,344.72 549,026.27 0.06LIGHT 20,151.61 288,688.38 0.03LOCALIZA RENT A CAR 28,155.76 516,471.58 0.05LOJAS AMERICANAS PREF 81,337.18 775,927.79 0.08LOJAS RENNER 31,545.75 1,085,430.37 0.11MMX MINERACAO E METALICOS 61,773.16 303,065.51 0.03MRV ENGENHARIA PARTICIPACOES 77,477.30 557,074.68 0.06MULTIPLAN EMPR. IMOBILIARIOS 17,985.78 411,787.19 0.04NATURA COSMETICOS 44,300.59 980,218.05 0.10ODONTOPREV 24,483.27 405,062.66 0.04OGX PETROLEO E GAS 336,456.58 2,831,851.55 0.30PDG REALTY SA EMPREENDI. E PARTIC. 285,041.72 999,110.59 0.10PETROBRAS PREF 1,091,784.19 13,879,042.45 1.46PETROLEO BRASILEIRO PETROBRAS NOM 773,696.65 10,189,709.50 1.07PORTO SEGURO 28,834.70 315,940.72 0.03RAIA DROGASIL NM 46,989.04 445,697.26 0.05REDECARD 87,570.05 1,689,868.97 0.18ROSSI RESIDENCIAL 43,128.22 239,803.67 0.03SABESP 29,083.30 1,101,850.27 0.12SOUZA CRUZ IND. & COMERCIO NOM. 99,943.52 1,497,150.72 0.16SUL AMERICA 27,967.42 253,078.19 0.03SUZANO PAPEL 'A' PREF 45,046.39 190,553.02 0.02TAM PREF 19,774.95 490,263.91 0.05TELE NORTE LESTE 14,782.24 209,108.59 0.02TELE NORTE LESTE PARTICIPAC. PREF 60,471.79 703,792.81 0.07TELEFONICA BRASIL PFD 77,716.48 2,378,795.11 0.25TELEMAR NORTE LESTE PREF 'A' 9,204.77 236,736.31 0.02TIM PARTICIPACOES 219,423.74 1,391,097.25 0.15TOTVS 28,438.26 511,577.05 0.05TRACTEBEL ENERGIA 34,070.35 607,321.27 0.06TRANSMISSAO ENERGIA PAULISTA PFD 8,280.05 278,040.43 0.03ULTRAPAR PARTICIPACOES 84,779.90 1,848,617.50 0.19USIMINAS USINAS SIDER. MIN. GERAIS 48,107.74 529,737.16 0.06La nota integrativa costituisce parte integrante del presente bilancio.349
<strong>Pictet</strong> - Emerging Markets IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoUSINAS SIDER MINAS GER-PF 'A' 118,101.63 773,845.94 0.08VALE DO RIO DOCE 338,669.49 7,783,426.65 0.82VALE DO RIO DOCE PREF 'A' 519,917.23 11,620,163.15 1.22141,968,059.87 14.90CILEAES GENER 639,923.32 394,273.82 0.04BANCO DE CHILE 4,646,209.46 725,286.46 0.08BANCO DE CREDITO E INVERSIONES 8,140.32 561,046.62 0.06BC SANTANDER CL ADR (R. 1039 SHS) 16,433.85 1,404,601.31 0.15CAP SA 19,997.60 835,754.01 0.09CENCOSUD 232,807.93 1,526,315.52 0.16CERVEZAS 27,658.38 427,990.66 0.04COLBUN 1,801,774.16 510,021.85 0.05CONCHATORO 137,595.45 310,393.19 0.03COPEC 118,692.25 1,997,073.09 0.21CORPBANCA 25,988,826.32 346,986.78 0.04E CL 136,600.55 370,224.59 0.04EMPRESAS CMPC 286,234.36 1,226,856.59 0.13ENDESA (CHILE) ADR (R. 30 SHS) 28,242.39 1,491,198.04 0.16ENERSIS ADR (R. 50 SHS) 68,423.64 1,386,262.99 0.15ENTEL 27,260.42 532,651.65 0.06FALABELLA 95,381.61 919,596.71 0.10LAN AIRLINES 35,816.60 1,046,590.46 0.11SOC. QUIMICA Y MINERA CHILE B 25,071.62 1,468,552.05 0.1517,481,676.39 1.85CINAAGRICULTURAL BANK OF CHINA 'H' 4,767,981.07 2,007,983.23 0.21AIR CHINA 'H' 552,601.68 373,636.51 0.04ALUMINIUM CORP CHINA 'H' 1,035,132.83 493,259.67 0.05ANGANG NEW STEEL 'H' 264,357.00 164,783.60 0.02ANHUI CONCH CEMENT 'H' 320,891.18 1,012,515.47 0.11AVICHINA INDUSTRY & TECHNOLOGY CO 512,788.88 237,088.69 0.02BANK OF CHINA 17,391,983.33 6,898,864.78 0.72BANK OF COMMUNICATIONS 'H' 1,903,274.85 1,431,502.67 0.15BBMG 'H' 288,244.68 235,357.67 0.02BEIJING CAPITAL INTL AIRPORT NOM. 528,714.00 294,159.15 0.03BYD 'H' 134,965.40 355,462.31 0.04CHANGSHA ZOOMLION HEAVY IND. -H- 331,879.51 436,826.67 0.05CHINA BLUECHEMICAL 'H' 441,125.84 346,553.38 0.04CHINA CITIC BANK 'H' 1,915,950.45 1,139,997.91 0.12CHINA COAL ENERGY 'H' 1,070,168.10 1,203,217.25 0.13CHINA COMMUNICATION CONST. 'H' 1,165,718.82 1,119,980.45 0.12CHINA COMMUNICATIONS SERV. 'H' 601,332.55 278,027.00 0.03CHINA CONSTRUCTION BANK 'H' 15,650,706.77 12,033,337.33 1.26CHINA COSCO HOLDINGS 'H' 647,754.28 377,908.18 0.04CHINA INTL. MARINE CONTAINERS 'B' 167,213.77 231,288.54 0.02CHINA LIFE INSURANCE 'H' 1,940,475.93 5,023,219.12 0.53CHINA LONGYUAN POWER GROUP 'H' 531,102.77 447,336.28 0.05CHINA MERCHANTS BANK 'H' 1,015,769.48 2,014,622.53 0.21La nota integrativa costituisce parte integrante del presente bilancio.350
<strong>Pictet</strong> - Emerging Markets IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoCHINA MINSENG BANKING 'H' 976,369.14 872,672.56 0.09CHINA MOLYBDENUM CO -H- 349,556.39 149,913.00 0.02CHINA NATIONAL BUILDING MAT. 'H' 737,333.08 911,617.72 0.10CHINA OILFIELD SERVICES 398,128.01 564,018.34 0.06CHINA OVERSEAS LAND & INVESTMENT 1,072,907.22 2,025,694.48 0.21CHINA PACIFIC INSURANCE 'H' 446,699.63 1,418,111.32 0.15CHINA PETROLEUM & CHEMICAL 'H' 4,382,593.16 4,775,065.41 0.50CHINA RAILWAY 1,012,837.66 335,236.10 0.04CHINA RAILWAY CONSTRUCTION 'H' 486,910.56 313,542.92 0.03CHINA RESOURCES POWER HOLDINGS 427,430.23 773,977.55 0.08CHINA SHENHUA ENERGY H 886,232.95 3,732,273.44 0.39CHINA SHIPING CONTAINER LINES 913,902.85 296,604.94 0.03CHINA SHIPPING DEVELOPMENT 'H' 313,724.87 209,293.87 0.02CHINA SOUTH LOCOMOTIVE 'H' 515,177.65 343,024.67 0.04CHINA SOUTHERN AIRLINES 'H' 501,641.30 231,934.59 0.02CHINA TELECOM 'H' 3,607,039.79 1,997,547.87 0.21CHINA UNICOM (HK) 1,543,959.54 2,588,956.22 0.27CHINA VANKE 'B' 338,886.56 388,001.96 0.04CHONGQING RURAL COMMERCIAL BK 'H' 605,950.83 290,307.42 0.03DATANG INTERNATIONAL POWER GEN 'H' 805,811.10 288,506.66 0.03DONGFANG ELECTRICAL MACHINERY 'H' 90,932.44 212,673.06 0.02DONGFENG MOTOR GROUP 'H' 710,260.37 1,280,629.28 0.13FAR EAST HORIZON 284,263.40 223,686.60 0.02FUJIAN ZIJIN MINING 1,526,422.80 603,519.11 0.06GOME ELECTRICAL APPLIANCES 2,671,980.41 533,387.43 0.06GREAT WALL AUTO 'H' 259,778.53 496,495.09 0.05GUANGZHOU AUTOMOBILE 'H' 564,017.60 534,623.79 0.06GUANGZHOU R&H PROP. 'H' (TEMP. TRAD) 239,195.31 277,250.91 0.03HUANENG POWER INTL 'H' 813,773.66 449,612.86 0.05IND. & COMM. BANK OF CHINA 'H' 15,854,106.39 10,066,221.75 1.06INNER MONGOLIA YITAI COAL 'B' 159,251.20 845,305.40 0.09JIANGSU EXPRESSWAY 'H' 336,020.04 321,537.63 0.03JIANGXI COPPER 'H' 362,296.49 831,475.84 0.09METALLURGICAL CORP. OF CHINA 'H' 819,347.45 190,996.09 0.02PETROCHINA 'H' 5,505,314.15 7,614,899.80 0.80PICC PROPERTY AND CASUALTY 'H' 688,761.46 840,920.58 0.09PING AN INSURANCE (GROUP) 451,079.04 3,392,683.12 0.36SHANDONG WEIGAO GROUP H 439,533.33 493,046.37 0.05SHANGHAI ELECTRIC GROUP 'H' 751,665.69 392,064.53 0.04SHANGHAI INDUSTRIAL HOLDINGS 142,529.83 440,549.59 0.05SHANGHAI PHARMACEUTICALS ´H´ 125,808.45 196,052.77 0.02SHIMAO PROPERTY HOLDING LTD 397,729.88 418,492.89 0.04SINOPEC SHANGHAI PETROCHEMICAL 'H' 646,559.89 235,653.01 0.02SINOPHARM 'H' 203,204.54 571,824.35 0.06WEICHAI POWER 'H' 101,920.77 471,888.51 0.05YANZHOU COAL MINING 'H' 503,870.81 1,064,243.13 0.11ZHAOJIN MINING INDUSTRY H 220,961.05 368,237.32 0.04ZHEJIANG EXPRESSWAY 'H' 372,647.82 271,159.51 0.03ZHUZHOU CSR TIMES 'H' 118,642.15 303,761.82 0.03ZTE 'H' 161,544.42 420,262.99 0.0495,026,384.56 9.97La nota integrativa costituisce parte integrante del presente bilancio.351
<strong>Pictet</strong> - Emerging Markets IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoCOLOMBIAALMACENES EXITO 54,223.35 772,961.94 0.08BANCOLOMBIA 59,196.89 937,401.53 0.10BANCOLOMBIA PFD 85,163.93 1,375,321.64 0.14CEMARGOS 72,926.59 453,590.02 0.05CORPORACION FINANCIERA COLOMBIANA 18,746.01 354,622.25 0.04ECOPETROL 1,283,030.35 3,939,781.33 0.41GRUPO AVAL - PFD 353,589.47 257,571.21 0.03GRUPO DE INVERSIONES SURAMERICANA 60,490.26 1,067,025.60 0.11INTERCONEXION ELECTRICA 99,291.59 624,251.99 0.07INVERSIONES ARGOS 76,209.77 734,503.31 0.0810,517,030.82 1.11COREA DEL SUDAMOREPACIFIC 847.00 879,057.73 0.09BS FINANCIAL GROUP 49,540.00 588,222.66 0.06CELLTRION 18,630.00 598,077.82 0.06CHEIL INDUSTRIES 12,560.00 1,051,667.78 0.11CJ 4,170.00 311,016.83 0.03CJ CHEILJEDANG 2,112.00 644,577.84 0.07DAELIM INDUSTRIAL 7,170.00 778,821.79 0.08DAEWOO ENGINEERING & CONSTRUCTION 25,133.00 223,263.48 0.02DAEWOO INTL. 9,080.00 295,487.80 0.03DAEWOO SECURITIES 45,638.00 521,821.46 0.05DAEWOO SHIPBUILD & MARINE 24,950.00 685,760.64 0.07DC CHEMICAL CO LTD 4,070.00 825,120.39 0.09DGB FINANCIAL GROUP 36,650.00 501,252.27 0.05DONG KUK STEEL MILL 8,870.00 167,341.21 0.02DONGBU INSURANCE 11,780.00 507,683.85 0.05DOOSAN 2,490.00 326,315.42 0.03DOOSAN HEAVY INDUSTRIS & CONSTR. 11,030.00 612,148.59 0.06DOOSAN INFRACORE 25,410.00 474,914.66 0.05E-MART 5,496.00 1,169,806.61 0.12GLOVIS 3,550.00 629,151.71 0.07GS ENG. & CONSTRUCTION 9,290.00 813,817.52 0.09GS HOLDING 13,200.00 729,097.41 0.08HANA FINANCIAL HOLDINGS 56,962.00 2,179,347.41 0.23HANKOOK TIRE 24,270.00 918,956.41 0.10HANWHA 12,530.00 363,126.94 0.04HANWHA CHEMICAL 21,820.00 499,936.05 0.05HONAM PETROCHEMICAL 3,810.00 1,082,379.30 0.11HYNIX SEMICONDUCTOR 135,190.00 3,626,572.70 0.38HYOSUNG 5,930.00 314,502.42 0.03HYUNDAI DEPARTMENT STORE 4,020.00 616,983.38 0.06HYUNDAI DEVELOPMENT CO 14,380.00 309,868.16 0.03HYUNDAI ENGIN. & CONSTR. 17,620.00 1,239,789.26 0.13HYUNDAI FIRE & MARINE INSURANCE 15,920.00 465,571.83 0.05HYUNDAI HEAVY INDUSTRIES 10,830.00 3,076,684.47 0.32HYUNDAI HYSCO 8,040.00 288,868.44 0.03HYUNDAI MERCHANT MARINE 10,660.00 289,244.00 0.03HYUNDAI MIPO DOCLYARD 2,760.00 336,210.16 0.04La nota integrativa costituisce parte integrante del presente bilancio.352
<strong>Pictet</strong> - Emerging Markets IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoHYUNDAI MOBIS 17,640.00 4,499,337.37 0.47HYUNDAI MOTOR 40,090.00 8,339,100.00 0.88HYUNDAI MOTOR PFD N-VTG 6,320.00 375,208.64 0.04HYUNDAI MOTOR PRIV. II 9,370.00 573,589.00 0.06HYUNDAI SECURITIES 31,047.00 283,991.25 0.03HYUNDAI STEEL 14,550.00 1,274,601.17 0.13HYUNDAI WIA 2,850.00 345,920.20 0.04INDUSTRIAL BANK OF KOREA 40,940.00 496,911.34 0.05KANGWON LAND 24,190.00 527,642.21 0.06KB FINANCIAL 95,751.00 3,558,131.64 0.37KIA MOTORS 62,590.00 4,128,746.28 0.43KKC 1,180.00 333,149.39 0.03KOREA ELEC. POWER (KEPCO) 66,660.00 1,304,509.68 0.14KOREA EXCHANGE BANK 64,190.00 490,048.52 0.05KOREA GAS 5,890.00 212,398.35 0.02KOREA INVESTMENT 10,570.00 418,814.55 0.04KOREA KUMHO PETROCHEMICAL 3,150.00 387,873.91 0.04KOREA LIFE INSURANCE 42,680.00 274,030.72 0.03KOREA ZINC 2,170.00 747,211.39 0.08KOREAN AIR 8,845.00 392,863.06 0.04KP CHEMICAL 12,150.00 164,569.36 0.02KT 6,561.00 182,928.46 0.02KT & G CORP 28,120.00 1,939,024.78 0.20KT ADR (R. 1/2 SHS) 4,400.00 60,368.00 0.01LG CHEM PFD ISSUE 01 1,800.00 178,896.95 0.02LG CHEMICAL 12,085.00 3,847,753.18 0.40LG CORP 24,690.00 1,398,488.62 0.15LG DISPLAY CO. 59,520.00 1,379,416.84 0.14LG ELECTRONICS 26,797.00 1,935,001.53 0.20LG HOUSEHOLD & HEALTHCARE 2,400.00 1,220,087.73 0.13LG INNOTEK 2,270.00 196,459.46 0.02LG TELECOM 59,495.00 338,037.57 0.04LOTTE CONFECTIONERY 190.00 275,232.16 0.03LOTTE SHOPPING 2,650.00 820,428.08 0.09LS CABLE 4,430.00 306,641.15 0.03LS INDUSTRIAL SYSTEMS 3,980.00 228,585.27 0.02MANDO 3,370.00 497,956.22 0.05MIRAEASSET SECURITIES 6,046.00 218,821.49 0.02NCSOFT 3,950.00 1,059,617.00 0.11NHN 10,750.00 2,396,836.49 0.25ORION 930.00 646,192.66 0.07POSCO 16,970.00 5,634,440.26 0.59S1 CORP 4,310.00 200,153.49 0.02SAMSUNG 32,880.00 2,287,495.63 0.24SAMSUNG CARD 11,870.00 411,860.09 0.04SAMSUNG ELEC. PREF N-VTG ID550 5,340.00 3,757,363.61 0.39SAMSUNG ELECTRO-MECHANICS 15,630.00 1,395,330.22 0.15SAMSUNG ELECTRONICS 28,780.00 32,400,576.74 3.34SAMSUNG ENGINEERING 7,810.00 1,703,549.26 0.18SAMSUNG FIRE & MAR. INSUR. 9,230.00 1,729,152.45 0.18SAMSUNG HEAVY INDUSTRIES 42,270.00 1,455,512.68 0.15SAMSUNG LIFE INSURANCE 12,880.00 1,121,509.71 0.12La nota integrativa costituisce parte integrante del presente bilancio.353
<strong>Pictet</strong> - Emerging Markets IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoSAMSUNG SDI 9,080.00 1,098,096.55 0.12SAMSUNG SECURITIES 14,833.00 748,846.61 0.08SAMSUNG TECHWIN 9,691.00 583,010.90 0.06SHINHAN FINANCIAL GROUP 111,356.00 4,353,488.16 0.46SHINSEGAE 1,913.00 407,176.14 0.04SK C&C 3,950.00 375,208.64 0.04SK ENERGY 15,466.00 2,210,463.52 0.23SK HOLDINGS 6,694.00 862,532.19 0.09SK NETWORKS 27,360.00 247,859.35 0.03SK TELECOM 4,840.00 606,613.69 0.06SK TELECOM ADR (R. 1/9 SHS) 2,800.00 39,172.00 0.00S-OIL 11,920.00 1,168,969.29 0.12STX PAN OCEAN 27,920.00 193,286.80 0.02WOONG JIN COWAY 14,910.00 483,244.72 0.05WOORI FINANCE HOLDINGS 92,940.00 1,070,843.35 0.11WOORI INVEST. & SEC. 33,808.00 385,071.37 0.04YUHAN CORP 2,164.00 226,493.74 0.02144,355,209.23 15.03EGITTOCOMMERCIAL INTERNATIONAL BANK 148,900.00 615,587.92 0.06EFG-HERMES 99,750.00 224,279.47 0.02EGYPT KUWAITI HOLDING 156,532.00 178,446.48 0.02EGYPTIAN CO MOBILE 8,700.00 256,701.36 0.03NATIONAL SOCIETE GENERALE BANK 22,989.00 110,419.23 0.01ORASCOM CONSTRUCTION INDUST. NOM. 24,577.00 1,058,757.12 0.11ORASCOM TELECOM 658,740.00 446,081.54 0.05ORASCOM TELECOM MEDIA & TECHNOLOGY 658,740.00 158,146.25 0.02TELECOM EGYPT 84,100.00 197,167.85 0.02TMG HOLDING 296,827.00 201,986.38 0.023,447,573.60 0.36FILIPPINEABOITIZ EQUITY VENTURES 486,000.00 560,855.72 0.06ABOITIZ POWER 468,000.00 358,785.17 0.04ALLIANCE GLOBAL GROUP 1,148,000.00 338,683.74 0.04AYALA 48,043.00 452,708.19 0.05AYALA LAND 1,341,600.00 649,261.41 0.07BANK OF PHILIPPINE ISLANDS 181,596.00 307,800.31 0.03BDO UNIBANK 231,000.00 359,559.95 0.04ENERGY DEVELOPMENT 1,863,250.00 255,340.47 0.03GLOBE TELECOM 9,100.00 239,250.60 0.03INTERNATIONAL CONTAINER TERMINAL 186,000.00 276,316.65 0.03JOLLIBEE FOODS 118,000.00 312,982.51 0.03MANILA ELECTRIC 76,000.00 454,443.53 0.05METRO BANK & TRUST 102,205.00 209,141.98 0.02PHILIPPINE LONG DIST. TEL. (PHP) 11,500.00 715,471.69 0.08SAN MIGUEL 131,000.00 345,025.29 0.04La nota integrativa costituisce parte integrante del presente bilancio.354
<strong>Pictet</strong> - Emerging Markets IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoSM INVESTMENTS 46,000.00 709,585.23 0.07SM PRIME HOLDINGS 1,443,911.00 557,675.71 0.06UNIVERSAL ROBINA 210,000.00 312,214.71 0.037,415,102.86 0.80HONG KONGBEIJING ENTREPRISES 136,956.04 830,768.25 0.09CHAODA MODERN AGRICULTURE 642,610.46 70,686.15 0.01CHINA AGRI-INDUSTRIES 437,940.81 293,853.56 0.03CHINA EVERBRIGHT 229,321.73 354,408.61 0.04CHINA MERCHANTS 289,837.19 961,189.80 0.10CHINA MOBILE 1,569,420.62 17,008,706.28 1.79CHINA RESOURCES ENTERPRISE 315,317.39 1,102,543.05 0.12CHINA TAIPING INSURANCE HLDGS 205,434.05 396,863.81 0.04CHINA ZHENGTONG AUTO.SERVICES 225,340.45 211,855.54 0.02CITIC PACIFIC 335,223.79 565,566.83 0.06CNOOC 4,643,367.00 9,520,371.16 1.00COSCO PACIFIC 412,460.62 622,569.60 0.07DAH CHONG HONG 215,785.38 227,883.92 0.02FOSUN INTERNATIONAL 445,505.25 270,241.18 0.03FRANSHION PROPERTIES (CHINA) 955,507.23 244,886.51 0.03FUSHAN INTERNATIONAL ENERGY 797,848.54 272,297.80 0.03GHANGZUOU INVESTMENT 1,361,597.80 271,805.57 0.03GUANGDONG INVESTMENT 656,114.96 452,921.08 0.05LENOVO GROUP 1,590,919.54 1,491,617.26 0.16MINMETALS RESOURCES 407,683.08 198,468.83 0.02POLY (HONG KONG) INVESTMENTS 523,936.46 246,291.42 0.03SINO-OCEAN LAND HOLDINGS 865,132.17 404,451.91 0.04SUN ART RETAIL GROUP 492,882.48 667,785.41 0.07TSINGTAO BREWERY 'H' 79,625.60 432,755.89 0.05WUMART STORES 'H' 131,382.24 276,481.79 0.0337,397,271.21 3.96INDIAADANI ENTERPRISES 55,765.46 325,511.24 0.03ADITYA BIRLA NUVO DEMAT. 11,843.99 211,304.55 0.02AMBUJA CEMENTS DEMAT. 162,772.64 529,839.41 0.06ASIAN PAINTS DEMAT. 7,073.50 439,346.21 0.05ASSOCIATED CEMENT DEMAT. 13,982.49 358,666.45 0.04AXIS BANK DEMAT. 59,055.46 1,290,799.16 0.14BAJAJ AUTO 22,947.73 738,788.70 0.08BANK OF INDIA 30,596.98 207,863.95 0.02BHARAT HEAVY ELECTRICALS 153,889.65 745,690.99 0.08BHARAT PETROLEUM DEMAT. 22,618.74 303,073.84 0.03BHARTI AIRTEL 145,582.40 941,953.67 0.10CANARA BANK DEMAT. 21,796.24 192,996.55 0.02CIPLA DEMAT. 86,773.69 505,834.72 0.05COAL INDIA 131,106.41 849,950.53 0.09DABUR INDIA DEMAT. 118,522.17 242,885.59 0.03DLF 104,621.93 404,140.00 0.04DR REDDY'S LABORATORIES DEMAT. 26,402.23 877,674.22 0.09La nota integrativa costituisce parte integrante del presente bilancio.355
<strong>Pictet</strong> - Emerging Markets IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoGAIL INDIA 98,206.44 703,811.13 0.07GMR INFRASTRUCTURE 245,351.59 146,967.19 0.02HCL TECHNOLOGIES DEMAT. 20,068.99 184,583.06 0.02HDFC BANK 396,152.75 3,936,446.91 0.41HERO HONDA MOTORS DEMAT. 10,610.24 420,803.01 0.04HINDALCO INDUSTRIES INDIA DEMAT. 290,400.71 705,990.16 0.07HINDUSTAN UNILEVER 222,568.35 1,770,444.72 0.19HOUSING DEVELOPMENT FINANCE 282,939.81 3,675,158.31 0.39ICICI BANK DEMAT. 110,955.18 1,849,613.03 0.19IDEA CELLULAR 173,958.64 327,686.74 0.03INFOSYS TECHNOLOGIES DEMAT. 112,024.43 6,092,766.57 0.64INFRASTRUCTURE DEV. FIN. DEMAT. 253,905.58 637,793.36 0.07ITC DEMAT. 582,905.37 2,549,749.46 0.27JAIPRAKASH ASSOCIATES 261,883.83 401,485.45 0.04JINDAL STEEL & POWER DEMAT. 95,985.69 1,024,738.50 0.11JSW STEEL DEMAT. 23,194.48 319,779.79 0.03KOTAK MAHINDRA BANK 70,159.20 716,967.28 0.08LARSEN & TOUBRO DEMAT. 53,791.46 1,341,826.32 0.14LIC HOUSING FINANCE 72,626.70 362,815.16 0.04LUPIN 38,081.72 385,416.55 0.04MAHINDRA & MAHINDRA 78,959.95 1,045,082.93 0.11MARUTI SUZUKI 17,190.24 437,281.99 0.05MUNDRA PORT & SPECIAL ECON. ZONE 101,989.93 246,754.62 0.03NTPC DEMAT. 144,759.90 458,234.78 0.05OIL & NATURAL GAS CORP 198,222.37 1,005,495.29 0.11PIRAMAL HEALTH 16,051.90 142,711.33 0.01POWER FINANCE CORPORATION 73,778.20 252,658.16 0.03POWER GRID INDIA 283,515.56 584,317.60 0.06RANBAXY LABORATORIES DEMAT. 32,958.38 286,921.15 0.03RELIANCE CAPITAL DEMAT. 26,813.48 202,583.20 0.02RELIANCE COMMUNICATIONS DEMAT. 138,920.16 223,392.58 0.02RELIANCE INDUSTRIES DEMAT. 341,694.24 4,823,389.69 0.51RELIANCE INFRASTRUCTURE 29,445.48 325,514.93 0.03RELIANCE POWER 152,429.71 342,213.35 0.04RURAL ELECTRIFICATION 73,037.95 276,302.11 0.03SATYAM COMPUTER SERVICES DEMAT. 141,469.91 214,953.77 0.02SESA GOA DEMAT. 84,635.19 310,776.91 0.03SHRIRAM TRANSPORT FINANCE DEMAT. 31,419.48 361,291.85 0.04SIEMENS INDIA 16,857.95 244,799.00 0.03STATE BANK OF INDIA DEMAT. 32,982.23 1,324,396.81 0.14STERLITE INDUSTRIES (INDIA) 351,865.27 746,090.02 0.08SUN PHARMACEUTICAL 80,111.45 892,407.27 0.09SUZLON ENERGY 172,560.39 87,734.02 0.01TATA CONSULTANCY SERVICES DEMAT. 122,963.67 2,733,537.11 0.29TATA MOTORS 394,223.99 2,088,423.20 0.22TATA POWER 252,754.08 478,822.10 0.05TATA STEEL DEMAT. 81,032.65 715,221.37 0.08TITAN INDUSTRIES 55,436.46 246,756.23 0.03ULTRA TECH CEMENT 17,848.24 519,836.20 0.05UNITECH 341,995.27 182,206.49 0.02UNITED PHOSPHORUS DEMAT. 59,137.71 146,706.67 0.02La nota integrativa costituisce parte integrante del presente bilancio.356
<strong>Pictet</strong> - Emerging Markets IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoUNITED SPIRITS DEMAT 24,099.23 279,299.46 0.03WIPRO DEMAT 129,954.91 1,105,762.19 0.12ZEE ENTERTAINMENT 107,582.93 267,935.65 0.0360,320,972.51 6.37INDONESIAADARO ENERGY 3,676,500.00 770,229.38 0.08ANEKA TAMBANG 856,500.00 170,091.67 0.02ASTRA AGRO LESTARI 92,500.00 233,151.38 0.02ASTRA INTERNATIONAL 527,500.00 4,198,866.28 0.44BANK CENTRAL ASIA 3,168,500.00 2,783,132.45 0.29BANK NEGARA INDONESIA 1,900,932.00 824,494.95 0.09BANK RAKYAT INDONESIA 'B' 2,866,000.00 2,189,064.26 0.23BUMI RESOURCES 4,113,000.00 1,065,875.81 0.11CHAROEN POKPHAND INDONESIA 1,989,000.00 585,980.05 0.06GUDANG GARAM 149,000.00 883,629.28 0.09INDO TAMBANGRAY 100,500.00 471,540.28 0.05INDOCEMENT TUNGGAL 388,000.00 791,694.48 0.08INDOSAT 'B' 339,000.00 188,648.85 0.02INTERNATIONAL NICKEL INDONESIA 633,000.00 231,383.72 0.02KALBE FARMA 1,131,500.00 435,209.10 0.05P.T. TELEKOMUNIKASI INDONESIA 'B' 2,633,500.00 2,025,847.38 0.21PERUSAHAAN GAS NEGA 'B' 2,863,000.00 1,171,485.45 0.12PT BANK DANAMON INDONESIA 886,654.00 435,362.46 0.05PT BANK MANDIRI (PERSERO) 2,422,093.00 1,797,148.69 0.19PT INDOFOOD SUKSES MAKMUR 1,184,500.00 620,384.00 0.07SEMEN GRESIK 748,500.00 1,008,655.93 0.11TAMBANG BATUBARA B 224,000.00 498,611.71 0.05UNILEVER INDONESIA 397,000.00 846,879.37 0.09UNITED TRACTORS 442,469.00 1,564,271.54 0.16XL AXIATA 410,000.00 228,159.37 0.0226,019,797.84 2.72ISOLE CAYMANAGILE PROPERTY HOLDINGS 355,130.19 406,142.43 0.04ALIBABA. COM 327,659.35 557,024.52 0.06ANTA SPORTS PRODUCTS 213,396.61 223,987.07 0.02BELLE INTERNATIONAL 1,217,475.46 2,195,159.38 0.23BOSIDENG INTERNATIONAL HOLDINGS 686,372.69 205,081.17 0.02CHINA DONGXIANG 802,626.07 126,110.40 0.01CHINA MENGNIU DAIRY 316,909.90 946,894.50 0.10CHINA RESOURCES CEMENT 532,695.28 390,363.25 0.04CHINA RESOURCES LAND 528,714.00 911,076.26 0.10CHINA RONGSHENG 399,322.40 107,999.25 0.01CHINA STATE CONSTRUCTION INTL 356,722.70 328,484.28 0.03CHINA ZHONGWANG HOLDINGS 386,343.42 140,313.82 0.01CN SHANSHUI CEMENT 467,402.29 352,749.37 0.04COUNTRY GARDEN 1,085,296.96 422,117.48 0.04DAPHNE INTERNATIONAL HLDGS 250,024.39 340,035.38 0.04DONGYUE GROUP 246,043.11 221,496.15 0.02ENN ENERGY HLDGS 195,082.73 690,922.47 0.07La nota integrativa costituisce parte integrante del presente bilancio.357
<strong>Pictet</strong> - Emerging Markets IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoEVERGRANDE REAL ESTATE GROUP 1,360,801.55 734,322.14 0.08GCL-POLY ENERGY HOLDINGS 1,782,020.98 484,253.84 0.05GEELY AUTOMOBILE 947,544.67 373,421.16 0.04GOLDEN EAGLE RETAIL 168,010.02 442,492.90 0.05HENGAN INTERNATIONAL GROUP 191,499.57 1,880,552.51 0.20INTIME DEPARTMENT STORE 271,523.30 330,458.35 0.03KINGBOARD CHEMICAL HOLDINGS 153,677.41 511,621.03 0.05LEE & MAN PAPER MANUFACTURING 441,922.09 202,046.75 0.02LONGFOR PROPERTIES 338,408.81 482,902.25 0.05LONKING HOLDINGS 518,362.67 180,917.60 0.02MSTAR SEMICONDUCTOR 100,180.00 610,078.64 0.06PARKSON RETAIL GP 373,842.20 425,134.98 0.04RENHE COMMERCIAL 2,758,230.87 198,928.24 0.02SANY HEAVY EQUIPMENT INTL. 250,820.65 188,325.72 0.02SEMICONDUCTOR MANUFACTURING INTL 5,571,403.40 276,250.54 0.03SHUI ON LAND 651,257.80 260,011.43 0.03SOHO CHINA 568,924.93 413,981.77 0.04TENCENT HOLDINGS 263,003.36 7,316,322.86 0.77TINGYI (CAYMAN ISLANDS) HOLDING 503,233.81 1,403,154.57 0.15TPK HOLDING 23,200.00 364,198.59 0.04WANT WANT CHINA 1,553,495.50 1,700,617.84 0.18XINYU HENGDELI HLGDS 563,749.26 220,717.81 0.02YINGDE GASES 226,534.84 248,863.86 0.03ZHONGSHENG GROUP 139,742.93 269,239.79 0.0328,084,772.35 2.93LUSSEMBURGOKERNEL HOLDING 11,800.00 255,811.10 0.03255,811.10 0.03MALAYSIAAIRASIA 314,000.00 351,106.74 0.04ALLIANCE FINANCIAL GROUP 264,000.00 333,065.99 0.03AMMB HOLDINGS 428,250.00 866,970.60 0.09ASIATIC DEVELOPMENT 68,000.00 209,486.54 0.02BERJAYA CORP 614,000.00 186,151.58 0.02BERJAYA SPORTS TOTO 194,928.00 277,696.92 0.03BRITISH AMERICAN TOBACCO MALAYSIA 29,000.00 534,337.37 0.06BUMI ARMADA 239,000.00 340,482.45 0.04BUMIPUTRA-COMMERCE HOLDINGS BHD 1,259,000.00 3,119,282.58 0.33BURSA MALAYSIA 77,000.00 182,239.60 0.02DIGI. COM 818,000.00 1,050,666.59 0.11GAMUDA 416,000.00 486,858.97 0.05GENTING BERHAD 532,000.00 1,932,022.68 0.20HONG LEONG BANK 143,000.00 577,127.91 0.06HONG LEONG FINANCIAL GROUP 62,000.00 248,202.10 0.03IJM 317,100.00 580,962.31 0.06IOI CORPORATION 844,600.00 1,451,032.33 0.15KUALA LUMPUR KEPONG 121,000.00 952,221.61 0.10LAFARGE MALAYAN CEMENT 104,000.00 244,107.56 0.03MALAYAN BANKING BHD 873,012.00 2,504,484.12 0.26La nota integrativa costituisce parte integrante del presente bilancio.358
<strong>Pictet</strong> - Emerging Markets IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoMALAYSIA AIRPORTS 140,000.00 266,992.65 0.03MALAYSIA MARINE & HEAVY ENGIN. 133,000.00 235,866.32 0.02MAXIS 579,000.00 1,132,518.26 0.12MISC 290,400.00 501,750.58 0.05MMC CORPORATION 182,000.00 166,128.76 0.02PARKSON HOLDINGS 143,106.00 250,989.48 0.03PETRONAS CHEMICALS GROUP 628,000.00 1,367,576.10 0.14PETRONAS DAGANGAN 64,000.00 389,737.54 0.04PETRONAS GAS 177,000.00 965,926.58 0.10PPB GROUP 123,000.00 673,642.98 0.07PUBLIC BANK 8,698.00 38,790.10 0.00PUBLIC BANK BERHAD FGN NOM. 266,500.00 1,188,498.69 0.12RESORTS WORLD 792,000.00 1,006,943.69 0.11RHB CAPITAL 136,000.00 344,045.62 0.04S P SETIA NOM. 132,250.00 166,848.40 0.02SIME DARBY BERHAD 708,020.00 2,248,122.02 0.24TELEKOM MALAYSIA 283,000.00 485,274.62 0.05TENAGA NASIONAL 714,375.00 1,481,149.04 0.16TM INTERNATIONAL 663,750.00 1,112,200.41 0.12UEM LAND HOLDINGS 314,000.00 228,270.56 0.02UMW HOLDINGS 127,000.00 301,819.05 0.03YTL CORP 1,227,080.00 700,045.59 0.07YTL POWER INTERNATIONAL 604,000.00 362,301.52 0.0432,043,945.11 3.37MAROCCOATTIJARIWAFA BANK 8,075.00 339,105.99 0.04DOUJA PROMOTION GRO. ADDOHA MAROC 31,476.00 273,350.97 0.03MAROC TELECOM 46,660.00 757,296.14 0.081,369,753.10 0.15MESSICOALFA 'A' 75,413.85 1,065,150.05 0.11AMERICA MOVIL 'L' (AMX) 10,339,646.68 12,710,134.16 1.33ARCA CONTINENTAL 83,887.46 398,707.65 0.04CEMEX CPO (R. 2 SHS 'A' & 1 SHS 'B') 2,774,896.37 2,133,000.98 0.22COCA COLA FEMSA L 69,245.43 716,361.38 0.08COMPARTAMOS 274,593.96 301,443.11 0.03EL PUERTO DE LIVERPOOL C1 51,237.64 414,541.54 0.04ELEKTRA 19,002.70 1,789,262.77 0.19FOMENTO UNITS (1 ORD'B'&4 ORD'D') 508,695.27 3,960,885.99 0.42GFNORTE 'O' 421,442.04 1,867,648.68 0.20GRUPO AEROPORTUARIO DEL PACIF.B 123,268.81 466,481.18 0.05GRUPO BIMBO 'A' 423,232.87 980,598.97 0.10GRUPO CARSO A1 149,932.28 466,597.59 0.05GRUPO FINANCIERO INBURSA 'O' 527,896.95 1,105,634.43 0.12GRUPO MEXICO 'B' 992,642.26 3,097,653.05 0.33GRUPO MODELO 'C' 164,657.88 1,140,528.77 0.12GRUPO TELEVISA 668,278.14 2,793,582.12 0.29INDUSTRIAS PENOLES 36,612.53 1,757,470.96 0.18KIMBERLY CLARK DE MEXICO 'A' 408,010.81 847,559.67 0.09La nota integrativa costituisce parte integrante del presente bilancio.359
<strong>Pictet</strong> - Emerging Markets IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoMEXICHEM 184,133.16 698,240.24 0.07MINERA FRISCO SAB DE CV 'A1' 162,070.13 724,781.50 0.08URBI DESARROLLOS 133,914.30 158,781.27 0.02WAL-MART 'V' 1,615,384.55 5,401,690.38 0.5744,996,736.44 4.73PERÙMINAS BUENAVENTURA ADR (R. 1 SHS) 48,957.32 1,949,969.98 0.20VOLCAN PFD B 406,319.47 560,440.71 0.062,510,410.69 0.26POLONIAASSECO POLAND 18,259.00 286,412.20 0.03BANK HANDLOWY 8,230.00 203,642.84 0.02BANK MILLENIUM 103,042.00 146,400.31 0.02BANK PEKAO 30,499.00 1,500,568.58 0.16BRE BANK 4,305.00 388,292.84 0.04CYFROWY POLSAT 47,290.00 208,360.79 0.02ENEA 27,600.00 147,866.11 0.02GLOBE TRADE CENTRE 42,570.00 89,704.70 0.01JASTRZEBSKA SPOLKA WEGLOWA 11,000.00 330,132.39 0.03KGHM 36,270.00 1,610,802.47 0.17LOTOS 15,100.00 130,169.22 0.01PGE POLSKA GRUPA ENERGETYCZNA 193,000.00 1,175,718.31 0.12PKO BANK POLSKI 163,312.00 1,755,613.10 0.18POLISH OIL AND GAZ COMPANY 471,460.00 596,084.37 0.06POLISH TELECOM 196,611.00 1,067,147.21 0.11POLSKI KONCERN NAFTOWY 83,050.00 999,916.74 0.10PZU 14,300.00 1,476,991.25 0.16SYNTHOS 157,700.00 315,190.87 0.03TAURON POLSKA ENERGIA 275,400.00 445,799.42 0.05TVN 43,130.00 148,720.49 0.0213,023,534.21 1.36REPUBBLICA CECACESKE ENERGETICKE ZAVODY 41,826.00 1,791,726.32 0.19KOMERCNI BANKA 3,914.00 781,185.14 0.08TELEFONICA O2 CR 30,433.00 634,798.72 0.073,207,710.18 0.34RUSSIACHEREPOVETS METAL SEVERSTAL (USD) 50,904.67 675,525.32 0.07FGC UES (USD) 80,747,320.70 839,772.13 0.09GAZPROM ADR (R. 4 SHS) 227,866.66 2,727,563.98 0.29GAZPROM 'LOCAL' (USD) 2,290,478.68 13,744,475.42 1.44GROUP LSR GDR (R. 1/5 SHS) 47,507.32 279,105.51 0.03IDGC (USD) 4,544,049.39 488,939.72 0.05INTER RAO UES (USD) 331,403,373.78 331,403.37 0.03JFSC SISTEMA GDR (R. 20 SHS) 30,400.24 614,084.90 0.06JSC SURGUTNEFTEGAZ (USD) 1,852,322.69 1,784,712.91 0.19LUKOIL (USD) 131,663.41 7,926,571.95 0.83La nota integrativa costituisce parte integrante del presente bilancio.360
<strong>Pictet</strong> - Emerging Markets IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoMAGNIT GDR 67,484.09 1,950,290.34 0.20MECHEL ADR (R. 3 SHS) 37,824.42 344,202.21 0.04MMC NORILSK NICKEL JSC (USD) 12,395.23 2,246,137.80 0.24MOBILE TELESYS ADR (R. 5 SHS) 120,388.29 2,182,639.75 0.23MOBILE TELESYSTEMS USD 26,894.59 205,498.85 0.02NOVATEK -GDR SPONS. - REG. S 23,341.72 3,078,772.98 0.32NOVOLIPETSK STEEL GDR (R. 1 REG-S) 17,366.28 361,044.91 0.04PIPE METALL. COMP. GDR (REP 4SHS) 13,691.22 183,462.32 0.02ROSNEFT OIL (USD) 410,773.56 2,855,615.61 0.30ROSTELECOM 344,548.42 1,673,575.06 0.18RUSHYDRO OJSC (USD) 29,981,459.66 1,079,332.55 0.11SBERBANK OF RUSSIA 2,236,759.86 7,094,331.25 0.74SBERBANK PFD (USD) 259,920.22 674,077.10 0.07SURGUTNEFTEGAZ OIL PFD (USD) 1,794,669.61 1,255,191.93 0.13TATNEFT (USD) 366,371.06 2,369,211.73 0.25TRANSNEFT PREF (USD) 407.31 769,249.75 0.08URALKALIY (USD) 357,591.65 2,673,891.54 0.28VNESHTORGBANK (USD) 664,848,775.55 1,462,667.30 0.1561,871,348.19 6.48STATI UNITISOUTHERN COPPER 44,512.08 1,395,453.69 0.151,395,453.69 0.15SUDAFRICAABSA GROUP 75,600.00 1,511,210.63 0.16AFRICAN BANK INVESTMENTS 187,970.00 955,301.23 0.10AFRICAN RAINBOW MINERALS 28,800.00 679,716.71 0.07ANGLO PLATINUM NOM. 16,758.00 1,175,916.97 0.12ANGLOGOLD ASHANTI 99,871.00 3,637,459.30 0.38ARCELOR SOUTH AFRICA 48,473.00 344,514.15 0.04ASPEN PHARMACARE 73,913.00 1,125,015.25 0.12AVENG 95,066.00 477,381.07 0.05BARLOWORLD 53,200.00 671,883.93 0.07BIDVEST GROUP 81,224.00 1,880,634.49 0.20DISCOVERY HOLDINGS 79,600.00 515,433.16 0.05EXXARO RESOURCES 32,400.00 823,316.48 0.09FIRSTRAND 732,852.00 2,268,731.45 0.24GOLD FIELDS 186,500.00 2,513,434.50 0.26GROWTHPOINT PROPS 413,400.00 1,066,488.16 0.11HARMONY GOLD MINING (ZAR) 102,000.00 1,098,606.64 0.12IMPALA PLATINIUM HOLDING 132,400.00 2,636,541.39 0.28IMPERIAL HOLDINGS 47,014.00 943,003.20 0.10INVESTEC 66,700.00 403,251.84 0.04KUMBA IRON ORE 21,200.00 1,417,198.69 0.15LIBERTY HLDGS 28,249.00 323,572.51 0.03LIFE HEALTHCARE GROUP HOLDINGS 179,800.00 568,213.23 0.06MASSMART HOLDINGS 28,009.00 588,898.95 0.06MMI HOLDINGS 272,982.00 616,912.66 0.06MTN GROUP 442,100.00 7,835,429.71 0.82NASPERS 'N' 101,100.00 5,504,553.27 0.58La nota integrativa costituisce parte integrante del presente bilancio.361
<strong>Pictet</strong> - Emerging Markets IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoNEDBANK 53,100.00 1,160,829.80 0.12NETCARE 227,600.00 418,352.81 0.04NORTHAM PLATINUM 60,200.00 263,705.84 0.03PICK'N PAY STORES 55,100.00 307,392.51 0.03PRETORIA PORTLAND CEMENT 140,911.00 587,996.52 0.06RAND MERCHANT INSURANCE HOLDINGS 185,900.00 407,646.65 0.04REMGRO 112,000.00 1,915,654.21 0.20REUNERT 49,340.00 442,895.79 0.05RMB HOLDINGS 180,300.00 732,591.46 0.08SANLAM 472,150.00 2,015,874.82 0.21SAPPI 134,700.00 473,119.46 0.05SASOL 142,200.00 6,771,081.49 0.71SHOPRITE HOLDING (SHP) 105,100.00 1,837,764.46 0.19SPAR GROUP 45,700.00 683,447.36 0.07STANDARD BANK GROUP 308,024.00 4,384,025.86 0.46STEINHOFF INTERNATIONAL HOLDINGS 281,560.00 1,002,387.43 0.11TELKOM 74,300.00 233,273.26 0.02THE FOSCHINI GROUP 51,000.00 805,469.44 0.08TIGER BRANDS 42,520.00 1,450,689.62 0.15TRUWORTHS INTERNATIONAL 114,600.00 1,199,874.26 0.13VODACOM GROUP 94,800.00 1,317,592.72 0.14WOOLWORTHS HOLDINGS 195,168.00 1,211,406.23 0.1371,205,691.57 7.46TAIWANACER 669,304.00 889,914.45 0.09ADVANCED SEMICONDUCTOR ENGINEER. 1,210,961.00 1,184,023.41 0.12ASIA CEMENT 490,998.00 598,018.36 0.06ASUSTEK COMPUTER 176,536.00 1,660,390.99 0.17AU OPTRONICS 1,917,089.00 888,577.13 0.09AVANTECH 68,131.00 228,198.22 0.02CAPITAL SECURITIES 512,445.00 191,576.32 0.02CATCHER TECHNOLOGY 147,688.00 1,026,808.19 0.11CATHAY FINANCIAL 1,747,479.00 1,968,740.56 0.21CHANG HWA COMMERCIAL BANK 1,009,570.00 572,115.27 0.06CHENG SHIN RUBBER 424,358.00 1,017,913.61 0.11CHENG UEI PRECISION INDUSTRY 99,002.00 230,108.68 0.02CHICONY ELECTRONICS 110,008.00 214,377.42 0.02CHINA AIRLINES 703,165.00 284,287.29 0.03CHINA DEVELOPMENT FINANCIAL 2,353,003.00 714,876.64 0.08CHINA LIFE INSURANCE 407,278.00 387,194.84 0.04CHINA MOTOR 135,000.00 131,083.48 0.01CHINA PETROCHEMICAL DEV. 448,800.00 484,368.42 0.05CHINA STEEL 2,948,312.00 2,967,513.48 0.31CHINATRUST FINANCIAL HOLDINGS 2,500,299.00 1,573,392.88 0.17CHUNGHWA TELECOM 986,596.00 3,030,801.47 0.32CLEVO 103,312.00 167,773.86 0.02COMPAL ELECTRONICS 1,108,012.00 1,255,803.13 0.13DELTA ELECTRONICS 478,074.00 1,407,170.33 0.15E. SUN FINANCIAL 1,044,774.00 560,252.64 0.06EPISTAR 205,179.00 528,262.59 0.06ETERNAL CHEMICAL 195,180.00 165,745.34 0.02La nota integrativa costituisce parte integrante del presente bilancio.362
<strong>Pictet</strong> - Emerging Markets IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoEVA AIRWAYS 429,982.00 264,033.60 0.03EVERGREEN MARINE 399,058.00 268,671.37 0.03EVERLIGHT ELECTRONICS 96,065.00 201,181.54 0.02FAR EASTERN DEPARTMENT STORES 229,229.00 282,682.80 0.03FAR EASTERN TEXTILE 760,147.00 874,397.27 0.09FAR EASTONE TELECOM 401,470.00 794,586.63 0.08FARGLORY LAND 79,000.00 157,692.63 0.02FENG HSIN IRON & STEEL 103,180.00 179,428.30 0.02FIRST FINANCIAL 1,456,713.00 869,863.28 0.09FORMOSA CHEMICALS AND FIBER 744,513.00 2,125,920.51 0.22FORMOSA INTERNATIONAL HOTELS 7,700.00 109,153.34 0.01FORMOSA PETROCHEMICAL 291,220.00 911,371.03 0.10FORMOSA PLASTICS 1,033,551.00 3,010,699.10 0.32FORMOSA TAFFETA 196,253.00 189,895.48 0.02FOXCONN TECHNOLOGY 186,160.00 758,936.97 0.08FUBON FINANCIAL 1,287,754.00 1,442,092.74 0.15GIANT MANUFACTURE 83,551.00 370,301.30 0.04HIGH TECH COMPUTER 192,392.00 3,905,445.21 0.41HIGHWEALTH CONSTRUCTION 102,000.00 176,686.12 0.02HIWIN TECHNOLOGIES 44,260.00 473,184.80 0.05HON HAI PRECISION INDUSTRY 2,363,631.00 9,276,196.86 0.97HOTAI MOTOR 64,000.00 511,003.96 0.05HUA NAN FINANCIAL 1,305,682.00 742,128.29 0.08INNOLUX DISPLAY 1,365,130.00 639,670.13 0.07INOTERA MEMORIES 541,972.00 154,024.01 0.02INVENTEC 619,505.00 269,327.21 0.03KGI SECURITIES 727,117.00 301,351.03 0.03KINSUS INTERCONNECT 64,030.00 203,630.88 0.02LARGAN PRECISION 27,791.00 535,934.01 0.06LCY CHEMICAL 128,455.00 208,822.21 0.02LITE ON TECHNOLOGY 559,240.00 670,728.49 0.07MACRONIX INTL 891,685.00 334,862.67 0.04MEDIATEK 267,724.00 2,481,819.30 0.26MEGA FINANCIAL HLDG 2,069,220.00 1,477,139.16 0.16MOTECH INDUSTRIES 74,133.00 128,414.43 0.01NAN YA PCB 51,912.00 111,174.14 0.01NAN YA PLASTICS 1,231,268.00 2,761,839.34 0.29NANKANG RUBBER TIRE 112,646.00 175,690.79 0.02NOVATEK MICROELECTRONICS 137,686.00 409,925.32 0.04PEGATRON 451,805.00 691,674.73 0.07PHISON ELECTRONICS 35,282.00 297,224.66 0.03POU CHEN 568,004.00 494,835.58 0.05POWERTECH TECHNOLOGY 189,930.00 360,486.26 0.04PRESIDENT CHAIN STORE 144,632.00 790,258.56 0.08PRIME VIEW INTERNATIONAL 199,000.00 254,493.78 0.03QUANTA COMPUTER 644,197.00 1,575,757.15 0.17RADIANT OPTO-ELECTRONICS 107,000.00 470,608.12 0.05REALTEK SEMICONDUCTOR 98,573.00 177,753.22 0.02RICHTEK TECHNOLOGY 37,173.00 233,294.13 0.02RUENTEX DEVELOPMENT 176,191.00 250,360.21 0.03RUENTEX INDUSTRIES 113,472.00 214,985.43 0.02SHIN KONG FINANCIAL HOLDING 1,615,166.00 508,197.36 0.05La nota integrativa costituisce parte integrante del presente bilancio.363
<strong>Pictet</strong> - Emerging Markets IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoSILICONWARE PRECISION INDUSTRIES 775,326.00 935,139.01 0.10SIMPLO TECHNOLOGY 56,474.00 404,102.20 0.04SINO-AMERICAN SILLICON 110,850.00 198,766.81 0.02SINOPAC 1,474,491.00 518,809.30 0.05STANDARD FOODS 50,000.00 169,161.80 0.02SYNNEX TECHNOLOGY INTL 336,019.00 825,339.72 0.09TAISHIN FINANCIAL HOLDINGS 1,350,895.00 532,451.20 0.06TAIWAN BUSINESS BANK 804,494.00 248,771.88 0.03TAIWAN CEMENT 884,723.00 1,029,669.98 0.11TAIWAN COOPERATIVE FINANCIAL 1,056,611.00 652,394.49 0.07TAIWAN FERTILIZER 184,000.00 476,224.30 0.05TAIWAN GLASS IND 246,224.00 280,732.42 0.03TAIWAN MOBILE 442,530.00 1,339,979.16 0.14TAIWAN SEMICONDUCTOR 6,400,615.00 18,211,679.17 1.91TATUNG 531,471.00 154,635.90 0.02TECO ELECTRIC & MACHINERY 419,000.00 281,388.81 0.03TRANSCEND INFORMATION 43,111.00 121,788.66 0.01TRIPOD TECHNOLOGY 102,872.00 343,863.77 0.04TSRC 124,300.00 319,187.00 0.03TUNG HO STEEL ENTERPRISE 178,999.00 181,375.96 0.02U-MING MARINE TRANSPORT 113,000.00 191,535.14 0.02UNIMICRON TECHNOLOGY 333,480.00 416,885.25 0.04UNI-PRESIDENT ENTERPRISES 1,003,009.00 1,384,513.78 0.15UNITED MICROELECTRONICS 3,235,703.00 1,609,230.58 0.17WALSIN LIHWA 904,639.00 280,045.56 0.03WAN HAI LINES 249,777.00 136,476.31 0.01WINTEK 378,374.00 284,188.53 0.03WISTRON 506,281.00 762,226.30 0.08WPG HOLDING 341,432.00 463,213.16 0.05YANG MING MARINE TRANSPORT 355,226.00 188,083.79 0.02YUANTA FINANCIAL 2,051,319.00 1,058,364.68 0.11YULON MOTOR 231,127.00 437,896.02 0.05103,847,245.08 10.92THAILANDIAADVANCED INFO SERV. NOM. FGN. 13,500.00 80,466.49 0.01ADVANCED INFO SERVICE PUBL. NVDR 215,700.00 1,285,675.65 0.13BANGKOK BANK PUBLIC CO 4,300.00 25,769.36 0.00BANGKOK BANK PUBLIC FGN NOM. (THB) 220,100.00 1,425,980.18 0.15BANGKOK BANK PUBLIC NVDR 123,200.00 738,322.13 0.08BANK OF AYUDHYA NOM. FGN 457,700.00 400,320.77 0.04BANPU PUBLIC FGN NOM. 3,000.00 59,669.59 0.01BANPU PUBLIC NVDR 35,400.00 704,101.20 0.07BEC WORLD 207,000.00 340,306.19 0.04BEC WORLD PUBLIC -FGN- 20,800.00 34,195.02 0.00C.P.ALL -FOREIGN REGISTRED- 564,100.00 1,192,339.87 0.13CHAROEN POKPHAND FOODS -FOREIGN- 795,500.00 940,581.65 0.10GLOW ENERGY -FGN- 147,300.00 271,982.56 0.03INDORAMA VENTURES -FOREIGN REGISTRED- 361,100.00 444,502.84 0.05IRPC -NVTG DR- 2,542,000.00 388,669.98 0.04KASIKORNBANK PUB. FGN NOM. 65,800.00 336,780.11 0.04KASIKORNBANK PUBLIC 153,490.00 780,626.32 0.08La nota integrativa costituisce parte integrante del presente bilancio.364
<strong>Pictet</strong> - Emerging Markets IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoKASIKORNBANK PUBLIC CO NVDR 242,400.00 1,232,808.78 0.13KRUNG THAI BANK FGN 37,600.00 21,558.80 0.00KRUNG THAI BANK NVDR 659,300.00 378,024.37 0.04PTT EXPLORATION & PROD. FGN NOM. 22,500.00 130,466.50 0.01PTT EXPLORATION & PRODUCTION NVDR 278,800.00 1,616,624.86 0.17PTT FGN NOM. 13,500.00 156,559.80 0.02PTT GLOBAL CH.PUBLIC -FOREIGN REG.- 426,981.00 999,332.13 0.10PTT PUBLIC NVDR 211,200.00 2,449,291.03 0.26SIAM CEMENT PUBLIC FGN 14,500.00 205,733.76 0.02SIAM CEMENT PUBLIC NVDR 65,600.00 769,264.80 0.08SIAM COMMERCIAL BANK NVDR 401,600.00 1,899,371.91 0.20THAI OIL -FGN- 210,100.00 491,730.74 0.0519,801,057.39 2.08TURCHIAAKBANK 315,774.00 1,233,160.50 0.13ANADOLU EFES BIRACI 52,110.00 728,868.02 0.08ARCELIK 57,200.00 249,619.46 0.03ASYA KATILIM BANKASI B 126,436.00 136,526.16 0.01BIM BIRLESIK MAGAZ 22,261.00 831,349.72 0.09COCA COLA ICE SANAYI 17,917.00 226,548.69 0.02EMLAK KONUT GAYRIMENKUL YATIRIM 145,700.00 189,119.08 0.02ENKA INSAAT 80,449.00 251,155.48 0.03EREGLI DEMIR VE CE 142,836.00 279,700.69 0.03FORD OTOMOTIV SANAYI 19,700.00 179,655.97 0.02HACI OMER SABANCI HOLDING 126,489.00 527,933.72 0.06KOC HOLDING 160,122.00 637,850.37 0.07KOZA ALTIN IZLETMELERI 13,200.00 244,449.83 0.03TAV HAVALIMALARI HOLDING 47,400.00 235,493.61 0.02TUPRAS TURKIY PETROL RAFINERILERI 32,132.00 799,991.89 0.08TURK HAVA YOLLARI 116,278.00 166,542.60 0.02TURK SISE CAM 92,272.00 169,329.10 0.02TURK TELEKOM 140,399.00 595,416.73 0.06TURKCELL ILETISIM 194,246.00 993,312.94 0.10TURKIYE GARANTI BANKASI NOM. 548,414.00 2,117,119.82 0.22TURKIYE HALK BANKASI 83,834.00 583,952.27 0.06TURKIYE IS BANKASI 'C' 419,395.00 1,013,665.84 0.11TURKIYE VAKIFLAR BANKASI TAO 187,934.00 351,187.98 0.04YAPI VE KREDI BANKASI 214,831.00 424,286.75 0.0413,166,237.22 1.39UNGHERIAGEDEON RICHTER 3,660.00 610,495.20 0.06MAGYAR TELEKOM 119,831.00 305,936.74 0.03MOL MAGYAR OLAY 'A' 10,914.00 908,401.94 0.10OTP BANK 60,296.00 1,041,596.29 0.112,866,430.17 0.30TOTALE AZIONI 950,231,327.02 99.73La nota integrativa costituisce parte integrante del presente bilancio.365
<strong>Pictet</strong> - Emerging Markets IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoDIRITTITAIWANCHINATRUST FIN.NIL-PAID -NON TRAD.- 117,235.00 9,122.57 0.009,122.57 0.00TOTALE DIRITTI 9,122.57 0.00TOTALE I. 950,240,449.59 99.73II. ALTRI VALORI MOBILIARIAZIONICINACSG HOLDING B 202,977.60 152,926.16 0.02152,926.16 0.02COREA DEL SUDKAI 12,050.00 305,762.94 0.03305,762.94 0.03TOTALE II. 458,689.10 0.05III. QUOTE DI FONDI DI INVESTIMENTOSUDAFRICAREDEFINE PROP. -LINKED UNIT. ZAR- 677,800.00 695,063.15 0.07695,063.15 0.07TOTALE III. 695,063.15 0.07TOTALE INVESTIMENTI 951,394,201.84 99.85DISPONIBILITÀ LIQUIDE PRESSO BANCHE 2,361,988.47 0.25ALTRE PASSIVITÀ NETTE -956,902.57 -0.10PATRIMONIO NETTO COMPLESSIVO 952,799,287.74 100.00La nota integrativa costituisce parte integrante del presente bilancio.366
<strong>Pictet</strong> - Emerging Markets IndexRIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Corea del Sud 15.06Brasile 14.90Taiwan 10.92Cina 9.99Sudafrica 7.53Russia 6.48India 6.37Messico 4.73Hong Kong 3.96Malaysia 3.37Isole Cayman 2.93Indonesia 2.72Thailandia 2.08Cile 1.85Turchia 1.39Polonia 1.36Colombia 1.11Filippine 0.80Bermuda 0.71Egitto 0.36Repubblica ceca 0.34Ungheria 0.30Perù 0.26Marocco 0.15Stati Uniti 0.15Lussemburgo 0.0399.85Ripartizione per settori economici(in % del patrimonio netto)Banche e istituti di credito 14.21Petrolio 11.54Equipaggiamento elettrico ed elettronico 10.59Comunicazioni 8.87Holding e società finanziarie 7.65Settore minerario e siderurgico 3.80Servizi di pubblica utilità 3.76Sostanze chimiche 3.68Acciaio inossidabile 3.56Automezzi 2.90Edilizia e materiali da costruzione 2.72Vendita al dettaglio e supermercati 2.59Internet, software e servizi informatici 2.51Tabacco e bevande alcoliche 2.44Assicurazioni 2.37Trasporto passeggeri e merci 2.00Alimentari e bevande non alcoliche 1.84Industria farmaceutica e cosmetica 1.67Pietre e metalli preziosi 1.65Settore immobiliare 1.59Computer e articoli per ufficio 1.40Costruzione di macchine e apparecchiature 1.38Agricoltura e pesca 0.85Prodotti tessili e abbigliamento 0.71Servizi pubblici 0.61Gastronomia 0.44Carta e prodotti forestali 0.43Altri settori 0.38Commercio vario 0.38Gomma e pneumatici 0.23Prodotti di consumo vari 0.16Servizi sanitari e sociali 0.15Aeronautica e astronautica 0.15Conglomerati 0.11Beni d’investimento vari 0.11Fotografia e materiale ottico 0.09Servizi elettrici 0.09Quote di fondi di investimento 0.07Servizi ambientali e riciclaggio 0.05Imballi 0.04Servizi sanitari 0.04Orologeria 0.02Editoria e arti grafiche 0.02Diritti 0.0099.85La nota integrativa costituisce parte integrante del presente bilancio.367
<strong>Pictet</strong> - Euroland IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoI. VALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOAZIONIAUSTRIAERSTE BANK DER OESTER. SPARKASSEN 9,481.00 163,926.49 0.15IMMOFINANZ 49,361.00 134,459.36 0.12OESTER. ELEKTR. WIRT. 'A' 3,600.00 82,116.00 0.07OMV 8,507.00 226,711.55 0.20RAIFFEISEN INT. BANK-HOLDING 2,484.00 65,826.00 0.06TELEKOM AUSTRIA 16,575.00 144,732.90 0.13VOEST-ALPINE 5,622.00 141,758.73 0.13WIENER STAEDTISCHE VERSICHERUNGS 2,108.00 69,711.56 0.061,029,242.59 0.92BELGIOANHEUSER-BUSH INBEV 40,778.00 2,233,818.84 1.98BEKAERT 2,040.00 49,276.20 0.04BELGACOM 7,623.00 183,752.42 0.16COLRUYT 3,980.00 119,957.20 0.11FORTIS 109,676.00 180,746.05 0.16GBL (GROUPE BRUXELLES LAMBERT) 3,999.00 232,101.96 0.21GROUPE DELHAIZE 5,065.00 199,814.25 0.18INBEV -STRIP VVPR 6,755.00 20.27 0.00KBC GROUPE 8,319.00 156,480.39 0.14MOBISTAR 1,527.00 57,033.45 0.05SOLVAY 3,038.00 269,683.26 0.24U.C.B. 5,231.00 169,222.85 0.15UMICORE 5,835.00 241,014.68 0.214,092,921.82 3.63FINLANDIAELISA 'A' 6,917.00 124,298.49 0.11FORTUM 22,156.00 403,239.20 0.36KESKO 3,505.00 85,276.65 0.08KONE 'B' 7,877.00 329,022.29 0.29METSO 6,647.00 213,036.35 0.19NESTE OIL 7,181.00 66,316.54 0.06NOKIA 190,686.00 778,380.25 0.69NOKIAN TYRES 5,440.00 198,777.60 0.18ORION 'B' 5,068.00 75,107.76 0.07POHJOLA BANK 'A' 7,135.00 59,256.18 0.05SAMPO OYJ 21,138.00 458,060.46 0.41SANOMAWSOY 4,732.00 45,427.20 0.04STORA ENSO 'R' 28,682.00 159,758.74 0.14UPM-KYMMENE 26,654.00 272,137.34 0.24WARTSILA 'B' 8,384.00 237,099.52 0.213,505,194.57 3.12La nota integrativa costituisce parte integrante del presente bilancio.368
<strong>Pictet</strong> - Euroland IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoFRANCIAACCOR 7,593.00 203,264.61 0.18ADP 1,802.00 110,895.08 0.10AIR LIQUIDE 14,438.00 1,443,222.48 1.28ALCATEL-LUCENT 119,290.00 203,389.45 0.18ALSTOM 10,411.00 304,625.86 0.27ARKEMA FRANCE 2,800.00 195,636.00 0.17ATOS ORIGIN 2,374.00 102,663.63 0.09AXA 88,456.00 1,099,508.08 0.97BIC 1,449.00 109,022.76 0.10BNP PARIBAS 49,145.00 1,748,333.38 1.55BOUYGUES 9,626.00 220,724.18 0.20BUREAU VERITAS 2,724.00 179,784.00 0.16CAP GEMINI 7,639.00 256,364.84 0.23CARREFOUR 29,280.00 526,308.00 0.47CASINO GUICHARD 2,858.00 211,206.20 0.19CIE GENERALE DE GEOPHYSIQUE 7,377.00 163,695.63 0.15CNP ASSURANCES 7,622.00 89,177.40 0.08CREDIT AGRICOLE 50,499.00 235,325.34 0.21DANONE GROUPE 29,754.00 1,556,134.20 1.38DASSAULT SYSTEMES 2,981.00 205,659.19 0.18DIOR CHRISTIAN 2,753.00 316,732.65 0.28EDENRED 8,348.00 188,330.88 0.17EIFFAGE 1,944.00 56,395.44 0.05ELECTRICITE DE FRANCE 11,955.00 204,550.05 0.18ESSILOR INTERNATIONAL 10,245.00 684,673.35 0.61EURAZEO 1,703.00 64,969.45 0.06EUTELSAT COMMUNICATIONS 6,883.00 190,796.76 0.17FONCIERE DES REGIONS 1,337.00 80,527.51 0.07FRANCE TELECOM 94,705.00 1,051,699.03 0.93GDF SUEZ 63,033.00 1,220,949.21 1.08GECINA 1,138.00 89,150.92 0.08GROUPE EUROTUNNEL 'RGPT' 26,995.00 175,791.44 0.16ICADE REITS 1,142.00 76,388.38 0.07ILIAD 993.00 102,576.90 0.09IMERYS 1,802.00 82,153.18 0.07JC DECAUX 3,219.00 73,747.29 0.07KLEPIERRE 5,505.00 143,130.00 0.13L.V.M.H. 12,848.00 1,655,464.80 1.47LAFARGE 10,201.00 365,042.79 0.32LAGARDERE 5,946.00 137,530.98 0.12LEGRAND 11,269.00 310,911.71 0.28L'OREAL 12,191.00 1,127,545.59 1.00MICHELIN 'B' NOM. 9,163.00 511,570.29 0.45NATIXIS 47,262.00 136,350.87 0.12NEOPOST 1,602.00 77,248.44 0.07PERNOD-RICARD 10,012.00 784,940.80 0.70PEUGEOT PORT. 11,279.00 136,193.93 0.12PPR 3,856.00 497,424.00 0.44PUBLICIS 7,329.00 302,944.22 0.27RENAULT 9,770.00 386,159.25 0.34La nota integrativa costituisce parte integrante del presente bilancio.369
<strong>Pictet</strong> - Euroland IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoSAFRAN 8,352.00 230,139.36 0.20SAINT GOBAIN 20,410.00 683,428.85 0.61SANOFI-AVENTIS 57,935.00 3,373,555.05 2.99SCHNEIDER ELECTRIC S.A. 24,811.00 1,215,490.89 1.08SCOR SE 8,460.00 171,399.60 0.15SOCIETE GENERALE 33,381.00 733,213.67 0.65SODEXO 4,715.00 290,255.40 0.26SUEZ ENVIRONNEMENT 14,185.00 163,127.50 0.14TECHNIP (EX TECHNIP-COFLEXIP) 5,054.00 446,419.82 0.40TF1 -TELEVISION FRANCAISE 1- 6,706.00 61,567.79 0.05THALES (EX-THOMSON CSF) 5,275.00 148,016.50 0.13TOTAL 107,867.00 4,124,834.08 3.70UNIBAIL-RODAMCO 4,671.00 700,416.45 0.62VALLOUREC USINES A TUBES 5,760.00 273,600.00 0.24VEOLIA ENVIRONNEMENT 18,572.00 230,942.82 0.20VINCI 23,020.00 900,082.00 0.80VIVENDI 63,083.00 868,022.08 0.77WENDEL 1,725.00 110,486.25 0.1035,121,828.53 31.20GERMANIAADIDAS NOM. 10,714.00 627,197.56 0.56ALLIANZ NOM. 23,103.00 2,067,025.41 1.83AXEL SPRINGER 1,931.00 73,126.97 0.06B.M.W. 16,758.00 1,129,991.94 1.00B.M.W. PREF 2,529.00 112,629.02 0.10BASF REG. 46,721.00 3,064,430.39 2.72BAYER NOM. 41,914.00 2,210,544.36 1.96BEIERSDORF 5,130.00 250,985.25 0.22BRENNTAG 2,325.00 213,481.50 0.19CELESIO 4,094.00 55,555.58 0.05COMMERZBANK 184,242.00 349,507.07 0.31CONTINENTAL GUMMIWERKE 4,055.00 286,972.35 0.25DAIMLER NOM. 45,940.00 2,076,947.40 1.84DEUTSCHE BANK NOM. 47,062.00 1,755,647.91 1.56DEUTSCHE BOERSE NOM. 9,941.00 501,821.68 0.44DEUTSCHE LUFTHANSA NOM. 11,098.00 116,473.51 0.10DEUTSCHE POST NOM. 43,162.00 623,043.47 0.55DEUTSCHE TELEKOM NOM. 142,236.00 1,283,964.37 1.14E.ON AG 91,616.00 1,645,423.36 1.46FRAPORT 1,918.00 90,050.10 0.08FRESENIUS 5,809.00 446,654.01 0.40FRESENIUS MEDICAL CARE 10,762.00 571,892.68 0.51GEA GROUP 8,648.00 223,637.28 0.20HANNOVER RUECKVERSICHERUNGS NOM. 2,981.00 132,773.74 0.12HEIDELBERGCEMENT 7,191.00 326,363.54 0.29HENKEL 6,589.00 308,365.20 0.27HENKEL PREF N-VTG 9,064.00 497,976.16 0.44HOCHTIEF 2,250.00 102,352.50 0.09INFINEON TECHNOLOGIES NOM. 55,008.00 421,691.33 0.37K+S REG. 8,681.00 340,512.23 0.30KABEL DEUTSCHLAND HOLDING 4,690.00 217,193.90 0.19La nota integrativa costituisce parte integrante del presente bilancio.370
<strong>Pictet</strong> - Euroland IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoLANXESS AG 4,244.00 263,043.12 0.23LINDE 8,698.00 1,170,315.90 1.04MAN AG 3,214.00 320,853.62 0.28MERCK 3,270.00 271,344.60 0.24METRO 6,762.00 196,030.38 0.17MUENCHENER RUECKVER. NOM. 9,120.00 1,031,016.00 0.91PORSCHE AUTOMOBILE -NVTG- 7,870.00 348,247.50 0.31PROSIEBEN SAT. 1 MEDIA PREF N-VTG 3,859.00 74,362.93 0.07R.W.E. 'A' 24,680.00 883,667.40 0.78R.W.E. PREF N-VTG 1,976.00 65,138.84 0.06SALZGITTER 2,096.00 86,135.12 0.08SAP AG 46,625.00 2,441,285.00 2.16SIEMENS AG 41,834.00 3,162,232.06 2.80SUEDZUCKER 3,484.00 83,180.50 0.07THYSSENKRUPP 19,464.00 363,295.56 0.32UNITED INTERNET NOM. 5,613.00 79,311.69 0.07VOLKSWAGEN (EUR) 1,541.00 186,306.90 0.17VOLKSWAGEN PREF 7,372.00 971,998.20 0.86WACKER CHEMIE 746.00 49,318.06 0.0434,171,315.15 30.26GRECIACOCA COLA HBC (REG. SHS) 9,730.00 139,625.50 0.12HELLENIC TELECOMM. ORGANIZATIONS 13,534.00 43,173.46 0.04NATIONAL BANK OF GREECE REG. 47,378.00 90,965.76 0.08OPAP 10,710.00 77,861.70 0.07351,626.42 0.31IRLANDACRH (EUR) 36,863.00 564,003.90 0.50ELAN 25,190.00 276,460.25 0.25KERRY GROUP 'A' 7,088.00 245,953.60 0.22RYANAIR HOLDINGS 8,824.00 39,496.22 0.041,125,913.97 1.01ITALIAA2A 52,626.00 31,654.54 0.03ASSICURAZIONI GENERALI 59,443.00 691,916.52 0.61ATLANTIA 15,721.00 195,726.45 0.17AUTOGRILL 5,530.00 43,769.95 0.04BANCA CARIGE 36,980.00 36,388.32 0.03BANCO POPOLARE 90,842.00 129,177.32 0.11ENEL ENTE NAZION. ENERGIA ELETTR. 334,262.00 906,518.54 0.80ENEL GREEN POWER 87,900.00 125,257.50 0.11ENI 122,050.00 2,146,859.50 1.90EXOR 3,558.00 67,352.94 0.06FIAT 38,335.00 168,980.68 0.15FIAT INDUSTRIAL 38,435.00 307,480.00 0.27FINMECCANICA 19,428.00 78,877.68 0.07INTESA SANPAOLO 510,429.00 686,016.58 0.61INTESA SANPAOLO (AZ. DI RISO.) 43,669.00 50,525.03 0.04La nota integrativa costituisce parte integrante del presente bilancio.371
<strong>Pictet</strong> - Euroland IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoLUXOTTICA GROUP 5,988.00 162,574.20 0.14MEDIASET 33,882.00 70,067.98 0.06MEDIOBANCA 25,763.00 113,460.25 0.10MONTE PASCHI SIENA 255,650.00 80,810.97 0.07PIRELLI & CIE 12,809.00 114,256.28 0.10PRYSMIAN 10,831.00 142,752.58 0.13SAIPEM 13,634.00 528,044.82 0.47SNAM RETE GAS 81,838.00 295,107.83 0.26T.E.R.N.A. 64,192.00 193,474.69 0.17TELECOM ITALIA 470,708.00 419,636.18 0.37TELECOM ITALIA RISP 307,155.00 226,373.24 0.20UBI BANCA 40,403.00 128,400.73 0.11UNICREDIT -POST REGROUPPAMENTO- 207,023.00 777,578.39 0.698,919,039.69 7.87LUSSEMBURGOARCELOR MITTAL 43,279.00 620,188.07 0.55SES GLOBAL FDR 15,116.00 281,233.18 0.25TENARIS SA (EUR) 23,813.00 340,525.90 0.301,241,947.15 1.10PAESI BASSIAEGON 87,050.00 362,476.20 0.32AKZO NOBEL 11,902.00 526,901.54 0.47ASML 21,828.00 818,113.44 0.73BOSKALIS WESTMINSTER 3,642.00 102,576.93 0.09CORIO 2,989.00 118,214.95 0.10DELTA LLOYD 5,375.00 70,842.50 0.06EUROPEAN AERONAUTIC DEFENCE SPACE 21,075.00 647,107.88 0.57FUGRO - CVA 3,568.00 190,602.56 0.17HEINEKEN 13,276.00 553,277.30 0.49HEINEKEN HOLDING 5,847.00 205,229.70 0.18ING GROEP C. ACT 193,853.00 1,210,999.69 1.07KONINKLIJKE AHOLD 58,768.00 610,599.52 0.54KONINKLIJKE DSM 7,857.00 340,875.95 0.30KONINKLIJKE KPN NV 75,845.00 625,569.56 0.55KONINKLIJKE VOPAK 3,648.00 157,575.36 0.14QIAGEN 12,340.00 144,069.50 0.13RANDSTAD HOLDING 6,187.00 175,030.23 0.16REED ELSEVIER 34,561.00 330,956.14 0.29ROYAL PHILIPS (EUR) 51,633.00 784,821.60 0.70SBM OFFSHORE 8,401.00 128,745.33 0.11STMICROELECTRONICS 31,931.00 195,641.24 0.17TNT EXPRESS 17,407.00 161,188.82 0.14UNILEVER NV 82,649.00 2,108,789.24 1.87WOLTERS KLUWER 15,694.00 222,854.80 0.2010,793,059.98 9.55La nota integrativa costituisce parte integrante del presente bilancio.372
<strong>Pictet</strong> - Euroland IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoPORTOGALLOBANCO ESPIRITO SANTO NOM. 41,016.00 56,191.92 0.05CIMPOR (CIMENTOS PORTUGAL) NOM. 9,576.00 47,880.00 0.04EDP (ELECTRIC. DE PORTUGAL) NOM. 96,953.00 211,454.49 0.19GALP ENERGIA 'B' 11,345.00 139,997.30 0.12JERONIMO MARTINS 11,037.00 168,590.18 0.15PORTUGAL TELECOM SGPS 34,171.00 139,383.51 0.12763,497.40 0.67SPAGNAABERTIS INFRAESTRUCTURAS 19,438.00 248,126.07 0.22ACCIONA 1,377.00 72,099.72 0.06ACERINOX 5,074.00 48,898.14 0.04ACS 7,235.00 138,839.65 0.12AMADEUS IT HOLDING 'A' 16,400.00 232,060.00 0.21BANCO DE SABADELL 107,463.00 219,439.45 0.19BANCO POPULAR ESPANOL NOM. 51,751.00 139,210.19 0.12BANCO SANTANDER 435,246.00 2,511,369.42 2.23BANKIA SAU 45,400.00 123,306.40 0.11BANKINTER 11,751.00 46,216.68 0.04BCO BILBAO VIZCAYA ARGENT. NOM. 236,797.00 1,412,967.70 1.25CINTRA 18,874.00 162,656.13 0.14CRITERIA CAIXACORP 36,898.00 107,705.26 0.10DIA 29,860.00 110,989.62 0.10EDP RENOVAVEIS 10,397.00 38,739.22 0.03ENAGAS 9,142.00 131,919.06 0.12FOMENTO CONSTRUCCIONES CONTRATAS 2,084.00 34,907.00 0.03GAS NATURAL SDG 17,384.00 208,260.32 0.18GRIFOLS 'A' 7,007.00 112,112.00 0.10IBERDROLA 193,467.00 823,589.02 0.73INDITEX NOM. 11,078.00 795,621.96 0.71INDRA SISTEMAS 4,711.00 43,284.67 0.04INT. CONSOLID. AIRLINES GROUP (EUR) 47,505.00 102,563.30 0.09MAPFRE 41,680.00 100,615.52 0.09RED ELECTRICA CORP 5,469.00 200,657.61 0.18REPSOL YPF 39,975.00 751,929.75 0.67TELEFONICA 209,002.00 2,567,589.57 2.28ZARDOYA OTIS 7,730.00 75,058.30 0.0711,560,731.73 10.25TOTALE AZIONI 112,676,319.00 99.89DIRITTIFRANCIATOTAL STRIP VVPR 503.00 0.50 0.000.50 0.00La nota integrativa costituisce parte integrante del presente bilancio.373
<strong>Pictet</strong> - Euroland IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoGERMANIAHEIDELBERGCEMENT STRIP VVPR 42.00 0.42 0.000.42 0.00TOTALE DIRITTI 0.92 0.00TOTALE I. 112,676,319.92 99.89II. ALTRI VALORI MOBILIARIDIRITTIAUSTRIAIMMOEAST RTS 22,921.00 0.00 0.00IMMOFINANZ RTS 21,000.00 0.00 0.000.00 0.00TOTALE II. 0.00 0.00TOTALE INVESTIMENTI 112,676,319.92 99.89DISPONIBILITÀ LIQUIDE PRESSO BANCHE 182,478.15 0.16ALTRE PASSIVITÀ NETTE -54,643.15 -0.05PATRIMONIO NETTO COMPLESSIVO 112,804,154.92 100.00La nota integrativa costituisce parte integrante del presente bilancio.374
<strong>Pictet</strong> - Euroland IndexRIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Francia 31.20Germania 30.26Spagna 10.25Paesi Bassi 9.55Italia 7.87Belgio 3.63Finlandia 3.12Lussemburgo 1.10Irlanda 1.01Austria 0.92Portogallo 0.67Grecia 0.3199.89Ripartizione per settori economici(in % del patrimonio netto)Banche e istituti di credito 11.41Comunicazioni 8.91Sostanze chimiche 8.62Petrolio 7.08Servizi di pubblica utilità 6.90Equipaggiamento elettrico ed elettronico 6.65Assicurazioni 5.61Industria farmaceutica e cosmetica 5.51Automezzi 5.16Edilizia e materiali da costruzione 4.27Alimentari e bevande non alcoliche 3.66Tabacco e bevande alcoliche 3.35Costruzione di macchine e apparecchiature 3.19Prodotti tessili e abbigliamento 3.02Internet, software e servizi informatici 2.44Vendita al dettaglio e supermercati 2.33Trasporto passeggeri e merci 1.68Holding e società finanziarie 1.67Settore minerario e siderurgico 1.52Editoria e arti grafiche 0.93Aeronautica e astronautica 0.89Gomma e pneumatici 0.88Fotografia e materiale ottico 0.75Altri settori 0.62Settore immobiliare 0.57Acciaio inossidabile 0.45Carta e prodotti forestali 0.38Prodotti di consumo vari 0.37Computer e articoli per ufficio 0.32Gastronomia 0.25Salvaguardia dell’ambiente e trattamento dei rifiuti 0.20Biotecnologia 0.13Servizi pubblici 0.10Commercio vario 0.04Servizi ambientali e riciclaggio 0.03Diritti 0.0099.89La nota integrativa costituisce parte integrante del presente bilancio.375
<strong>Pictet</strong> - US Equity Growth SelectionPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoVALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOAZIONIANTILLE OLANDESISCHLUMBERGER 415,340.00 28,716,607.60 3.4428,716,607.60 3.44REGNO UNITOARM HOLDINGS ADR 116,750.00 3,321,537.50 0.403,321,537.50 0.40STATI UNITIALLERGAN 341,950.00 32,454,474.50 3.89ALTERA 208,150.00 8,167,806.00 0.98AMAZON.COM 20,850.00 4,266,118.50 0.51APPLE 131,550.00 80,227,083.00 9.61AUTOZONE 43,400.00 16,246,356.00 1.94BEAM 35,950.00 2,089,414.00 0.25BOEING 188,950.00 13,997,416.00 1.68BORGWARNER 141,700.00 11,898,549.00 1.42BROADCOM 'A' 109,300.00 4,214,608.00 0.50CBS 'B' 901,300.00 29,589,679.00 3.54COCA-COLA 171,050.00 12,625,200.50 1.51COGNIZANT TECH SOL 'A' 354,500.00 27,048,350.00 3.24COLGATE PALMOLIVE 62,700.00 6,062,463.00 0.73DANAHER 199,800.00 10,994,994.00 1.32ESTEE LAUDER 'A' 321,450.00 20,003,833.50 2.39EXPEDITORS INTL OF WASHINGTON 53,800.00 2,490,402.00 0.30GENTEX 66,500.00 1,625,925.00 0.19GOOGLE 'A' 38,200.00 24,769,262.00 2.97HALLIBURTON 113,400.00 3,716,118.00 0.44INTUIT 446,000.00 26,684,180.00 3.19KANSAS CITY SOUTHERN 103,800.00 7,335,546.00 0.88LAM RESEARCH 85,200.00 3,768,396.00 0.45LAS VEGAS SANDS 297,250.00 17,029,452.50 2.04MASTERCARD 'A' 78,750.00 33,722,325.00 4.04MCDONALD'S 191,950.00 18,741,998.00 2.24MEAD JOHNSON NUTRITION 'A' 106,400.00 8,852,480.00 1.06METTLER TOLEDO INTERNATIONAL 22,250.00 4,072,195.00 0.49MICROCHIP TECHNOLOGY 388,250.00 14,264,305.00 1.71MONSANTO 366,260.00 28,901,576.60 3.46NATIONAL OILWELL VARCO 350,600.00 27,578,196.00 3.30NIKE 'B' 222,400.00 23,985,840.00 2.87O REILLY AUTOMOTIVE 67,100.00 6,076,576.00 0.73ORACLE SYSTEMS 419,900.00 12,307,269.00 1.47PHILIP MORRIS WI (USD) 333,800.00 28,923,770.00 3.46PRAXAIR 217,000.00 24,820,460.00 2.97La nota integrativa costituisce parte integrante del presente bilancio.376
<strong>Pictet</strong> - US Equity Growth SelectionPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoPRECISION CASTPARTS 180,600.00 31,032,498.00 3.72QUALCOMM 447,250.00 30,381,692.50 3.64STARBUCKS 673,850.00 37,553,660.50 4.50STARWOOD HOTELS & RESORTS 67,300.00 3,807,834.00 0.46STERICYCLE 50,550.00 4,255,299.00 0.51T ROWE PRICE GROUP 237,800.00 15,242,980.00 1.82TIFFANY 34,100.00 2,354,605.00 0.28UNDER ARMOUR 'A' 42,500.00 3,996,700.00 0.48UNITEDHEALTH GROUP 76,450.00 4,442,509.50 0.53VISA 'A' 189,450.00 22,544,550.00 2.70VMWARE 86,300.00 9,705,298.00 1.16WYNN RESORTS 129,250.00 16,147,202.50 1.93YUM BRANDS 59,050.00 4,150,624.50 0.50785,168,070.60 94.00TOTALE INVESTIMENTI 817,206,215.70 97.84DISPONIBILITÀ LIQUIDE PRESSO BANCHE 20,379,522.60 2.44ALTRE PASSIVITÀ NETTE -2,296,262.44 -0.28PATRIMONIO NETTO COMPLESSIVO 835,289,475.86 100.00La nota integrativa costituisce parte integrante del presente bilancio.377
<strong>Pictet</strong> - US Equity Growth SelectionRIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Stati Uniti 94.00Antille olandesi 3.44Regno Unito 0.4097.84Ripartizione per settori economici(in % del patrimonio netto)Computer e articoli per ufficio 14.27Alimentari e bevande non alcoliche 9.31Banche e istituti di credito 8.56Internet, software e servizi informatici 7.88Comunicazioni 7.68Petrolio 7.18Industria farmaceutica e cosmetica 7.01Sostanze chimiche 6.43Gastronomia 4.93Equipaggiamento elettrico ed elettronico 4.03Settore minerario e siderurgico 3.72Tabacco e bevande alcoliche 3.71Prodotti tessili e abbigliamento 2.87Vendita al dettaglio e supermercati 2.42Aeronautica e astronautica 1.68Automezzi 1.61Costruzione di macchine e apparecchiature 1.32Trasporto passeggeri e merci 1.18Holding e società finanziarie 0.73Servizi sanitari e sociali 0.53Servizi ambientali e riciclaggio 0.51Prodotti di consumo vari 0.2897.84La nota integrativa costituisce parte integrante del presente bilancio.378
<strong>Pictet</strong> - SecurityPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoVALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOAZIONIFRANCIABUREAU VERITAS 3,315.83 286,004.85 0.12286,004.85 0.12GERMANIAWIRECARD 212,213.34 3,967,680.87 1.613,967,680.87 1.61GIAPPONEDENSO 99,475.00 3,350,373.32 1.363,350,373.32 1.36ISRAELECHECK POINT SOFTWARE TECHNOLOGIES 29,842.50 1,906,935.81 0.781,906,935.81 0.78PAESI BASSIGEMALTO 53,053.33 3,427,985.62 1.39SENSATA TECHNOLOGIE 122,685.84 4,102,614.39 1.677,530,600.01 3.06REGNO UNITOAGGREKO 145,896.67 5,223,177.99 2.12DE LA RUE 165,791.67 2,407,618.33 0.98EXPERIAN 397,900.01 6,224,237.56 2.53G4S 957,612.70 4,202,585.66 1.71HALMA 411,163.35 2,487,104.25 1.01INTERTEK GROUP 172,423.34 6,821,602.97 2.78TELECITY GROUP 351,478.34 4,057,434.15 1.6531,423,760.91 12.78STATI UNITI3 M 46,421.67 4,120,851.48 1.68ACME PACKET 11,273.83 301,687.79 0.12ARUBA NETWORKS 122,685.84 2,717,491.29 1.11AUTOLIV 89,527.50 5,911,501.01 2.40BRUKER BIOSCIENCES 76,927.34 1,186,988.79 0.48CAVIUM 66,316.67 2,079,027.56 0.85CLEAN HARBORS 99,475.00 6,646,919.70 2.70COMMVAULT SYSTEMS 20,558.17 1,013,106.48 0.41CUBESMART 211,550.17 2,504,754.05 1.02DIGITAL REALTY TRUST 66,316.67 4,836,474.65 1.97ECOLAB 76,264.17 4,706,261.87 1.91La nota integrativa costituisce parte integrante del presente bilancio.379
<strong>Pictet</strong> - SecurityPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoEMC 321,635.84 9,513,988.24 3.87EQUIFAX 102,790.84 4,473,457.20 1.82EQUINIX 33,158.33 5,132,578.57 2.09EXTRA SPACE STORAGE 90,190.67 2,569,532.17 1.05F5 NETWORKS 36,474.17 4,918,906.27 2.00FIDELITY NATIONAL 79,580.00 2,630,119.08 1.07FISERV 46,421.67 3,230,483.88 1.31FORTINET 132,633.34 3,618,237.44 1.47GENTEX 3,315.83 81,072.13 0.03GLOBAL PAYMENTS 66,316.67 3,463,719.61 1.41HEARTLAND PAYMENT SYSTEMS 126,001.67 3,777,530.08 1.54IMPERVA 28,582.48 1,108,142.91 0.45IRON MOUNTAIN 86,211.67 2,476,861.26 1.01JUNIPER NETWORKS 92,843.34 2,123,327.10 0.86KINDER MORGAN ENERGY PARTNERS 7,294.83 600,510.70 0.24LIFE TECHNOLOGIES 112,738.34 5,477,955.78 2.23LITTELFUSE 13,263.33 820,602.46 0.33MAGELLAN MIDSTREAM PARTNERS 16,579.17 1,191,876.33 0.48MINE SAFETY APPLIANCES 63,000.84 2,640,365.01 1.07MISTRAS GROUP 119,370.00 2,899,497.39 1.18NCR 179,055.01 3,885,493.62 1.58NEOGEN 6,631.67 264,470.87 0.11NETAPP INC 149,212.50 6,665,322.58 2.71PLAINS ALL AMERICA PIPELINE 15,252.83 1,177,823.83 0.48PUBLIC STORAGE 21,884.50 3,010,650.76 1.22RIVERBED TECHNOLOGIES 86,211.67 2,419,961.56 0.98STANLEY BLACK & DECKER 112,738.34 8,777,806.90 3.57STERICYCLE 84,222.17 7,089,822.21 2.88SYMANTEC 265,266.67 4,880,906.82 1.99TERADYNE 338,215.01 5,661,719.27 2.30THERMO FISHER SCIENTIFIC INC 129,317.50 7,249,539.27 2.95TRW AUTOMOTIVE 119,370.00 5,380,006.06 2.19VARIAN MEDICAL 53,053.33 3,650,069.44 1.48VERIFONE HOLDINGS 119,370.00 6,179,785.09 2.51VMWARE 15,916.00 1,789,913.41 0.73WABCO HOLDINGS 99,475.00 5,950,594.68 2.42WEBSENSE 26,526.67 561,834.82 0.23ZEBRA TECHNOLOGIES 'A' 19,895.00 826,040.43 0.34174,195,589.90 70.83SVEZIAASSA ABLOY 'B' 252,003.34 7,735,495.07 3.157,735,495.07 3.15SVIZZERAS.G.S. S.A. 1,856.87 3,536,399.18 1.44TYCO INTERNATIONAL NOM. 189,002.51 10,587,920.37 4.3414,124,319.55 5.78La nota integrativa costituisce parte integrante del presente bilancio.380
<strong>Pictet</strong> - SecurityPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Valore di stima (nota 2) % del patrimonionettoTOTALE INVESTIMENTI 244,520,760.29 99.47DISPONIBILITÀ LIQUIDE PRESSO BANCHE 1,709,727.82 0.70ALTRE PASSIVITÀ NETTE -416,135.69 -0.17PATRIMONIO NETTO COMPLESSIVO 245,814,352.42 100.00La nota integrativa costituisce parte integrante del presente bilancio.381
<strong>Pictet</strong> - SecurityRIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Stati Uniti 70.83Regno Unito 12.78Svizzera 5.78Svezia 3.15Paesi Bassi 3.06Germania 1.61Giappone 1.36Israele 0.78Francia 0.1299.47Ripartizione per settori economici(in % del patrimonio netto)Servizi pubblici 17.23Computer e articoli per ufficio 15.73Internet, software e servizi informatici 11.74Equipaggiamento elettrico ed elettronico 11.69Holding e società finanziarie 9.28Servizi ambientali e riciclaggio 5.58Settore immobiliare 5.26Industria farmaceutica e cosmetica 4.94Automezzi 3.79Prodotti di consumo vari 3.57Banche e istituti di credito 2.53Servizi di pubblica utilità 2.36Biotecnologia 2.34Altri settori 1.65Costruzione di macchine e apparecchiature 1.18Petrolio 0.48Aeronautica e astronautica 0.1299.47La nota integrativa costituisce parte integrante del presente bilancio.382
<strong>Pictet</strong> - Clean EnergyPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoI. VALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOAZIONIAUSTRIAZUMTOBEL 253,429.09 3,538,906.52 0.973,538,906.52 0.97BRASILECEMIG MINAS GERAIS PREF 337,779.04 8,097,726.89 2.22COPEL PREF 'B' 262,539.01 5,991,508.36 1.64TRACTEBEL ENERGIA 323,916.79 5,810,723.50 1.5919,899,958.75 5.45CANADA5N PLUS 1,192,524.62 4,346,227.46 1.19ENCANA 383,049.99 7,576,352.08 2.07INNERGEX RENEWABLE ENERGY 486,555.53 5,129,324.56 1.4017,051,904.10 4.66CINACHINA LONGYUAN POWER GROUP 'H' 3,198,920.18 2,653,303.33 0.73CHINA SUNTIEN GREEN ENERGY ´H´ 15,979,120.99 2,942,974.88 0.815,596,278.21 1.54COREA DEL SUDDC CHEMICAL CO LTD 25,370.77 5,161,187.07 1.415,161,187.07 1.41DANIMARCANOVOZYMES B 136,924.31 4,004,639.64 1.104,004,639.64 1.10FILIPPINEENERGY DEVELOPMENT 27,989,738.85 3,911,462.12 1.073,911,462.12 1.07FINLANDIAOUTOTEC 157,004.83 7,885,200.51 2.167,885,200.51 2.16FRANCIASCHNEIDER ELECTRIC S.A. 221,269.61 14,415,261.79 3.9514,415,261.79 3.95La nota integrativa costituisce parte integrante del presente bilancio.383
<strong>Pictet</strong> - Clean EnergyPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoGERMANIAAIXTRON 127,063.62 2,204,339.28 0.60ELSTER GROUP ADR (R. 1/4 SHS) 297,492.61 4,563,536.64 1.25INFINEON TECHNOLOGIES NOM. 1,264,969.76 12,824,241.13 3.5119,592,117.05 5.36GIAPPONETOKYO GAS CO 1,237,617.56 5,879,429.31 1.615,879,429.31 1.61HONG KONGHONG KONG & CHINA GAS 3,228,331.98 8,274,254.92 2.278,274,254.92 2.27INDONESIAPERUSAHAAN GAS NEGA 'B' 9,489,562.26 3,943,225.37 1.083,943,225.37 1.08ISOLE CAYMANENN ENERGY HLDGS 2,123,841.51 7,330,853.34 2.01GCL-POLY ENERGY HOLDINGS 17,544,912.31 4,880,930.07 1.3412,211,783.41 3.35ISOLE MARSHALLTEEKAY LNG PARTNERS LP 161,687.50 6,321,981.13 1.736,321,981.13 1.73ITALIAENEL GREEN POWER 2,322,371.93 4,433,520.81 1.21SNAM RETE GAS 764,465.30 3,665,852.99 1.008,099,373.80 2.21PAESI BASSIIMTECH 158,867.83 5,064,670.99 1.395,064,670.99 1.39REGNO UNITOBG GROUP 617,835.87 14,244,698.21 3.9014,244,698.21 3.90RUSSIANOVATEK -GDR SPONS. - REG. S 70,177.33 9,256,389.46 2.53RUSHYDRO ADR (R.100 SHS) 1,105,504.40 3,988,659.87 1.09RUSHYDRO OJSC (USD) 166,890,296.42 6,008,050.67 1.6519,253,100.00 5.27SPAGNAEDP RENOVAVEIS 567,290.14 2,893,007.37 0.792,893,007.37 0.79La nota integrativa costituisce parte integrante del presente bilancio.384
<strong>Pictet</strong> - Clean EnergyPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoSTATI UNITIAXT 877,326.11 5,755,259.29 1.58BORGWARNER 83,067.44 6,975,172.54 1.91EMERSON ELECTRIC 264,474.00 13,718,266.16 3.76ENERNOC 511,466.55 3,703,017.80 1.01GT ADVANCED TECHNOLOGIES 248,374.91 2,016,804.23 0.55ITC HOLDINGS 198,718.50 15,279,465.46 4.17JOHNSON CONTROLS 412,672.31 13,316,935.53 3.65MARKWEST ENERGY 207,275.79 11,907,993.90 3.26MASTEC 436,300.82 8,058,476.21 2.21MAXWELL TECHNOLOGIES (USD) 154,048.17 2,834,486.31 0.78POLYPORE 221,362.49 7,772,037.02 2.13QUANTA SERVICES 245,433.73 5,139,382.21 1.41REGAL-BELOIT 85,139.42 5,630,269.79 1.54ROCKWELL AUTOMATION 132,625.54 10,587,497.11 2.90SEMPRA ENERGY 206,269.59 12,221,473.37 3.35SOUTHWESTERN ENERGY 131,703.72 3,997,207.77 1.09SPECTRA ENERGY 396,672.29 12,511,044.15 3.43TESLA MOTORS 44,504.70 1,661,360.32 0.45VEECO INSTRUMENTS 214,347.00 6,096,028.73 1.67WILLIAMS COMPANIES 266,326.94 8,146,941.07 2.23157,329,118.97 43.08SVIZZERAABB LTD 363,354.14 7,294,457.21 2.007,294,457.21 2.00TAIWANEPISTAR 1,769,351.93 4,514,130.13 1.244,514,130.13 1.24TOTALE I. 356,380,146.58 97.59II. ALTRI VALORI MOBILIARIWARRANTSTATI UNITIPERFECTENERGY WTS 26.01.10 998,453.19 0.00 0.000.00 0.00TOTALE II. 0.00 0.00TOTALE INVESTIMENTI 356,380,146.58 97.59DISPONIBILITÀ LIQUIDE PRESSO BANCHE 9,454,046.37 2.59ALTRE PASSIVITÀ NETTE -646,316.14 -0.18PATRIMONIO NETTO COMPLESSIVO 365,187,876.81 100.00La nota integrativa costituisce parte integrante del presente bilancio.385
<strong>Pictet</strong> - Clean EnergyRIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Stati Uniti 43.08Brasile 5.45Germania 5.36Russia 5.27Canada 4.66Francia 3.95Regno Unito 3.90Isole Cayman 3.35Hong Kong 2.27Italia 2.21Finlandia 2.16Svizzera 2.00Isole Marshall 1.73Giappone 1.61Cina 1.54Corea del Sud 1.41Paesi Bassi 1.39Taiwan 1.24Danimarca 1.10Indonesia 1.08Filippine 1.07Austria 0.97Spagna 0.7997.59Ripartizione per settori economici(in % del patrimonio netto)Servizi di pubblica utilità 35.67Equipaggiamento elettrico ed elettronico 20.17Holding e società finanziarie 11.69Automezzi 6.01Comunicazioni 3.51Petrolio 3.15Aeronautica e astronautica 2.90Sostanze chimiche 2.51Conglomerati 2.23Acciaio inossidabile 2.16Altri settori 2.13Costruzione di macchine e apparecchiature 2.09Commercio vario 1.39Computer e articoli per ufficio 1.19Servizi ambientali e riciclaggio 0.79Warrant 0.0097.59La nota integrativa costituisce parte integrante del presente bilancio.386
<strong>Pictet</strong> - Russian EquitiesPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoVALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOAZIONIIRLANDADRAGON OIL (GBP) 1,296,956.00 12,930,631.81 2.3412,930,631.81 2.34ISOLA DI MANZHAIKMUNAI GDR (R. 1 SHS) 1,085,846.00 12,150,616.74 2.2012,150,616.74 2.20ISOLE VERGINI BRITANNICHEMAIL.RU GROUP -GDR- (R.1 SHS) 365,578.00 14,422,052.10 2.6114,422,052.10 2.61RUSSIAFGC UES (USD) 1,175,523,576.00 12,578,102.26 2.28GAZPROM ADR (R. 4 SHS) 3,166,744.00 38,634,276.80 6.99GROUP LSR GDR (R. 1/5 SHS) 1,028,858.00 6,070,262.20 1.10IDGC (USD) 61,720,026.00 6,900,298.91 1.25INTER RAO UES (USD) 4,963,336,560.00 4,963,336.56 0.90JFSC SISTEMA GDR (R. 20 SHS) 833,614.00 16,413,859.66 2.97LUKOIL HOLDING ADR (R. 1 SHS) 685,334.00 41,257,106.80 7.47MAGNIT (USD) 146,609.00 18,130,915.12 3.28MAGNIT GDR 189,580.00 5,524,361.20 1.00MECHEL ADR (R. 3 SHS) 4,588.00 41,200.24 0.01MECHEL-BANK PFD 0% PERP 2,912,948.00 10,399,224.36 1.88MMC NORILSK NICKEL ADR (R. 0. 1SHS) 989,177.00 18,101,939.10 3.28MOBILE TELESYSTEMS USD 2,426,871.00 18,908,722.71 3.42NOMOS BANK GDR (R. 1/2 SHS REG.S) 958,095.00 13,863,634.65 2.51NOVATEK -GDR SPONS. - REG. S 277,678.00 37,625,369.00 6.81NOVOLIPETSK STEEL GDR (R. 1 REG-S) 380,920.00 7,915,517.60 1.43OAO ROSNEFT OIL COMPANY GDR 2,772,337.00 19,628,145.96 3.55PIPE METALL. COMP. GDR (REP 4SHS) 1,349,822.00 18,087,614.80 3.27ROSTELECOM 1,698,391.00 8,347,082.25 1.51RUSHYDRO ADR (R.100 SHS) 4,003,137.00 14,675,500.24 2.66RUSHYDRO OJSC (USD) 203,837.00 7,480.82 0.00SBERBANK OF RUSSIA 12,918,480.00 41,529,037.66 7.52SBERBANK PFD (USD) 1,172,613.00 3,108,831.59 0.56SEVERSTAL GDR (R. 1 SHS) 1,324,249.00 17,638,996.68 3.19SURGUTNEFTEGAZ ADR (R. 10 SHS) 955,431.00 9,344,115.18 1.69SURGUTNEFTEGAZ OIL PFD (USD) 26,346,118.00 18,581,917.03 3.36TATNEFT GDR (R. 20 SHS) 543,789.00 22,186,591.20 4.02TRANSNEFT PREF (USD) 9,614.00 18,798,242.66 3.40La nota integrativa costituisce parte integrante del presente bilancio.387
<strong>Pictet</strong> - Russian EquitiesPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoURALKALIY GDR (R. 5 SHS) 496,594.00 18,726,559.74 3.39VTB BANK GDR SPONS. REG. S 4,712,242.00 21,252,211.42 3.85WGC 4 (USD) 127,377,707.00 12,368,375.35 2.24501,608,829.75 90.79STATI UNITICTC MEDIA 1,107,629.00 12,881,725.27 2.3312,881,725.27 2.33TOTALE INVESTIMENTI 553,993,855.67 100.27SCOPERTO BANCARIO -605,086.46 -0.11ALTRE PASSIVITÀ NETTE -906,187.78 -0.16PATRIMONIO NETTO COMPLESSIVO 552,482,581.43 100.00La nota integrativa costituisce parte integrante del presente bilancio.388
<strong>Pictet</strong> - Russian EquitiesRIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Russia 90.79Isole Vergini britanniche 2.61Irlanda 2.34Stati Uniti 2.33Isola Di Man 2.20100.27Ripartizione per settori economici(in % del patrimonio netto)Petrolio 31.62Banche e istituti di credito 14.44Comunicazioni 10.23Holding e società finanziarie 6.81Settore minerario e siderurgico 6.51Servizi di pubblica utilità 4.81Alimentari e bevande non alcoliche 4.28Trasporto passeggeri e merci 3.40Sostanze chimiche 3.39Acciaio inossidabile 3.28Costruzione di macchine e apparecchiature 3.27Internet, software e servizi informatici 2.61Servizi elettrici 2.28Altri settori 2.24Edilizia e materiali da costruzione 1.10100.27La nota integrativa costituisce parte integrante del presente bilancio.389
<strong>Pictet</strong> - TimberPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoI. VALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOAZIONIAUSTRALIATFS CORP 4,806,967.81 2,751,711.23 1.022,751,711.23 1.02AUSTRIAANDRITZ 24,846.96 2,411,839.36 0.90MAYR-MELNHOF KARTON 20,907.26 2,108,688.67 0.784,520,528.03 1.68BERMUDABROOKFIELD INFRASTRUCTURE 141,563.33 4,402,619.47 1.64NINE DRAGONS PAPER 3,892,966.33 3,193,873.51 1.197,596,492.98 2.83BRASILEDURATEX SA 1,512,812.90 9,170,573.46 3.41FIBRIA ADR (R.1 SHS) 1,000,228.45 8,151,861.89 3.03KLABIN 1,775,650.68 8,085,085.60 3.0125,407,520.95 9.45CANADAACADIAN TIMBER 212,311.20 2,423,660.75 0.90BORALEX A 147,846.43 1,200,875.12 0.45CANFOR 364,661.79 4,305,623.54 1.60CANFOR PULP PRODUCTS 92,819.99 1,387,633.29 0.52NORBORD 94,311.32 1,101,240.03 0.41TEMBEC 219,199.03 768,073.04 0.29WEST FRASER TIMBER 148,399.39 6,801,604.28 2.53WESTERN FOREST PRODUCTS 272,308.46 270,666.69 0.1018,259,376.74 6.80CILECOPEC 376,144.39 6,350,830.00 2.36EMPRESAS CMPC 2,409,193.92 10,362,107.21 3.86MASISA 14,585,761.98 1,718,213.52 0.6418,431,150.73 6.86FINLANDIASTORA ENSO 'R' 1,145,656.70 8,312,563.76 3.09UPM-KYMMENE 852,286.38 11,269,923.57 4.1919,582,487.33 7.28La nota integrativa costituisce parte integrante del presente bilancio.390
<strong>Pictet</strong> - TimberPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoGIAPPONENIPPON PAPER GROUP 41,992.84 881,342.32 0.33OJI PAPER 269,645.80 1,313,825.72 0.49SUMITOMO FORESTRY 314,011.52 2,880,213.41 1.07WOOD ONE 74,062.71 325,679.88 0.125,401,061.33 2.01IRLANDASMURFIT KAPPA 362,168.11 3,311,934.32 1.233,311,934.32 1.23ISOLE CAYMANCHINA FORESTRY HOLDINGS 2,982,642.10 566,618.56 0.21LEE & MAN PAPER MANUFACTURING 4,691,117.90 2,187,170.06 0.812,753,788.62 1.02PORTOGALLOPORTUCEL 687,331.46 1,853,525.37 0.691,853,525.37 0.69REGNO UNITOD S SMITH 585,214.08 1,657,525.60 0.62MONDI (GBP) 1,063,520.43 9,961,376.36 3.7111,618,901.96 4.33STATI UNITIBUCKEYE TECHNOLOGY 22,722.15 777,097.63 0.29DELTIC TIMBER 131,587.15 8,668,961.54 3.23DOMTAR 44,365.72 4,219,623.88 1.57DR HORTON 134,438.93 2,069,015.06 0.77FORESTAR REAL ESTATE GP. 121,518.22 1,848,292.09 0.69GREIF 'A' 46,594.79 2,627,946.42 0.98INTERNATIONAL PAPER 140,230.20 4,930,493.77 1.83KAPSTONE PAPER 137,339.60 2,805,847.93 1.04KIMBERLY CLARK 43,493.51 3,211,560.66 1.20LENNAR CORP 'A' 101,991.55 2,775,190.00 1.03LOUISIANA PACIFIC 135,110.52 1,293,007.71 0.48MEADWESTVACO 201,940.26 6,353,040.51 2.36MERCER INTERNATIONAL 112,747.90 911,003.02 0.34PACKAGING CORP OF AMERICA 106,276.40 3,153,220.75 1.17PLUM CREEK TIMBER 407,488.02 16,918,902.47 6.30POPE RESOURCES 72,809.40 3,183,955.06 1.18POTLATCH 268,189.71 8,413,111.35 3.13PULTE HOMES 342,463.83 3,171,215.07 1.18RAYONIER 347,860.34 15,253,676.00 5.68ROCK-TENN 'A' 70,251.72 4,703,352.63 1.75TOLL BROTHERS 176,370.65 4,338,717.88 1.61WAUSAU PAPER 316,959.65 3,042,812.66 1.13WEYERHAEUSER 781,739.13 17,112,269.61 6.39121,782,313.70 45.33La nota integrativa costituisce parte integrante del presente bilancio.391
<strong>Pictet</strong> - TimberPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoSVEZIAHOLMEN 'B' 169,739.52 4,822,949.34 1.79SVENSKA CELLULOSA 'B' 770,269.48 13,585,806.92 5.0618,408,756.26 6.85TOTALE I. 261,679,549.55 97.38II. QUOTE DI FONDI DI INVESTIMENTOREGNO UNITOPHAUNOS TIMBER FUND 3,307,382.65 2,100,187.99 0.782,100,187.99 0.78TOTALE II. 2,100,187.99 0.78TOTALE INVESTIMENTI 263,779,737.54 98.16DISPONIBILITÀ LIQUIDE PRESSO BANCHE 5,335,331.82 1.99ALTRE PASSIVITÀ NETTE -387,935.28 -0.15PATRIMONIO NETTO COMPLESSIVO 268,727,134.08 100.00La nota integrativa costituisce parte integrante del presente bilancio.392
<strong>Pictet</strong> - TimberRIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Stati Uniti 45.33Brasile 9.45Finlandia 7.28Cile 6.86Svezia 6.85Canada 6.80Regno Unito 5.11Bermuda 2.83Giappone 2.01Austria 1.68Irlanda 1.23Australia 1.02Isole Cayman 1.02Portogallo 0.6998.16Ripartizione per settori economici(in % del patrimonio netto)Carta e prodotti forestali 61.02Imballi 9.94Edilizia e materiali da costruzione 8.01Altri settori 5.94Holding e società finanziarie 4.23Petrolio 2.36Settore immobiliare 1.87Equipaggiamento elettrico ed elettronico 1.64Commercio vario 1.02Costruzione di macchine e apparecchiature 0.90Quote di fondi di investimento 0.78Servizi di pubblica utilità 0.4598.16La nota integrativa costituisce parte integrante del presente bilancio.393
<strong>Pictet</strong> - AgriculturePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoVALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOAZIONIAUSTRALIAMETCASH 293,246.91 983,082.77 0.51983,082.77 0.51BELGIOSIPEF 20,741.39 1,448,786.16 0.751,448,786.16 0.75BERMUDABUNGE 133,586.70 6,725,370.29 3.50C.P.POKPHAND 13,710,362.88 1,243,350.38 0.65CHINA YURUN FOOD 1,879,006.08 1,997,682.70 1.049,966,403.37 5.19BRASILEALL AMERICA LATINA LOGISTICA 514,067.70 1,949,800.20 1.01BRF FOODS 354,529.45 5,419,551.51 2.82SLC AGRICOLA 215,270.28 1,662,183.44 0.869,031,535.15 4.69CANADAAGRIUM (USD) 106,358.83 6,858,268.11 3.57POTASH SASKATCHEWAN (CAD) 218,815.58 7,377,451.14 3.84SAPUTO 127,276.07 4,130,332.11 2.15SUNOPTA (CAD) 495,986.70 2,009,955.27 1.04VITERRA 199,670.99 2,390,646.90 1.2422,766,653.53 11.84CINACHINA BLUECHEMICAL 'H' 3,749,503.46 2,127,001.57 1.112,127,001.57 1.11DANIMARCACHRISTIAN HANSEN HOLDING 42,543.53 818,252.93 0.43NOVOZYMES B 127,630.60 2,796,126.36 1.453,614,379.29 1.88GERMANIAGEA GROUP 63,815.30 1,626,971.10 0.85SUEDZUCKER 49,634.12 1,161,190.31 0.602,788,161.41 1.45La nota integrativa costituisce parte integrante del presente bilancio.394
<strong>Pictet</strong> - AgriculturePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoGIAPPONEIWATSUKA CONFECTIONERY 5,247.04 152,724.22 0.08KUBOTA 485,705.35 3,523,247.98 1.83TOYO SUISAN KAISHA 24,817.06 486,620.02 0.254,162,592.22 2.16INDIACOROMANDEL INTERNATIONAL 76,557.80 319,795.24 0.17JAIN IRRIGATION SYS -DVR- 22,706.19 16,033.67 0.01JAIN IRRIGATION SYSTEMS 574,675.22 833,178.32 0.43MAHINDRA & MAHINDRA 102,813.54 1,060,161.89 0.55MCLEOD RUSSEL INDIA DEMAT. 300,851.56 1,202,214.24 0.623,431,383.36 1.78INDONESIAPT SAMPOERNA AGRO 3,963,284.72 1,160,572.40 0.601,160,572.40 0.60ISOLE CAYMANCHINA MENGNIU DAIRY 752,311.49 1,643,927.38 0.85SHENGUAN HOLDINGS 3,687,106.28 1,636,289.77 0.85TINGYI (CAYMAN ISLANDS) HOLDING 904,759.16 1,959,593.81 1.025,239,810.96 2.72ISRAELEFRUTAROM INDUSTRIES 272,640.95 1,986,725.45 1.03ISRAEL CHEMICALS 507,433.04 4,318,868.93 2.256,305,594.38 3.28LUSSEMBURGOMHP GDR (R.1 SHS) 28,588.55 299,376.93 0.16299,376.93 0.16MALAYSIAIOI CORPORATION 1,388,833.67 1,813,396.06 0.94KUALA LUMPUR KEPONG 246,752.50 1,484,218.49 0.77SIME DARBY BERHAD 784,360.95 1,867,996.67 0.975,165,611.22 2.68NORVEGIAAUSTEVOLL SEAFOOD 446,707.11 1,269,877.02 0.66CERMAQ 183,573.93 1,787,836.41 0.93MARINE HARVEST 3,000,004.80 1,146,578.02 0.60YARA INTERNATIONAL 182,775.53 6,470,761.36 3.3610,675,052.81 5.55La nota integrativa costituisce parte integrante del presente bilancio.395
<strong>Pictet</strong> - AgriculturePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoPAESI BASSICSM 85,087.07 1,130,807.13 0.59NUTRECO HOLDING 63,815.30 3,408,375.22 1.774,539,182.35 2.36REGNO UNITOASSOCIATED BRITISH FOODS 203,266.62 2,964,395.69 1.54TATE & LYLE 215,403.58 1,795,453.89 0.934,759,849.58 2.47RUSSIACHERKIZOVO GP. GDR (R.0.666667SH S) 67,360.60 656,450.99 0.34URALKALIY GDR (R. 5 SHS) 123,108.93 3,452,585.98 1.794,109,036.97 2.13SINGAPOREINDOFOOD AGRI RESOURCES 1,430,880.86 1,326,237.10 0.69WILMAR INTERNATIONAL 1,756,338.89 5,129,696.91 2.676,455,934.01 3.36SPAGNAVISCOFAN 70,905.89 2,304,441.42 1.202,304,441.42 1.20STATI UNITIAGCO 120,752.73 4,234,941.97 2.20ARCHER-DANIELS MIDLAND 195,558.44 4,579,147.60 2.38BALCHEM 81,541.77 1,842,173.73 0.96CF INDUSTRIES HOLDINGS 56,724.71 7,627,036.89 3.96CHIQUITA BRANDS INTERNATIONAL 81,541.77 546,666.27 0.28CORN PRODUCTS INTERNATIONAL 55,093.88 2,345,309.06 1.22DARLING INTERNATIONAL 38,998.24 511,797.54 0.27DEERE 131,884.96 7,951,632.11 4.13J&J SNACK FOODS 21,271.77 833,981.43 0.43MCCORMICK NON-VTG 88,561.46 3,588,897.96 1.87MOSAIC 187,262.46 7,752,812.36 4.03NEOGEN 1,489.02 44,481.14 0.02RALCORP 38,998.24 2,152,354.06 1.12RAVEN INDUSTRIES 17,726.47 798,820.58 0.42SMITHFIELD FOODS 70,905.89 1,172,736.59 0.61SYSCO 319,076.50 7,117,682.55 3.70TREEHOUSE FOODS 46,088.83 2,053,802.76 1.07TYSON FOODS 'A' 319,076.50 4,603,309.80 2.3959,757,584.40 31.06SVIZZERASYNGENTA AG 31,198.59 7,982,377.76 4.147,982,377.76 4.14La nota integrativa costituisce parte integrante del presente bilancio.396
<strong>Pictet</strong> - AgriculturePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoTAIWANUNI-PRESIDENT ENTERPRISES 1,277,015.08 1,323,951.44 0.691,323,951.44 0.69THAILANDIACHAROEN POKPHAND FOODS -FOREIGN- 1,159,594.92 1,049,246.64 0.55THAI VEGETABLE OIL -NVDR- 1,134,352.43 551,090.60 0.291,600,337.24 0.84TOTALE AZIONI 181,998,692.70 94.60DIRITTIPAESI BASSINUTRECO RIGHT -NON TRADABLE- 63,815.30 70,515.91 0.0470,515.91 0.04TOTALE DIRITTI 70,515.91 0.04WARRANTREGNO UNITOALMARAI (DBL) LEPO WTS 03.12.12 96,283.11 2,187,467.48 1.14SAFCO (DB LDN) LEPO-WTS 03/12/12 44,921.72 1,708,954.78 0.893,896,422.26 2.03TOTALE WARRANT 3,896,422.26 2.03TOTALE INVESTIMENTI 185,965,630.87 96.67DISPONIBILITÀ LIQUIDE PRESSO BANCHE 6,749,309.83 3.51ALTRE PASSIVITÀ NETTE -352,506.08 -0.18PATRIMONIO NETTO COMPLESSIVO 192,362,434.62 100.00La nota integrativa costituisce parte integrante del presente bilancio.397
<strong>Pictet</strong> - AgricultureRIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Stati Uniti 31.06Canada 11.84Norvegia 5.55Bermuda 5.19Brasile 4.69Regno Unito 4.50Svizzera 4.14Singapore 3.36Israele 3.28Isole Cayman 2.72Malaysia 2.68Paesi Bassi 2.40Giappone 2.16Russia 2.13Danimarca 1.88India 1.78Germania 1.45Spagna 1.20Cina 1.11Thailandia 0.84Belgio 0.75Taiwan 0.69Indonesia 0.60Australia 0.51Lussemburgo 0.1696.67Ripartizione per settori economici(in % del patrimonio netto)Alimentari e bevande non alcoliche 26.40Sostanze chimiche 23.31Agricoltura e pesca 15.95Costruzione di macchine e apparecchiature 9.13Holding e società finanziarie 3.96Vendita al dettaglio e supermercati 3.70Industria farmaceutica e cosmetica 2.67Settore immobiliare 2.15Warrant 2.03Altri settori 1.19Trasporto passeggeri e merci 1.01Prodotti di consumo vari 0.93Acciaio inossidabile 0.85Servizi di pubblica utilità 0.71Editoria e arti grafiche 0.69Commercio vario 0.62Automezzi 0.55Beni d’investimento vari 0.42Servizi pubblici 0.34Diritti 0.04Biotecnologia 0.0296.67La nota integrativa costituisce parte integrante del presente bilancio.398
<strong>Pictet</strong> - Global Megatrend SelectionPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoI. VALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOAZIONIAUSTRALIAMETCASH 115,509.92 516,959.89 0.06TFS CORP 1,802,991.04 1,032,108.16 0.111,549,068.05 0.17AUSTRIAANDRITZ 28,648.20 2,780,817.58 0.30MAYR-MELNHOF KARTON 7,841.87 790,924.12 0.09ZUMTOBEL 68,306.42 953,836.93 0.104,525,578.63 0.49BELGIOSIPEF 8,170.03 761,852.77 0.08TELENET GROUP HOLDING 76,194.40 3,122,787.24 0.343,884,640.01 0.42BERMUDABEIJING ENTERPRISES WATER 4,312,601.81 983,128.52 0.11BROOKFIELD INFRASTRUCTURE 53,097.38 1,651,328.61 0.18BUNGE 52,619.78 3,536,575.76 0.38C.P.POKPHAND 5,400,510.00 653,823.15 0.07CHINA YURUN FOOD 740,140.23 1,050,493.27 0.11MANDARIN ORIENTAL INTERNATIONAL 799,115.54 1,290,571.71 0.14NINE DRAGONS PAPER 1,460,168.59 1,197,953.80 0.13TRINITY 1,309,854.79 1,078,007.24 0.12VIMPELCOM ADR (REP.1 SHS-WI-) 141,906.04 1,597,862.02 0.1713,039,744.08 1.41BRASILEALL AMERICA LATINA LOGISTICA 202,491.20 1,025,313.97 0.11BRF FOODS 139,649.10 2,849,903.23 0.31CEMIG MINAS GERAIS PREF 229,037.81 5,490,825.41 0.59CIA SANEAMENTO MG 114,354.66 2,616,007.38 0.28COPEL PREF 'B' 102,583.34 2,341,095.80 0.25DURATEX SA 567,423.84 3,439,686.41 0.37FIBRIA ADR (R.1 SHS) 375,164.35 3,057,589.44 0.33KLABIN 666,008.68 3,032,543.08 0.33SABESP 95,409.37 3,637,683.19 0.39SABESP ADR (R.2 SHS) 7,000.54 532,601.29 0.06SLC AGRICOLA 84,794.93 874,069.00 0.09TRACTEBEL ENERGIA 87,304.88 1,566,156.84 0.1730,463,475.04 3.28La nota integrativa costituisce parte integrante del presente bilancio.399
<strong>Pictet</strong> - Global Megatrend SelectionPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoCANADA5N PLUS 321,419.63 1,171,433.10 0.13ACADIAN TIMBER 79,633.40 909,063.43 0.10AGRIUM (USD) 41,894.73 3,606,460.87 0.39BIOTEQ ENVIRONMENTAL TECHN. 19,558.51 3,436.47 0.00BORALEX A 55,454.04 450,422.63 0.05CANFOR 136,776.86 1,614,947.51 0.17CANFOR PULP PRODUCTS 34,814.80 520,471.63 0.06ENCANA 103,242.97 2,042,044.44 0.22INNERGEX RENEWABLE ENERGY 131,140.69 1,382,500.26 0.15NORBORD 35,374.16 413,051.63 0.04POTASH SASKATCHEWAN (CAD) 86,191.42 3,879,476.33 0.42PROGRESSIVE WASTE SOLUTIONS (USD) 60,838.53 1,318,371.10 0.14PURE TECHNOLOGIES 98,406.14 393,227.25 0.04SAPUTO 50,134.03 2,171,959.58 0.23STANTEC (CAD) 46,696.41 1,482,931.40 0.16SUNOPTA (CAD) 195,369.09 1,056,946.87 0.11TELUS -NVTG- 56,514.76 3,243,340.66 0.35TEMBEC 82,216.88 288,087.81 0.03VALEANT PHARMACEUTICALS INTER. 76,667.00 4,131,584.43 0.45VITERRA 78,650.37 1,257,135.82 0.14WEST FRASER TIMBER 55,661.44 2,551,136.62 0.28WESTERN FOREST PRODUCTS 102,137.09 101,521.30 0.0133,989,551.14 3.67CILECFR PHARMACEUTICALS 17,633,274.12 4,332,792.01 0.47COPEC 141,083.73 2,382,060.81 0.26EMPRESAS CMPC 903,637.23 3,886,605.29 0.42INVERSIONES AGUAS METROPOL 1,217,714.06 2,043,673.62 0.22MASISA 5,470,808.06 644,465.23 0.0713,289,596.96 1.44CINACHINA BLUECHEMICAL 'H' 1,476,928.88 1,118,496.36 0.12CHINA LONGYUAN POWER GROUP 'H' 862,200.84 715,141.44 0.08CHINA SUNTIEN GREEN ENERGY ´H´ 4,306,831.94 793,216.24 0.09CHINA UNICOM (HK) 625,095.12 1,059,496.75 0.113,686,350.79 0.40COREA DEL SUDDC CHEMICAL CO LTD 6,838.15 1,391,088.12 0.15GREEN CROSS 25,398.34 2,835,573.23 0.31NHN 12,081.21 2,772,225.77 0.30WOONG JIN COWAY 52,225.02 1,733,051.36 0.198,731,938.48 0.95La nota integrativa costituisce parte integrante del presente bilancio.400
<strong>Pictet</strong> - Global Megatrend SelectionPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoDANIMARCACHRISTIAN HANSEN HOLDING 16,757.89 430,283.14 0.05NOVO NORDISK 'B' 38,873.11 5,364,010.88 0.58NOVOZYMES B 87,178.71 2,549,724.97 0.288,344,018.99 0.91FILIPPINEENERGY DEVELOPMENT 7,544,038.34 1,054,251.36 0.11MANILA WATER COMPANY 1,414,175.82 764,153.24 0.081,818,404.60 0.19FINLANDIAFORTUM 55,251.56 1,295,239.21 0.14KEMIRA 43,609.73 572,292.19 0.06OUTOTEC 42,317.31 2,125,287.96 0.23STORA ENSO 'R' 429,711.38 3,117,865.28 0.34UPM-KYMMENE 319,674.44 4,227,107.83 0.4611,337,792.47 1.23FRANCIABUREAU VERITAS 1,393.64 120,207.33 0.01DIOR CHRISTIAN 25,950.74 3,937,314.22 0.43ESSILOR INTERNATIONAL 39,715.05 3,489,746.96 0.38HERMES INTERNATIONAL 4,385.26 1,458,310.99 0.16INTER PARFUMS 17,066.59 481,651.36 0.05L.V.M.H. 30,121.91 5,072,834.73 0.55LAURENT PERRIER 15,786.82 1,703,945.09 0.18L'OREAL 9,858.01 1,183,517.67 0.13PERNOD-RICARD 48,824.48 5,031,945.22 0.54PPR 20,189.86 3,436,563.99 0.37REMY COINTREAU 28,643.88 2,874,084.59 0.31SCHNEIDER ELECTRIC S.A. 59,638.51 3,885,326.98 0.42SUEZ ENVIRONNEMENT 244,606.77 3,707,972.86 0.40VEOLIA ENVIRONNEMENT 183,421.72 2,991,060.34 0.3239,374,482.33 4.25GERMANIAAIXTRON 34,247.29 594,132.73 0.06ELSTER GROUP ADR (R. 1/4 SHS) 121,096.45 1,857,619.53 0.20GEA GROUP 25,136.84 855,552.38 0.09HUGO BOSS PFD N-VTG 17,572.34 1,991,674.17 0.22INFINEON TECHNOLOGIES NOM. 340,945.67 3,456,501.23 0.37JOYOU 11,823.12 150,735.75 0.02KSB PREF N-VTG 907.40 536,946.13 0.06PORSCHE AUTOMOBILE -NVTG- 24,419.98 1,428,560.14 0.15STADA ARZNEIMITTEL NOM. 88,475.26 2,845,375.56 0.31SUEDZUCKER 19,550.87 610,618.79 0.07WIRECARD 89,192.89 1,667,609.27 0.1815,995,325.68 1.73La nota integrativa costituisce parte integrante del presente bilancio.401
<strong>Pictet</strong> - Global Megatrend SelectionPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoGIAPPONEDENSO 41,809.17 1,408,156.00 0.15EBARA 241,952.71 875,328.51 0.09IWATSUKA CONFECTIONERY 2,066.81 80,310.93 0.01KUBOTA 191,319.27 1,852,720.80 0.20KURITA WATER INDUSTRIES 79,220.63 1,956,998.11 0.21N.T.T. 23,344.82 1,067,786.76 0.12NICHI-IKO PHARMACEUTICAL 113,109.06 2,506,191.07 0.27NIPPON PAPER GROUP 15,750.62 330,572.70 0.04OJI PAPER 101,138.39 492,787.99 0.05RAKUTEN 2,408.33 2,543,427.78 0.28SAWAI PHARMACEUTICAL 41,948.61 4,481,271.91 0.48SOFTBANK 34,194.73 1,019,241.95 0.11SUMITOMO FORESTRY 117,779.02 1,080,306.59 0.12TOKYO GAS CO 333,573.47 1,584,675.03 0.17TOWA PHARMACEUTICAL 87,175.62 4,353,745.38 0.47TOYO SUISAN KAISHA 9,775.44 255,892.02 0.03WOOD ONE 27,779.34 122,155.57 0.0126,011,569.10 2.81HONG KONGCHINA EVERBRIGHT INTL 1,559,363.86 733,057.42 0.08CHINA MOBILE ADR (R. 5 SHS) 81,808.71 4,407,853.34 0.48GUANGDONG INVESTMENT 3,283,400.00 2,275,117.01 0.25HONG KONG & CHINA GAS 870,128.17 2,230,149.29 0.249,646,177.06 1.05INDIACOROMANDEL INTERNATIONAL 30,156.11 168,166.22 0.02DR REDDY'S LAB ADR (R. 1 SHS) 94,607.07 3,156,092.00 0.34JAIN IRRIGATION SYS -DVR- 19,441.69 18,327.51 0.00JAIN IRRIGATION SYSTEMS 486,717.25 942,048.31 0.10MAHINDRA & MAHINDRA 40,498.24 557,492.40 0.06MCLEOD RUSSEL INDIA DEMAT. 118,505.39 632,191.47 0.075,474,317.91 0.59INDONESIAKALBE FARMA 2,728,835.75 1,059,320.98 0.11PERUSAHAAN GAS NEGA 'B' 2,557,709.52 1,062,812.47 0.11PT SAMPOERNA AGRO 1,561,137.29 610,293.86 0.072,732,427.31 0.29IRLANDASMURFIT KAPPA 135,841.53 1,242,235.89 0.131,242,235.89 0.13ISOLE CAYMAN3SBIO ADR (R.7 SHS) 218,279.57 3,280,741.96 0.35BAIDU. COM ADR 'A' (R. 1 SHS 'A') 9,663.42 1,414,821.98 0.15CHINA FORESTRY HOLDINGS 1,118,725.40 212,526.53 0.02La nota integrativa costituisce parte integrante del presente bilancio.402
<strong>Pictet</strong> - Global Megatrend SelectionPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoCHINA MENGNIU DAIRY 296,335.39 864,468.94 0.09ENN ENERGY HLDGS 572,436.27 1,975,875.48 0.21GCL-POLY ENERGY HOLDINGS 4,728,857.67 1,315,550.81 0.14LEE & MAN PAPER MANUFACTURING 1,759,538.22 820,360.81 0.09NETEASE. COM ADR (R. 25 SHS) 26,221.80 1,529,779.53 0.17SHENGUAN HOLDINGS 1,452,350.64 860,452.66 0.09SINA 31,373.40 2,062,801.37 0.22TENCENT HOLDINGS 84,349.34 2,353,085.88 0.25TINGYI (CAYMAN ISLANDS) HOLDING 356,384.50 1,030,464.00 0.11WYNN MACAU 347,217.47 1,021,845.97 0.11XINYU HENGDELI HLGDS 3,448,406.34 1,443,442.42 0.1620,186,218.34 2.16ISOLE MARSHALLTEEKAY LNG PARTNERS LP 43,579.42 1,703,955.45 0.181,703,955.45 0.18ISRAELECHECK POINT SOFTWARE TECHNOLOGIES 12,542.75 801,481.76 0.09FRUTAROM INDUSTRIES 107,393.23 1,044,731.34 0.11ISRAEL CHEMICALS 199,877.80 2,271,102.78 0.25TEVA PHARMACEUTICAL ADR 119,890.09 5,290,749.82 0.579,408,065.70 1.02ITALIAENEL GREEN POWER 625,945.92 1,194,961.17 0.13HERA 323,468.05 454,716.49 0.05PRADA 260,517.28 1,694,437.62 0.18SNAM RETE GAS 206,045.35 988,052.64 0.11YOOX 225,796.89 3,544,918.16 0.387,877,086.08 0.85LUSSEMBURGOMHP GDR (R.1 SHS) 11,261.02 157,429.13 0.02SES GLOBAL FDR 78,257.64 1,933,811.32 0.212,091,240.45 0.23MALAYSIAIOI CORPORATION 547,061.38 953,585.05 0.10KUALA LUMPUR KEPONG 97,195.77 780,485.07 0.08SIME DARBY BERHAD 308,959.67 982,297.10 0.112,716,367.22 0.29NORVEGIAALGETA 193,951.77 4,822,675.23 0.52AUSTEVOLL SEAFOOD 175,957.87 667,772.34 0.07CERMAQ 72,309.75 940,144.36 0.10MARINE HARVEST 1,181,701.47 602,934.84 0.07YARA INTERNATIONAL 71,995.26 3,402,688.15 0.3710,436,214.92 1.13La nota integrativa costituisce parte integrante del presente bilancio.403
<strong>Pictet</strong> - Global Megatrend SelectionPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoPAESI BASSIAALBERTS INDUSTRIES 44,374.95 906,083.60 0.10CSM 33,515.78 594,641.62 0.06GEMALTO 22,298.22 1,440,776.31 0.16IMTECH 42,819.44 1,365,074.26 0.15NUTRECO HOLDING 25,136.84 1,792,314.28 0.19SENSATA TECHNOLOGIE 51,564.64 1,724,321.59 0.19YANDEX -A- 4,135.57 104,836.64 0.01ZIGGO 34,677.73 1,069,408.35 0.128,997,456.65 0.98PORTOGALLOPORTUCEL 257,803.36 695,217.81 0.08695,217.81 0.08REGNO UNITOAGGREKO 61,320.11 2,195,292.50 0.24AMARIN CORPORATION -ADR SPONS.- 422,020.20 4,773,048.48 0.52ASSOCIATED BRITISH FOODS 80,066.69 1,558,845.01 0.17BG GROUP 166,524.51 3,839,355.20 0.42BURBERRY GROUP 105,170.40 2,476,986.73 0.27D S SMITH 219,501.31 621,702.48 0.07DE LA RUE 69,681.95 1,011,917.74 0.11DIAGEO 228,658.32 5,548,306.02 0.60EXPERIAN 167,236.67 2,616,036.07 0.28G4S 402,482.93 1,766,339.34 0.19HALMA 172,811.23 1,045,325.53 0.11HIKMA PHARMACEUTICALS 592,495.97 6,559,869.94 0.71INTERTEK GROUP 72,469.23 2,867,107.70 0.31MONDI (GBP) 398,903.82 3,736,299.70 0.40PENNON GROUP 356,839.44 4,045,046.95 0.44ROTORK 25,675.25 803,672.22 0.09SEVERN TRENT 101,891.93 2,481,341.13 0.27SHIRE ADR (R. 3 SHS) 34,064.41 3,465,372.69 0.37TATE & LYLE 84,847.44 944,150.05 0.10TELECITY GROUP 147,725.73 1,705,332.42 0.18UNITED UTILITIES GROUP 263,525.04 2,516,806.34 0.27VODAFONE GROUP PLC 1,056,893.04 2,952,022.45 0.3259,530,176.69 6.44RUSSIACHERKIZOVO GP. GDR (R.0.666667SH S) 26,533.33 345,198.64 0.04MOBILE TELESYS ADR (R. 5 SHS) 84,897.79 1,539,196.87 0.17NOVATEK -GDR SPONS. - REG. S 18,914.80 2,494,862.76 0.27PHARMSTANDARD OKTYABR -GDR- (USD) 235,895.51 4,175,350.55 0.45RUSHYDRO ADR (R.100 SHS) 297,965.18 1,075,058.37 0.12RUSHYDRO OJSC (USD) 60,705,083.35 2,185,383.05 0.24URALKALIY GDR (R. 5 SHS) 48,492.59 1,815,562.77 0.2013,630,613.01 1.49La nota integrativa costituisce parte integrante del presente bilancio.404
<strong>Pictet</strong> - Global Megatrend SelectionPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoSINGAPOREBANYAN TREE 149,518.54 80,309.52 0.01EPURE INTL 1,473,965.06 697,866.58 0.08HYFLUX 574,383.25 683,299.66 0.07INDOFOOD AGRI RESOURCES 563,623.77 697,409.63 0.08WILMAR INTERNATIONAL 691,821.64 2,697,481.47 0.294,856,366.86 0.53SLOVENIAKRKA 25,226.07 1,688,890.40 0.181,688,890.40 0.18SPAGNAEDP RENOVAVEIS 152,900.98 779,748.56 0.08VISCOFAN 27,929.82 1,211,804.16 0.131,991,552.72 0.21STATI UNITI3 M 19,510.95 1,731,986.61 0.19ACME PACKET 4,738.37 126,798.85 0.01AEGION 33,470.69 609,166.67 0.07AGCO 47,564.48 2,226,969.30 0.24ALEXION PHARMACEUTICALS 56,955.57 5,197,765.70 0.56AMAZON.COM 23,137.97 4,734,259.88 0.51AMERICAN PUBLIC EDUCATION 14,795.43 565,777.41 0.06AMERICAN STATES WATER 14,264.38 520,221.83 0.06AMERICAN WATER WORKS 153,021.63 5,221,098.33 0.56AMGEN 70,550.54 4,749,462.29 0.51APPLE 4,838.36 2,950,723.57 0.32AQUA AMERICA 137,246.74 3,067,464.83 0.33ARCHER-DANIELS MIDLAND 77,030.44 2,407,971.86 0.26ARIAD PHARMACEUTICALS 299,762.20 4,784,204.75 0.52ARIBA 64,778.89 2,106,609.63 0.23ARUBA NETWORKS 51,564.64 1,142,156.80 0.12AUTOLIV 37,628.25 2,484,593.45 0.27AUXILIUM PHARMACEUTICALS 57,185.93 1,056,795.97 0.11AVEO PHARMACEUTICALS 171,375.57 2,101,064.54 0.23AXT 236,464.58 1,551,207.64 0.17BADGER METER 15,010.46 513,807.99 0.06BALCHEM 32,119.29 968,717.96 0.10BIOGEN IDEC 46,663.97 5,902,059.21 0.64BIOMARIN PHARMACEUTICAL 105,504.00 3,613,511.83 0.39BORGWARNER 22,389.06 1,880,009.29 0.20BRUKER BIOSCIENCES 32,332.42 498,889.29 0.05BUCKEYE TECHNOLOGY 8,522.59 291,472.74 0.03CALGON CARBON 40,114.25 631,398.32 0.07CALIFORNIA WATER SERVICE 33,853.68 617,829.73 0.07CAVIUM 27,872.78 873,811.62 0.09CELGENE 58,282.23 4,518,038.16 0.49CENTURYTEL 38,291.10 1,479,568.14 0.16La nota integrativa costituisce parte integrante del presente bilancio.405
<strong>Pictet</strong> - Global Megatrend SelectionPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoCF INDUSTRIES HOLDINGS 22,343.86 4,010,722.48 0.43CHIQUITA BRANDS INTERNATIONAL 32,119.29 287,467.69 0.03CLARCOR 19,008.52 942,632.60 0.10CLEAN HARBORS 96,280.24 6,433,445.97 0.70COACH 40,959.75 3,164,550.82 0.34COMCAST 'A' 106,848.22 3,187,282.26 0.34COMMVAULT SYSTEMS 8,640.56 425,806.87 0.05COMSCORE 92,052.78 2,003,068.51 0.22CONCUR TECHNOLOGIES 32,906.39 1,895,737.29 0.21CONSTANT CONTACT 15,014.88 447,593.65 0.05CORN PRODUCTS INTERNATIONAL 21,701.47 1,233,294.65 0.13CUBESMART 88,914.16 1,052,743.71 0.11DANAHER 88,717.10 4,882,102.28 0.53DARLING INTERNATIONAL 15,361.40 269,131.77 0.03DEERE 51,949.47 4,181,412.80 0.45DELTIC TIMBER 49,355.53 3,251,542.48 0.35DENDREON 178,052.75 1,853,529.16 0.20DIGITAL REALTY TRUST 27,872.78 2,032,761.77 0.22DIRECTV 87,043.97 4,307,806.07 0.47DOMTAR 16,640.64 1,582,690.87 0.17DONALDSON 76,875.50 2,760,599.39 0.30DR HORTON 50,425.17 776,043.40 0.08EBAY 133,373.11 4,933,471.26 0.53ECOLAB 49,305.55 3,042,645.42 0.33ELIZABETH ARDEN 45,840.66 1,620,925.71 0.18EMC 135,182.98 3,998,712.48 0.43EMERSON ELECTRIC 71,283.34 3,697,466.65 0.40ENERNOC 137,854.92 998,069.63 0.11EQUIFAX 43,202.81 1,880,186.17 0.20EQUINIX 13,936.39 2,157,213.72 0.23ESTEE LAUDER 'A' 57,658.45 3,588,085.86 0.39EXTRA SPACE STORAGE 37,906.98 1,079,969.84 0.12F5 NETWORKS 15,330.03 2,067,407.63 0.22FIDELITY NATIONAL 33,447.33 1,105,434.41 0.12FISERV 19,510.95 1,357,766.68 0.15FLOWSERVE 4,422.12 508,765.03 0.06FORESTAR REAL ESTATE GP. 45,578.89 693,254.92 0.07FORTINET 55,745.56 1,520,738.82 0.16FRANKLIN ELECTRIC 18,085.62 894,695.70 0.10GENTEX 1,393.64 34,074.47 0.00GILEAD SCIENCES 103,167.28 4,928,300.91 0.53GLOBAL PAYMENTS 27,872.78 1,455,795.24 0.16GOOGLE 'A' 6,012.95 3,898,858.87 0.42GRAND CANYON EDUCATION 67,524.27 1,214,761.66 0.13GREIF 'A' 17,476.71 985,686.62 0.11GT ADVANCED TECHNOLOGIES 66,944.17 543,586.65 0.06HEARTLAND PAYMENT SYSTEMS 52,958.28 1,587,689.23 0.17HOMEAWAY 49,876.71 1,259,386.94 0.14HOSPIRA 56,055.51 2,111,610.93 0.23IAC/INTERACTIVECORP 64,680.19 3,162,214.72 0.34IDEX 27,543.87 1,160,423.33 0.13ILLUMINA 65,024.93 3,407,306.53 0.37La nota integrativa costituisce parte integrante del presente bilancio.406
<strong>Pictet</strong> - Global Megatrend SelectionPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoIMPERVA 12,013.17 465,750.51 0.05INCYTE 286,967.45 5,702,043.22 0.62INTERMUNE 322,717.50 4,518,044.99 0.49INTERNATIONAL PAPER 52,597.35 1,849,323.00 0.20INTUIT 33,583.64 2,009,309.04 0.22IRON MOUNTAIN 36,234.61 1,041,020.42 0.11IRONWOOD PHAMRACEUTICALS A 242,907.23 3,165,081.24 0.34ITC HOLDINGS 53,560.34 4,118,254.70 0.45J&J SNACK FOODS 8,378.95 438,554.07 0.05JOHNSON CONTROLS 111,227.04 3,589,296.52 0.39JUNIPER NETWORKS 39,021.89 892,430.63 0.10KAPSTONE PAPER 51,513.15 1,052,413.68 0.11KIMBERLY CLARK 16,313.49 1,204,587.87 0.13KINDER MORGAN ENERGY PARTNERS 3,066.01 252,393.59 0.03LAS VEGAS SANDS 62,615.71 3,587,254.37 0.39LENNAR CORP 'A' 38,254.85 1,040,914.55 0.11LIFE TECHNOLOGIES 138,892.55 6,748,788.77 0.76LIMITED BRANDS 54,800.54 2,646,318.50 0.29LINKEDIN -A- 13,387.40 1,374,483.89 0.15LITTELFUSE 5,574.56 344,897.77 0.04LOUISIANA PACIFIC 50,677.07 484,979.60 0.05LUMINEX 80,524.65 1,868,171.86 0.20MACY'S INC 84,344.13 3,367,861.26 0.36MAGELLAN MIDSTREAM PARTNERS 6,968.19 500,943.52 0.05MARKWEST ENERGY 55,866.78 3,209,546.29 0.35MASTEC 117,595.60 2,171,990.74 0.23MAXWELL TECHNOLOGIES (USD) 41,520.41 763,975.45 0.08MCCORMICK NON-VTG 34,884.35 1,887,243.23 0.20MEADWESTVACO 75,743.48 2,382,889.92 0.26MEDIVATION 53,765.08 4,017,326.56 0.43MERCADOLIBRE 10,374.62 1,026,672.29 0.11MERCER INTERNATIONAL 42,289.33 341,697.79 0.04MINE SAFETY APPLIANCES 26,479.14 1,109,740.76 0.12MISTRAS GROUP 50,171.00 1,218,653.64 0.13MOMENTA PHARMACEUTICALS 104,928.72 1,620,099.40 0.18MOSAIC 73,762.65 4,076,862.25 0.44MYLAN 224,888.57 5,217,414.92 0.56NCR 75,256.50 1,633,066.12 0.18NEOGEN 3,373.80 134,547.31 0.01NETAPP INC 62,713.75 2,801,423.33 0.30NETFLIX 8,502.83 978,251.00 0.11NII HOLDINGS 'B' 88,619.31 1,569,447.94 0.17NIKE 'B' 44,212.11 4,768,275.91 0.52NUANCE COMMUNICATIONS 50,874.90 1,289,678.78 0.14ONYX PHARMACEUTICALS 131,112.60 4,970,478.52 0.54OPTIMER PHARMACEUTICALS 232,782.67 3,258,957.35 0.35PACKAGING CORP OF AMERICA 39,862.01 1,182,705.82 0.13PALL 25,052.25 1,475,828.13 0.16PENTAIR 21,549.75 1,015,855.11 0.11PERRIGO 60,546.70 6,235,098.72 0.67PLAINS ALL AMERICA PIPELINE 6,410.74 495,037.28 0.05PLUM CREEK TIMBER 152,840.06 6,345,919.27 0.69La nota integrativa costituisce parte integrante del presente bilancio.407
<strong>Pictet</strong> - Global Megatrend SelectionPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoPOLYPORE 59,663.55 2,094,787.15 0.23POPE RESOURCES 27,309.25 1,194,233.60 0.13POTLATCH 100,592.24 3,155,578.53 0.34PUBLIC STORAGE 9,198.02 1,265,371.20 0.14PULTE HOMES 128,450.87 1,189,455.10 0.13PVH 49,925.73 4,467,854.08 0.48QUANTA SERVICES 66,151.44 1,385,211.08 0.15RACKSPACE HOSTING 19,634.85 1,121,149.74 0.12RALCORP 15,361.40 1,131,828.12 0.12RALPH LAUREN -A- 20,159.42 3,522,858.12 0.38RAVEN INDUSTRIES 6,982.46 420,064.53 0.05RAYONIER 130,474.99 5,721,328.36 0.62REGAL-BELOIT 22,947.52 1,517,519.38 0.16REGENERON PHARMACEUTICALS 27,859.69 3,193,834.63 0.35REPUBLIC SERVICES 96,710.66 2,929,366.24 0.32RIVERBED TECHNOLOGIES 36,234.61 1,017,105.57 0.11ROCK-TENN 'A' 26,349.92 1,764,127.20 0.19ROCKWELL AUTOMATION 35,746.39 2,853,634.49 0.31ROPER INDUSTRIES 34,152.43 3,373,577.20 0.36SAGENT PHARMACEUTICALS 172,795.10 3,137,959.01 0.34SAKS 93,876.99 1,103,054.67 0.12SALESFORCE.COM 8,627.43 1,349,416.73 0.15SAVIENT PHARMACEUTICALS 214,142.61 458,265.18 0.05SEMPRA ENERGY 55,595.58 3,294,038.01 0.36SEQUENOM 314,273.56 1,238,237.83 0.13SMITHFIELD FOODS 27,929.82 616,690.48 0.07SOHU. COM 13,761.54 749,315.99 0.08SOLERA HOLDINGS 38,396.80 1,778,539.78 0.19SOUTHWESTERN ENERGY 35,497.93 1,077,362.27 0.12SPECTRA ENERGY 106,914.57 3,372,085.65 0.36STANLEY BLACK & DECKER 47,383.72 3,689,296.76 0.40STARWOOD HOTELS & RESORTS 20,014.25 1,132,406.63 0.12STERICYCLE 35,398.43 2,979,839.77 0.32SYMANTEC 111,491.12 2,051,436.53 0.22SYSCO 125,684.19 3,742,875.48 0.40TEMPUR-PEDIC INTERNATIONAL 13,832.02 1,158,570.32 0.13TERADYNE 142,151.17 2,379,610.63 0.26TESLA MOTORS 11,995.29 447,784.31 0.05TETRA TECH 93,419.35 2,451,323.99 0.27THERAVANCE 126,220.67 2,462,565.23 0.27THERMO FISHER SCIENTIFIC INC 54,351.92 3,046,968.57 0.33TIFFANY 31,329.59 2,163,308.57 0.23TIME WARNER CABLE 8,520.68 684,551.71 0.07TOLL BROTHERS 66,152.87 1,627,360.49 0.18TORO 8,667.95 618,371.43 0.07TREEHOUSE FOODS 18,154.38 1,080,004.33 0.12TRIPADVISOR 43,459.16 1,528,024.08 0.17TRW AUTOMOTIVE 50,171.00 2,261,207.06 0.24TYSON FOODS 'A' 125,684.19 2,420,677.70 0.26UNITED THERAPEUTICS 55,837.97 2,648,953.32 0.29VALMONT INDUSTRIES 5,429.98 636,665.61 0.07VARIAN MEDICAL 22,298.22 1,534,117.75 0.17La nota integrativa costituisce parte integrante del presente bilancio.408
<strong>Pictet</strong> - Global Megatrend SelectionPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoVEECO INSTRUMENTS 57,772.67 1,643,054.79 0.18VERIFONE HOLDINGS 50,171.00 2,597,352.77 0.28VERTEX PHARMACEUTICALS 122,860.02 4,980,745.12 0.54VMWARE 6,689.47 752,297.45 0.08WABCO HOLDINGS 41,809.17 2,501,024.45 0.27WARNACO GROUP 'A' 24,465.40 1,425,354.24 0.15WASTE CONNECTIONS 57,162.95 1,847,506.76 0.20WASTE MANAGEMENT 50,397.37 1,759,372.33 0.19WATSON PHARMACEUTICALS 65,469.52 4,388,421.62 0.47WAUSAU PAPER 118,884.80 1,141,294.10 0.12WEBSENSE 11,149.11 236,138.18 0.03WEYERHAEUSER 293,213.67 6,418,447.16 0.69WHOLE FOODS MARKET 22,560.90 1,863,755.85 0.20WILLIAMS COMPANIES 71,782.76 2,195,834.56 0.24XYLEM 127,867.25 3,536,808.29 0.38YAHOO 191,271.41 2,926,452.51 0.32ZEBRA TECHNOLOGIES 'A' 8,361.83 347,183.33 0.04447,264,501.81 48.41SUDAFRICAASPEN PHARMACARE 354,634.04 5,456,989.89 0.59MTN GROUP 172,777.20 3,095,735.82 0.338,552,725.71 0.92SVEZIAASSA ABLOY 'B' 105,916.56 3,251,214.94 0.35HOLMEN 'B' 63,665.67 1,808,985.38 0.20MEDIVIR 'B' 51,322.63 515,600.29 0.06SVENSKA CELLULOSA 'B' 288,911.64 5,095,746.26 0.55TELIASONERA (SEK) 208,562.67 1,442,744.35 0.1612,114,291.22 1.32SVIZZERAABB LTD 97,934.38 1,966,065.68 0.21CIE FINANCIERE RICHEMONT 58,246.04 3,597,625.57 0.39GEBERIT 11,662.61 2,403,330.57 0.26KUONI REISEN HOLDING NOM. 'B' 3,943.69 1,439,670.07 0.16LINDT & SPRUENGLI 834.67 2,637,367.72 0.29LONZA GROUP 39,819.88 2,046,140.24 0.22S.G.S. S.A. 780.44 1,486,342.34 0.16SULZER 8,681.70 1,201,356.96 0.13SYNGENTA AG 12,289.12 4,197,580.60 0.45THE SWATCH GROUP 10,781.82 4,947,742.13 0.54TYCO INTERNATIONAL NOM. 79,437.42 4,450,084.26 0.4830,373,306.14 3.29La nota integrativa costituisce parte integrante del presente bilancio.409
<strong>Pictet</strong> - Global Megatrend SelectionPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoTAIWANACER 1,042,641.85 1,383,030.62 0.15EPISTAR 476,891.15 1,216,687.69 0.13HIGH TECH COMPUTER 68,516.16 1,385,901.13 0.15UNI-PRESIDENT ENTERPRISES 503,016.06 696,207.70 0.084,681,827.14 0.51THAILANDIACHAROEN POKPHAND FOODS -FOREIGN- 456,764.28 551,752.55 0.06THAI VEGETABLE OIL -NVDR- 446,821.26 289,794.25 0.03841,546.80 0.09UNGHERIAGEDEON RICHTER 11,864.27 1,997,155.06 0.221,997,155.06 0.22TOTALE AZIONI 886,771,470.70 95.94DIRITTIPAESI BASSINUTRECO RIGHT -NON TRADABLE- 25,136.84 37,081.21 0.0037,081.21 0.00TOTALE DIRITTI 37,081.21 0.00WARRANTANTILLE OLANDESICIPLA (ML CUR.) LEPO WTS 23.09.15 328,690.40 1,965,571.89 0.21DIVI'S LABO. (ML) LEPO WTS 20.10.14 193,645.07 2,907,522.57 0.31STRIDES ARC. (ML) LEPO WTS 09.09.15 271,000.20 3,117,139.19 0.347,990,233.65 0.86REGNO UNITOALMARAI (DBL) LEPO WTS 03.12.12 37,925.90 1,150,292.72 0.12LUPIN (DBL) LEPO WTS 20.2.17 502,778.26 5,217,973.54 0.56SAFCO (DB LDN) LEPO-WTS 03/12/12 17,694.66 898,663.99 0.10SUN PHARMA. (DB) LEPO WTS 06.02.17 271,633.06 3,034,442.75 0.3310,301,373.00 1.11STATI UNITIINTARCIA THER.BB2 (0.01) WTS 151114 2,773.83 0.00 0.000.00 0.00TOTALE WARRANT 18,291,606.65 1.97TOTALE I. 905,100,158.56 97.91La nota integrativa costituisce parte integrante del presente bilancio.410
<strong>Pictet</strong> - Global Megatrend SelectionPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Valuta Quantità/Valore nominale Valore di stima (nota 2) % del patrimonionettoII. ALTRI VALORI MOBILIARIAZIONIPORTOGALLOKIWI II VENT. PREF 'A' 52.50 0.00 0.000.00 0.00STATI UNITIIBIQUITY DIGITAL PREF 'A' REST. 9,438.73 0.00 0.00INTARCIA THERAPEUTICS PREF 'AA' 12,952.24 16,578.87 0.00INTARCIA THERAPEUTICS PREF 'BB-1' 6,281.19 8,039.93 0.00INTARCIA THERAPEUTICS PREF 'BB-2' 30,772.59 39,388.92 0.00METABOLEX PFD 'E1' 17,150.79 7,546.35 0.00METABOLEX PREF 'A1' 1,827.26 804.00 0.00METABOLEX PREF 'B1' 154,357.45 67,917.28 0.01METABOLEX PREF 'D1' 22,811.98 10,037.27 0.00PTC THERAPEUTICS PREF 'C' 40,201.57 44,712.19 0.00PTC THERAPEUTICS PREF CV 'E-2' 3,630.30 29,042.42 0.00PTC THERAPEUTICS PREF 'D' 30,924.25 38,745.00 0.00UNDERGROUND SOLUTIONS 1,865,307.05 281,661.39 0.03WORLDCOM-MCI GROUP 220.00 0.00 0.00544,473.62 0.04TOTALE AZIONI 544,473.62 0.04OBBLIGAZIONICANADA10% HIGHPOINT TEL. II CV 00/04 USD 77,171.14 0.00 0.000.00 0.00TOTALE OBBLIGAZIONI 0.00 0.00WARRANTSTATI UNITIFLEXIBLE SOLUTIONS WRT 03.05.10 1,536.42 0.00 0.00INTARCIA THERAP. PFD WTS 02.05.15 5,933.18 0.00 0.00METABOLEX 'D1' (C-0. 38) WRT. 12.4.12 3,421.76 0.34 0.00PERFECTENERGY WTS 26.01.10 269,111.80 0.00 0.000.34 0.00TOTALE WARRANT 0.34 0.00TOTALE II. 544,473.96 0.04La nota integrativa costituisce parte integrante del presente bilancio.411
<strong>Pictet</strong> - Global Megatrend SelectionPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoIII. QUOTE DI FONDI DI INVESTIMENTOREGNO UNITOPHAUNOS TIMBER FUND 1,240,528.65 787,735.70 0.09787,735.70 0.09TOTALE III. 787,735.70 0.09TOTALE INVESTIMENTI 906,432,368.22 98.04DISPONIBILITÀ LIQUIDE PRESSO BANCHE 20,407,352.56 2.21ALTRE PASSIVITÀ NETTE -2,332,155.86 -0.25PATRIMONIO NETTO COMPLESSIVO 924,507,564.92 100.00La nota integrativa costituisce parte integrante del presente bilancio.412
<strong>Pictet</strong> - Global Megatrend SelectionRIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Stati Uniti 48.45Regno Unito 7.64Francia 4.25Canada 3.67Svizzera 3.29Brasile 3.28Giappone 2.81Isole Cayman 2.16Germania 1.73Russia 1.49Cile 1.44Bermuda 1.41Svezia 1.32Finlandia 1.23Norvegia 1.13Hong Kong 1.05Israele 1.02Paesi Bassi 0.98Corea del Sud 0.95Sudafrica 0.92Danimarca 0.91Antille olandesi 0.86Italia 0.85India 0.59Singapore 0.53Taiwan 0.51Austria 0.49Belgio 0.42Cina 0.40Indonesia 0.29Malaysia 0.29Lussemburgo 0.23Ungheria 0.22Spagna 0.21Filippine 0.19Isole Marshall 0.18Slovenia 0.18Australia 0.17Irlanda 0.13Thailandia 0.09Portogallo 0.0898.04Ripartizione per settori economici(in % del patrimonio netto)Industria farmaceutica e cosmetica 15.00Servizi di pubblica utilità 9.32Biotecnologia 7.07Carta e prodotti forestali 6.74Internet, software e servizi informatici 4.89Holding e società finanziarie 4.57Comunicazioni 4.04Prodotti tessili e abbigliamento 4.03Equipaggiamento elettrico ed elettronico 3.96Costruzione di macchine e apparecchiature 3.46Alimentari e bevande non alcoliche 3.35Sostanze chimiche 3.17Computer e articoli per ufficio 3.02Servizi pubblici 2.95Servizi ambientali e riciclaggio 2.37Vendita al dettaglio e supermercati 1.98Warrant 1.97Agricoltura e pesca 1.74Altri settori 1.48Tabacco e bevande alcoliche 1.45Edilizia e materiali da costruzione 1.40Prodotti di consumo vari 1.36Automezzi 1.27Imballi 1.09Salvaguardia dell’ambiente e trattamento dei rifiuti 1.03Settore immobiliare 1.02Gastronomia 0.77Petrolio 0.64Orologeria 0.54Fotografia e materiale ottico 0.38Commercio vario 0.33Acciaio inossidabile 0.32Aeronautica e astronautica 0.32Banche e istituti di credito 0.28Trasporto passeggeri e merci 0.27Conglomerati 0.24Quote di fondi di investimento 0.09Editoria e arti grafiche 0.08Beni d’investimento vari 0.05Obbligazioni societarie 0.00Diritti 0.0098.04La nota integrativa costituisce parte integrante del presente bilancio.413
<strong>Pictet</strong> - US Equity Value SelectionPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoVALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOAZIONIIRLANDACOVIDIEN 32,101.00 1,731,206.93 2.091,731,206.93 2.09ISRAELETEVA PHARMACEUTICAL ADR 37,420.00 1,651,344.60 2.001,651,344.60 2.00STATI UNITIABBOTT LABORATORIES 44,300.00 2,701,414.00 3.29AFLAC 37,100.00 1,699,180.00 2.05AMERICAN ELECTRIC POWER 41,300.00 1,580,964.00 1.91AMERICAN INTERNATIONAL GROUP 10,600.00 317,364.00 0.38AMERIPRISE FINANCIAL W-ISSUED 29,900.00 1,687,257.00 2.04ANADARKO PETROLEUM 21,300.00 1,647,129.00 1.99APACHE 16,600.00 1,640,246.00 1.98AT & T 85,200.00 2,659,092.00 3.22BANK OF AMERICA 181,104.00 1,725,921.12 2.09BAXTER INTERNATIONAL 28,500.00 1,696,320.00 2.05BOEING 22,900.00 1,696,432.00 2.05CHEVRON 16,100.00 1,720,285.00 2.08CIT GROUP 38,900.00 1,605,014.00 1.94COMCAST 'A' 56,900.00 1,697,327.00 2.05CONSOL ENERGY 49,500.00 1,676,070.00 2.03CVS CAREMARK 37,700.00 1,669,733.00 2.02DEERE 10,100.00 812,949.00 0.98DELL 94,500.00 1,568,700.00 1.90DOW CHEMICAL 51,200.00 1,750,016.00 2.12EQT 35,200.00 1,673,056.00 2.02FRANKLIN RESOURCES 7,900.00 973,991.00 1.18GENERAL MOTORS 68,100.00 1,723,611.00 2.08HONEYWELL INTERNATIONAL 28,300.00 1,717,810.00 2.08INTEL 62,900.00 1,771,264.00 2.14JOHNSON & JOHNSON 31,200.00 2,044,848.00 2.47JP MORGAN CHASE 36,697.00 1,675,951.99 2.03MARATHON OIL 51,900.00 1,647,825.00 1.99MERCK & CO 44,600.00 1,695,246.00 2.05METLIFE 43,071.00 1,599,656.94 1.93MICROSOFT 77,100.00 2,476,452.00 2.99OCCIDENTAL PETROLEUM 16,397.00 1,548,368.71 1.87ORACLE SYSTEMS 59,200.00 1,735,152.00 2.10PEPSICO 26,700.00 1,762,734.00 2.13PFIZER INC. 76,207.00 1,708,560.94 2.07PHILIP MORRIS WI (USD) 20,200.00 1,750,330.00 2.12La nota integrativa costituisce parte integrante del presente bilancio.414
<strong>Pictet</strong> - US Equity Value SelectionPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoSEMPRA ENERGY 27,800.00 1,647,150.00 1.99ST JUDE MEDICAL 40,800.00 1,793,160.00 2.17TIME WARNER 43,000.00 1,597,020.00 1.93TRAVELERS COMPANIES 14,400.00 844,560.00 1.02UNION PACIFIC 15,168.00 1,629,043.20 1.97WALGREEN 47,300.00 1,604,889.00 1.94WAL-MART STORES 27,700.00 1,684,714.00 2.04WALT DISNEY HOLDING 38,600.00 1,660,186.00 2.01WELLS FARGO 49,189.00 1,669,474.66 2.02XYLEM 60,800.00 1,681,728.00 2.0374,868,195.56 90.54SVIZZERAACE 22,000.00 1,608,200.00 1.94TYCO ELECTRONICS 24,800.00 897,264.00 1.092,505,464.00 3.03TOTALE INVESTIMENTI 80,756,211.09 97.66DISPONIBILITÀ LIQUIDE PRESSO BANCHE 2,120,421.77 2.56ALTRE PASSIVITÀ NETTE -185,286.81 -0.22PATRIMONIO NETTO COMPLESSIVO 82,691,346.05 100.00La nota integrativa costituisce parte integrante del presente bilancio.415
<strong>Pictet</strong> - US Equity Value SelectionRIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Stati Uniti 90.54Svizzera 3.03Irlanda 2.09Israele 2.0097.66Ripartizione per settori economici(in % del patrimonio netto)Industria farmaceutica e cosmetica 12.81Servizi di pubblica utilità 9.98Petrolio 9.91Holding e società finanziarie 7.18Computer e articoli per ufficio 6.99Assicurazioni 5.38Comunicazioni 5.27Banche e istituti di credito 4.12Vendita al dettaglio e supermercati 3.98Biotecnologia 3.29Equipaggiamento elettrico ed elettronico 3.23Alimentari e bevande non alcoliche 2.13Sostanze chimiche 2.12Tabacco e bevande alcoliche 2.12Altri settori 2.09Automezzi 2.08Conglomerati 2.08Aeronautica e astronautica 2.05Prodotti tessili e abbigliamento 2.02Tempo libero 2.01Trasporto passeggeri e merci 1.97Servizi pubblici 1.94Editoria e arti grafiche 1.93Costruzione di macchine e apparecchiature 0.9897.66La nota integrativa costituisce parte integrante del presente bilancio.416
<strong>Pictet</strong> - Middle East And North AfricaPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoI. VALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOAZIONIEGITTOCOMMERCIAL INTERNATIONAL BANK 161,212.00 666,449.56 2.54EFG-HERMES 79,287.00 178,259.59 0.68EGYPT KUWAITI HOLDING 226,579.00 258,300.06 0.98NATIONAL SOCIETE GENERALE BANK 24,617.00 118,231.74 0.45ORASCOM CONSTRUCTION INDUST. NOM. 24,064.00 1,036,596.52 3.95ORASCOM TELECOM 743,268.00 503,292.04 1.92ORASCOM TELECOM MEDIA & TECHNOLOGY 743,268.00 178,428.79 0.68TELECOM EGYPT 88,277.00 206,948.39 0.793,146,506.69 11.99EMIRATI ARABI UNITIABU DHABI COMMERCIAL BANK 488,449.00 412,249.36 1.57DANA GAS 846,689.00 112,953.34 0.43DP WORLD 36,346.00 421,613.60 1.61DUBAI FINANCIAL MARKET 418,893.00 131,153.54 0.50DUBAI ISLAMIC BANK 149,167.00 85,690.82 0.33EMAAR PROPERTIES 673,194.00 555,343.81 2.12FIRST GULF BANK 93,084.00 246,585.17 0.94NATIONAL BANK OF ABU DHABI 135,869.00 321,454.29 1.232,287,043.93 8.73GIORDANIAARAB BANK 13,800.00 158,575.39 0.60ARAB POTASH 791.00 47,956.12 0.18JORDAN TELECOM 9,050.00 72,348.70 0.28278,880.21 1.06KUWAITAGILITY PUBLIC WAREHOUSING 150,000.00 215,943.60 0.82BOUBYAN BANK 145,000.00 281,806.40 1.07BOUBYAN PETROCHIMICALS 95,000.00 208,565.53 0.80BURGAN BANK 120,352.00 186,256.25 0.71GULF BANK 362,250.00 599,729.36 2.29KUWAIT FINANCE HOUSE 394,760.00 1,108,196.64 4.23KUWAIT INVESTMENT PROJECTS 283,056.00 346,370.08 1.32MABANEE COMPANY 77,000.00 288,212.72 1.10MOBILE TELECOMMUNICATION 601,040.00 1,881,965.75 7.18NATIONAL BANK OF KUWEIT 469,157.00 1,823,606.13 6.95NATIONAL INDUSTRIES 230,000.00 188,734.71 0.72NATIONAL MOBILE TELECOM 32,500.00 254,993.40 0.977,384,380.57 28.16La nota integrativa costituisce parte integrante del presente bilancio.417
<strong>Pictet</strong> - Middle East And North AfricaPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoLIBANOBLOM BANK 'B' GDR (R. 1 SHS 'B') 25,808.00 207,754.40 0.79LEBANESE CO. DEV. A GDR (R. 10 SHS) 12,198.00 172,601.70 0.66SOLIDERE LEBANESE COMPANY DEV. R. A 7,805.00 111,455.40 0.43491,811.50 1.88MAROCCOATTIJARIWAFA BANK 7,123.00 305,897.88 1.17DOUJA PROMOTION GRO. ADDOHA MAROC 26,845.00 233,774.58 0.89MAROC TELECOM 43,463.00 705,130.71 2.691,244,803.17 4.75OMANBANKMUSCAT 209,787.00 335,113.98 1.28NATIONAL BANK OF OMAN 87,585.00 66,428.04 0.25NATIONAL BANK OF OMAN -PROV.- 2,189.00 1,660.23 0.01OMAN TELECOMMUNICATIONS 45,818.00 153,876.91 0.59OMANI QATARI TELECOMMUNICATIONS 68,170.00 106,061.79 0.40RENAISSANCE SERVICE 35,756.00 52,751.66 0.20715,892.61 2.73QATARBARWA REAL ESTATE 24,542.00 189,405.05 0.72COMMERCIAL BANK OF QUATAR 7,637.00 161,086.71 0.61DOHA BANK 8,874.00 148,426.84 0.57INDUSTRIES OF QATAR 3,203.00 123,597.35 0.47MASRAF AL RAYAN 84,471.00 639,152.70 2.44QATAR ELECTRICITY AND WATER 5,467.00 217,717.07 0.83QATAR GAS TRANS 35,709.00 171,825.42 0.66QATAR ISLAMIC BANK 11,142.00 235,323.34 0.90QATAR NATIONAL BANK 21,711.00 805,583.50 3.07QATAR NAVIGATION 7,139.00 146,268.66 0.56QATAR TELECOM 17,453.00 647,111.71 2.473,485,498.35 13.30REGNO UNITOALMARAI (HSBC) -ELN- 29/09/14 11,064.00 336,261.51 1.28336,261.51 1.28TOTALE AZIONI 19,371,078.54 73.88CERTIFICATIREGNO UNITOSAUDI BASIC IND. (CSI) CRT 31.10.12 45,329.00 1,299,106.48 4.951,299,106.48 4.95TOTALE CERTIFICATI 1,299,106.48 4.95La nota integrativa costituisce parte integrante del presente bilancio.418
<strong>Pictet</strong> - Middle East And North AfricaPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Valuta Quantità/Valore nominale Valore di stima (nota 2) % del patrimonionettoOBBLIGAZIONIPAESI BASSIAL-RAHJI BANK (MS) P.NOTE 04.8.11 USD 55,303.00 1,216,361.83 4.640% MS (SAUDI PETRO) ELN 10/13 USD 51,192.00 312,534.33 1.191,528,896.16 5.83REGNO UNITONATIONAL INDUS. (CS) P-NOTE 11/12 USD 18,789.00 241,440.90 0.92YANBU NTL. PET. (HSBC) ELN 10/13 USD 30,713.00 417,592.38 1.59659,033.28 2.51TOTALE OBBLIGAZIONI 2,187,929.44 8.34WARRANTREGNO UNITOARAB NAT.BK.(DB)LEPO WTS 31.12.12 79,356.00 708,736.37 2.70SAUDI BRIT.(DB)LEPO WTS 08.12.12 39,286.00 382,288.14 1.46SAUDI CEMENT (DB) LEPO WTS 03.01.13 20,862.00 468,582.43 1.791,559,606.94 5.95STATI UNITIETIHAD ETIS (CITI) LEPO WTS 16.2.11 33,003.00 569,709.34 2.17569,709.34 2.17TOTALE WARRANT 2,129,316.28 8.12TOTALE I. 24,987,430.74 95.29II. ALTRI VALORI MOBILIARICERTIFICATIBERMUDARIYAD BANK (CLSA) CRT 09/14 120,722.00 827,141.27 3.15827,141.27 3.15TOTALE CERTIFICATI 827,141.27 3.15OBBLIGAZIONIBERMUDAJARIR (CLSA FIN.) ELN 10/14 USD 3,558.00 147,027.23 0.56147,027.23 0.56TOTALE OBBLIGAZIONI 147,027.23 0.56TOTALE II. 974,168.50 3.71La nota integrativa costituisce parte integrante del presente bilancio.419
<strong>Pictet</strong> - Middle East And North AfricaPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Valore di stima (nota 2) % del patrimonionettoTOTALE INVESTIMENTI 25,961,599.24 99.00DISPONIBILITÀ LIQUIDE PRESSO BANCHE 324,387.50 1.24ALTRE PASSIVITÀ NETTE -61,525.88 -0.24PATRIMONIO NETTO COMPLESSIVO 26,224,460.86 100.00La nota integrativa costituisce parte integrante del presente bilancio.420
<strong>Pictet</strong> - Middle East And North AfricaRIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Kuwait 28.16Regno Unito 14.69Qatar 13.30Egitto 11.99Emirati Arabi Uniti 8.73Paesi Bassi 5.83Marocco 4.75Bermuda 3.71Oman 2.73Stati Uniti 2.17Libano 1.88Giordania 1.0699.00Ripartizione per settori economici(in % del patrimonio netto)Banche e istituti di credito 37.48Comunicazioni 17.97Warrant 8.12Certificati 8.10Settore immobiliare 6.31Servizi pubblici 6.20Obbligazioni societarie 4.26Holding e società finanziarie 2.93Altri settori 2.44Trasporto passeggeri e merci 2.17Petrolio 1.29Servizi di pubblica utilità 0.83Costruzione di macchine e apparecchiature 0.72Sostanze chimiche 0.1899.00La nota integrativa costituisce parte integrante del presente bilancio.421
<strong>Pictet</strong> - Environmental Megatrend SelectionPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoI. VALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOAZIONIAUSTRALIAMETCASH 4,815.18 16,142.43 0.09TFS CORP 75,155.15 32,226.23 0.1748,368.66 0.26AUSTRIAANDRITZ 1,999.15 145,358.04 0.77MAYR-MELNHOF KARTON 326.88 24,695.57 0.13ZUMTOBEL 5,693.02 59,549.02 0.32229,602.63 1.22BELGIOSIPEF 340.58 23,789.38 0.1323,789.38 0.13BERMUDABEIJING ENTERPRISES WATER 359,373.43 61,367.15 0.32BROOKFIELD INFRASTRUCTURE 2,213.29 51,560.58 0.27BUNGE 2,193.52 110,432.03 0.58C.P.POKPHAND 225,127.12 20,416.08 0.11CHINA YURUN FOOD 30,853.69 32,802.38 0.17NINE DRAGONS PAPER 60,865.08 37,404.54 0.20313,982.76 1.65BRASILEALL AMERICA LATINA LOGISTICA 8,441.10 32,016.14 0.17BRF FOODS 5,821.45 88,990.21 0.47CEMIG MINAS GERAIS PREF 19,087.26 342,762.23 1.82CIA SANEAMENTO MG 9,529.29 163,291.89 0.86COPEL PREF 'B' 8,549.39 146,149.21 0.77DURATEX SA 23,652.27 107,399.71 0.57FIBRIA ADR (R.1 SHS) 15,638.20 95,469.24 0.51KLABIN 27,761.64 94,687.20 0.50SABESP 7,950.56 227,065.18 1.20SABESP ADR (R.2 SHS) 583.36 33,245.12 0.18SLC AGRICOLA 3,534.78 27,293.41 0.14TRACTEBEL ENERGIA 7,276.46 97,776.78 0.521,456,146.32 7.71CANADA5N PLUS 26,788.83 73,133.77 0.39ACADIAN TIMBER 3,319.41 28,384.32 0.15AGRIUM (USD) 1,746.44 112,614.25 0.60BIOTEQ ENVIRONMENTAL TECHN. 1,629.83 214.51 0.00La nota integrativa costituisce parte integrante del presente bilancio.422
<strong>Pictet</strong> - Environmental Megatrend SelectionPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoBORALEX A 2,311.52 14,063.86 0.07CANFOR 5,701.35 50,424.63 0.27CANFOR PULP PRODUCTS 1,451.21 16,251.05 0.09ENCANA 8,604.82 127,486.93 0.68INNERGEX RENEWABLE ENERGY 10,929.97 86,310.91 0.46NORBORD 1,474.52 12,897.00 0.07POTASH SASKATCHEWAN (CAD) 3,593.00 121,139.34 0.64PROGRESSIVE WASTE SOLUTIONS (USD) 5,069.74 82,293.08 0.44PURE TECHNOLOGIES 8,200.28 24,545.35 0.13SAPUTO 2,089.90 67,820.95 0.36STANTEC (CAD) 3,891.26 92,564.98 0.49SUNOPTA (CAD) 8,144.21 33,003.90 0.17TEMBEC 3,427.10 8,995.17 0.05VITERRA 3,278.64 39,254.94 0.21WEST FRASER TIMBER 2,320.17 79,655.91 0.42WESTERN FOREST PRODUCTS 4,257.44 3,169.87 0.021,074,224.72 5.71CILECOPEC 5,880.88 74,376.74 0.39EMPRESAS CMPC 37,666.85 121,354.17 0.64INVERSIONES AGUAS METROPOL 101,473.33 127,566.66 0.68MASISA 228,042.96 20,122.58 0.11343,420.15 1.82CINACHINA BLUECHEMICAL 'H' 61,567.66 34,925.83 0.18CHINA LONGYUAN POWER GROUP 'H' 71,860.43 44,647.01 0.24CHINA SUNTIEN GREEN ENERGY ´H´ 358,954.42 49,521.30 0.26129,094.14 0.68COREA DEL SUDDC CHEMICAL CO LTD 569.93 86,847.06 0.46WOONG JIN COWAY 4,351.96 108,177.54 0.57195,024.60 1.03DANIMARCACHRISTIAN HANSEN HOLDING 698.57 13,435.89 0.07NOVOZYMES B 5,171.59 113,298.89 0.60126,734.78 0.67FILIPPINEENERGY DEVELOPMENT 628,760.52 65,817.99 0.35MANILA WATER COMPANY 117,844.69 47,698.65 0.25113,516.64 0.60La nota integrativa costituisce parte integrante del presente bilancio.423
<strong>Pictet</strong> - Environmental Megatrend SelectionPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoFINLANDIAFORTUM 4,604.17 80,849.18 0.43KEMIRA 3,634.04 35,722.63 0.19OUTOTEC 3,526.95 132,683.91 0.70STORA ENSO 'R' 17,911.92 97,351.27 0.52UPM-KYMMENE 13,325.18 131,985.92 0.70478,592.91 2.54FRANCIASCHNEIDER ELECTRIC S.A. 4,970.59 242,564.95 1.28SUEZ ENVIRONNEMENT 20,383.33 231,452.68 1.23VEOLIA ENVIRONNEMENT 15,284.72 186,702.80 0.99660,720.43 3.50GERMANIAAIXTRON 2,854.35 37,092.32 0.20ELSTER GROUP ADR (R. 1/4 SHS) 10,092.24 115,966.34 0.61GEA GROUP 1,047.86 26,715.22 0.14INFINEON TECHNOLOGIES NOM. 28,416.24 215,792.92 1.14JOYOU 985.23 9,408.97 0.05KSB PREF N-VTG 75.61 33,516.32 0.18SUEDZUCKER 815.00 19,067.00 0.10457,559.09 2.42GIAPPONEEBARA 20,162.16 54,638.24 0.29IWATSUKA CONFECTIONERY 86.16 2,507.76 0.01KUBOTA 7,975.39 57,852.49 0.31KURITA WATER INDUSTRIES 6,601.53 122,156.36 0.65NIPPON PAPER GROUP 656.54 10,321.70 0.05OJI PAPER 4,215.81 15,386.66 0.08SUMITOMO FORESTRY 4,909.45 33,731.16 0.18TOKYO GAS CO 27,801.80 98,932.89 0.52TOYO SUISAN KAISHA 407.50 7,990.41 0.04WOOD ONE 1,157.94 3,814.15 0.02407,331.82 2.15HONG KONGCHINA EVERBRIGHT INTL 129,943.35 45,757.64 0.24GUANGDONG INVESTMENT 273,609.01 142,013.42 0.75HONG KONG & CHINA GAS 72,521.14 139,230.51 0.74327,001.57 1.73INDIACOROMANDEL INTERNATIONAL 1,257.10 5,251.11 0.03JAIN IRRIGATION SYS -DVR- 1,247.63 881.00 0.00JAIN IRRIGATION SYSTEMS 31,131.75 45,135.58 0.24MAHINDRA & MAHINDRA 1,688.22 17,408.09 0.09MCLEOD RUSSEL INDIA DEMAT. 4,940.05 19,740.62 0.1088,416.40 0.46La nota integrativa costituisce parte integrante del presente bilancio.424
<strong>Pictet</strong> - Environmental Megatrend SelectionPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoINDONESIAPERUSAHAAN GAS NEGA 'B' 213,173.20 66,352.47 0.35PT SAMPOERNA AGRO 65,077.99 19,056.85 0.1085,409.32 0.45IRLANDASMURFIT KAPPA 5,662.36 38,787.19 0.2138,787.19 0.21ISOLE CAYMANCHINA FORESTRY HOLDINGS 46,632.50 6,635.86 0.04CHINA MENGNIU DAIRY 12,353.12 26,993.64 0.14ENN ENERGY HLDGS 47,709.90 123,355.93 0.65GCL-POLY ENERGY HOLDINGS 394,128.30 82,131.19 0.43LEE & MAN PAPER MANUFACTURING 73,343.88 25,614.69 0.14SHENGUAN HOLDINGS 60,543.08 26,868.23 0.14TINGYI (CAYMAN ISLANDS) HOLDING 14,856.34 32,176.95 0.17323,776.49 1.71ISOLE MARSHALLTEEKAY LNG PARTNERS LP 3,632.14 106,379.69 0.56106,379.69 0.56ISRAELEFRUTAROM INDUSTRIES 4,476.82 32,622.46 0.17ISRAEL CHEMICALS 8,332.16 70,916.76 0.38103,539.22 0.55ITALIAENEL GREEN POWER 52,169.68 74,602.65 0.40HERA 26,954.92 28,383.53 0.15SNAM RETE GAS 17,172.92 61,685.14 0.33164,671.32 0.88LUSSEMBURGOMHP GDR (R.1 SHS) 469.43 4,915.83 0.034,915.83 0.03MALAYSIAIOI CORPORATION 22,804.95 29,776.36 0.16KUALA LUMPUR KEPONG 4,051.73 24,371.19 0.13SIME DARBY BERHAD 12,879.38 30,672.91 0.1684,820.46 0.45La nota integrativa costituisce parte integrante del presente bilancio.425
<strong>Pictet</strong> - Environmental Megatrend SelectionPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoNORVEGIAAUSTEVOLL SEAFOOD 7,335.03 20,851.66 0.11CERMAQ 3,014.32 29,356.66 0.16MARINE HARVEST 49,260.73 18,827.06 0.10YARA INTERNATIONAL 3,001.21 106,251.30 0.56175,286.68 0.93PAESI BASSIAALBERTS INDUSTRIES 3,697.81 56,557.99 0.30CSM 1,397.15 18,568.10 0.10IMTECH 3,568.80 85,222.99 0.45NUTRECO HOLDING 1,047.86 55,966.26 0.30216,315.34 1.15PORTOGALLOPORTUCEL 10,746.17 21,707.27 0.1121,707.27 0.11REGNO UNITOASSOCIATED BRITISH FOODS 3,337.68 48,676.02 0.26BG GROUP 13,879.04 239,694.88 1.27D S SMITH 9,149.60 19,411.85 0.10MONDI (GBP) 16,627.75 116,661.08 0.62PENNON GROUP 29,735.79 252,492.93 1.34ROTORK 2,139.54 50,165.44 0.27SEVERN TRENT 8,490.76 154,885.99 0.82TATE & LYLE 3,536.97 29,481.74 0.16UNITED UTILITIES GROUP 21,959.81 157,099.74 0.831,068,569.67 5.67RUSSIACHERKIZOVO GP. GDR (R.0.666667SH S) 1,106.08 10,779.07 0.06NOVATEK -GDR SPONS. - REG. S 1,576.46 155,756.84 0.82RUSHYDRO ADR (R.100 SHS) 24,834.01 67,117.00 0.36RUSHYDRO OJSC (USD) 5,059,260.82 136,429.62 0.72URALKALIY GDR (R. 5 SHS) 2,021.48 56,692.21 0.30426,774.74 2.26SINGAPOREEPURE INTL 122,826.98 43,561.02 0.23HYFLUX 47,863.93 42,651.75 0.23INDOFOOD AGRI RESOURCES 23,495.37 21,777.10 0.12WILMAR INTERNATIONAL 28,839.46 84,230.73 0.45192,220.60 1.03SPAGNAEDP RENOVAVEIS 12,743.59 48,680.50 0.26VISCOFAN 1,164.29 37,839.43 0.2086,519.93 0.46La nota integrativa costituisce parte integrante del presente bilancio.426
<strong>Pictet</strong> - Environmental Megatrend SelectionPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoSTATI UNITIAEGION 2,789.15 38,024.35 0.20AGCO 1,982.79 69,538.66 0.37AMERICAN STATES WATER 1,188.66 32,472.39 0.17AMERICAN WATER WORKS 12,751.45 325,902.38 1.73AQUA AMERICA 11,436.91 191,471.99 1.01ARCHER-DANIELS MIDLAND 3,211.11 75,190.59 0.40AXT 19,708.22 96,843.48 0.51BADGER METER 1,250.84 32,072.03 0.17BALCHEM 1,338.93 30,248.89 0.16BORGWARNER 1,866.02 117,370.91 0.62BUCKEYE TECHNOLOGY 355.25 9,100.86 0.05CALGON CARBON 3,342.76 39,412.06 0.21CALIFORNIA WATER SERVICE 2,821.06 38,565.10 0.20CF INDUSTRIES HOLDINGS 931.43 125,237.60 0.66CHIQUITA BRANDS INTERNATIONAL 1,338.93 8,976.38 0.05CLARCOR 1,584.00 58,839.38 0.31CLEAN HARBORS 4,539.13 227,194.64 1.20CORN PRODUCTS INTERNATIONAL 904.65 38,510.48 0.20DANAHER 7,392.88 304,742.15 1.61DARLING INTERNATIONAL 640.36 8,403.83 0.04DEERE 2,165.58 130,567.52 0.69DELTIC TIMBER 2,057.32 101,525.17 0.54DOMTAR 693.64 49,417.45 0.26DONALDSON 6,406.11 172,317.37 0.91DR HORTON 2,101.90 24,230.94 0.13ECOLAB 1,437.61 66,453.36 0.35EMERSON ELECTRIC 5,941.13 230,836.63 1.22ENERNOC 11,489.57 62,310.51 0.33FLOWSERVE 368.50 31,757.25 0.17FORESTAR REAL ESTATE GP. 1,899.89 21,645.98 0.11FRANKLIN ELECTRIC 1,507.09 55,847.15 0.30GREIF 'A' 728.49 30,776.78 0.16GT ADVANCED TECHNOLOGIES 5,579.49 33,936.67 0.18IDEX 2,295.26 72,433.94 0.38INTERNATIONAL PAPER 2,192.45 57,742.69 0.31ITC HOLDINGS 4,464.01 257,106.86 1.36J&J SNACK FOODS 349.29 13,694.16 0.07JOHNSON CONTROLS 9,270.26 224,083.46 1.19KAPSTONE PAPER 2,147.25 32,860.24 0.17KIMBERLY CLARK 680.00 37,611.68 0.20LENNAR CORP 'A' 1,594.60 32,501.20 0.17LOUISIANA PACIFIC 2,112.40 15,142.85 0.08MARKWEST ENERGY 4,656.24 200,375.27 1.06MASTEC 9,801.05 135,599.61 0.72MAXWELL TECHNOLOGIES (USD) 3,460.53 47,695.77 0.25MCCORMICK NON-VTG 1,454.20 58,930.48 0.31MEADWESTVACO 3,157.26 74,402.63 0.39MERCER INTERNATIONAL 1,762.77 10,669.07 0.06MOSAIC 3,074.89 127,302.86 0.67NEOGEN 24.45 730.39 0.00La nota integrativa costituisce parte integrante del presente bilancio.427
<strong>Pictet</strong> - Environmental Megatrend SelectionPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoPACKAGING CORP OF AMERICA 1,661.59 36,928.44 0.20PALL 2,087.63 92,121.59 0.49PENTAIR 1,795.76 63,409.95 0.34PLUM CREEK TIMBER 6,370.92 198,143.04 1.05POLYPORE 4,972.68 130,779.71 0.69POPE RESOURCES 1,138.35 37,288.38 0.20POTLATCH 4,193.05 98,528.82 0.52PULTE HOMES 5,354.29 37,139.18 0.20QUANTA SERVICES 5,513.41 86,480.15 0.46RALCORP 640.36 35,342.12 0.19RAVEN INDUSTRIES 291.07 13,116.81 0.07RAYONIER 5,438.67 178,641.00 0.95REGAL-BELOIT 1,912.57 94,740.29 0.50REPUBLIC SERVICES 8,059.00 182,851.84 0.97ROCK-TENN 'A' 1,098.36 55,082.57 0.29ROCKWELL AUTOMATION 2,979.30 178,155.33 0.94ROPER INDUSTRIES 2,845.96 210,579.61 1.12SEMPRA ENERGY 4,633.63 205,650.17 1.09SMITHFIELD FOODS 1,164.29 19,256.59 0.10SOUTHWESTERN ENERGY 2,958.59 67,260.83 0.36SPECTRA ENERGY 8,910.83 210,522.77 1.11SYSCO 5,239.31 116,873.89 0.62TESLA MOTORS 999.75 27,955.63 0.15TETRA TECH 7,784.73 153,012.31 0.81TOLL BROTHERS 2,757.49 50,812.21 0.27TORO 722.31 38,598.91 0.20TREEHOUSE FOODS 756.79 33,723.89 0.18TYSON FOODS 'A' 5,239.31 75,587.34 0.40VALMONT INDUSTRIES 452.49 39,740.84 0.21VEECO INSTRUMENTS 4,815.08 102,577.60 0.54WASTE CONNECTIONS 4,763.45 115,321.88 0.61WASTE MANAGEMENT 4,199.66 109,820.50 0.58WAUSAU PAPER 4,955.55 35,635.42 0.19WEYERHAEUSER 12,222.20 200,407.63 1.06WILLIAMS COMPANIES 5,982.76 137,088.20 0.73XYLEM 10,655.31 220,768.54 1.177,968,568.07 42.17SVEZIAHOLMEN 'B' 2,653.81 56,483.21 0.30SVENSKA CELLULOSA 'B' 12,042.88 159,108.02 0.84215,591.23 1.14SVIZZERAABB LTD 8,162.37 122,743.50 0.65GEBERIT 971.86 150,016.55 0.79SULZER 723.46 74,989.03 0.40SYNGENTA AG 512.29 131,072.37 0.69478,821.45 2.53La nota integrativa costituisce parte integrante del presente bilancio.428
<strong>Pictet</strong> - Environmental Megatrend SelectionPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoTAIWANEPISTAR 39,746.66 75,959.06 0.40UNI-PRESIDENT ENTERPRISES 20,968.86 21,739.57 0.1297,698.63 0.52THAILANDIACHAROEN POKPHAND FOODS -FOREIGN- 19,040.80 17,228.86 0.09THAI VEGETABLE OIL -NVDR- 18,626.31 9,049.03 0.0526,277.89 0.14TOTALE AZIONI 18,360,178.02 97.23DIRITTIPAESI BASSINUTRECO RIGHT -NON TRADABLE- 1,047.86 1,157.89 0.011,157.89 0.01TOTALE DIRITTI 1,157.89 0.01WARRANTREGNO UNITOALMARAI (DBL) LEPO WTS 03.12.12 1,580.99 35,918.69 0.19SAFCO (DB LDN) LEPO-WTS 03/12/12 737.62 28,061.41 0.1563,980.10 0.34TOTALE WARRANT 63,980.10 0.34TOTALE I. 18,425,316.01 97.58II. ALTRI VALORI MOBILIARIAZIONISTATI UNITIUNDERGROUND SOLUTIONS 155,437.90 17,581.38 0.0917,581.38 0.09TOTALE AZIONI 17,581.38 0.09La nota integrativa costituisce parte integrante del presente bilancio.429
<strong>Pictet</strong> - Environmental Megatrend SelectionPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoWARRANTSTATI UNITIFLEXIBLE SOLUTIONS WRT 03.05.10 128.03 0.00 0.00PERFECTENERGY WTS 26.01.10 22,429.22 0.00 0.000.00 0.00TOTALE WARRANT 0.00 0.00TOTALE II. 17,581.38 0.09III. QUOTE DI FONDI DI INVESTIMENTOREGNO UNITOPHAUNOS TIMBER FUND 51,709.70 24,596.02 0.1324,596.02 0.13TOTALE III. 24,596.02 0.13TOTALE INVESTIMENTI 18,467,493.41 97.80DISPONIBILITÀ LIQUIDE PRESSO BANCHE 454,080.29 2.40ALTRE PASSIVITÀ NETTE -37,867.98 -0.20PATRIMONIO NETTO COMPLESSIVO 18,883,705.72 100.00La nota integrativa costituisce parte integrante del presente bilancio.430
<strong>Pictet</strong> - Environmental Megatrend SelectionRIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Stati Uniti 42.26Brasile 7.71Regno Unito 6.14Canada 5.71Francia 3.50Finlandia 2.54Svizzera 2.53Germania 2.42Russia 2.26Giappone 2.15Cile 1.82Hong Kong 1.73Isole Cayman 1.71Bermuda 1.65Austria 1.22Paesi Bassi 1.16Svezia 1.14Corea del Sud 1.03Singapore 1.03Norvegia 0.93Italia 0.88Cina 0.68Danimarca 0.67Filippine 0.60Isole Marshall 0.56Israele 0.55Taiwan 0.52Spagna 0.46India 0.46Indonesia 0.45Malaysia 0.45Australia 0.26Irlanda 0.21Thailandia 0.14Belgio 0.13Portogallo 0.11Lussemburgo 0.0397.80Ripartizione per settori economici(in % del patrimonio netto)Servizi di pubblica utilità 27.46Carta e prodotti forestali 10.43Costruzione di macchine e apparecchiature 8.47Equipaggiamento elettrico ed elettronico 7.39Servizi ambientali e riciclaggio 5.33Holding e società finanziarie 5.26Sostanze chimiche 5.11Alimentari e bevande non alcoliche 4.40Salvaguardia dell’ambiente e trattamento dei rifiuti 3.15Edilizia e materiali da costruzione 2.95Agricoltura e pesca 2.68Automezzi 2.05Altri settori 1.89Imballi 1.65Petrolio 1.42Comunicazioni 1.14Aeronautica e astronautica 0.94Acciaio inossidabile 0.84Industria farmaceutica e cosmetica 0.80Conglomerati 0.73Commercio vario 0.72Settore immobiliare 0.67Vendita al dettaglio e supermercati 0.62Prodotti di consumo vari 0.41Computer e articoli per ufficio 0.39Warrant 0.34Trasporto passeggeri e merci 0.17Quote di fondi di investimento 0.13Editoria e arti grafiche 0.12Beni d’investimento vari 0.07Servizi pubblici 0.06Diritti 0.01Biotecnologia 0.0097.80La nota integrativa costituisce parte integrante del presente bilancio.431
<strong>Pictet</strong> - High Dividend SelectionPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoVALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOAZIONIAUSTRALIAAPA GROUP 915,173.56 3,629,813.90 0.86DUET GROUP QUADRUPLE STAPLED 2,739,571.29 3,877,615.25 0.91METCASH 1,300,274.83 4,348,248.28 1.0211,855,677.43 2.79BELGIOU.C.B. 135,286.03 4,446,851.85 1.054,446,851.85 1.05BRASILECEMIG MINAS GERAIS PREF 381,723.25 6,848,966.53 1.61ENERGIAS DO BRASIL 118,351.54 2,001,037.70 0.478,850,004.23 2.08CANADAENBRIDGE 254,945.42 7,447,527.06 1.757,447,527.06 1.75FINLANDIANOKIA 1,134,367.75 4,537,471.00 1.074,537,471.00 1.07FRANCIAGDF SUEZ 345,791.79 6,625,370.78 1.56SANOFI-AVENTIS 114,717.15 6,600,824.80 1.5613,226,195.58 3.12GIAPPONEASTELLAS PHARMA 67,560.61 2,103,341.32 0.50DAIICHI SANKYO 354,379.99 4,893,367.01 1.15N.T.T. 79,675.26 2,739,496.17 0.65NTT DOCOMO 6,153.70 7,742,129.88 1.8217,478,334.38 4.12HONG KONGC K INFRASTRUCTURE 1,514,090.20 6,939,564.37 1.63CHINA MOBILE 575,291.63 4,768,466.88 1.1211,708,031.25 2.75INDONESIAPERUSAHAAN GAS NEGA 'B' 17,394,455.16 5,432,247.54 1.285,432,247.54 1.28La nota integrativa costituisce parte integrante del presente bilancio.432
<strong>Pictet</strong> - High Dividend SelectionPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoITALIAENEL ENTE NAZION. ENERGIA ELETTR. 1,015,667.32 2,750,427.10 0.65SNAM RETE GAS 2,613,771.70 9,388,667.93 2.21T.E.R.N.A. 934,685.18 2,772,276.24 0.6514,911,371.27 3.51PAESI BASSIKONINKLIJKE KPN NV 865,659.63 7,180,646.62 1.697,180,646.62 1.69REGNO UNITOBHP BILLITON 229,232.87 5,157,351.69 1.22BRITISH AMERICAN TOBACCO 181,245.56 6,914,203.20 1.63GLAXOSMITHKLINE 433,458.68 7,271,862.27 1.71IMPERIAL TOBACCO 72,872.94 2,232,887.93 0.53INTERNATIONAL POWER 1,586,040.81 7,697,315.51 1.81PENNON GROUP 498,394.93 4,228,407.00 1.00RECKITT BENCKISER 50,039.19 2,114,279.82 0.50TESCO 507,605.73 1,995,733.98 0.47VODAFONE GROUP PLC 10,107,151.55 21,128,548.34 4.9958,740,589.74 13.86REPUBBLICA CECACESKE ENERGETICKE ZAVODY 70,492.42 2,274,409.06 0.542,274,409.06 0.54RUSSIAMOBILE TELESYS ADR (R. 5 SHS) 295,715.98 4,038,066.29 0.954,038,066.29 0.95SINGAPORESINGAPORE TELECOMMUNICATIONS 1,107,377.24 2,086,219.13 0.492,086,219.13 0.49SPAGNAENAGAS 140,785.33 1,954,100.39 0.46RED ELECTRICA CORP 82,215.77 2,895,228.43 0.684,849,328.82 1.14STATI UNITIALLIANT ENERGY 74,460.28 2,445,186.43 0.58ALTRIA GROUP (USD) 471,357.19 10,860,015.81 2.56AMERICAN WATER WORKS 171,427.59 4,405,453.01 1.04CENTERPOINT ENERGY 442,264.69 6,445,610.75 1.52CENTURYTEL 157,505.86 4,583,895.14 1.08CHEVRON 129,332.79 10,408,401.34 2.45CMS ENERGY 222,519.22 3,672,068.21 0.87CONOCOPHILLIPS 93,992.14 5,366,134.70 1.26DOMINION RESOURCES 144,268.41 5,517,785.21 1.30La nota integrativa costituisce parte integrante del presente bilancio.433
<strong>Pictet</strong> - High Dividend SelectionPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoEDISON INTERNATIONAL 119,444.47 3,823,453.41 0.90ELI LILLY 80,658.31 2,427,590.63 0.57ENERGY TRANSFER EQUITY LP 63,568.66 1,938,615.41 0.46ENTERPRISE PRODUCTS PARTNERS 306,601.82 11,537,135.66 2.72EXELON 334,523.34 9,856,576.82 2.32FIRSTENERGY 143,255.49 4,907,186.43 1.16JOHNSON & JOHNSON 299,413.02 14,780,120.18 3.48KIMBERLY CLARK 152,643.62 8,489,286.17 2.00KRAFT FOODS 'A' 112,642.14 3,207,808.41 0.76MAGELLAN MIDSTREAM PARTNERS 73,003.05 3,952,849.92 0.93MCDONALD'S 83,269.18 6,123,685.69 1.44MERCK & CO 222,484.52 6,369,399.80 1.50NEWMONT MINING 182,191.02 7,045,043.52 1.66PFIZER INC. 756,874.51 12,780,867.43 3.01PHILIP MORRIS WI (USD) 103,388.94 6,747,509.35 1.59SPECTRA ENERGY 106,426.76 2,528,211.30 0.60UNISOURCE ENERGY 72,960.64 2,012,919.53 0.47VERIZON COMMUNICATIONS 247,195.71 7,088,015.19 1.67WISCONSIN ENERGY 161,315.66 4,257,370.74 1.00173,578,196.19 40.90SUDAFRICAMTN GROUP 337,140.95 4,500,436.66 1.064,500,436.66 1.06SVEZIASVENSKA HANDELSBANKEN 'A' 173,903.52 4,043,849.73 0.95SWEDBANK 'A' 179,417.28 2,062,729.72 0.49TELE2 'B' 581,048.26 8,786,644.61 2.07TELIASONERA (SEK) 911,023.54 4,709,131.24 1.1119,602,355.30 4.62SVIZZERAGEBERIT 27,738.40 4,282,962.95 1.01NESTLE S.A. 233,672.98 10,882,314.96 2.56NOVARTIS NOM. 258,278.15 10,673,147.05 2.51ROCHE HOLDING BON DE JOUISSANCE 63,520.47 8,278,721.63 1.95SWISS RE REG. 94,787.25 4,500,863.96 1.06SWISSCOM NOM. 15,195.84 4,547,574.59 1.0743,165,585.14 10.16TOTALE INVESTIMENTI 419,909,544.54 98.93DISPONIBILITÀ LIQUIDE PRESSO BANCHE 5,404,649.32 1.27ALTRE PASSIVITÀ NETTE -842,316.57 -0.20PATRIMONIO NETTO COMPLESSIVO 424,471,877.29 100.00La nota integrativa costituisce parte integrante del presente bilancio.434
<strong>Pictet</strong> - High Dividend SelectionRIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Stati Uniti 40.90Regno Unito 13.86Svizzera 10.16Svezia 4.62Giappone 4.12Italia 3.51Francia 3.12Australia 2.79Hong Kong 2.75Brasile 2.08Canada 1.75Paesi Bassi 1.69Indonesia 1.28Spagna 1.14Finlandia 1.07Sudafrica 1.06Belgio 1.05Russia 0.95Repubblica ceca 0.54Singapore 0.4998.93Ripartizione per settori economici(in % del patrimonio netto)Servizi di pubblica utilità 25.19Comunicazioni 18.77Industria farmaceutica e cosmetica 16.22Petrolio 6.31Tabacco e bevande alcoliche 6.31Alimentari e bevande non alcoliche 5.78Holding e società finanziarie 5.67Pietre e metalli preziosi 2.88Edilizia e materiali da costruzione 2.64Equipaggiamento elettrico ed elettronico 2.07Carta e prodotti forestali 2.00Sostanze chimiche 1.62Banche e istituti di credito 1.44Assicurazioni 1.06Commercio vario 0.50Vendita al dettaglio e supermercati 0.4798.93La nota integrativa costituisce parte integrante del presente bilancio.435
<strong>Pictet</strong> - Brazil IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoVALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOAZIONIBRASILEAES TIETE PFD 1,325.98 19,877.64 0.26ALL AMERICA LATINA LOGISTICA 6,017.36 30,276.22 0.40AMBEV-CIA DE BEBIDAS PREF 10,545.29 437,804.09 5.73AMIL PARTICIPACOES 1,676.92 17,743.21 0.23ANHANGUERA EDUCACIONAL PARTICIP. 1,666.79 19,553.15 0.26BANCO BRADESCO PREF 26,678.69 466,108.06 6.10BANCO DO BRASIL 8,070.95 115,974.97 1.52BANCO ESTADO RIO GRANDE S. PFD 2,549.37 28,072.38 0.37BCO SANTANDER (55 ORD+50PFD) 10,715.06 99,414.21 1.30BMF BOVESPA 27,204.56 168,170.15 2.20BR MALLS PARTICIPACOES 5,562.71 69,623.01 0.91BRADESPAR 267.04 5,310.39 0.07BRADESPAR PREF 2,991.91 56,268.03 0.74BRASIL TELECOM PFD -ADR SPONS. 96.26 1,983.88 0.03BRASIL TELECOM PREF 3,256.47 22,473.70 0.29BRASKEM 'A' PREF 2,140.07 16,939.07 0.22BRF FOODS 9,109.48 184,727.05 2.42BROOKFIELD INCORPORACOES 3,417.47 11,028.61 0.14CEMIG MINAS GERAIS PREF 5,385.09 128,282.89 1.68CESP PREF 'B' 2,239.27 44,676.78 0.58CETIP 2,709.77 45,201.02 0.59CIA BRASILIERA DE DIS. PREF 1,487.19 69,720.27 0.91CIA HERING 1,747.85 44,495.34 0.58CIA SIDERURGICA NACIONAL NOM. 10,255.66 96,940.85 1.27CIELO 3,485.21 115,891.78 1.52CONCESSOES RODOVIARIAS 12,467.98 100,793.22 1.32COPEL PREF 'B' 1,382.83 31,358.48 0.41COSAN 1,654.32 30,210.63 0.40CPFL ENERGIA 2,613.16 39,458.42 0.52CYRELA BRAZIL REALTY SA EMPREEDI. 4,156.18 38,017.21 0.50DIAGNOSTICOS DA AMERICA 3,343.71 26,721.23 0.35DURATEX SA 3,305.20 19,909.24 0.26ECORODOVIAS INFRAS. E LOGISTI. 2,396.32 20,796.14 0.27ELETROBRAS 'B' PREF 3,251.76 42,046.20 0.55ELETROBRAS NOM. 3,904.03 36,774.88 0.48ELETROPAULO PFD 1,354.66 28,445.27 0.37EMBRAER EMPRES. BRASIL. AERONAUTICA 7,680.95 60,712.38 0.79ENERGIAS DO BRASIL 1,136.40 25,510.18 0.33FIBRIA CELULOSE 2,828.78 22,791.20 0.30GERDAU METALURGICA PREF 3,804.94 48,037.48 0.63GERDAU PREF 11,968.25 116,847.71 1.53GOL LINHAS AEREAS INTELLIGENTES 1,459.07 9,862.63 0.13HRT PARTICIPACEOS EM PETROLEO 70.93 24,358.31 0.32HYPERMARCAS 4,073.24 28,399.14 0.37La nota integrativa costituisce parte integrante del presente bilancio.436
<strong>Pictet</strong> - Brazil IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoITAU UNIBANCO PFD 31,820.95 618,049.37 8.09ITAUSA INVESTIMENTOS ITAU PREF 32,203.35 201,879.90 2.64JBS 10,642.72 45,252.37 0.59KLABIN 6,528.44 29,538.03 0.39LIGHT 1,084.17 15,531.65 0.20LOCALIZA RENT A CAR 1,514.80 27,786.56 0.36LOJAS AMERICANAS PREF 4,376.00 41,745.50 0.55LOJAS RENNER 1,697.19 58,396.97 0.76MMX MINERACAO E METALICOS 3,323.44 16,305.15 0.21MRV ENGENHARIA PARTICIPACOES 4,168.34 29,971.04 0.39MULTIPLAN EMPR. IMOBILIARIOS 967.65 22,154.46 0.29NATURA COSMETICOS 2,383.41 52,736.47 0.69ODONTOPREV 1,317.22 21,792.68 0.29OGX PETROLEO E GAS 18,101.62 152,355.76 1.99PDG REALTY SA EMPREENDI. E PARTIC. 15,335.46 53,752.91 0.70PETROBRAS PREF 58,738.82 746,702.97 9.79PETROLEO BRASILEIRO PETROBRAS NOM 41,625.46 548,214.08 7.18PORTO SEGURO 1,551.33 16,997.85 0.22RAIA DROGASIL NM 2,528.05 23,978.85 0.31REDECARD 4,711.34 90,916.23 1.19ROSSI RESIDENCIAL 2,320.33 12,901.62 0.17SABESP 1,564.70 59,280.38 0.78SOUZA CRUZ IND. & COMERCIO NOM. 5,377.04 80,547.84 1.05SUL AMERICA 1,504.67 13,615.80 0.18SUZANO PAPEL 'A' PREF 2,423.53 10,251.90 0.13TAM PREF 1,063.91 26,376.57 0.35TELE NORTE LESTE 795.30 11,250.20 0.15TELE NORTE LESTE PARTICIPAC. PREF 3,253.43 37,864.59 0.50TELEFONICA BRASIL PFD 4,181.21 127,980.98 1.68TELEMAR NORTE LESTE PREF 'A' 495.22 12,736.59 0.17TIM PARTICIPACOES 11,805.16 74,842.08 0.98TOTVS 1,530.00 27,523.23 0.36TRACTEBEL ENERGIA 1,833.01 32,674.34 0.43TRANSMISSAO ENERGIA PAULISTA PFD 445.47 14,958.79 0.20ULTRAPAR PARTICIPACOES 4,561.22 99,457.02 1.30USIMINAS USINAS SIDER. MIN. GERAIS 2,588.23 28,500.26 0.37USINAS SIDER MINAS GER-PF 'A' 6,353.96 41,633.50 0.54VALE DO RIO DOCE 18,220.67 418,754.24 5.48VALE DO RIO DOCE PREF 'A' 27,971.94 625,173.57 8.187,637,989.00 99.98TOTALE INVESTIMENTI 7,637,989.00 99.98DISPONIBILITÀ LIQUIDE PRESSO BANCHE 1,466.11 0.02ALTRE PASSIVITÀ NETTE -9.59 0.00PATRIMONIO NETTO COMPLESSIVO 7,639,445.52 100.00La nota integrativa costituisce parte integrante del presente bilancio.437
<strong>Pictet</strong> - Brazil IndexRIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Brasile 99.9899.98Ripartizione per settori economici(in % del patrimonio netto)Petrolio 19.50Holding e società finanziarie 14.33Acciaio inossidabile 13.66Banche e istituti di credito 12.00Servizi di pubblica utilità 6.99Tabacco e bevande alcoliche 6.78Settore minerario e siderurgico 4.55Comunicazioni 3.80Vendita al dettaglio e supermercati 2.59Agricoltura e pesca 2.42Settore immobiliare 2.25Trasporto passeggeri e merci 2.07Sostanze chimiche 1.30Altri settori 1.04Industria farmaceutica e cosmetica 1.00Carta e prodotti forestali 0.82Aeronautica e astronautica 0.79Edilizia e materiali da costruzione 0.70Assicurazioni 0.69Servizi sanitari e sociali 0.61Alimentari e bevande non alcoliche 0.59Prodotti tessili e abbigliamento 0.58Automezzi 0.36Internet, software e servizi informatici 0.36Equipaggiamento elettrico ed elettronico 0.2099.98La nota integrativa costituisce parte integrante del presente bilancio.438
<strong>Pictet</strong> - Bric IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoI. VALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOAZIONIBERMUDABRILLIANCE CHINA AUTO. HOLD. 1,797.91 1,965.86 0.15CHINA GAS HOLDINGS 2,317.73 1,128.32 0.09CHINA RESOURCES GAS GROUP 567.51 1,084.64 0.08CHINA YURUN FOOD 1,037.25 1,469.45 0.11HAIER ELECTRONICS GROUP 636.66 693.67 0.05HUABAO INTERNATIONAL HOLDINGS 1,511.77 1,002.70 0.08KUNLUN ENERGY 1,712.06 2,998.73 0.23NINE DRAGONS PAPER 1,244.70 1,013.12 0.08SIHUAN PARMACEUTICAL HLDGS (IPO) 1,425.93 552.77 0.04SINOFERT HOLDINGS 1,750.22 432.78 0.03SKYWORTH DIGITAL HOLDINGS 1,402.08 637.42 0.0512,979.46 0.99BRASILEAES TIETE PFD 73.92 1,108.10 0.09ALL AMERICA LATINA LOGISTICA 335.44 1,687.78 0.13AMBEV-CIA DE BEBIDAS PREF 587.86 24,405.91 1.90AMIL PARTICIPACOES 93.48 989.12 0.08ANHANGUERA EDUCACIONAL PARTICIP. 92.92 1,090.01 0.08BANCO BRADESCO PREF 1,487.23 25,983.74 2.02BANCO DO BRASIL 449.92 6,465.16 0.50BANCO ESTADO RIO GRANDE S. PFD 142.12 1,564.93 0.12BCO SANTANDER (55 ORD+50PFD) 597.32 5,541.96 0.43BMF BOVESPA 1,516.55 9,374.84 0.73BR MALLS PARTICIPACOES 310.10 3,881.22 0.30BRADESPAR 14.89 296.03 0.02BRADESPAR PREF 166.79 3,136.73 0.24BRASIL TELECOM PFD -ADR SPONS. 5.37 110.59 0.01BRASIL TELECOM PREF 181.54 1,252.82 0.10BRASKEM 'A' PREF 119.30 944.29 0.07BRF FOODS 507.82 10,297.83 0.80BROOKFIELD INCORPORACOES 190.51 614.80 0.05CEMIG MINAS GERAIS PREF 300.20 7,151.28 0.56CESP PREF 'B' 124.83 2,490.56 0.19CETIP 151.06 2,519.78 0.20CIA BRASILIERA DE DIS. PREF 82.91 3,886.64 0.30CIA HERING 97.44 2,480.45 0.19CIA SIDERURGICA NACIONAL NOM. 571.71 5,404.08 0.42CIELO 194.29 6,460.52 0.50CONCESSOES RODOVIARIAS 695.04 5,618.84 0.44COPEL PREF 'B' 77.09 1,748.12 0.14COSAN 92.22 1,684.13 0.13CPFL ENERGIA 145.67 2,199.66 0.17La nota integrativa costituisce parte integrante del presente bilancio.439
<strong>Pictet</strong> - Bric IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoCYRELA BRAZIL REALTY SA EMPREEDI. 231.69 2,119.31 0.16DIAGNOSTICOS DA AMERICA 186.40 1,489.61 0.12DURATEX SA 184.25 1,109.86 0.09ECORODOVIAS INFRAS. E LOGISTI. 133.59 1,159.31 0.09ELETROBRAS 'B' PREF 181.27 2,343.92 0.18ELETROBRAS NOM. 217.63 2,050.06 0.16ELETROPAULO PFD 75.52 1,585.71 0.12EMBRAER EMPRES. BRASIL. AERONAUTICA 428.18 3,384.48 0.26ENERGIAS DO BRASIL 63.35 1,422.10 0.11FIBRIA CELULOSE 157.69 1,270.52 0.10GERDAU METALURGICA PREF 212.11 2,677.91 0.21GERDAU PREF 667.18 6,513.81 0.51GOL LINHAS AEREAS INTELLIGENTES 81.34 549.80 0.04HRT PARTICIPACEOS EM PETROLEO 3.95 1,357.88 0.11HYPERMARCAS 227.07 1,583.14 0.12ITAU UNIBANCO PFD 1,773.90 34,453.89 2.68ITAUSA INVESTIMENTOS ITAU PREF 1,795.21 11,254.03 0.88JBS 593.29 2,522.65 0.20KLABIN 363.94 1,646.63 0.13LIGHT 60.44 865.83 0.07LOCALIZA RENT A CAR 84.44 1,548.99 0.12LOJAS AMERICANAS PREF 243.95 2,327.15 0.18LOJAS RENNER 94.61 3,255.41 0.25MMX MINERACAO E METALICOS 185.27 908.95 0.07MRV ENGENHARIA PARTICIPACOES 232.37 1,670.77 0.13MULTIPLAN EMPR. IMOBILIARIOS 53.94 1,235.03 0.10NATURA COSMETICOS 132.87 2,939.86 0.23ODONTOPREV 73.43 1,214.86 0.09OGX PETROLEO E GAS 1,009.10 8,493.25 0.66PDG REALTY SA EMPREENDI. E PARTIC. 854.89 2,996.52 0.23PETROBRAS PREF 3,274.46 41,625.84 3.24PETROLEO BRASILEIRO PETROBRAS NOM 2,320.46 30,560.84 2.38PORTO SEGURO 86.48 947.57 0.07RAIA DROGASIL NM 140.93 1,336.73 0.10REDECARD 262.64 5,068.23 0.39ROSSI RESIDENCIAL 129.35 719.22 0.06SABESP 87.23 3,304.65 0.26SOUZA CRUZ IND. & COMERCIO NOM. 299.75 4,490.23 0.35SUL AMERICA 83.88 759.03 0.06SUZANO PAPEL 'A' PREF 135.10 571.50 0.04TAM PREF 59.31 1,470.39 0.11TELE NORTE LESTE 44.33 627.16 0.05TELE NORTE LESTE PARTICIPAC. PREF 181.37 2,110.81 0.16TELEFONICA BRASIL PFD 233.09 7,134.45 0.56TELEMAR NORTE LESTE PREF 'A' 27.61 710.02 0.06TIM PARTICIPACOES 658.09 4,172.16 0.32TOTVS 85.29 1,534.32 0.12TRACTEBEL ENERGIA 102.18 1,821.47 0.14TRANSMISSAO ENERGIA PAULISTA PFD 24.83 833.90 0.06ULTRAPAR PARTICIPACOES 254.27 5,544.35 0.43USIMINAS USINAS SIDER. MIN. GERAIS 144.28 1,588.78 0.12La nota integrativa costituisce parte integrante del presente bilancio.440
<strong>Pictet</strong> - Bric IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoUSINAS SIDER MINAS GER-PF 'A' 354.21 2,320.91 0.18VALE DO RIO DOCE 1,015.73 23,343.95 1.82VALE DO RIO DOCE PREF 'A' 1,559.33 34,851.04 2.71425,788.71 33.10CINAAGRICULTURAL BANK OF CHINA 'H' 14,278.33 6,013.16 0.47AIR CHINA 'H' 1,654.84 1,118.90 0.09ALUMINIUM CORP CHINA 'H' 3,099.84 1,477.13 0.11ANGANG NEW STEEL 'H' 791.65 493.47 0.04ANHUI CONCH CEMENT 'H' 960.95 3,032.11 0.24AVICHINA INDUSTRY & TECHNOLOGY CO 1,535.61 709.99 0.06BANK OF CHINA 52,082.53 20,659.54 1.61BANK OF COMMUNICATIONS 'H' 5,699.60 4,286.82 0.33BBMG 'H' 863.19 704.81 0.05BEIJING CAPITAL INTL AIRPORT NOM. 1,583.30 880.90 0.07BYD 'H' 404.17 1,064.48 0.08CHANGSHA ZOOMLION HEAVY IND. -H- 993.86 1,308.13 0.10CHINA BLUECHEMICAL 'H' 1,321.01 1,037.80 0.08CHINA CITIC BANK 'H' 5,737.56 3,413.87 0.27CHINA COAL ENERGY 'H' 3,204.76 3,603.19 0.28CHINA COMMUNICATION CONST. 'H' 3,490.90 3,353.93 0.26CHINA COMMUNICATIONS SERV. 'H' 1,800.77 832.59 0.06CHINA CONSTRUCTION BANK 'H' 46,868.06 36,035.38 2.80CHINA COSCO HOLDINGS 'H' 1,939.78 1,131.69 0.09CHINA INTL. MARINE CONTAINERS 'B' 500.74 692.62 0.05CHINA LIFE INSURANCE 'H' 5,811.01 15,042.68 1.17CHINA LONGYUAN POWER GROUP 'H' 1,590.46 1,339.61 0.10CHINA MERCHANTS BANK 'H' 3,041.85 6,033.05 0.47CHINA MINSENG BANKING 'H' 2,923.86 2,613.33 0.20CHINA MOLYBDENUM CO -H- 1,046.79 448.93 0.03CHINA NATIONAL BUILDING MAT. 'H' 2,208.04 2,729.96 0.21CHINA OILFIELD SERVICES 1,192.25 1,689.03 0.13CHINA OVERSEAS LAND & INVESTMENT 3,212.96 6,066.20 0.47CHINA PACIFIC INSURANCE 'H' 1,337.70 4,246.72 0.33CHINA PETROLEUM & CHEMICAL 'H' 13,124.24 14,299.55 1.11CHINA RAILWAY 3,033.07 1,003.91 0.08CHINA RAILWAY CONSTRUCTION 'H' 1,458.12 938.94 0.07CHINA RESOURCES POWER HOLDINGS 1,279.99 2,317.78 0.18CHINA SHENHUA ENERGY H 2,653.94 11,176.77 0.87CHINA SHIPING CONTAINER LINES 2,736.80 888.22 0.07CHINA SHIPPING DEVELOPMENT 'H' 939.49 626.76 0.05CHINA SOUTH LOCOMOTIVE 'H' 1,542.77 1,027.23 0.08CHINA SOUTHERN AIRLINES 'H' 1,502.23 694.56 0.05CHINA TELECOM 'H' 10,801.75 5,981.91 0.47CHINA UNICOM (HK) 4,623.59 7,752.96 0.60CHINA VANKE 'B' 1,014.84 1,161.92 0.09CHONGQING RURAL COMMERCIAL BK 'H' 1,814.60 869.36 0.07DATANG INTERNATIONAL POWER GEN 'H' 2,413.11 863.97 0.07DONGFANG ELECTRICAL MACHINERY 'H' 272.31 636.88 0.05DONGFENG MOTOR GROUP 'H' 2,126.97 3,835.01 0.30FAR EAST HORIZON 851.26 669.86 0.05La nota integrativa costituisce parte integrante del presente bilancio.441
<strong>Pictet</strong> - Bric IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoFUJIAN ZIJIN MINING 4,571.07 1,807.32 0.14GOME ELECTRICAL APPLIANCES 8,001.59 1,597.30 0.12GREAT WALL AUTO 'H' 777.94 1,486.82 0.12GUANGZHOU AUTOMOBILE 'H' 1,689.02 1,601.00 0.12GUANGZHOU R&H PROP. 'H' (TEMP. TRAD) 716.30 830.26 0.06HUANENG POWER INTL 'H' 2,436.95 1,346.42 0.10IND. & COMM. BANK OF CHINA 'H' 47,477.16 30,144.60 2.35INNER MONGOLIA YITAI COAL 'B' 476.90 2,531.38 0.20JIANGSU EXPRESSWAY 'H' 1,006.26 962.89 0.07JIANGXI COPPER 'H' 1,084.94 2,489.96 0.19METALLURGICAL CORP. OF CHINA 'H' 2,453.64 571.96 0.04PETROCHINA 'H' 16,486.37 22,803.80 1.77PICC PROPERTY AND CASUALTY 'H' 2,062.58 2,518.24 0.20PING AN INSURANCE (GROUP) 1,350.81 10,159.83 0.79SHANDONG WEIGAO GROUP H 1,316.24 1,476.49 0.11SHANGHAI ELECTRIC GROUP 'H' 2,250.96 1,174.09 0.09SHANGHAI INDUSTRIAL HOLDINGS 426.82 1,319.28 0.10SHANGHAI PHARMACEUTICALS ´H´ 376.75 587.11 0.05SHIMAO PROPERTY HOLDING LTD 1,191.05 1,253.23 0.10SINOPEC SHANGHAI PETROCHEMICAL 'H' 1,936.21 705.69 0.05SINOPHARM 'H' 608.52 1,712.40 0.13WEICHAI POWER 'H' 305.21 1,413.13 0.11YANZHOU COAL MINING 'H' 1,508.91 3,187.01 0.25ZHAOJIN MINING INDUSTRY H 661.70 1,102.73 0.09ZHEJIANG EXPRESSWAY 'H' 1,115.94 812.02 0.06ZHUZHOU CSR TIMES 'H' 355.29 909.65 0.07ZTE 'H' 483.77 1,258.53 0.10284,568.75 22.09HONG KONGBEIJING ENTREPRISES 410.13 2,487.84 0.19CHAODA MODERN AGRICULTURE 1,924.38 211.68 0.02CHINA AGRI-INDUSTRIES 1,311.47 879.98 0.07CHINA EVERBRIGHT 686.73 1,061.32 0.08CHINA MERCHANTS 867.95 2,878.41 0.22CHINA MOBILE 4,699.83 50,934.71 4.11CHINA RESOURCES ENTERPRISE 944.26 3,301.71 0.26CHINA TAIPING INSURANCE HLDGS 615.20 1,188.46 0.09CHINA ZHENGTONG AUTO.SERVICES 674.81 634.43 0.05CITIC PACIFIC 1,003.87 1,693.66 0.13CNOOC 13,905.16 28,509.98 2.22COSCO PACIFIC 1,235.17 1,864.36 0.15DAH CHONG HONG 646.20 682.43 0.05FOSUN INTERNATIONAL 1,334.12 809.27 0.06FRANSHION PROPERTIES (CHINA) 2,861.39 733.34 0.06FUSHAN INTERNATIONAL ENERGY 2,389.26 815.43 0.06GHANGZUOU INVESTMENT 4,077.48 813.96 0.06GUANGDONG INVESTMENT 1,964.82 1,356.33 0.11LENOVO GROUP 4,764.21 4,466.84 0.35MINMETALS RESOURCES 1,220.86 594.34 0.05POLY (HONG KONG) INVESTMENTS 1,569.00 737.55 0.06SINO-OCEAN LAND HOLDINGS 2,590.75 1,211.18 0.09La nota integrativa costituisce parte integrante del presente bilancio.442
<strong>Pictet</strong> - Bric IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoSUN ART RETAIL GROUP 1,476.00 1,999.77 0.16TSINGTAO BREWERY 'H' 238.45 1,295.94 0.10WUMART STORES 'H' 393.44 827.96 0.06111,990.88 8.86INDIAADANI ENTERPRISES 167.30 976.55 0.08ADITYA BIRLA NUVO DEMAT. 35.53 633.92 0.05AMBUJA CEMENTS DEMAT. 488.33 1,589.55 0.12ASIAN PAINTS DEMAT. 21.22 1,318.06 0.10ASSOCIATED CEMENT DEMAT. 41.95 1,076.02 0.08AXIS BANK DEMAT. 177.17 3,872.46 0.30BAJAJ AUTO 68.84 2,216.40 0.17BANK OF INDIA 91.79 623.60 0.05BHARAT HEAVY ELECTRICALS 461.68 2,237.11 0.17BHARAT PETROLEUM DEMAT. 67.86 909.24 0.07BHARTI AIRTEL 436.75 2,825.91 0.22CANARA BANK DEMAT. 65.39 579.00 0.05CIPLA DEMAT. 260.33 1,517.53 0.12COAL INDIA 393.33 2,549.90 0.20DABUR INDIA DEMAT. 355.57 728.67 0.06DLF 313.87 1,212.44 0.09DR REDDY'S LABORATORIES DEMAT. 79.21 2,633.07 0.20GAIL INDIA 294.62 2,111.47 0.16GMR INFRASTRUCTURE 736.07 440.91 0.03HCL TECHNOLOGIES DEMAT. 60.21 553.76 0.04HDFC BANK 1,188.48 11,809.54 0.92HERO HONDA MOTORS DEMAT. 31.83 1,262.43 0.10HINDALCO INDUSTRIES INDIA DEMAT. 871.22 2,118.01 0.16HINDUSTAN UNILEVER 667.72 5,311.43 0.41HOUSING DEVELOPMENT FINANCE 848.83 11,025.66 0.86ICICI BANK DEMAT. 332.87 5,548.93 0.43IDEA CELLULAR 521.88 983.08 0.08INFOSYS TECHNOLOGIES DEMAT. 336.08 18,278.61 1.42INFRASTRUCTURE DEV. FIN. DEMAT. 761.73 1,913.41 0.15ITC DEMAT. 1,748.75 7,649.38 0.60JAIPRAKASH ASSOCIATES 785.66 1,204.48 0.09JINDAL STEEL & POWER DEMAT. 287.96 3,074.27 0.24JSW STEEL DEMAT. 69.58 959.36 0.07KOTAK MAHINDRA BANK 210.48 2,150.94 0.17LARSEN & TOUBRO DEMAT. 161.38 4,025.55 0.31LIC HOUSING FINANCE 217.88 1,088.46 0.08LUPIN 114.25 1,156.27 0.09MAHINDRA & MAHINDRA 236.88 3,135.30 0.24MARUTI SUZUKI 51.57 1,311.87 0.10MUNDRA PORT & SPECIAL ECON. ZONE 305.98 740.28 0.06NTPC DEMAT. 434.29 1,374.73 0.11OIL & NATURAL GAS CORP 594.68 3,016.54 0.23PIRAMAL HEALTH 48.16 428.14 0.03POWER FINANCE CORPORATION 221.34 757.99 0.06POWER GRID INDIA 850.56 1,752.98 0.14RANBAXY LABORATORIES DEMAT. 98.88 860.78 0.07La nota integrativa costituisce parte integrante del presente bilancio.443
<strong>Pictet</strong> - Bric IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoRELIANCE CAPITAL DEMAT. 80.44 607.76 0.05RELIANCE COMMUNICATIONS DEMAT. 416.77 670.19 0.05RELIANCE INDUSTRIES DEMAT. 1,025.10 14,470.42 1.13RELIANCE INFRASTRUCTURE 88.34 976.56 0.08RELIANCE POWER 457.30 1,026.66 0.08RURAL ELECTRIFICATION 219.12 828.92 0.06SATYAM COMPUTER SERVICES DEMAT. 424.42 644.87 0.05SESA GOA DEMAT. 253.91 932.35 0.07SHRIRAM TRANSPORT FINANCE DEMAT. 94.26 1,083.89 0.08SIEMENS INDIA 50.57 734.41 0.06STATE BANK OF INDIA DEMAT. 98.95 3,973.26 0.31STERLITE INDUSTRIES (INDIA) 1,055.61 2,238.31 0.17SUN PHARMACEUTICAL 240.34 2,677.27 0.21SUZLON ENERGY 517.69 263.21 0.02TATA CONSULTANCY SERVICES DEMAT. 368.90 8,200.75 0.64TATA MOTORS 1,182.69 6,265.38 0.49TATA POWER 758.28 1,436.49 0.11TATA STEEL DEMAT. 243.10 2,145.70 0.17TITAN INDUSTRIES 166.31 740.28 0.06ULTRA TECH CEMENT 53.55 1,559.54 0.12UNITECH 1,026.00 546.63 0.04UNITED PHOSPHORUS DEMAT. 177.42 440.13 0.03UNITED SPIRITS DEMAT 72.30 837.91 0.07WIPRO DEMAT 389.87 3,317.34 0.26ZEE ENTERTAINMENT 322.75 803.82 0.06180,966.04 14.05ISOLE CAYMANAGILE PROPERTY HOLDINGS 1,063.48 1,216.25 0.09ALIBABA. COM 981.22 1,668.08 0.13ANTA SPORTS PRODUCTS 639.04 670.76 0.05BELLE INTERNATIONAL 3,645.89 6,573.69 0.51BOSIDENG INTERNATIONAL HOLDINGS 2,055.43 614.14 0.05CHINA DONGXIANG 2,403.57 377.65 0.03CHINA MENGNIU DAIRY 949.03 2,835.60 0.22CHINA RESOURCES CEMENT 1,595.22 1,168.99 0.09CHINA RESOURCES LAND 1,583.30 2,728.34 0.21CHINA RONGSHENG 1,195.82 323.42 0.03CHINA STATE CONSTRUCTION INTL 1,068.25 983.69 0.08CHINA ZHONGWANG HOLDINGS 1,156.96 420.19 0.03CN SHANSHUI CEMENT 1,399.70 1,056.35 0.08COUNTRY GARDEN 3,250.06 1,264.09 0.10DAPHNE INTERNATIONAL HLDGS 748.73 1,018.28 0.08DONGYUE GROUP 736.81 663.30 0.05ENN ENERGY HLDGS 584.20 2,069.06 0.16EVERGRANDE REAL ESTATE GROUP 4,075.10 2,199.02 0.17GCL-POLY ENERGY HOLDINGS 5,336.49 1,450.16 0.11GEELY AUTOMOBILE 2,837.54 1,118.26 0.09GOLDEN EAGLE RETAIL 503.13 1,325.10 0.10HENGAN INTERNATIONAL GROUP 573.47 5,631.56 0.44INTIME DEPARTMENT STORE 813.11 989.60 0.08KINGBOARD CHEMICAL HOLDINGS 460.21 1,532.12 0.12La nota integrativa costituisce parte integrante del presente bilancio.444
<strong>Pictet</strong> - Bric IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoLEE & MAN PAPER MANUFACTURING 1,323.39 605.06 0.05LONGFOR PROPERTIES 1,013.41 1,446.11 0.11LONKING HOLDINGS 1,552.30 541.78 0.04PARKSON RETAIL GP 1,119.52 1,273.12 0.10RENHE COMMERCIAL 8,259.88 595.72 0.05SANY HEAVY EQUIPMENT INTL. 751.11 563.97 0.04SEMICONDUCTOR MANUFACTURING INTL 16,684.28 827.27 0.06SHUI ON LAND 1,950.28 778.64 0.06SOHO CHINA 1,703.72 1,239.72 0.10TENCENT HOLDINGS 787.60 21,909.67 1.70TINGYI (CAYMAN ISLANDS) HOLDING 1,507.00 4,201.93 0.33WANT WANT CHINA 4,652.14 5,092.72 0.40XINYU HENGDELI HLGDS 1,688.22 660.97 0.05YINGDE GASES 678.39 745.25 0.06ZHONGSHENG GROUP 418.48 806.27 0.0681,185.90 6.31RUSSIACHEREPOVETS METAL SEVERSTAL (USD) 153.84 2,041.56 0.16FGC UES (USD) 244,033.43 2,537.95 0.20GAZPROM ADR (R. 4 SHS) 688.66 8,243.21 0.64GAZPROM 'LOCAL' (USD) 6,922.25 41,538.36 3.23GROUP LSR GDR (R. 1/5 SHS) 143.58 843.51 0.07IDGC (USD) 13,732.96 1,477.67 0.11INTER RAO UES (USD) 1,001,562.67 1,001.56 0.08JFSC SISTEMA GDR (R. 20 SHS) 91.88 1,855.88 0.14JSC SURGUTNEFTEGAZ (USD) 5,598.06 5,393.73 0.42LUKOIL (USD) 397.91 23,955.58 1.86MAGNIT GDR 203.95 5,894.14 0.46MECHEL ADR (R. 3 SHS) 114.31 1,040.24 0.08MMC NORILSK NICKEL JSC (USD) 37.46 6,788.25 0.53MOBILE TELESYS ADR (R. 5 SHS) 363.84 6,596.34 0.51MOBILE TELESYSTEMS USD 81.28 621.06 0.05NOVATEK -GDR SPONS. - REG. S 70.54 9,304.62 0.72NOVOLIPETSK STEEL GDR (R. 1 REG-S) 52.48 1,091.14 0.08PIPE METALL. COMP. GDR (REP 4SHS) 41.38 554.46 0.04ROSNEFT OIL (USD) 1,241.43 8,630.20 0.67ROSTELECOM 1,041.29 5,057.86 0.39RUSHYDRO OJSC (USD) 90,609.55 3,261.94 0.25SBERBANK OF RUSSIA 6,759.90 21,440.39 1.67SBERBANK PFD (USD) 785.53 2,037.19 0.16SURGUTNEFTEGAZ OIL PFD (USD) 5,423.83 3,793.42 0.30TATNEFT (USD) 1,107.24 7,160.20 0.56TRANSNEFT PREF (USD) 1.23 2,324.82 0.18URALKALIY (USD) 1,080.71 8,081.00 0.63VNESHTORGBANK (USD) 2,009,296.74 4,420.45 0.34186,986.73 14.53TOTALE I. 1,284,466.47 99.93La nota integrativa costituisce parte integrante del presente bilancio.445
<strong>Pictet</strong> - Bric IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoII. ALTRI VALORI MOBILIARIAZIONICINACSG HOLDING B 607.84 457.96 0.04457.96 0.04TOTALE II. 457.96 0.04TOTALE INVESTIMENTI 1,284,924.43 99.97DISPONIBILITÀ LIQUIDE PRESSO BANCHE 5,847.27 0.45ALTRE PASSIVITÀ NETTE -5,514.38 -0.42PATRIMONIO NETTO COMPLESSIVO 1,285,257.32 100.00La nota integrativa costituisce parte integrante del presente bilancio.446
<strong>Pictet</strong> - Bric IndexRIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Brasile 33.10Cina 22.13Russia 14.53India 14.05Hong Kong 8.86Isole Cayman 6.31Bermuda 0.9999.97Ripartizione per settori economici(in % del patrimonio netto)Petrolio 19.64Banche e istituti di credito 17.40Comunicazioni 8.09Holding e società finanziarie 7.29Acciaio inossidabile 5.74Servizi di pubblica utilità 4.66Settore minerario e siderurgico 4.58Internet, software e servizi informatici 4.44Tabacco e bevande alcoliche 2.95Assicurazioni 2.80Settore immobiliare 2.75Sostanze chimiche 2.64Industria farmaceutica e cosmetica 2.20Edilizia e materiali da costruzione 2.03Automezzi 1.95Trasporto passeggeri e merci 1.87Alimentari e bevande non alcoliche 1.72Vendita al dettaglio e supermercati 1.35Agricoltura e pesca 0.89Costruzione di macchine e apparecchiature 0.85Equipaggiamento elettrico ed elettronico 0.85Prodotti tessili e abbigliamento 0.83Computer e articoli per ufficio 0.47Altri settori 0.45Carta e prodotti forestali 0.35Commercio vario 0.31Aeronautica e astronautica 0.26Servizi sanitari e sociali 0.20Servizi elettrici 0.20Pietre e metalli preziosi 0.06Fotografia e materiale ottico 0.06Servizi pubblici 0.05Orologeria 0.0499.97La nota integrativa costituisce parte integrante del presente bilancio.447
<strong>Pictet</strong> - China IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoI. VALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOAZIONIBERMUDABRILLIANCE CHINA AUTO. HOLD. 151,817.36 165,999.56 0.40CHINA GAS HOLDINGS 195,711.51 95,276.54 0.23CHINA RESOURCES GAS GROUP 47,921.13 91,588.04 0.22CHINA YURUN FOOD 87,586.94 124,082.30 0.30HAIER ELECTRONICS GROUP 53,760.26 58,574.63 0.14HUABAO INTERNATIONAL HOLDINGS 127,655.45 84,668.99 0.20KUNLUN ENERGY 144,568.79 253,216.06 0.61NINE DRAGONS PAPER 105,104.33 85,549.11 0.21SIHUAN PARMACEUTICAL HLDGS (IPO) 120,406.87 46,676.21 0.11SINOFERT HOLDINGS 147,790.38 36,544.77 0.09SKYWORTH DIGITAL HOLDINGS 118,393.38 53,824.49 0.131,096,000.70 2.64CINAAGRICULTURAL BANK OF CHINA 'H' 1,205,679.54 507,758.79 1.23AIR CHINA 'H' 139,736.41 94,481.48 0.23ALUMINIUM CORP CHINA 'H' 261,754.07 124,730.59 0.30ANGANG NEW STEEL 'H' 66,847.96 41,668.83 0.10ANHUI CONCH CEMENT 'H' 81,143.76 256,034.82 0.62AVICHINA INDUSTRY & TECHNOLOGY CO 129,668.94 59,952.63 0.14BANK OF CHINA 4,397,911.41 1,744,516.17 4.21BANK OF COMMUNICATIONS 'H' 481,281.18 361,984.13 0.87BBMG 'H' 72,888.44 59,514.90 0.14BEIJING CAPITAL INTL AIRPORT NOM. 133,695.93 74,384.03 0.18BYD 'H' 34,128.70 89,885.77 0.22CHANGSHA ZOOMLION HEAVY IND. -H- 83,922.38 110,460.37 0.27CHINA BLUECHEMICAL 'H' 111,547.51 87,632.96 0.21CHINA CITIC BANK 'H' 484,486.45 288,271.31 0.70CHINA COAL ENERGY 'H' 270,613.44 304,257.59 0.73CHINA COMMUNICATION CONST. 'H' 294,775.36 283,209.49 0.68CHINA COMMUNICATIONS SERV. 'H' 152,058.98 70,304.70 0.17CHINA CONSTRUCTION BANK 'H' 3,957,594.75 3,042,870.42 7.35CHINA COSCO HOLDINGS 'H' 163,797.65 95,561.65 0.23CHINA INTL. MARINE CONTAINERS 'B' 42,283.35 58,485.94 0.14CHINA LIFE INSURANCE 'H' 490,688.21 1,270,221.59 3.07CHINA LONGYUAN POWER GROUP 'H' 134,299.97 113,117.94 0.27CHINA MERCHANTS BANK 'H' 256,857.66 509,437.67 1.23CHINA MINSENG BANKING 'H' 246,894.50 220,672.74 0.53CHINA MOLYBDENUM CO -H- 88,392.34 37,908.51 0.09CHINA NATIONAL BUILDING MAT. 'H' 186,449.44 230,520.80 0.56CHINA OILFIELD SERVICES 100,674.64 142,623.34 0.34CHINA OVERSEAS LAND & INVESTMENT 271,306.08 512,237.43 1.24CHINA PACIFIC INSURANCE 'H' 112,956.95 358,597.86 0.87La nota integrativa costituisce parte integrante del presente bilancio.448
<strong>Pictet</strong> - China IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoCHINA PETROLEUM & CHEMICAL 'H' 1,108,226.48 1,207,470.95 2.92CHINA RAILWAY 256,116.29 84,771.16 0.20CHINA RAILWAY CONSTRUCTION 'H' 123,125.09 79,285.61 0.19CHINA RESOURCES POWER HOLDINGS 108,084.30 195,715.73 0.47CHINA SHENHUA ENERGY H 224,101.76 943,780.11 2.28CHINA SHIPING CONTAINER LINES 231,098.65 75,002.50 0.18CHINA SHIPPING DEVELOPMENT 'H' 79,331.62 52,924.15 0.13CHINA SOUTH LOCOMOTIVE 'H' 130,272.99 86,740.66 0.21CHINA SOUTHERN AIRLINES 'H' 126,850.05 58,649.31 0.14CHINA TELECOM 'H' 912,112.27 505,120.00 1.22CHINA UNICOM (HK) 390,421.10 654,669.45 1.58CHINA VANKE 'B' 85,694.26 98,114.07 0.24CHONGQING RURAL COMMERCIAL BK 'H' 153,226.81 73,410.05 0.18DATANG INTERNATIONAL POWER GEN 'H' 203,765.48 72,954.69 0.18DONGFANG ELECTRICAL MACHINERY 'H' 22,994.09 53,778.65 0.13DONGFENG MOTOR GROUP 'H' 179,603.56 323,832.77 0.78FAR EAST HORIZON 71,881.70 56,563.64 0.14FUJIAN ZIJIN MINING 385,986.58 152,611.90 0.37GOME ELECTRICAL APPLIANCES 675,663.78 134,877.70 0.33GREAT WALL AUTO 'H' 65,690.21 125,548.73 0.30GUANGZHOU AUTOMOBILE 'H' 142,623.15 135,190.34 0.33GUANGZHOU R&H PROP. 'H' (TEMP. TRAD) 60,485.33 70,108.45 0.17HUANENG POWER INTL 'H' 205,778.97 113,693.62 0.27IND. & COMM. BANK OF CHINA 'H' 4,009,028.42 2,545,445.83 6.15INNER MONGOLIA YITAI COAL 'B' 40,269.86 213,752.40 0.52JIANGSU EXPRESSWAY 'H' 84,969.40 81,307.23 0.20JIANGXI COPPER 'H' 91,613.93 210,255.32 0.51METALLURGICAL CORP. OF CHINA 'H' 207,188.42 48,297.19 0.12PETROCHINA 'H' 1,392,128.98 1,925,579.97 4.65PICC PROPERTY AND CASUALTY 'H' 174,167.13 212,643.62 0.51PING AN INSURANCE (GROUP) 114,064.37 857,907.90 2.07SHANDONG WEIGAO GROUP H 111,144.81 124,676.65 0.30SHANGHAI ELECTRIC GROUP 'H' 190,073.73 99,141.37 0.24SHANGHAI INDUSTRIAL HOLDINGS 36,041.52 111,401.79 0.27SHANGHAI PHARMACEUTICALS ´H´ 31,813.19 49,575.87 0.12SHIMAO PROPERTY HOLDING LTD 100,573.97 105,824.31 0.26SINOPEC SHANGHAI PETROCHEMICAL 'H' 163,495.62 59,589.59 0.14SINOPHARM 'H' 51,384.34 144,597.24 0.35WEICHAI POWER 'H' 25,772.71 119,326.46 0.29YANZHOU COAL MINING 'H' 127,413.83 269,115.20 0.65ZHAOJIN MINING INDUSTRY H 55,874.43 93,116.18 0.22ZHEJIANG EXPRESSWAY 'H' 94,231.47 68,568.11 0.17ZHUZHOU CSR TIMES 'H' 30,001.04 76,812.26 0.19ZTE 'H' 40,849.74 106,271.92 0.2624,029,325.10 58.05HONG KONGBEIJING ENTREPRISES 34,632.08 210,076.40 0.51CHAODA MODERN AGRICULTURE 162,496.93 17,874.41 0.04CHINA AGRI-INDUSTRIES 110,742.11 74,306.76 0.18CHINA EVERBRIGHT 57,988.59 89,619.32 0.22CHINA MERCHANTS 73,291.14 243,056.10 0.59La nota integrativa costituisce parte integrante del presente bilancio.449
<strong>Pictet</strong> - China IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoCHINA MOBILE 396,859.45 4,300,992.10 10.34CHINA RESOURCES ENTERPRISE 79,734.32 278,800.10 0.67CHINA TAIPING INSURANCE HLDGS 51,948.12 100,354.97 0.24CHINA ZHENGTONG AUTO.SERVICES 56,981.85 53,571.92 0.13CITIC PACIFIC 84,768.05 143,014.90 0.35CNOOC 1,174,168.37 2,407,416.58 5.81COSCO PACIFIC 104,298.93 157,429.20 0.38DAH CHONG HONG 54,565.66 57,625.01 0.14FOSUN INTERNATIONAL 112,654.93 68,335.90 0.17FRANSHION PROPERTIES (CHINA) 241,619.15 61,924.46 0.15FUSHAN INTERNATIONAL ENERGY 201,751.99 68,855.95 0.17GHANGZUOU INVESTMENT 344,307.28 68,731.48 0.17GUANGDONG INVESTMENT 165,911.81 114,530.17 0.28LENOVO GROUP 402,295.88 377,185.31 0.91MINMETALS RESOURCES 103,090.84 50,186.82 0.12POLY (HONG KONG) INVESTMENTS 132,487.83 62,279.72 0.15SINO-OCEAN LAND HOLDINGS 218,766.00 102,273.77 0.25SUN ART RETAIL GROUP 124,635.21 168,862.92 0.41TSINGTAO BREWERY 'H' 20,134.93 109,431.00 0.26WUMART STORES 'H' 33,222.63 69,913.96 0.179,456,649.23 22.81ISOLE CAYMANAGILE PROPERTY HOLDINGS 89,801.78 102,701.25 0.25ALIBABA. COM 82,855.23 140,854.81 0.34ANTA SPORTS PRODUCTS 53,961.61 56,639.62 0.14BELLE INTERNATIONAL 307,863.06 555,090.03 1.34BOSIDENG INTERNATIONAL HOLDINGS 173,563.09 51,858.88 0.13CHINA DONGXIANG 202,960.08 31,889.54 0.08CHINA MENGNIU DAIRY 80,137.02 239,441.24 0.58CHINA RESOURCES CEMENT 134,702.67 98,711.17 0.24CHINA RESOURCES LAND 133,695.93 230,383.89 0.56CHINA RONGSHENG 100,976.67 27,309.78 0.07CHINA STATE CONSTRUCTION INTL 90,204.48 83,063.83 0.20CHINA ZHONGWANG HOLDINGS 97,694.67 35,481.16 0.09CN SHANSHUI CEMENT 118,192.03 89,199.75 0.22COUNTRY GARDEN 274,439.08 106,740.86 0.26DAPHNE INTERNATIONAL HLDGS 63,223.68 85,984.76 0.21DONGYUE GROUP 62,216.93 56,009.74 0.14ENN ENERGY HLDGS 49,330.58 174,713.59 0.42EVERGRANDE REAL ESTATE GROUP 344,105.93 185,688.06 0.45GCL-POLY ENERGY HOLDINGS 450,619.71 122,453.29 0.30GEELY AUTOMOBILE 239,605.65 94,427.02 0.23GOLDEN EAGLE RETAIL 42,484.70 111,893.19 0.27HENGAN INTERNATIONAL GROUP 48,424.50 475,535.38 1.15INTIME DEPARTMENT STORE 68,660.11 83,563.01 0.20KINGBOARD CHEMICAL HOLDINGS 38,860.41 129,373.63 0.31LEE & MAN PAPER MANUFACTURING 111,748.85 51,091.57 0.12LONGFOR PROPERTIES 85,573.45 122,111.51 0.29LONKING HOLDINGS 131,078.39 45,748.64 0.11PARKSON RETAIL GP 94,533.49 107,503.90 0.26RENHE COMMERCIAL 697,473.93 50,302.99 0.12La nota integrativa costituisce parte integrante del presente bilancio.450
<strong>Pictet</strong> - China IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoSANY HEAVY EQUIPMENT INTL. 63,425.03 47,621.93 0.12SEMICONDUCTOR MANUFACTURING INTL 1,408,840.97 69,855.48 0.17SHUI ON LAND 164,683.58 65,749.10 0.16SOHO CHINA 143,864.07 104,683.58 0.25TENCENT HOLDINGS 66,505.67 1,850,078.81 4.47TINGYI (CAYMAN ISLANDS) HOLDING 127,252.75 354,815.74 0.86WANT WANT CHINA 392,832.46 430,035.29 1.04XINYU HENGDELI HLGDS 142,555.30 55,812.92 0.13YINGDE GASES 57,283.87 62,930.21 0.15ZHONGSHENG GROUP 35,336.80 68,082.68 0.166,855,431.83 16.59TOTALE I. 41,437,406.86 100.09II. ALTRI VALORI MOBILIARIAZIONICINACSG HOLDING B 51,326.95 38,670.44 0.0938,670.44 0.09TOTALE II. 38,670.44 0.09TOTALE INVESTIMENTI 41,476,077.30 100.18DISPONIBILITÀ LIQUIDE PRESSO BANCHE 37,355.20 0.09ALTRE PASSIVITÀ NETTE -113,253.47 -0.27PATRIMONIO NETTO COMPLESSIVO 41,400,179.03 100.00La nota integrativa costituisce parte integrante del presente bilancio.451
<strong>Pictet</strong> - China IndexRIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Cina 58.14Hong Kong 22.81Isole Cayman 16.59Bermuda 2.64100.18Ripartizione per settori economici(in % del patrimonio netto)Banche e istituti di credito 21.75Petrolio 14.76Comunicazioni 13.71Assicurazioni 6.76Settore minerario e siderurgico 5.25Settore immobiliare 5.06Internet, software e servizi informatici 5.01Holding e società finanziarie 3.25Alimentari e bevande non alcoliche 2.78Edilizia e materiali da costruzione 2.72Trasporto passeggeri e merci 2.66Servizi di pubblica utilità 2.19Costruzione di macchine e apparecchiature 2.05Industria farmaceutica e cosmetica 2.03Automezzi 1.91Prodotti tessili e abbigliamento 1.69Vendita al dettaglio e supermercati 1.31Computer e articoli per ufficio 1.24Equipaggiamento elettrico ed elettronico 1.20Acciaio inossidabile 0.93Sostanze chimiche 0.30Altri settori 0.27Commercio vario 0.27Tabacco e bevande alcoliche 0.26Agricoltura e pesca 0.22Carta e prodotti forestali 0.21Pietre e metalli preziosi 0.17Servizi pubblici 0.13Orologeria 0.09100.18La nota integrativa costituisce parte integrante del presente bilancio.452
<strong>Pictet</strong> - India IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoVALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOAZIONIINDIAADANI ENTERPRISES 11,867.24 69,270.82 0.54ADITYA BIRLA NUVO DEMAT. 2,520.48 44,966.92 0.35AMBUJA CEMENTS DEMAT. 34,639.03 112,753.12 0.88ASIAN PAINTS DEMAT. 1,505.28 93,495.61 0.73ASSOCIATED CEMENT DEMAT. 2,975.56 76,326.45 0.59AXIS BANK DEMAT. 12,567.37 274,690.09 2.14BAJAJ AUTO 4,883.42 157,218.83 1.22BANK OF INDIA 6,511.23 44,234.74 0.34BHARAT HEAVY ELECTRICALS 32,748.67 158,687.68 1.24BHARAT PETROLEUM DEMAT. 4,813.41 64,496.00 0.50BHARTI AIRTEL 30,980.84 200,453.60 1.56CANARA BANK DEMAT. 4,638.37 41,070.87 0.32CIPLA DEMAT. 18,465.98 107,644.78 0.84COAL INDIA 27,900.26 180,874.76 1.41DABUR INDIA DEMAT. 25,222.26 51,687.56 0.40DLF 22,264.20 86,003.51 0.67DR REDDY'S LABORATORIES DEMAT. 5,618.56 186,774.53 1.45GAIL INDIA 20,898.94 149,775.39 1.17GMR INFRASTRUCTURE 52,212.34 31,275.53 0.24HCL TECHNOLOGIES DEMAT. 4,270.81 39,280.42 0.31HDFC BANK 84,303.77 837,700.39 6.52HERO HONDA MOTORS DEMAT. 2,257.93 89,549.50 0.70HINDALCO INDUSTRIES INDIA DEMAT. 61,799.08 150,239.10 1.17HINDUSTAN UNILEVER 47,363.93 376,761.65 2.93HOUSING DEVELOPMENT FINANCE 60,211.35 782,096.55 6.09ICICI BANK DEMAT. 23,611.95 393,609.16 3.06IDEA CELLULAR 37,019.48 69,733.78 0.54INFOSYS TECHNOLOGIES DEMAT. 23,839.49 1,296,578.61 10.06INFRASTRUCTURE DEV. FIN. DEMAT. 54,032.69 135,726.39 1.06ITC DEMAT. 124,045.89 542,602.55 4.22JAIPRAKASH ASSOCIATES 55,730.51 85,438.60 0.66JINDAL STEEL & POWER DEMAT. 20,426.35 218,070.73 1.70JSW STEEL DEMAT. 4,935.93 68,051.13 0.53KOTAK MAHINDRA BANK 14,930.31 152,575.10 1.19LARSEN & TOUBRO DEMAT. 11,447.16 285,548.99 2.22LIC HOUSING FINANCE 15,455.41 77,209.32 0.60LUPIN 8,104.03 82,019.04 0.64MAHINDRA & MAHINDRA 16,803.17 222,400.15 1.73MARUTI SUZUKI 3,658.19 93,056.33 0.72MUNDRA PORT & SPECIAL ECON. ZONE 21,704.09 52,510.92 0.41NTPC DEMAT. 30,805.81 97,515.21 0.76OIL & NATURAL GAS CORP 42,182.95 213,975.65 1.67PIRAMAL HEALTH 3,415.94 30,369.86 0.24POWER FINANCE CORPORATION 15,700.46 53,767.23 0.42La nota integrativa costituisce parte integrante del presente bilancio.453
<strong>Pictet</strong> - India IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoPOWER GRID INDIA 60,333.88 124,346.42 0.97RANBAXY LABORATORIES DEMAT. 7,013.75 61,058.60 0.48RELIANCE CAPITAL DEMAT. 5,706.08 43,110.96 0.34RELIANCE COMMUNICATIONS DEMAT. 29,563.07 47,539.33 0.37RELIANCE INDUSTRIES DEMAT. 72,714.66 1,026,447.33 7.99RELIANCE INFRASTRUCTURE 6,266.18 69,271.60 0.54RELIANCE POWER 32,437.99 72,825.13 0.57RURAL ELECTRIFICATION 15,542.93 58,798.81 0.46SATYAM COMPUTER SERVICES DEMAT. 30,105.68 45,743.50 0.36SESA GOA DEMAT. 18,010.90 66,135.26 0.51SHRIRAM TRANSPORT FINANCE DEMAT. 6,686.26 76,885.15 0.60SIEMENS INDIA 3,587.48 52,094.75 0.41STATE BANK OF INDIA DEMAT. 7,018.82 281,839.88 2.19STERLITE INDUSTRIES (INDIA) 74,879.12 158,772.60 1.24SUN PHARMACEUTICAL 17,048.21 189,909.82 1.48SUZLON ENERGY 36,721.92 18,670.34 0.15TATA CONSULTANCY SERVICES DEMAT. 26,167.43 581,713.70 4.53TATA MOTORS 83,893.32 444,429.45 3.46TATA POWER 53,787.64 101,896.32 0.79TATA STEEL DEMAT. 17,244.25 152,203.56 1.18TITAN INDUSTRIES 11,797.22 52,511.26 0.41ULTRA TECH CEMENT 3,798.22 110,624.38 0.86UNITECH 72,778.72 38,774.67 0.30UNITED PHOSPHORUS DEMAT. 12,584.87 31,220.09 0.24UNITED SPIRITS DEMAT 5,128.47 59,436.66 0.46WIPRO DEMAT 27,655.21 235,313.07 1.83ZEE ENTERTAINMENT 22,894.32 57,018.37 0.4412,836,678.16 99.90TOTALE INVESTIMENTI 12,836,678.16 99.90DISPONIBILITÀ LIQUIDE PRESSO BANCHE 19,643.38 0.15ALTRE PASSIVITÀ NETTE -7,139.70 -0.05PATRIMONIO NETTO COMPLESSIVO 12,849,181.84 100.00La nota integrativa costituisce parte integrante del presente bilancio.454
<strong>Pictet</strong> - India IndexRIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)India 99.9099.90Ripartizione per settori economici(in % del patrimonio netto)Banche e istituti di credito 21.00Internet, software e servizi informatici 17.09Sostanze chimiche 10.46Automezzi 7.83Industria farmaceutica e cosmetica 7.82Settore minerario e siderurgico 5.33Edilizia e materiali da costruzione 5.00Servizi di pubblica utilità 4.65Holding e società finanziarie 4.22Tabacco e bevande alcoliche 4.22Comunicazioni 2.47Equipaggiamento elettrico ed elettronico 2.41Acciaio inossidabile 2.41Petrolio 2.17Commercio vario 1.41Settore immobiliare 0.67Fotografia e materiale ottico 0.44Costruzione di macchine e apparecchiature 0.3099.90La nota integrativa costituisce parte integrante del presente bilancio.455
<strong>Pictet</strong> - Latam IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoVALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOAZIONIBERMUDACREDICORP 91.11 11,786.52 1.0311,786.52 1.03BRASILEAES TIETE PFD 126.92 1,902.70 0.17ALL AMERICA LATINA LOGISTICA 575.99 2,898.07 0.25AMBEV-CIA DE BEBIDAS PREF 1,009.40 41,906.98 3.67AMIL PARTICIPACOES 160.52 1,698.39 0.15ANHANGUERA EDUCACIONAL PARTICIP. 159.55 1,871.64 0.16BANCO BRADESCO PREF 2,553.71 44,616.26 3.90BANCO DO BRASIL 772.56 11,101.22 0.97BANCO ESTADO RIO GRANDE S. PFD 244.03 2,687.11 0.24BCO SANTANDER (55 ORD+50PFD) 1,025.66 9,516.01 0.83BMF BOVESPA 2,604.04 16,097.39 1.41BR MALLS PARTICIPACOES 532.47 6,664.37 0.58BRADESPAR 25.56 508.32 0.04BRADESPAR PREF 286.39 5,386.02 0.47BRASIL TELECOM PFD -ADR SPONS. 9.21 189.90 0.02BRASIL TELECOM PREF 311.71 2,151.20 0.19BRASKEM 'A' PREF 204.85 1,621.42 0.14BRF FOODS 871.97 17,682.23 1.55BROOKFIELD INCORPORACOES 327.12 1,055.67 0.09CEMIG MINAS GERAIS PREF 515.47 12,279.35 1.07CESP PREF 'B' 214.34 4,276.50 0.37CETIP 259.38 4,326.68 0.38CIA BRASILIERA DE DIS. PREF 142.36 6,673.68 0.58CIA HERING 167.31 4,259.13 0.37CIA SIDERURGICA NACIONAL NOM. 981.68 9,279.26 0.81CIELO 333.61 11,093.26 0.97CONCESSOES RODOVIARIAS 1,193.45 9,648.01 0.84COPEL PREF 'B' 132.37 3,001.66 0.26COSAN 158.35 2,891.79 0.25CPFL ENERGIA 250.13 3,776.99 0.33CYRELA BRAZIL REALTY SA EMPREEDI. 397.83 3,639.04 0.32DIAGNOSTICOS DA AMERICA 320.06 2,557.78 0.22DURATEX SA 316.38 1,905.73 0.17ECORODOVIAS INFRAS. E LOGISTI. 229.38 1,990.62 0.17ELETROBRAS 'B' PREF 311.26 4,024.70 0.35ELETROBRAS NOM. 373.70 3,520.12 0.31ELETROPAULO PFD 129.67 2,722.81 0.24EMBRAER EMPRES. BRASIL. AERONAUTICA 735.23 5,811.44 0.51ENERGIAS DO BRASIL 108.78 2,441.86 0.21FIBRIA CELULOSE 270.77 2,181.59 0.19La nota integrativa costituisce parte integrante del presente bilancio.456
<strong>Pictet</strong> - Latam IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoGERDAU METALURGICA PREF 364.21 4,598.19 0.40GERDAU PREF 1,145.61 11,184.76 0.98GOL LINHAS AEREAS INTELLIGENTES 139.66 944.06 0.08HRT PARTICIPACEOS EM PETROLEO 6.79 2,331.60 0.20HYPERMARCAS 389.89 2,718.39 0.24ITAU UNIBANCO PFD 3,045.93 59,160.22 5.18ITAUSA INVESTIMENTOS ITAU PREF 3,082.53 19,324.12 1.69JBS 1,018.73 4,331.60 0.38KLABIN 624.91 2,827.41 0.25LIGHT 103.78 1,486.70 0.13LOCALIZA RENT A CAR 145.00 2,659.75 0.23LOJAS AMERICANAS PREF 418.87 3,995.92 0.35LOJAS RENNER 162.46 5,589.81 0.49MMX MINERACAO E METALICOS 318.12 1,560.74 0.14MRV ENGENHARIA PARTICIPACOES 399.00 2,868.85 0.25MULTIPLAN EMPR. IMOBILIARIOS 92.62 2,120.64 0.19NATURA COSMETICOS 228.14 5,047.98 0.44ODONTOPREV 126.09 2,086.01 0.18OGX PETROLEO E GAS 1,732.70 14,583.62 1.28PDG REALTY SA EMPREENDI. E PARTIC. 1,467.92 5,145.27 0.45PETROBRAS PREF 5,622.53 71,475.10 6.26PETROLEO BRASILEIRO PETROBRAS NOM 3,984.43 52,475.52 4.59PORTO SEGURO 148.49 1,627.05 0.14RAIA DROGASIL NM 241.99 2,295.28 0.20REDECARD 450.97 8,702.58 0.76ROSSI RESIDENCIAL 222.10 1,234.95 0.11SABESP 149.77 5,674.37 0.50SOUZA CRUZ IND. & COMERCIO NOM. 514.69 7,710.11 0.67SUL AMERICA 144.03 1,303.32 0.11SUZANO PAPEL 'A' PREF 231.98 981.32 0.09TAM PREF 101.84 2,524.79 0.22TELE NORTE LESTE 76.13 1,076.88 0.09TELE NORTE LESTE PARTICIPAC. PREF 311.42 3,624.43 0.32TELEFONICA BRASIL PFD 400.23 12,250.45 1.07TELEMAR NORTE LESTE PREF 'A' 47.40 1,219.16 0.11TIM PARTICIPACOES 1,130.00 7,163.95 0.63TOTVS 146.45 2,634.55 0.23TRACTEBEL ENERGIA 175.46 3,127.62 0.27TRANSMISSAO ENERGIA PAULISTA PFD 42.64 1,431.87 0.13ULTRAPAR PARTICIPACOES 436.60 9,520.11 0.83USIMINAS USINAS SIDER. MIN. GERAIS 247.75 2,728.07 0.24USINAS SIDER MINAS GER-PF 'A' 608.21 3,985.19 0.35VALE DO RIO DOCE 1,744.10 40,083.52 3.51VALE DO RIO DOCE PREF 'A' 2,677.50 59,842.15 5.24731,114.88 63.95CILEAES GENER 3,276.68 2,018.85 0.18BANCO DE CHILE 23,790.54 3,713.77 0.32BANCO DE CREDITO E INVERSIONES 41.68 2,872.79 0.25BC SANTANDER CL ADR (R. 1039 SHS) 84.15 7,192.15 0.63CAP SA 102.40 4,279.41 0.37La nota integrativa costituisce parte integrante del presente bilancio.457
<strong>Pictet</strong> - Latam IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoCENCOSUD 1,192.07 7,815.37 0.68CERVEZAS 141.62 2,191.49 0.19COLBUN 9,225.84 2,611.53 0.23CONCHATORO 704.55 1,589.34 0.14COPEC 607.75 10,225.85 0.89CORPBANCA 133,073.68 1,776.72 0.16E CL 699.45 1,895.71 0.17EMPRESAS CMPC 1,465.64 6,282.02 0.55ENDESA (CHILE) ADR (R. 30 SHS) 144.61 7,635.56 0.67ENERSIS ADR (R. 50 SHS) 350.36 7,098.25 0.62ENTEL 139.58 2,727.40 0.24FALABELLA 488.39 4,708.72 0.41LAN AIRLINES 183.40 5,358.98 0.47SOC. QUIMICA Y MINERA CHILE B 128.38 7,519.60 0.6689,513.51 7.83COLOMBIAALMACENES EXITO 277.65 3,957.89 0.35BANCOLOMBIA 303.11 4,799.89 0.42BANCOLOMBIA PFD 436.07 7,042.22 0.62CEMARGOS 373.41 2,322.57 0.20CORPORACION FINANCIERA COLOMBIANA 95.99 1,815.81 0.16ECOPETROL 6,569.65 20,173.33 1.77GRUPO AVAL - PFD 1,810.53 1,318.87 0.12GRUPO DE INVERSIONES SURAMERICANA 309.74 5,463.62 0.48INTERCONEXION ELECTRICA 508.41 3,196.43 0.28INVERSIONES ARGOS 390.23 3,760.96 0.3353,851.59 4.73MESSICOALFA 'A' 386.15 5,454.01 0.48AMERICA MOVIL 'L' (AMX) 52,943.32 65,081.21 5.70ARCA CONTINENTAL 429.54 2,041.55 0.18CEMEX CPO (R. 2 SHS 'A' & 1 SHS 'B') 14,208.63 10,921.86 0.96COCA COLA FEMSA L 354.57 3,668.07 0.32COMPARTAMOS 1,406.04 1,543.51 0.14EL PUERTO DE LIVERPOOL C1 262.36 2,122.63 0.19ELEKTRA 97.30 9,161.77 0.80FOMENTO UNITS (1 ORD'B'&4 ORD'D') 2,604.73 20,281.40 1.77GFNORTE 'O' 2,157.96 9,563.14 0.84GRUPO AEROPORTUARIO DEL PACIF.B 631.19 2,388.58 0.21GRUPO BIMBO 'A' 2,167.13 5,021.08 0.44GRUPO CARSO A1 767.72 2,389.18 0.21GRUPO FINANCIERO INBURSA 'O' 2,703.05 5,661.31 0.50GRUPO MEXICO 'B' 5,082.74 15,861.28 1.39GRUPO MODELO 'C' 843.12 5,839.99 0.51GRUPO TELEVISA 3,421.86 14,304.31 1.25INDUSTRIAS PENOLES 187.47 8,998.99 0.79KIMBERLY CLARK DE MEXICO 'A' 2,089.19 4,339.86 0.38MEXICHEM 942.84 3,575.28 0.31La nota integrativa costituisce parte integrante del presente bilancio.458
<strong>Pictet</strong> - Latam IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoMINERA FRISCO SAB DE CV 'A1' 829.87 3,711.18 0.32URBI DESARROLLOS 685.70 813.03 0.07WAL-MART 'V' 8,271.45 27,658.92 2.42230,402.14 20.18PERÙMINAS BUENAVENTURA ADR (R. 1 SHS) 250.68 9,984.66 0.87VOLCAN PFD B 2,080.53 2,869.69 0.2512,854.35 1.12STATI UNITISOUTHERN COPPER 227.92 7,145.31 0.637,145.31 0.63TOTALE INVESTIMENTI 1,136,668.30 99.47DISPONIBILITÀ LIQUIDE PRESSO BANCHE 5,545.76 0.49ALTRE PASSIVITÀ NETTE 493.05 0.04PATRIMONIO NETTO COMPLESSIVO 1,142,707.11 100.00La nota integrativa costituisce parte integrante del presente bilancio.459
<strong>Pictet</strong> - Latam IndexRIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Brasile 63.95Messico 20.18Cile 7.83Colombia 4.73Perù 1.12Bermuda 1.03Stati Uniti 0.6399.47Ripartizione per settori economici(in % del patrimonio netto)Petrolio 15.13Banche e istituti di credito 11.57Acciaio inossidabile 11.02Holding e società finanziarie 10.98Comunicazioni 9.62Tabacco e bevande alcoliche 6.95Servizi di pubblica utilità 6.61Vendita al dettaglio e supermercati 5.36Settore minerario e siderurgico 3.29Edilizia e materiali da costruzione 2.81Trasporto passeggeri e merci 1.78Pietre e metalli preziosi 1.66Agricoltura e pesca 1.55Sostanze chimiche 1.49Carta e prodotti forestali 1.46Settore immobiliare 1.44Alimentari e bevande non alcoliche 1.14Altri settori 0.99Assicurazioni 0.91Industria farmaceutica e cosmetica 0.64Aeronautica e astronautica 0.51Conglomerati 0.48Servizi sanitari e sociali 0.38Prodotti tessili e abbigliamento 0.37Prodotti di consumo vari 0.35Automezzi 0.23Internet, software e servizi informatici 0.23Servizi pubblici 0.21Imballi 0.18Equipaggiamento elettrico ed elettronico 0.1399.47La nota integrativa costituisce parte integrante del presente bilancio.460
<strong>Pictet</strong> - Russia IndexPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN USD)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoVALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOAZIONIRUSSIACHEREPOVETS METAL SEVERSTAL (USD) 3,931.49 52,172.41 1.09FGC UES (USD) 6,236,305.87 64,857.58 1.36GAZPROM ADR (R. 4 SHS) 17,598.68 210,656.19 4.41GAZPROM 'LOCAL' (USD) 176,899.07 1,061,518.24 22.22GROUP LSR GDR (R. 1/5 SHS) 3,669.10 21,555.98 0.45IDGC (USD) 350,947.64 37,761.97 0.79INTER RAO UES (USD) 25,595,063.54 25,595.06 0.54JFSC SISTEMA GDR (R. 20 SHS) 2,347.88 47,427.22 0.99JSC SURGUTNEFTEGAZ (USD) 143,059.25 137,837.58 2.89LUKOIL (USD) 10,168.68 612,187.83 12.82MAGNIT GDR 5,211.96 150,625.52 3.15MECHEL ADR (R. 3 SHS) 2,921.27 26,583.55 0.56MMC NORILSK NICKEL JSC (USD) 957.31 173,474.52 3.63MOBILE TELESYS ADR (R. 5 SHS) 9,297.87 168,570.41 3.53MOBILE TELESYSTEMS USD 2,077.13 15,871.16 0.33NOVATEK -GDR SPONS. - REG. S 1,802.74 237,780.89 4.98NOVOLIPETSK STEEL GDR (R. 1 REG-S) 1,341.24 27,884.35 0.58PIPE METALL. COMP. GDR (REP 4SHS) 1,057.40 14,169.23 0.30ROSNEFT OIL (USD) 31,725.01 220,545.92 4.62ROSTELECOM 26,610.29 129,254.15 2.71RUSHYDRO OJSC (USD) 2,315,538.78 83,359.40 1.75SBERBANK OF RUSSIA 172,750.24 547,911.92 11.47SBERBANK PFD (USD) 20,074.25 52,060.56 1.09SURGUTNEFTEGAZ OIL PFD (USD) 138,606.56 96,941.43 2.03TATNEFT (USD) 28,295.70 182,979.80 3.83TRANSNEFT PREF (USD) 31.46 59,410.97 1.24URALKALIY (USD) 27,617.65 206,510.94 4.32VNESHTORGBANK (USD) 51,347,837.72 112,965.24 2.374,778,470.02 100.05TOTALE INVESTIMENTI 4,778,470.02 100.05DISPONIBILITÀ LIQUIDE PRESSO BANCHE 253.58 0.01ALTRE PASSIVITÀ NETTE -2,596.85 -0.06PATRIMONIO NETTO COMPLESSIVO 4,776,126.75 100.00La nota integrativa costituisce parte integrante del presente bilancio.461
<strong>Pictet</strong> - Russia IndexRIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Russia 100.05100.05Ripartizione per settori economici(in % del patrimonio netto)Petrolio 49.93Banche e istituti di credito 14.93Comunicazioni 7.56Servizi di pubblica utilità 5.97Holding e società finanziarie 4.98Sostanze chimiche 4.32Acciaio inossidabile 3.63Alimentari e bevande non alcoliche 3.15Settore minerario e siderurgico 2.23Servizi elettrici 1.36Trasporto passeggeri e merci 1.24Edilizia e materiali da costruzione 0.45Costruzione di macchine e apparecchiature 0.30100.05La nota integrativa costituisce parte integrante del presente bilancio.462
<strong>Pictet</strong> - PiclifePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN CHF)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoI. VALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOAZIONIBELGIOU.C.B. 1,705.63 67,555.63 0.0867,555.63 0.08FRANCIABNP PARIBAS 1,992.79 85,688.69 0.11L.V.M.H. 395.90 60,179.13 0.08PERNOD-RICARD 368.04 34,236.87 0.04PUBLICIS 944.15 46,701.40 0.06SCHNEIDER ELECTRIC S.A. 1,622.33 95,397.32 0.12TOTAL 2,169.19 98,880.37 0.12VINCI 1,146.55 52,934.40 0.07474,018.18 0.60GERMANIAADIDAS NOM. 1,219.76 84,497.42 0.11ALLIANZ NOM. 742.49 79,894.89 0.10DEUTSCHE BOERSE NOM. 743.72 44,185.18 0.06DEUTSCHE POST NOM. 1,919.23 33,278.52 0.04MUENCHENER RUECKVER. NOM. 657.08 89,865.34 0.11PFEIFFER VACUUM TECHNOLOGY 585.84 59,297.60 0.07391,018.95 0.49GIAPPONEADEKA 7.24 62.56 0.00ADVANCE RESIDENCE 0.07 119.79 0.00AIN PHARMACIEZ 2.03 99.33 0.00ARNEST ONE 8.59 87.09 0.00ASTELLAS PHARMA 1.64 61.17 0.00BANK OF YOKOHAMA 18.43 83.87 0.00CANON 4.07 175.03 0.00CHOU MITSUI TRUST 43.59 126.52 0.00DAIHATSU MOTOR 5.04 84.01 0.00DAIICHIKOSHO 4.45 79.77 0.00DENSO 2.56 77.91 0.00DIC 49.78 91.40 0.00FAMILYMART 1.38 53.02 0.00FUJI SEAL INTERNATIONAL 4.13 71.26 0.00HITACHI CHEMICAL 5.15 84.39 0.00HITACHI TRANSPORT SYSTEM 6.86 113.51 0.00HONDA MOTOR 4.93 170.55 0.00HOYA 3.37 68.90 0.00INPEX 0.02 115.06 0.00ITOCHU 7.38 73.27 0.00La nota integrativa costituisce parte integrante del presente bilancio.463
<strong>Pictet</strong> - PiclifePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN CHF)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoJAPAN TOBACCO 0.01 68.58 0.00JGC 3.80 107.07 0.00KAYABA INDUSTRY 13.22 73.13 0.00KINTETSU WORLD EXPRESS 2.90 91.85 0.00MITSUBISHI 6.74 142.19 0.00MITSUBISHI ELECTRIC 13.88 111.69 0.00MITSUBISHI ESTATE 9.30 150.84 0.00MITSUBISHI GAS CHEMICAL 15.38 93.53 0.00MITSUBISHI UFJ FINANCIAL GROUP 51.07 231.34 0.00MITSUBISHI UFJ LEASE & FINANCE 2.91 116.26 0.00MITSUI & CO 6.70 100.01 0.00MODEC 6.69 125.98 0.00MURATA MANUFACTURING 2.15 115.79 0.00N.T.T. 3.97 163.77 0.00NIHON KOHDEN 3.94 96.09 0.00NIHON PARKERIZING 7.89 106.41 0.00NIPPON KAYAKU 10.54 98.26 0.00NISSAN MOTOR 12.04 116.63 0.00NITORI CO 1.15 94.21 0.00NITTO DENKO 1.65 60.48 0.00NORITZ 4.87 84.12 0.00NTT DOCOMO 0.06 89.00 0.00OBIC 0.33 61.71 0.00OILES 6.01 107.69 0.00RAKUTEN 0.11 108.17 0.00SANKYU 17.61 62.73 0.00SIIX 4.90 68.52 0.00SUMITOMO BAKELITE 16.20 77.66 0.00SUMITOMO MITSUI FINANCIAL GROUP 5.00 149.72 0.00SURUGA BANK 7.20 66.90 0.00TACHI-S 3.86 69.07 0.00TAKUMA 17.15 77.69 0.00TOKIO MARINE HOLDINGS 6.71 167.61 0.00TOKYO ELECTRON 1.76 91.50 0.00TORAY INDUSTRIES 11.78 79.54 0.00TOSHIBA PLANT SYSTEMS & SERVICES 8.64 90.44 0.00TOYOTA MOTOR 7.27 285.32 0.00TOYOTA TSUSHO CORP 6.68 123.75 0.00UNIDEN 27.59 100.71 0.00XEBIO 2.81 68.30 0.00YAMADA DENKI 1.56 88.92 0.00YOROZU 4.50 89.20 0.006,370.79 0.00ISOLE CAYMANEURASIA DRILLING GDR (R.1 SHS) 1,693.03 42,285.29 0.0542,285.29 0.05JERSEYGLENCORE INTERNATIONAL 7,509.70 41,996.79 0.0541,996.79 0.05La nota integrativa costituisce parte integrante del presente bilancio.464
<strong>Pictet</strong> - PiclifePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN CHF)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoLUSSEMBURGOMILLICOM INTL CELLULAR-SDR- 756.16 76,712.76 0.1076,712.76 0.10PAESI BASSIING GROEP C. ACT 8,341.36 63,352.01 0.0863,352.01 0.08REGNO UNITOBG GROUP 4,190.56 87,132.61 0.11CARNIVAL 1,966.23 56,441.20 0.07EXPERIAN 3,993.07 56,331.08 0.07HSBC HOLDINGS 12,829.94 101,353.20 0.13MITIE 7,177.65 29,019.28 0.04NATIONAL GRID 4,999.47 45,190.19 0.06RIO TINTO NOM. 1,410.75 68,759.97 0.09SOCO INTERNATIONAL 7,818.09 33,234.17 0.04TESCO 11,473.42 54,355.71 0.07TULLOW OIL 4,164.95 90,569.34 0.11VODAFONE GROUP PLC 56,537.22 142,413.63 0.18764,800.38 0.97RUSSIASBERBANK PFD (USD) 31,174.33 73,374.25 0.0973,374.25 0.09SPAGNAAMADEUS IT HOLDING 'A' 2,651.45 44,585.09 0.06INDITEX NOM. 555.12 47,405.48 0.0691,990.57 0.12SVEZIAALFA LAVAL 2,134.89 38,058.64 0.05ASSA ABLOY 'B' 3,260.49 90,115.45 0.11ERICSSON TELEFON 'B' 7,561.02 69,555.83 0.09197,729.92 0.25SVIZZERAABB LTD 28,000.00 507,360.00 0.63ACTELION NOM. 726.26 24,394.86 0.03ADECCO NOM. 4,600.00 213,992.00 0.27CIE FINANCIERE RICHEMONT 6,000.00 334,500.00 0.42CREDIT SUISSE GROUP 6,050.00 155,122.00 0.19KUEHNE & NAGEL INTERNATIONAL 1,000.00 120,200.00 0.15KUONI REISEN HOLDING NOM. 'B' 290.00 95,555.00 0.12LINDT & SPRUENGLI 37.00 105,524.00 0.13LOGITECH INTERNATIONAL 7,775.00 54,308.38 0.07MEYER BURGER TECHNOLOGY 2,300.00 33,580.00 0.04NESTLE S.A. 34,972.10 1,961,983.46 2.45NOVARTIS NOM. 24,937.00 1,241,363.86 1.55La nota integrativa costituisce parte integrante del presente bilancio.465
<strong>Pictet</strong> - PiclifePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN CHF)Descrizione Valuta Quantità/Valore nominale Valore di stima (nota 2) % del patrimonionettoPARTNERS GROUP HOLDING NOM. 540.00 91,260.00 0.11ROCHE HOLDING BON DE JOUISSANCE 10,134.84 1,591,207.95 1.99S.G.S. S.A. 190.00 326,610.00 0.41SWISS RE REG. 5,950.00 340,340.00 0.42SYNGENTA AG 1,755.00 541,066.50 0.68TECAN GROUP NOM. 1,600.00 105,440.00 0.13TRANSOCEAN 5,300.00 253,605.00 0.32UBS AG 52,438.00 659,145.66 0.82VALORA HOLDING NOM. 500.00 102,850.00 0.13ZURICH FINANCIAL SERVICES 1,336.86 319,389.76 0.409,178,798.43 11.46TURCHIATURKCELL ILETISIM 8,786.76 40,779.29 0.0540,779.29 0.05TOTALE AZIONI 11,510,783.24 14.39OBBLIGAZIONIANTILLE OLANDESI8.5% HERTZ HOLDINGS 10/15 EUR 397.92 520.24 0.00520.24 0.00AUSTRALIA1.50% ANZ BANKING GRP 12/19 SR CHF 96,954.37 98,408.68 0.121.50% SPI ELEC&GAS AUSTR.12/17 SR CHF 48,477.18 48,840.76 0.061.75% TELSTRA CORP. 11/18 -SR- CHF 29,086.31 29,857.10 0.042% ANZ BANKING GROUP 10/16 CHF 48,477.18 50,198.12 0.062% COMMONWEAL. BK AUST. 10/15 CHF 47,507.64 48,932.87 0.062.125% WESTPAC BANK.12/16 C5 SR-S EUR 27,025.74 32,858.62 0.042.25% NAT. AUSTRALIA BANK 10/17 CHF 48,477.18 50,682.90 0.062.25% SPI (AUSTR.) ASS. PTY. 10/16 CHF 174,517.86 181,760.35 0.232.375% SPI ELEC. & GAS AUS. 10/15 CHF 96,954.37 101,026.45 0.132.5% TELSTRA 05/13 CHF 164,822.43 167,987.02 0.212.50% WESTPAC BANKING 10/17 CHF 96,954.37 101,947.52 0.132.625% ANZ BANKING GROUP 11/17 CHF 96,954.37 103,062.49 0.133% COMMONWEAL. BK AUST. 09/17 CHF 96,954.37 105,147.01 0.133.125% WESTPAC BANKING 09/18 CHF 48,477.18 52,815.89 0.073.5% NAT. AUSTRALIA BANK 09/15 EUR 9,017.78 11,382.25 0.013.50% TELSTRA 12/22 SR- S EUR 7,777.84 9,505.10 0.013.75% ANZ BANKING GROUP 10/17 EUR 9,919.56 12,633.96 0.023.875% TELSTRA 05/15 EUR 13,526.67 17,509.86 0.023.875% WESTPAC BANKING 10/17 EUR 17,810.12 22,539.27 0.034% NAT.AUSTRALIA BANK 10/20 EUR 5,861.56 7,426.08 0.014.25% COMMONWEAL. BANK AUST. 09/16 EUR 5,861.56 7,638.29 0.014.25% NAT. AUSTRALIA BANK 08/15 CHF 126,040.68 138,455.69 0.174.25% TELSTRA 10/20 EUR 10,145.00 13,422.11 0.02La nota integrativa costituisce parte integrante del presente bilancio.466
<strong>Pictet</strong> - PiclifePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN CHF)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto4.625% NAT. AUSTRALIA BANK 10/20 EUR 12,399.45 15,156.56 0.025.125% ANZ BANKING GROUP 09/19 EUR 4,508.89 5,725.33 0.015.5% COMMONWEAL. BANK AUST. 09/19 EUR 9,017.78 11,681.88 0.011,446,602.16 1.81AUSTRIA2.125% BIG M.B.H. 05/18 CHF 63,020.34 65,887.76 0.082.125% O.K.B. 05/18 CHF 48,477.18 51,288.86 0.062.125% PFBST. OEST. L-HYPO. 05/16 CHF 87,258.93 91,709.14 0.112.25% HYPO ALPE-ADRIA-BANK 05/12 CHF 48,477.18 48,642.01 0.062.25% HYPO ALPE-ADRIA-BANK 06/13 CHF 96,954.37 97,080.41 0.122.25% NIEDEROESTERR. LBANK 05/17 CHF 24,238.59 25,583.83 0.032.375% HYPO TIROL BANK 05/17 CHF 193,908.74 205,446.31 0.262.375% KOMMUNALKR AUSTRIA 05/17 CHF 96,954.37 99,087.36 0.122.375% KOMMUNALKR AUSTRIA 05/20 CHF 48,477.18 45,713.98 0.062.375% VORARLBERGER LHYBANK 06/17 CHF 106,649.81 113,315.42 0.142.5% OBEROEST LANDESBANK 06/17 CHF 24,238.59 25,886.82 0.032.5% PFBST. OEST. L-HYPO. 05/15 CHF 29,086.31 30,991.46 0.042.5% VORALBERGER LHYBANK 05/16 CHF 145,431.55 153,939.30 0.192.625% HYPO INVESTMENT BANK 06/17 CHF 126,040.68 135,367.69 0.172.625% O.K.B. 06/24 CHF 72,715.78 78,860.26 0.102.625% VORARLBERGER LANDES 06/15 CHF 96,954.37 102,771.63 0.132.75% ERSTE BANK 07/15 CHF 9,695.44 10,194.75 0.012.75% O.K.B. 05/20 CHF 96,954.37 106,407.42 0.132.75% O.K.B. 08/14 CHF 48,477.18 50,804.09 0.062.875% O.K.B. 05/30 CHF 193,908.74 219,601.64 0.272.875% PFBST. OEST. L-HYPO. 03/17 CHF 232,690.48 253,632.63 0.323% O.K.B. 03/15 CHF 193,908.74 209,518.39 0.263% O.K.B. 07/22 CHF 48,477.18 54,367.16 0.073% O.K.B. 08/16 CHF 77,563.49 84,776.90 0.113.125% BIG M.B.H. 06/31 CHF 48,477.18 56,185.06 0.073.125% BUNDESIMMOBILIEN 07/14 CHF 29,086.31 30,773.32 0.043.25% ERSTE GROUP BANK 07/17 SR CHF 96,954.37 106,116.56 0.133.250% BIG M. B. H. 07/19 CHF 58,172.62 65,240.59 0.084% TELEKOM FINANZMANAGEMENT 12/22 EUR 11,610.39 13,963.25 0.024.15% AUSTRIA 06/37 EUR 5,741.47 7,655.24 0.014.50% OEST. POSTSPARKASSE 00/15 CHF 20,845.19 22,971.40 0.036.25% AUSTRIA 97/27 EUR 22,437.37 36,376.07 0.056.375% TELEKOM FINANZ. 09/16 EUR 8,116.00 11,130.92 0.016.625% SAPPI PAPIER 11/18-SR-REG S EUR 298.44 341.63 0.006.75% SUB. OMV 11/49 -SR- EUR 9,085.41 11,377.23 0.0111.75% SAPPI PAPIER HLDGS 09/14 EUR 248.70 325.15 0.002,723,331.64 3.38BELGIO3.25% BELGELEC FINANCE 07/14 CHF 48,477.18 51,264.62 0.063.5% BELGIO OLO 09/15 EUR 16,816.02 21,330.75 0.033.75% BELGIO 09/20 EUR 9,609.15 12,023.31 0.024% BELGIO OLO 54 08/14 EUR 21,620.59 27,434.24 0.034.25% BELGIO OLO 43 09/14 EUR 4,804.58 6,182.53 0.014.625% FORTIS BANQUE 04/PE EUR 6,763.34 6,435.15 0.01La nota integrativa costituisce parte integrante del presente bilancio.467
<strong>Pictet</strong> - PiclifePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN CHF)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto5% BELGIO OLO 44 04/35 EUR 12,011.44 16,769.64 0.025.50% BELGIO OLO 31 98/28 EUR 16,816.02 24,375.94 0.036.57% ANHEUSER-BUSH INBEV 09/14 EUR 11,723.12 15,493.90 0.028% KBC BANK CV 08/PE EUR 1,392.73 1,327.87 0.008.625% ANHEUSER-BUSH INBEV 09/17 EUR 6,312.45 9,910.75 0.01192,548.70 0.24BERMUDAFRN CENTRAL EURO MEDIA 07/14 EUR 397.92 417.15 0.003.375% HOLCIM OVERS. FIN. 11/21 CHF 58,172.62 60,034.14 0.077% SUB. C K INFRASTRUCTURE 12/PERP USD 318.85 289.60 0.0011.625% CENTRAL EURO MEDIA 09/16 EUR 358.13 409.96 0.0061,150.85 0.07BRASILETBI BRASILE 01/07/12 BRL 1000 BRL 2.37 1,141.55 0.004.375% VALE 10/18 EUR 5,861.56 7,594.85 0.016% BRASILE (INFLATION) 09/20 BRL 0.50 562.74 0.006.00% TBD BRASILE (INFL.) 11/22 B BRL 2.33 2,663.34 0.006.00% TBD BRASILE (INFLATION) 10/16 B BRL 4.88 5,443.25 0.0110% BRASILE (NOTAS DE T.) 06/16 BRL 7.64 3,868.09 0.0010% BRASILE (NOTAS DE T.) 07/17 BRL 13.69 6,733.27 0.0110% BRASILE 10/21 BRL 7.38 3,511.20 0.0031,518.29 0.03CANADA2.125% ONTARIO (PROV.) 05/15 CHF 92,106.65 97,448.84 0.122.25% QUEBEC (PROV.) 05/15 CHF 96,954.37 103,256.40 0.132.25% ROYAL BANK CANADA 11/21 -SR- CHF 48,477.18 52,694.70 0.072.625% QUEBEC (PROV) 06/17 CHF 95,984.82 105,871.26 0.132.875% BRITISH COLUMBIA 09/17 CHF 96,954.37 109,413.00 0.142.875% ROYAL BANK OF CANADA 07/14 CHF 58,172.62 61,139.42 0.083% COCA-COLA 09/13 CHF 58,172.62 59,434.97 0.073.125% QUEBEC (PROV.) 09/15 CHF 96,954.37 106,552.85 0.133.375% ONTARIO (PROV.) 08/16 CHF 96,954.37 108,637.37 0.143.375% ONTARIO (PROV.) 09/19 CHF 58,172.62 68,265.57 0.093.375% QUEBEC (PROV.) 08/18 CHF 48,477.18 55,869.95 0.073.75% ONTARIO (PROV.) 08/18 CHF 96,954.37 115,133.31 0.145.25% XSTRATA FINANCE 07/17 EUR 9,017.78 12,029.92 0.026% GMAC CANADA 07/12-SR-S- EUR 248.70 301.18 0.006.125% BOMBARDIER 10/21 EUR 994.80 1,200.21 0.006.25% XSTRATA CANADA 08/15 EUR 5,410.67 7,302.35 0.011,064,551.30 1.34CILE5.5% CILE 10/20 CLP 252,675.85 485.85 0.00485.85 0.00La nota integrativa costituisce parte integrante del presente bilancio.468
<strong>Pictet</strong> - PiclifePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN CHF)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoCOLOMBIA7.75% COLOMBIA (DUAL CUR.) 10/21 COP 2,732,897.63 1,652.73 0.009.85% COLOMBIA 07/27 COP 5,386,878.90 3,871.82 0.005,524.55 0.00COREA DEL SUD1.875% KOREA NATL OIL 12/17 SR CHF 58,172.62 59,132.47 0.072% HYUNDAI CAPITAL 11/13 CHF 86,289.39 87,152.28 0.112% KOREA FINANCE 11/15 CHF 145,431.55 147,758.46 0.182.00% KOREA GAS CORP. 11/16 -SR- CHF 106,649.81 108,836.13 0.142.125% KOREA LAND&HOUSING 11/16-SR- CHF 48,477.18 49,907.26 0.062.375% EXP. IMP. BK KOREA 11/15 CHF 203,604.17 208,592.48 0.262.50% HYUNDAI CAP. SERV. 12/17 SR CHF 69,807.15 72,285.30 0.092.625% KOREA NATL OIL 11/16 CHF 48,477.18 50,416.27 0.063.875% KT CORP. 12/17 -SR- USD 129.14 120.99 0.004.125% BUSAN BANK 12/17 SR- REG S- USD 106.62 99.25 0.004.125% KOREA DEV. BANK 08/13 CHF 151,733.59 156,513.19 0.207% WOORI BANK 09/15 USD 12.75 12.87 0.00940,826.95 1.17CROAZIA10% AGROKOR DD 09/16 EUR 99.48 124.97 0.00124.97 0.00DANIMARCAFRN DANSKE BANK 05/18 EUR 13,526.67 15,834.05 0.02FRN DANSKE BANK 12/14 -SR- EUR 20,290.01 24,434.91 0.031.375% KOMMUNEKREDIT 10/15 CHF 96,954.37 99,523.66 0.122.25% DANSKE BANK 10/17 CHF 29,086.31 30,933.29 0.042.625% KOMMUNEKREDIT 06/16 CHF 145,431.55 158,447.68 0.202.75% DANSKE BANK 07/13 CHF 116,345.24 118,392.92 0.152.75% DANSKE BANK 09/15 CHF 77,563.49 81,984.61 0.102.875% KOMMUNEKREDIT 06/31 CHF 96,954.37 115,618.08 0.143% DANSKE BANK 07/12 CHF 48,477.18 48,743.81 0.063.125% DANIMARCA 09/14 EUR 16,816.02 21,293.16 0.033.5% KOMMUNEKREDIT 08/18 CHF 67,868.06 77,573.19 0.103.50% DANSKE BANK 08/15 -SR- CHF 48,477.18 52,743.18 0.074.375% TDC 11/18 EUR 10,866.43 14,305.22 0.025.50% DONG (PE) 05/3005 EUR 4,508.89 5,584.52 0.018.875% FS FUNDING 06/16 EUR 646.62 798.64 0.00866,210.92 1.09EGITTO8.75% EGITTO 07/12 EGP 159.43 22.16 0.0022.16 0.00La nota integrativa costituisce parte integrante del presente bilancio.469
<strong>Pictet</strong> - PiclifePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN CHF)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoFILIPPINETBI FILIPPINE 06/02/13 SR PHP 9,135.17 187.32 0.004.95% FILIPPINE 10/21 PHP 71,837.81 1,563.31 0.006.25% FILIPPINE 11/36 PHP 46,999.08 1,048.69 0.007% PETRON (D. CCY) 10/17 PHP 48,051.30 1,033.06 0.003,832.38 0.00FINLANDIAFRN METSO 09/14 EUR 9,689.61 12,857.79 0.02STEP M-REAL 06/13 EUR 547.14 672.48 0.001.75% MUNICIPALITY FIN. 10/17 CHF 193,908.74 204,767.63 0.262.25% MUNICIPALITY FIN. 10/19 CHF 48,477.18 53,058.28 0.072.375% MUNICIPALITY FIN.11/26 -SR- CHF 96,954.37 108,007.17 0.132.50% NORDIC INVESTM. BANK 09/18 CHF 96,954.37 106,455.90 0.132.625% POHJOLA BANK 12/17 -SR- EUR 6,988.78 8,521.36 0.012.75% SAMPO HOUSING L.BK 10/16 EUR 22,341.28 27,890.93 0.033.375% FINLANDIA 04/20 EUR 8,480.08 11,193.01 0.014% FINLANDIA 09/25 EUR 5,501.24 7,588.02 0.014% FORTUM 11/21 EUR 4,508.89 5,920.70 0.015.5% NOKIA 02/14 EUR 6,537.89 8,310.74 0.01555,244.01 0.69FRANCIAFRN AXA 10/20 EUR 8,116.00 8,432.17 0.01FRN B.F.C.M. 05/PE EUR 3,381.67 3,219.10 0.00FRN BNP PARIBAS 06/PE EUR 4,508.89 4,251.38 0.01FRN BNP PARIBAS 08/PE EUR 1,803.56 2,189.16 0.00FRN BPCE 10/PE EUR 8,566.89 9,576.61 0.01FRN CNP ASSURANCES 06/PE EUR 9,017.78 7,388.99 0.01FRN CREDIT LOGEMENT 07/17 EUR 1,803.56 2,129.77 0.001.50% GDF SUEZ 11/17 CHF 53,324.90 54,604.70 0.071.75% C.F.F. 10/15 CHF 101,802.09 104,652.55 0.131.75% CRH 11/16 CHF 96,954.37 100,347.77 0.131.875% CSSE AMORTISSEMENT 12/15 EUR 32,430.89 39,688.46 0.051.875% ILE DE FRANCE 05/14 CHF 48,477.18 49,834.55 0.062% BPCE 10/15 CHF 24,238.59 24,359.79 0.032% CIF EUROMORTGAGE 05/15 CHF 48,477.18 50,149.65 0.062% CIF EUROMORTGAGE 10/19 CHF 45,568.55 46,571.06 0.062% RESEAU FERRE DE FRANCE 10/26 CHF 19,390.87 19,546.00 0.022.125% VINCI 11/17 SR CHF 19,390.87 19,846.56 0.022.25% C.F.F. FIN. FONCIER 11/19 CHF 96,954.37 100,444.73 0.132.25% E.D.F. 10/17 CHF 48,477.18 50,828.33 0.062.375% CIF EUROMORTGAGE 10/19 CHF 48,477.18 50,658.66 0.062.375% CSSE AMORTISSEMENT 11/23 CHF 48,477.18 51,191.91 0.062.375% DEXIA MUNICIPAL AG 06/16 CHF 87,258.93 86,909.90 0.112.375% DEXIA MUNICIPAL AG. 05/15 CHF 98,408.68 98,900.73 0.122.375% ILE DE FRANCE 05/16 CHF 48,477.18 51,337.34 0.062.375% SNCF 09/19 CHF 96,954.37 104,516.81 0.132.375% TOTAL CAPITAL 06/16 CHF 261,776.79 272,247.87 0.342.5% AEROPORTS DE PARIS 10/17 CHF 67,868.06 70,650.65 0.09La nota integrativa costituisce parte integrante del presente bilancio.470
<strong>Pictet</strong> - PiclifePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN CHF)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto2.5% C.F.F. 06/31 CHF 117,799.56 117,387.26 0.152.5% C.F.F. 09/13 CHF 130,888.40 133,165.86 0.172.5% CREDIT AGRICOLE 06/13 CHF 48,477.18 49,083.15 0.062.5% CRH-CAISSE REFIN. 11/21 CHF 96,954.37 103,353.36 0.132.5% DEXIA MUNICIPAL 09/18 CHF 96,954.37 95,887.87 0.122.50% RCI BANQUE 12/15 -SR- CHF 33,934.03 33,866.16 0.042.625% DEXIA MUNICIPAL AG 09/19 CHF 67,868.06 66,680.37 0.082.625% RATP 06/19 CHF 48,477.18 51,773.63 0.062.625% S.N.C.F. 06/21 CHF 58,172.62 63,844.45 0.082.625% TOTAL CAPITAL 06/14 CHF 96,954.37 100,250.82 0.132.75% BNP PARIBAS HOME LN 09/14 CHF 66,898.51 70,276.89 0.092.75% C.F.F. FIN. FONCIER 04/16 CHF 96,954.37 103,353.36 0.132.75% S.N.C.F. 09/18 CHF 48,477.18 53,227.95 0.072.875% BPCE 10/15 -SR- EUR 11,272.23 13,933.94 0.022.875% RESEAU FERRE FRANCE 09/21 CHF 33,934.03 37,819.48 0.052.875% SOCIETE GENERALE 12/19 EUR 9,609.15 11,687.47 0.013% B.F.C.M. 06/13 CHF 48,477.18 48,961.96 0.063% B.F.C.M. 10/15 EUR 22,544.45 27,725.27 0.033% CIF EUROMORTGAGE 03/14 CHF 53,324.90 55,831.17 0.073% CSSE AMORTISSEMENT 09/21 CHF 48,477.18 54,003.58 0.073% RATP 07/14 CHF 135,736.12 143,948.15 0.183% REG. ILE DE FRANCE 08/14 CHF 48,477.18 51,385.82 0.063% RESEAU FERRE FRANCE 09/19 CHF 96,954.37 108,346.51 0.143% UNIBAIL-RODAMCO 12/19 -SR- EUR 6,988.78 8,453.06 0.013.00% AUCHAN 11/16 -SR- EUR 10,821.34 13,706.62 0.023.00% BNP PARIBAS 12/17 SR -S- EUR 50,274.13 62,035.44 0.083.00% RCI BANQUE 11/14 -SR- CHF 77,563.49 79,192.33 0.103.125% ADP 09/15 CHF 48,477.18 51,216.15 0.063.125% C.F.F. 03/14 CHF 193,908.74 204,961.53 0.263.125% EUTELSAT 10/17 EUR 6,763.34 8,748.70 0.013.125% GDF SUEZ 12/20 -SR- EUR 13,075.78 16,266.02 0.023.125% TOTAL CAPITAL 06/18 CHF 101,802.09 111,066.08 0.143.125% TOTAL CAPITAL 07/15 CHF 96,954.37 103,207.93 0.133.25% CDC CAISSE DEP.CONS.07/17 CHF 48,477.18 53,930.87 0.073.25% REG. ILE DE FRANCE 07/18 CHF 48,477.18 54,173.25 0.073.25% RESEAU FERRE FRANCE 06/32 CHF 48,477.18 58,463.48 0.073.25% S.F.E.F. 09/14 EUR 66,663.50 83,578.37 0.103.375% A.P. HOPITAUX PARIS 08/14 CHF 19,390.87 20,612.50 0.033.375% E.D.F. 08/13 CHF 186,152.39 194,250.02 0.243.375% FRANCE TELECOM 09/13 CHF 155,126.99 160,866.69 0.203.375% UNIBAIL-RODAMCO 10/15 EUR 10,821.34 13,601.19 0.023.375% VINCI 12/20 -SR- EUR 5,410.67 6,597.80 0.013.5% DEXIA MUNICIPAL AG 07/17 CHF 55,263.99 57,944.29 0.073.5% DEXIA MUNICIPAL AG. 07/19 CHF 48,477.18 50,658.66 0.063.5% FRANCE TELECOM 07/14 CHF 29,086.31 31,049.64 0.043.5% O.A.T. 04/15 EUR 22,893.81 29,659.33 0.043.50% SAINT-GOBAIN 11/15 -SR- EUR 9,017.78 11,415.28 0.013.50% UNIBAIL-RODAMCO 11/16 EUR 8,341.45 10,555.71 0.013.6% DANONE 10/20 EUR 8,341.45 10,861.38 0.013.625% EDENRED 10/17 EUR 13,526.67 17,023.25 0.023.75% AUCHAN 08/15 CHF 84,350.30 89,833.07 0.113.75% BFCM 10/18 287 -SR- EUR 12,399.45 15,373.28 0.02La nota integrativa costituisce parte integrante del presente bilancio.471
<strong>Pictet</strong> - PiclifePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN CHF)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto3.75% STE GENERALE 12/17 -SR- EUR 33,816.68 42,213.59 0.053.875% BANQUE PSA FIN. 11/15 EUR 14,653.90 17,802.38 0.023.875% CREDIT AGRICOLE 12/19 -SR- EUR 11,272.23 13,775.23 0.023.875% VIVENDI 11/15 EUR 9,694.12 12,300.80 0.024% BOUYGUES 10/18 EUR 22,544.45 29,037.22 0.044% C.I.F. 10/18 EUR 11,272.23 13,302.08 0.024% E.D.F. 09/17 CHF 48,477.18 55,045.84 0.074% L.V.M.H. 08/15 CHF 77,563.49 85,009.59 0.114% O.A.T. 04/14 EUR 4,588.37 5,904.37 0.014% O.A.T. 04/55 EUR 12,035.46 15,333.36 0.024% O.A.T. 05/38 EUR 19,458.54 24,754.82 0.034% O.A.T. 09/60 EUR 4,131.94 5,278.98 0.014% O.A.T. 10/14 EUR 19,218.31 25,016.57 0.034% SAINT GOBAIN 10/18 EUR 19,895.48 25,485.34 0.034.125% ALSTOM 10/17 EUR 15,781.12 20,072.19 0.034.125% C.F.F. FIN. FONCIER 10/17 EUR 24,022.88 31,393.44 0.044.125% MERCIALYS 12/19 -SR- EUR 7,439.67 9,031.81 0.014.125% VIVENDI 12/17 SR EUR 18,261.01 23,026.93 0.034.25% KLEPIERRE 06/16 EUR 9,017.78 11,394.96 0.014.25% O.A.T. 04/19 EUR 22,317.26 30,157.88 0.044.25% O.A.T. 06/23 EUR 9,849.38 13,177.99 0.024.25% O.A.T. 10/17 EUR 21,620.59 29,225.06 0.044.25% VALLOUREC 11/17 EUR 5,861.56 7,542.05 0.014.375% AUTO.PARIS-R.-RHONE 11/16 EUR 18,261.01 23,322.56 0.034.375% CARREFOUR 06/16 -SR- EUR 28,180.57 36,555.45 0.054.375% L.V.M.H. 05/14 EUR 9,017.78 11,565.39 0.014.375% RCI BANQUE 10/15 EUR 6,794.90 8,503.32 0.014.375% SUB. BNP PARIBAS 07/19 -JR- EUR 3,156.22 3,728.15 0.004.375% THALES 09/13 EUR 10,257.73 12,734.65 0.024.379% CASINO GUICHARD 10/17 EUR 22,544.45 28,847.88 0.044.5% CREDIT AGRICOLE CB 09/16 EUR 32,430.89 42,962.63 0.054.5% NATIXIS 07/19 EUR 11,272.23 12,569.90 0.024.5% O.A.T. 09/41 EUR 10,305.82 14,226.41 0.024.5% SANOFI-AVENTIS 09/16 EUR 7,214.23 9,762.37 0.014.50% BPCE 12/22 -SR- EUR 9,468.67 12,181.20 0.024.625% AGF 05/PE EUR 12,399.45 13,161.12 0.024.625% VEOLIA ENVIRON. 12/27 -SR- EUR 3,381.67 4,083.69 0.014.726% CASINO GUICHARD PERR. 11/21 SR EUR 9,017.78 11,434.90 0.014.75% O.A.T. 03/35 EUR 17,873.03 25,218.98 0.034.82% SUEZ ENVIRONNEMENT 10/PE EUR 4,508.89 5,133.17 0.015% BQUE FED. CR. MUTUEL 03/15 EUR 6,199.72 7,847.03 0.015% CRH 02/13 EUR 43,241.19 55,492.16 0.075% CRH 09/19 EUR 26,425.17 36,697.69 0.055% IMERYS 07/17 EUR 19,839.12 25,643.48 0.035% PERNOD-RICARD 11/17 EUR 13,526.67 17,822.73 0.025% S.N.C.F. 95/15 CHF 48,477.18 55,773.00 0.075.00% EUTELSAT 11/19 EUR 19,388.23 26,033.83 0.035.019% SUB. TV BNP PARIBAS 07/PERP EUR 7,214.23 6,781.57 0.015.125% TOTAL CAPITAL 09/24 EUR 14,879.34 21,412.07 0.035.25% CARREFOUR 11/18 50 -SR- S EUR 4,508.89 6,023.90 0.015.375% C.F.C.M. 09/14 EUR 7,214.23 9,307.64 0.015.375% SCHNEIDER ELECTRIC 07/15 EUR 16,795.62 22,366.06 0.03La nota integrativa costituisce parte integrante del presente bilancio.472
<strong>Pictet</strong> - PiclifePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN CHF)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto5.50% O.A.T. 97/29 EUR 17,512.68 26,331.82 0.035.625% A.S.F. 07/22 EUR 21,642.68 30,435.50 0.045.625% FRANCE TELECOM 08/18 EUR 18,035.56 25,657.50 0.035.625% GDF SUEZ 09/16 EUR 14,653.90 20,242.30 0.035.625% RCI BANQUE 12/15 -SR- EUR 22,995.34 29,657.73 0.045.75% GIE SUEZ ALLIANCE 03/23 -SR- EUR 10,370.45 15,441.49 0.025.75% O.A.T. 00/32 EUR 5,861.58 9,233.29 0.015.75% VALEO 12/17 -SR- EUR 30,435.01 39,977.72 0.055.777% AXA 06/PE EUR 5,861.56 5,823.30 0.015.95% GDF SUEZ 11/2111 EUR 3,832.56 4,433.40 0.015.971% CREDIT AGRICOLE 08/18 EUR 11,272.23 13,718.59 0.026% CNP ASSURANCE 10/20 EUR 7,665.11 7,388.53 0.016% O.A.T. 94/25 EUR 22,677.60 35,299.23 0.046% TPSA EUROFINANCE 09/14 EUR 9,017.78 11,811.02 0.016.125% SUB. STE GENERALE 08/18 EUR 7,326.95 9,116.13 0.016.125% VEOLIA ENVIRON. 03/33 EUR 10,145.00 14,088.96 0.026.154% SCOR ASSISTANCE 06/PE EUR 3,832.56 3,936.71 0.006.25% SODEXHO 09/15 EUR 6,763.34 9,167.87 0.016.25% VINCI 06/PE EUR 5,636.11 6,795.29 0.016.50% B.F.C.M. 01/13 EUR 12,963.06 16,373.45 0.026.75% VEOLIA ENVIRON. 09/19 EUR 15,104.78 22,262.05 0.037% REXEL 11/18 EUR 397.92 505.86 0.007.125% CROWN EURO HOLDINGS 10/18 EUR 298.44 382.09 0.007.781% BNP PARIBAS 08/PERP. EUR 1,578.11 1,839.77 0.007.875% CREDIT AGRICOLE 09/PE EUR 3,381.67 3,729.37 0.008.125% FRANCE TELECOM 03/33 EUR 12,624.89 22,166.91 0.038.25% REXEL 09/16 EUR 397.92 515.45 0.008.5% LABCO SAS 11/18 EUR 994.80 1,066.85 0.008.50% O.A.T. 10/19 EUR 24,167.02 41,245.45 0.058.625% PPR 09/14 EUR 9,017.78 12,316.89 0.029% PICARD BONDCO 10/18 EUR 397.92 517.84 0.009.375% EUROPCAR 10/18 EUR 198.96 197.79 0.009.375% FAURECIA 11/16 -SR- EUR 497.40 674.27 0.009.375% FAURECIA 11/16 -SR- S EUR 198.96 272.71 0.009.375% SUB. SOC. GENERALE 09/PE EUR 3,156.22 3,565.46 0.006,268,235.60 7.85GEORGIA9.875% GEORGIAN RAILWAY 10/15 USD 116.38 112.40 0.00112.40 0.00GERMANIAFRN AUTO-TEILE-UNGER 04/14 EUR 358.13 220.08 0.00FRN MUENCHENER RUECK. 11/41 EUR 9,243.23 11,066.36 0.011.25% LAND BERLIN 10/14 CHF 48,477.18 49,349.77 0.061.375% NORDRHEIN-WESTF. 10/14 CHF 67,868.06 69,361.16 0.091.875% METRO 12/16 -SR- CHF 116,345.24 116,752.45 0.152% DEPFA 05/12 CHF 96,954.37 97,923.91 0.122% DEUTSCHE BANK 10/15 CHF 84,350.30 86,669.93 0.112.00% DAIMLER 12/17 -SR- EUR 9,017.78 10,849.43 0.012.00% GERMANY 11/22 -SR- EUR 29,788.38 36,516.14 0.05La nota integrativa costituisce parte integrante del presente bilancio.473
<strong>Pictet</strong> - PiclifePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN CHF)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto2.125% K.F.W. 06/16 CHF 48,477.18 51,603.96 0.062.125% MAN 12/17 -SR- EUR 7,326.95 8,941.23 0.012.25% DEUTSCHE TELEKOM 10/16 CHF 87,258.93 90,705.66 0.112.25% VOLKSWAGEN LEASING 11/14 SR EUR 4,959.78 6,092.59 0.012.5% GERMANIA 10/14 EUR 24,022.88 30,583.80 0.042.5% K.F.W. 05/25 CHF 193,908.74 219,601.64 0.272.625% BAYERISCHE LDBK 07/13 CHF 169,670.14 173,063.55 0.222.625% DAIMLER 12/19 -SR- EUR 10,370.45 12,462.78 0.022.625% LANDWIRTS. RENTENBK 09/16 SR CHF 96,954.37 105,680.26 0.132.75% K.F.W. 09/18 CHF 96,954.37 108,976.71 0.142.75% LAND BERLIN 07/17 -SR- CHF 96,954.37 106,698.28 0.133% BAYERISCHE LDBANK 04/15 CHF 116,345.24 125,711.03 0.163.125% DEPFA 06/23 CHF 9,695.44 10,757.09 0.013.25% GERMANIA 10/42 EUR 10,810.30 15,156.83 0.023.25% DG DT HYPOBK 05/15 EUR 62,459.50 79,992.78 0.103.25% NORDRHEIN-WESTFALEN 07/15 CHF 96,954.37 105,583.31 0.133.25% VOLKSWAGEN LEASING 11/18-SR- EUR 6,763.34 8,547.15 0.013.375% K.F.W. 07/17 CHF 106,649.81 122,167.35 0.153.375% VOLKSWAGEN LEASING 11/16 EUR 22,093.56 28,213.29 0.043.625% COMMERZBANK 12/17 796-SR- EUR 11,610.39 14,325.67 0.023.75% DEUTSCHE TELEKOM 09/14 CHF 87,258.93 92,538.10 0.124% GERMANIA 05/37 EUR 6,534.22 9,995.23 0.014% GERMANIA 06/16 EUR 16,816.02 23,113.77 0.034% BAYERISCHE LDBK 01/15 CHF 67,868.06 74,824.53 0.094.25% GERMANIA 07/18 EUR 17,296.48 24,755.60 0.034.25% GERMANIA 07/39 EUR 8,408.01 13,611.53 0.024.375% THYSSENKRUPP 12/17 SR EUR 5,861.56 7,236.82 0.014.5% MERCK FINANC. SERV. 10/20 EUR 7,890.56 10,688.95 0.014.625% R.W.E 10/PE EUR 4,621.61 5,318.30 0.014.75% GERMANIA 08/40 EUR 32,190.66 56,369.02 0.074.75% GERMANIA 98/28 EUR 31,229.75 48,858.84 0.064.75% COMMERZBANK 09/15 EUR 19,546.04 25,239.92 0.035% BAYER AG 05/05 EUR 5,185.22 6,298.43 0.015% DEUTSCHE BANK 10/20 EUR 4,508.89 5,542.14 0.015.125% DEUTSCHE BANK 07/17 EUR 26,602.46 36,281.47 0.055.125% ROBERT BOSCH 09/17 EUR 6,763.34 9,517.65 0.015.25% EWE 09/21 EUR 5,072.50 7,123.21 0.015.375% HENKEL 05/04 EUR 17,584.67 21,914.62 0.035.625% GERMANIA 98/28 EUR 31,518.02 53,494.67 0.075.625% K.F.W. 10/17 PEN 1,741.58 635.62 0.005.767% MUENCHENER RUECK. 07/49 EUR 7,214.23 7,967.63 0.016.25% GERMANIA 00/30 EUR 15,110.39 27,832.27 0.036.25% GERMANIA 94/24 EUR 23,614.49 40,753.47 0.056.25% ELSTER FINANCE 11/18 EUR 397.92 502.26 0.006.5% GERMANIA 97/27 EUR 17,176.36 31,462.23 0.046.50% KABEL DEUTSCH.11/18SR-S- EUR 397.92 508.25 0.006.75% HEIDELBERGCEMENT 10/15 EUR 198.96 260.72 0.007.25% MAN 09/16 EUR 7,890.56 11,563.11 0.017.375% SUB. ENBW 11/72 TR. 2-SR-S EUR 2,254.45 2,799.86 0.007.5% KABEL BW ERSTE BET. 11/19 EUR 795.84 1,017.18 0.007.625% METRO 09/15 EUR 9,468.67 13,192.65 0.027.875% BERTELSMANN 09/14 EUR 9,017.78 12,058.06 0.02La nota integrativa costituisce parte integrante del presente bilancio.474
<strong>Pictet</strong> - PiclifePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN CHF)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto8% HEIDELBERG CEMENT 09/17 EUR 1,275.34 1,716.16 0.008.00% ALBA GRP PLC 11/18 SR REG. S EUR 845.58 1,064.75 0.008.125% UPC GERMANY 09/17 EUR 1,591.69 2,035.41 0.008.625% TUI 05/PE EUR 119.38 138.09 0.009.625% IESY 09/19 EUR 99.48 130.96 0.009.75% NORDENIA 10/17 EUR 268.60 352.78 0.002,592,288.45 3.24GIAPPONE2.25% N.T.T. 06/13 CHF 151,248.81 153,593.17 0.192.625% KYUSHU ELECTR. POWER 06/13 CHF 48,477.18 49,446.73 0.068.375% EACCESS 11/18 EUR 1,188.79 1,310.70 0.00204,350.60 0.25GUERNSEY2.875% CREDIT SUISSE 10/18 -SR- EUR 45,643.48 56,442.20 0.072.875% CS GROUP FIN. GUERN. 09/15 EUR 22,544.45 27,943.81 0.0384,386.01 0.10HONG KONG2.46% HONG KONG SAR GOVERNMENT 11/21 HKD 9,725.05 1,213.91 0.002.93% HK SAR GOVERNMENT 10/20 HKD 11,957.02 1,545.34 0.002,759.25 0.00INDIA3.50% RURAL ELECTRIFIC. 12/17 SR CHF 82,411.21 82,988.09 0.1082,988.09 0.10INDONESIA0% INDONESIA 08/13 IDR 258,271.74 24.45 0.004% PERUSAHAAN PE. (SUKUK) 11/18-SR-S USD 382.62 354.08 0.004.875% INDONESIA 11/21 USD 448.37 437.06 0.005.25% PERTAMINA 11/21 USD 442.57 420.93 0.007.00% INDONESIA 11/22 FR0061 SR IDR 2,550,832.00 271.26 0.007.3% INDONESIA 11/14 0RI8 SR IDR 2,574,746.05 265.90 0.007.375% INDONESIA 10/16 IDR 31,247.69 3.34 0.008.15% INDONESIA 11/14 IDR 1,594,270.00 165.55 0.008.25% INDONESIA 10/21 IDR 2,924,528.89 334.13 0.008.7% INDONESIA 10/13 IDR 1,581,515.84 161.85 0.009% INDONESIA 07/13 IDR 510,166.40 53.36 0.009% INDONESIA 07/18 IDR 1,817,467.80 210.22 0.009.25% INDONESIA 09/15 IDR 2,170,758.03 237.62 0.009.35% INDONESIA 09/12 IDR 829,020.40 83.20 0.009.5% INDONESIA 04/15 IDR 3,206,108.86 358.10 0.009.5% INDONESIA 07/23 IDR 16,491,128.88 2,035.60 0.009.5% INDONESIA 10/31 IDR 1,374,037.54 173.28 0.009.5% INDONESIA 11/41 FR0057 SR IDR 1,930,150.80 250.20 0.009.75% INDONESIA 07/37 IDR 7,340,019.08 961.80 0.0010% INDONESIA 05/17 IDR 2,550,832.00 303.51 0.0010% INDONESIA 07/24 IDR 12,346,026.88 1,579.78 0.0010% INDONESIA 07/28 IDR 18,716,729.80 2,423.44 0.00La nota integrativa costituisce parte integrante del presente bilancio.475
<strong>Pictet</strong> - PiclifePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN CHF)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto10.00% INDONESIA 11/36 S.IF10-SR IDR 1,530,499.20 188.47 0.0010.25% INDONESIA 07/22 IDR 15,671,674.10 2,010.39 0.0010.25% INDONESIA 07/27 IDR 15,682,451.37 2,076.95 0.0010.25% INDONESIA 10/30 IDR 1,642,098.10 198.51 0.0010.5% INDONESIA 08/38 IDR 10,477,478.67 1,476.38 0.0010.5% INDONESIA 09/30 IDR 6,505,099.88 883.10 0.0010.75% INDONESIA 05/16 IDR 1,849,353.20 219.41 0.0011% INDONESIA 03/12 IDR 510,166.40 52.63 0.0011% INDONESIA 04/14 IDR 318,854.00 36.06 0.0011% INDONESIA 05/20 IDR 5,484,288.80 723.17 0.0011% INDONESIA 06/25 IDR 1,903,175.76 262.28 0.0011.45% INDONESIA 08/13 IDR 542,051.80 58.32 0.0011.5% INDONESIA 06/19 IDR 1,967,775.58 259.34 0.0011.6% INDONESIA 06/18 IDR 1,179,759.80 152.32 0.0012.5% INDONESIA 06/13 IDR 318,854.00 33.80 0.0012.8% INDONESIA 05/21 IDR 3,092,883.80 450.29 0.0012.9% INDONESIA 05/22 IDR 1,450,785.70 214.61 0.0014.25% INDONESIA 02/13 IDR 956,562.00 104.95 0.0014.275% INDONESIA 02/13 IDR 159,427.00 18.17 0.0015% INDONESIA 05/18 FR0032 -SR- IDR 637,708.00 93.58 0.0020,621.39 0.00IRLANDAFRN ALLIED IRISH BK 07/12 83-SR-S- EUR 298.44 359.07 0.002% GE CAPITAL EUR. FUND. 12/15 SR-S- EUR 11,204.59 13,595.44 0.022.875% GE CAP. EUROP. FUND. 10/15 EUR 22,544.45 28,215.47 0.043.75% GE CAP. EURO FDG 11/16 EUR 14,653.90 18,810.80 0.023.75% VNESHECONOMBK (VEB) 11/16 CHF 63,989.88 63,989.88 0.084% INTESA S.BK IRL 12/13 -SR-S EUR 9,017.78 10,994.38 0.014.5% ALLIED IRISH BANK 09/12 EUR 994.80 1,164.25 0.004.625% BANK OF IRELAND 09/13 EUR 994.80 1,150.76 0.005.25% FGA CAPITAL IREL. 12/14 SR EUR 3,156.22 3,916.29 0.005.375% GE CAP. EUROP. FUND. 09/20 EUR 15,781.12 21,793.22 0.037.25% SMURFIT KAPPA ACQUI. 09/17 EUR 397.92 510.65 0.007.375% ARDAGH PACK. FIN. 10/17 EUR 472.53 600.70 0.007.5% CLOVERIE 09/39 EUR 8,566.89 11,222.48 0.017.75% JSG FUNDING 05/15 EUR 467.56 566.21 0.007.75% SMURFIT KAPPA ACQUI. 09/19 EUR 626.73 818.43 0.008.75% ARDAGH GLASS FIN. 10/20 EUR 1,193.77 1,409.68 0.008.875% NARA CABLE FUNDING 10/18 EUR 397.92 444.72 0.009.25% ARDAGH PACK. FIN. 10/20 EUR 616.78 754.35 0.009.5% INAER AVIATION 10/17 EUR 497.40 545.41 0.00180,862.19 0.21ISOLE CAYMAN0% CAP. GUARD. NOM. 'S' 01/13 USD 0.10 0.00 0.002.125% LGT FINANCE 11/15 CHF 38,781.75 39,770.68 0.052.375% NEW YORK LIFE FUND. 06/16 CHF 77,563.49 80,278.22 0.102.5% LGT FINANCE 10/17 CHF 96,954.37 100,444.73 0.13La nota integrativa costituisce parte integrante del presente bilancio.476
<strong>Pictet</strong> - PiclifePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN CHF)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto3.25% THAMES WATER UT. CAY. 10/16 EUR 5,072.50 6,421.89 0.014.5% SANTANDER ISSUANCES 04/19 EUR 4,508.89 4,290.23 0.014.75% HUTCHISON WHAMP. INTL 9/16 EUR 18,035.56 23,718.76 0.03254,924.51 0.33ITALIA2.5% ITALIA 06/18 CHF 96,954.37 91,088.63 0.112.50% ITALIA 05/15 CHF 268,563.60 261,446.66 0.333.375% INTESA SANPAOLO 10/15 EUR 13,075.78 15,794.60 0.023.5% ENI 10/18 EUR 13,639.39 16,963.29 0.023.75% ITALIA 08/15 EUR 25,175.98 30,432.47 0.043.75% ITALIA 08/16 EUR 21,188.18 25,283.60 0.033.75% ITALIA 08/21 EUR 75,527.94 82,582.39 0.103.75% BANCO POPOLARE 09/12 EUR 19,162.79 23,162.62 0.033.75% SANPAOLO IMI 05/20 EUR 19,162.79 19,590.63 0.023.875% EDISON 10/17 EUR 13,526.67 16,052.54 0.024% ITALIA 02/17 EUR 13,741.09 16,429.20 0.024.00% INTESA SANP 10/18 579 -SR-S EUR 13,526.67 15,566.01 0.024.125% INTESA SANPAOLO 10/20 EUR 15,104.78 17,353.38 0.024.125% MONTE PASCHI SIENA 11/13 EUR 12,512.17 15,023.19 0.024.25% ITALIA 02/15 EUR 13,164.54 16,257.07 0.024.25% ITALIA 03/20 EUR 37,307.54 43,370.27 0.054.25% ITALIA 08/14 EUR 27,482.18 33,852.01 0.044.25% ENI 12/20 S.9 -SR- EUR 4,441.26 5,650.46 0.014.375% UNICREDIT 04/20 EUR 4,959.78 5,783.85 0.014.5% ITALIA 02/18 EUR 41,199.24 49,709.63 0.064.5% ITALIA 07/18 EUR 52,658.16 63,226.25 0.084.50% ATLANTIA 12/19 SRSS.9 EUR 8,116.00 10,199.18 0.014.50% TV SUB. UNICR. ITAL. 04/19-S- EUR 0.00 0.00 0.004.625% MEDIOBANCA 11/16 SR-S- EUR 5,185.22 6,380.38 0.014.75% MONTE PASCHI SIENA 09/14 EUR 13,526.67 16,442.02 0.024.75% TELECOM ITALIA 11/18 REG-S EUR 4,959.78 6,060.53 0.014.75% TERNA 11/21 EUR 17,584.67 22,175.88 0.034.875% UNICREDIT 12/17 SR S489-S- EUR 14,428.45 17,290.58 0.025% ITALIA (BTP) 07/39 EUR 21,188.18 22,436.50 0.035% ENI 09/16 EUR 27,053.34 35,841.69 0.045.00% INTESA SANPAOLO 12/17 -SR- EUR 13,075.78 15,969.81 0.025.00% TBOND ITALIA (BTP) 11/22 EUR 102,097.25 121,578.59 0.155.25% ITALIA (BTP) 08/17 EUR 35,938.23 45,042.74 0.065.25% ITALIA 98/29 EUR 22,893.81 26,343.59 0.035.25% TELECOM ITALIA 05/55 EUR 7,890.56 7,205.60 0.015.375% LOTTOMATICA 10/18 EUR 6,763.34 8,389.58 0.015.625% ATLANTIA 09/16 EUR 18,711.90 25,004.59 0.035.75% ITALIA 02/33 EUR 25,175.98 29,804.51 0.046.25% FIAT INDUSTRIAL 11/18 EUR 1,790.65 2,165.77 0.006.50% ITALIA 97/27 EUR 2,306.20 2,975.62 0.006.9% ASSICURAZIONI GEN. 00/22 EUR 13,973.05 16,816.06 0.027.25% ITALIA 96/26 EUR 18,329.46 25,585.38 0.038.25% LOTTOMATICA 'S' 06/66 EUR 1,193.77 1,395.30 0.008.25% TELECOM ITALIA 09/16 EUR 12,399.45 17,358.42 0.02La nota integrativa costituisce parte integrante del presente bilancio.477
<strong>Pictet</strong> - PiclifePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN CHF)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto9% ITALIA 93/23 EUR 21,284.27 33,058.87 0.0410.5% SEAT PAGINE GIALLE 10/17 EUR 596.88 503.46 0.0010.5% SEAT PAGINE GIALLE 10/17 EUR 99.48 80.91 0.001,380,724.31 1.70JERSEY2.50% BAA FUNDING 12/17 SR CHF 82,411.21 85,171.99 0.114% UBS JERSEY BRANCH 08/12 CHF 96,954.37 97,157.97 0.124.125% BAA FUDING 10/18 EUR 2,254.45 2,857.27 0.004.28% UBS PREF. FUNDING 05/PE EUR 8,792.34 8,833.17 0.014.5% UBS JERSEY BRANCH 04/19 EUR 5,748.84 6,739.69 0.014.6% BAA FUNDING 08/16 EUR 8,566.89 10,986.09 0.014.75% UBS JERSEY BRANCH 07/17 EUR 12,780.45 17,031.92 0.025.3687% HSBC CAP FUNDING 03/PE EUR 16,297.39 18,136.35 0.02246,914.45 0.30LUSSEMBURGOFRN KION FINANCE 11/18 EUR 198.96 218.17 0.00FRN LECTA (UNSEC.) 07/14 EUR 795.84 920.61 0.002.125% NESTLE FINANCE 09/15 CHF 171,609.23 181,476.76 0.232.25% ERSTE EUROP. PFANDBF 05/16 CHF 63,020.34 65,131.52 0.082.5% ERSTE EUROP. PFANDBF 06/19 CHF 96,954.37 98,117.82 0.122.50% EUROP. HYPO. BANK 05/25 CHF 155,126.99 139,148.91 0.172.75% EUROP. HYPO. BANK 05/20 CHF 87,258.93 88,567.82 0.112.75% LG ERSTE EUROP. KBANK 05/20 CHF 67,868.06 67,935.93 0.083.25% JOHN DEERE BANK11/16 SR REG. S EUR 5,861.56 7,497.24 0.013.375% FORTIS LUX FIN. 07/12 CHF 58,172.62 58,463.48 0.073.5% EUROHYPO BANK 07/13 CHF 33,934.03 35,104.75 0.043.5% SB CAPITAL SA -LPN- 12/14 CHF 63,020.34 64,343.77 0.083.625% GLENCORE FINANCE 10/16 CHF 96,954.37 101,753.61 0.134% EUROP. HYPO. BANK 02/14 CHF 48,477.18 50,852.57 0.064.125% ENEL FIN. INTL 11/17 SR -S- EUR 20,290.01 25,059.70 0.034.125% GLENCORE FIN. 12/18 EUR 11,723.12 14,150.23 0.024.25% NOVARTIS 09/16 EUR 6,763.34 9,120.93 0.014.5% BRANDBREW 09/14 CHF 247,718.41 265,925.71 0.334.75% SES 11/21 EUR 7,822.93 10,467.34 0.015% HANNOVER FINANCE 05/PE EUR 6,087.00 6,514.79 0.015.00% ENEL FIN. INTL 11/21 SR -S- EUR 27,662.05 34,898.87 0.045.00% VTB CAPITAL -LPN- 11/15 CHF 48,477.18 50,779.85 0.065.25% FIMECCANICA FIN. 09/22 EUR 7,214.23 8,057.08 0.015.25% FMC FINANCE VIII 12/19 SR -S- EUR 895.32 1,148.96 0.005.25% GLENCORE FINANCE 10/17 EUR 2,705.33 3,444.03 0.005.625% CLARIANT F.LUX 12/17 -SR-S EUR 328.29 421.55 0.005.75% HANNOVER FINANCE 04/24 EUR 24,235.29 29,567.83 0.046.375% FIAT FIN. & TRADE 11/16 EUR 397.92 473.79 0.006.875% FIAT FIN. & TRADE 09/15 EUR 198.96 244.99 0.007.125% GLENCORE FINANCE 08/15 EUR 9,017.78 12,144.56 0.027.375% GREIF LUX.11/21 -SR- S EUR 198.96 251.73 0.007.375% WIND ACQUISITION 10/18 EUR 1,442.47 1,612.11 0.007.875% AGUILA 3 11/18 CHF 397.92 419.93 0.007.875% KION FINANCE 11/18 EUR 198.96 234.95 0.00La nota integrativa costituisce parte integrante del presente bilancio.478
<strong>Pictet</strong> - PiclifePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN CHF)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto8% XEFIN LUX 11/18 EUR 397.92 486.68 0.008.25% CODERE FINANCE (LUX) 05/15 EUR 348.18 415.35 0.008.25% CODERE-FINANCE(LUX) 10/15 EUR 318.34 381.67 0.008.5% SUNRISE COMMUNICA. 10/18 EUR 198.96 255.92 0.008.625% MICHELIN LUXEMBOURG 09/14 EUR 4,508.89 6,211.18 0.018.75% CIRSA FUNDING 10/18 EUR 1,392.73 1,627.85 0.008.875% CEMEX LUXEMBOURG 10/17 EUR 292.47 322.46 0.008.875% ZINC CAPITAL 11/18 EUR 1,193.77 1,337.76 0.009.375% ARCELORMITTAL 09/16 EUR 6,763.34 9,640.18 0.019.5% BEVERAGE PACKAGING 07/17 EUR 596.88 647.30 0.009.625% OXEA FINANCE 10/17 EUR 695.77 852.21 0.0010% BORMIOLI ROCCO HOLD. 11/18 SR -S- EUR 586.93 731.99 0.0010.75% TMD FRICTION FIN. 10/17 EUR 469.35 610.80 0.0011.00% SPIE BONDCO 3 12/19 REG.S EUR 79.58 96.98 0.0011.125% ARDAGH FIN. -PIK- 11/18 EUR 11.87 13.44 0.0011.75% WIND AQUISITION 09/17 EUR 1,616.56 1,840.77 0.001,459,944.43 1.78MALAYSIA2.615% DANGA CAPITAL 10/15 SGD 510.17 366.60 0.003.418% MALAYSIA 12/22 S.12/0001 SR MYR 3.19 0.92 0.003.434% MALAYSIA 11/14 S.11/0002 SR MYR 4,145.10 1,227.00 0.003.58% MALAYSIA S11/0005 11/18 SR MYR 2,550.83 751.10 0.003.7% MALAYSIA 07/13 MYR 111.60 33.06 0.003.725% DANGA CAPITAL 10/20 SGD 565.97 406.77 0.003.741% MALAYSIA 09/15 MYR 11,523.38 3,438.18 0.003.814% MALAYSIA 07/17 MYR 1,253.10 374.62 0.003.82% MALAYSIA 06/16 MYR 267.84 80.07 0.003.835% MALAYSIA 10/15 MYR 6,045.47 1,811.77 0.003.90% SILTERRA CAPITAL 07/14 MYR 197.69 58.81 0.004.012% MALAYSIA 10/17 MYR 9,109.66 2,752.85 0.004.02% CAGAMAS 05/17 MYR 15.94 4.69 0.004.16% MALAYSIA 11/21 MYR 10,534.62 3,205.16 0.004.24% MALAYSIA 03/18 MYR 255.08 77.83 0.004.378% MALAYSIA 09/19 -SR- S09/0002 MYR 10,955.82 3,370.39 0.004.498% MALAYSIA 10/30 MYR 956.56 296.95 0.005.094% MALAYSIA 04/14 MYR 20,532.60 6,277.26 0.015.248% MALAYSIA 08/28 MYR 232.76 78.42 0.005.734% MALAYSIA 04/19 MYR 1,434.84 478.35 0.0025,090.80 0.01MESSICO4.75% AMERICA MOVIL 10/22 EUR 9,017.78 12,278.75 0.026.5% MESSICO 11/22 MXN100 MXN 48.43 343.95 0.006.50% MESSICO 10/21 MXN100 MXN 132.64 948.14 0.007.25% MESSICO 07/16 MXN 120.25 912.15 0.007.5% MESSICO 06/27 MXN 227.66 1,688.06 0.007.75% MESSICO 08/17 MXN 183.60 1,430.74 0.008% MESSICO 05/15 MXN 216.31 1,665.45 0.00La nota integrativa costituisce parte integrante del presente bilancio.479
<strong>Pictet</strong> - PiclifePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN CHF)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto8% MESSICO 09/20 MXN 331.13 2,619.81 0.0010% MESSICO 04/24 MXN 398.82 3,658.11 0.0010% MESSICO 06/36 MXN 436.96 3,921.84 0.0029,467.00 0.02NORVEGIA1.375% NORWEGIAN STATE R.10/17 SR CHF 96,954.37 100,735.59 0.131.50% DNB NOR BOLIGK. 11/17 CHF 67,868.06 69,904.10 0.091.625% DNB NOR BOLIGKREDITT 10/15 CHF 96,954.37 99,863.00 0.121.875% DNB NOR BANK 11/16-SR CHF 48,477.18 49,446.73 0.062.125% DNB NOR BK 10/15 CHF 67,868.06 70,005.90 0.092.50% DNB BOLIGKR. 11/17 SR-144A-S EUR 46,364.16 57,543.45 0.072.875% KOMMUNALBANKEN 09/17 CHF 9,695.44 10,752.24 0.013.375% DNB NOR BOLIGKREDIT.07/16 SR CHF 48,477.18 53,858.15 0.073.875% DNB NOR BANK 10/20 EUR 9,017.78 11,434.46 0.014.125% TELENOR 10/20 EUR 11,272.23 15,106.27 0.024.5% DNB NOR BANK 09/14 EUR 19,162.79 24,597.48 0.034.75% SUB. DNB BANK 12/22 -JR-S- EUR 15,781.12 19,126.64 0.025.5% STATKRAFT 09/15 EUR 4,283.45 5,733.08 0.017% NORSKE SKOGINDUSTR. 07/17 EUR 198.96 153.43 0.00588,260.52 0.73NUOVA ZELANDA2% B.N.Z. INTL FDG. 10/15 CHF 96,954.37 99,475.18 0.123.00% ANZ NATL INTL 12/16 SR-S- EUR 8,888.47 11,086.48 0.013.375% TRANSPOWER FINANCE 07/14 CHF 135,736.12 142,930.13 0.18253,491.79 0.31PAESI BASSIFRN CARLSON WAGONLIT 06/15 EUR 278.55 328.93 0.001.00% NEDER WATERSCH. 12/18 -SR- CHF 48,477.18 48,840.76 0.061.125% PACCAR FINANCIAL 11/14 -SR- CHF 77,563.49 77,796.19 0.101.50% ABN AMRO BANK 12/14 -SR- CHF 193,908.74 194,975.23 0.241.50% DEUTSCHE BAHN FIN. 11/17-SR- CHF 48,477.18 50,561.70 0.061.75% DEUTSCHE BAHN FIN. 10/20 CHF 145,431.55 152,630.41 0.191.75% NED.WATERSCHAPSBANK 10/16 CHF 67,868.06 70,956.05 0.091.87% NED. WATERSCHAPSBANK 10/20 CHF 135,736.12 142,387.19 0.182% ABN AMRO BANK 11/15 -SR- CHF 96,954.37 98,360.21 0.122% NED. WATERSCHAPSBANK 10/17 SR CHF 48,477.18 51,361.58 0.062% RABOBANK 10/21 CHF 48,477.18 48,404.47 0.062% RABOBANK 11/18 CHF 77,563.49 80,549.69 0.102.00% RABOBANK NED. 12/19 -SR- CHF 126,040.68 129,317.74 0.162.125% B.N.G. 10/18 CHF 116,345.24 124,024.03 0.152.125% ENERGIE BEHEER NED. 10/20 CHF 130,888.40 142,210.24 0.182.125% ING BANK 10/16 CHF 63,020.34 64,249.24 0.082.125% RABOBANK 05/17 CHF 96,954.37 101,123.41 0.132.25% B.N.G. 05/20 CHF 164,822.43 176,772.05 0.222.25% BANK NED. GEMEENTEN 05/14 CHF 96,954.37 100,202.34 0.132.25% NED. WATERSCHAP. 11/21 -SR- CHF 48,477.18 52,209.93 0.072.25% NED. WATERSCHAPSBANK 09/14 CHF 135,736.12 140,826.22 0.182.375% ABN AMRO BANK 12/16 TR.3 SR CHF 77,563.49 79,194.65 0.10La nota integrativa costituisce parte integrante del presente bilancio.480
<strong>Pictet</strong> - PiclifePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN CHF)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto2.375% ABN AMRO BK 11/16 -SR- CHF 48,477.18 49,592.16 0.062.375% BANK NED. GEMEENTEN 10/19 CHF 72,715.78 78,896.62 0.102.375% NED. WATERSCHAPSBANK 05/20 CHF 96,954.37 105,486.35 0.132.375% NED. WATERSCHAPSBANK 06/23 CHF 48,477.18 52,549.27 0.072.5% ABN AMRO BANK 06/15 CHF 92,106.65 98,462.01 0.122.5% B.N.G. 02/25 CHF 72,715.78 79,623.77 0.102.50% BANK NED. GEM. 09/19 CHF 48,477.18 52,985.56 0.072.50% BANK NED. GEMEENTEN 10/17 SR-S- EUR 28,827.46 35,557.91 0.042.50% HEINEKEN 12/19 SR EUR 2,818.06 3,392.46 0.002.50% NED. WATERSCHAPSBANK 05/15 CHF 53,324.90 56,417.75 0.072.625% ABB FINANCE 12/19 EUR 18,824.62 22,887.93 0.032.625% B.N.G. 07/17 CHF 96,954.37 105,243.97 0.132.625% NEDERLANDEN FINANC. 08/15 CHF 29,086.31 30,947.83 0.042.75% B.N.G. 09/16 CHF 48,477.18 52,452.31 0.072.75% BANK NED. GEMEENTEN 03/15 CHF 159,974.71 170,932.98 0.212.75% RABOBANK 07/15 CHF 145,431.55 152,775.85 0.192.75% SCHLUMBERGER FIN. 10/15 EUR 6,650.61 8,413.88 0.012.875% FMO-NEDERLANDSE 09/16 CHF 38,781.75 42,116.98 0.052.875% RABOBANK 06/14 CHF 96,954.37 100,977.97 0.133% PACCAR FINANCIAL 11/14 EUR 7,777.84 9,654.44 0.013.00% DEUTSCHE BAHN FIN. 12/24 -SR- EUR 28,180.57 34,110.90 0.043.00% ENERGIE BEHEER NED.07/14 CHF 58,172.62 62,361.05 0.083.125% B.N.G. 07/18 CHF 43,629.47 49,170.41 0.063.125% ENBW INT. FINANCE 08/13 CHF 48,477.18 49,485.51 0.063.125% RABOBANK 06/26 CHF 96,954.37 105,243.97 0.133.25% BMW FINANCE 11/16 EUR 6,763.34 8,607.05 0.013.25% EDP FINANCE 10/15 S.20 SR-S- EUR 596.88 645.51 0.003.25% ING BANK 12/19 SR EUR 22,093.56 26,499.14 0.033.25% NED. WATERSCHAPSBK 06/29 CHF 48,477.18 59,457.27 0.073.375% ABN AMRO 06/31 CHF 77,563.49 92,416.90 0.123.5% ALLIANZ FINANCE II 12/22 -SR- EUR 4,508.89 5,650.46 0.013.5% VOLKSWAGEN 09/15 EUR 13,526.67 17,188.84 0.023.50% HEINEKEN 12/24 SR EUR 3,156.22 3,838.41 0.003.50% RABOBANK NEDERLAND 11/18 SR EUR 20,290.01 25,240.99 0.033.625% E.ON INTL FINANCE 08/13 CHF 96,954.37 100,008.43 0.123.625% ING BANK 11/21 EUR 24,022.88 30,638.80 0.043.625% RABOBANK 09/19 CHF 145,431.55 163,974.08 0.203.625% SNS BANK 10/13 EUR 11,272.23 13,635.80 0.023.75% ING BANK 08/12 CHF 33,934.03 34,280.16 0.043.75% RABOBANK 10/20 EUR 11,272.23 13,117.83 0.023.75% ROYAL BANK SCOTLAND 09/14 EUR 21,620.59 27,573.88 0.033.75% WUERTH FINANCE INTL 11/18 SR EUR 4,553.98 5,919.71 0.013.875% BMW FINANCE 10/17 EUR 6,763.34 8,822.09 0.013.875% GENERALI FINANCE 05/15 EUR 10,145.00 12,795.61 0.023.875% ING BANK 11/16 EUR 40,670.20 51,833.29 0.064% PAESI BASSI 05/37 EUR 18,329.46 26,838.57 0.034% ALLIANZ FINANCE II 06/16 EUR 11,272.23 14,995.97 0.024% FORTIS BANK NED. 10/15 EUR 34,267.57 43,557.88 0.054% ING BANK 08/15 CHF 33,934.03 37,089.89 0.054% URENCO FINANCE 10/17 EUR 4,508.89 5,682.78 0.014.00% RABOBK INTL EQ.DER.12/22-SR- EUR 24,573.45 30,766.41 0.044.125% LANXESS FINANCE 11/18 EUR 10,145.00 13,189.61 0.02La nota integrativa costituisce parte integrante del presente bilancio.481
<strong>Pictet</strong> - PiclifePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN CHF)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto4.125% RABOBANK 10/20 EUR 13,526.67 17,225.03 0.024.125% RABOBANK 11/21 EUR 24,798.90 31,360.64 0.044.125% SUEDZUCKER 11/18 EUR 3,945.28 5,237.99 0.014.25% COCA COLA HBC FIN. 09/16 EUR 7,890.56 10,278.17 0.014.25% DEUTSCHE TEL. FIN. 10/22 EUR 17,359.23 22,998.52 0.034.25% KPN KONINKLIJKE 12/22- EUR 9,694.12 11,988.56 0.014.25% REPSOL 11/16 -SR-S EUR 9,243.23 11,376.88 0.014.31% ABN AMRO 06/PE EUR 596.88 557.40 0.004.375% RABOBANK 09/16 EUR 22,544.45 29,304.26 0.044.5% KBC IFIMA 09/14 EUR 13,526.67 16,707.45 0.024.625% ING BANK 04/19 EUR 15,781.12 18,207.60 0.024.75% ABN AMRO BANK12/19 S63 -SR-S EUR 4,508.89 5,893.29 0.014.75% ADECCO INTL FIN. 11/18SR-S- EUR 9,017.78 11,665.47 0.014.75% RABOBANK 08/18 EUR 29,307.79 38,972.06 0.054.875% ALLIANDER 10/PE EUR 13,977.56 17,062.76 0.025.00% CRH FINANCE 12/19 SR -REG.S- EUR 6,537.89 8,572.20 0.015.125% BASF FINANCE 09/15 EUR 19,162.79 25,800.03 0.035.25% SIEMENS FINANCE 06/66 EUR 27,053.34 34,651.68 0.045.252% ELM 06/PE EUR 7,214.23 7,733.44 0.015.317% GENERALI FINANCE 06/PE EUR 4,283.45 3,982.25 0.005.5% E. ON INTL FINANCE 09/16 EUR 15,781.12 21,702.51 0.035.5% EADS FINANCE 03/18 EUR 6,456.73 9,296.29 0.015.5% EDP FINANCE 09/14 EUR 397.92 481.88 0.005.50% PAESI BASSI 98/28 EUR 11,458.92 18,559.28 0.025.625% KPN KONINKLIJKE 09/24 EUR 4,959.78 6,800.35 0.015.75% ALLIANZ FINANCE II 11/41 EUR 11,272.23 12,908.39 0.025.75% ASML HLDG 07/17 EUR 17,021.06 22,960.90 0.035.75% DEUTSCHE TELEKOM INT.08/14 EUR 4,508.89 5,832.84 0.015.75% E. ON INTL FINANCE 08/20 EUR 15,781.12 23,563.97 0.035.875% TELEFONICA EUROPE 03/33 EUR 6,763.34 8,419.54 0.016.125% ALLIANZ FINANCE 02/22 EUR 9,017.78 10,847.31 0.016.125% DAIMLER INTL 08/15 EUR 5,636.11 7,805.43 0.016.25% ING VERZEKERINGEN 01/21 EUR 795.84 901.43 0.006.375% SUB. ABN AMRO 11/21 EUR 5,861.56 7,147.58 0.016.375% WOLTERS KLUWER 08/18 EUR 6,763.34 9,750.86 0.016.5% CONTI-GUMMI FINANCE 10/16 EUR 397.92 505.86 0.006.5% REPSOL INTL FINANCE 09/14 EUR 16,570.17 21,422.23 0.036.625% RWE FINANCE 08/19 EUR 19,162.79 29,042.76 0.046.655% TENNET HOLDING BV 10/PE EUR 13,075.78 16,543.73 0.026.75% OI EUROP GROUP 10/20 EUR 596.88 760.58 0.006.95% LISTRINDO CAP. 12/19 SR REG.S USD 88.07 81.67 0.007.375% CRH FINANCE 09/14 EUR 5,861.56 7,800.95 0.017.375% EUREKO 09/14 EUR 7,890.56 10,394.83 0.017.375% LINDE FINANCE 06/66 EUR 20,423.02 27,481.51 0.037.375% NEW WORLD RESOUR. 07/15 EUR 417.82 505.98 0.007.5% CONTI-GUMMI FINANCE 10/17 EUR 795.84 1,017.70 0.007.5% GMAC INTERNAT. FIN. 10/15 EUR 795.84 990.13 0.007.5% KPN KONINKLIJKE 09/19 EUR 13,526.67 20,368.58 0.037.75% SCHAEFFLER FIN.12/17 SR REG.S EUR 676.47 840.60 0.007.875% DAIMLER INTL 09/14 EUR 29,307.79 39,333.50 0.057.875% NEW WORLD RESOURCES 10/18 EUR 298.44 365.01 0.008% CLONDALKIN BV 04/14 EUR 897.91 876.38 0.00La nota integrativa costituisce parte integrante del presente bilancio.482
<strong>Pictet</strong> - PiclifePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN CHF)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto8% ZIGGO BOND 10/18 EUR 1,790.65 2,332.99 0.008.5% THYSSEN KRUPP FIN. 09/16 EUR 6,763.34 9,543.08 0.018.50% INTERGEN NV 07/17 SR REG.S EUR 268.60 332.55 0.008.75% SCHAEFFLER F.12/19 -SR-S- EUR 696.36 892.59 0.009.5% HEIDELBERGCEMENT FIN. 11/18 SR EUR 1,780.70 2,529.23 0.009.5% INTERXION HOLDING 10/17 EUR 139.27 186.28 0.0011% BOATS INVES -PIK- 07/17 EUR 1,453.41 2,111.71 0.0011.25% SNS BANK 09/PE EUR 298.44 308.37 0.005,304,410.50 6.57PERÙ6.85% PERÙ (DUAL CUR.) 10/42 PEN 2.36 841.45 0.006.9% PERÙ (DUAL CUR.) 07/37 PEN 2.61 945.42 0.006.95% PERÙ (DUAL CUR.) 09/31 PEN 0.21 76.65 0.007.84% PERÙ (DUAL CUR.) 05/20 PEN 3.67 1,442.53 0.008.2% PERÙ (DUAL CUR.) 06/26 PEN 3.48 1,434.31 0.004,740.36 0.00POLONIA2.625% POLONIA 05/15 CHF 106,649.81 109,529.35 0.142.75% POLONIA (INFLATION) 08/23 PLN 5,544.87 1,786.30 0.003% POLONIA (INFLATION) 04/16 PLN 159.43 59.56 0.003.25% POLONIA 07/19 CHF 145,431.55 152,412.27 0.193.625% POLONIA 08/17 CHF 193,908.74 208,354.94 0.265.25% POLONIA 06/17 PLN 6,489.64 1,887.67 0.005.25% POLONIA 09/20 PLN 7,787.82 2,210.74 0.005.5% POLONIA 08/19 PLN 17,805.96 5,183.91 0.015.5% POLONIA 09/15 PLN 11,504.25 3,386.24 0.005.75% POLONIA 01/22 PLN 3,168.04 925.61 0.005.75% POLONIA 08/29 PLN 563.67 163.85 0.006.25% POLONIA 04/15 PLN 14,971.79 4,516.27 0.017.125% CYFROWY POLSAT 11/18 EUR 596.88 726.42 0.0011% TVN 10/17 EUR 895.32 1,089.63 0.00492,232.76 0.61PORTOGALLO7.875% REN SGPS (FR/RAT.) 08/13 SR EUR 1,263.40 1,568.03 0.001,568.03 0.00REGNO UNITOSUB. FR LLOYDS TSB BK 12/24 4680 JR-S EUR 330.08 410.66 0.001.5% ANZ NATIONAL INTL 12/18 CHF 96,954.37 98,748.02 0.121.75% C.I.B.C. 10/17 CHF 53,324.90 56,497.73 0.071.875% WESTPAC SECURITIES 10/15 CHF 63,020.34 64,406.79 0.082% ANZ NATIONAL 10/14 CHF 96,954.37 99,572.14 0.122.125% ASB FINANCE 10/16 CHF 121,192.96 124,949.94 0.162.125% CSFB LONDON 10/15 CHF 159,974.71 164,533.99 0.212.25% BARCLAYS BANK 12/17 EUR 24,022.88 29,139.35 0.042.25% ROYAL BANK SCOTLAND 09/12 CHF 48,477.18 48,865.00 0.062.375% HBOS TREASURY SERV. 05/13 CHF 48,477.18 49,131.63 0.062.375% HSBC BANK 11/18 CHF 48,477.18 50,464.75 0.06La nota integrativa costituisce parte integrante del presente bilancio.483
<strong>Pictet</strong> - PiclifePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN CHF)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto2.375% ROYAL BANK SCOTLAND 05/15 CHF 795.84 680.64 0.002.5% BARCLAYS BANK 11/16 CHF 67,868.06 69,293.29 0.092.5% LLOYDS TSB BANK 11/14 CHF 96,954.37 98,214.78 0.122.50% LLOYDS TSB BANK 10/15 CHF 96,954.37 98,117.82 0.122.625% BRADFORD & BINGLEY 06/13 CHF 96,954.37 99,669.09 0.122.75% BRADFORD & BINGLEY 06/12 CHF 71,746.23 72,018.87 0.092.75% HSBC BANK 07/17 CHF 96,954.37 104,613.76 0.132.75% NETWORK RAIL INFRA. 06/21 CHF 58,172.62 65,153.34 0.082.75% ROYAL BANK SCOTLAND 10/15 CHF 232,690.48 235,366.42 0.292.994% BP CAPITAL MARKETS 12/19 EUR 16,908.34 20,865.67 0.033% BANK OF SCOTLAND PLC 06/16 CHF 179,365.58 181,697.33 0.233% BP CAPITAL MARKETS 08/13 CHF 96,469.60 100,135.44 0.123.125% NATIONWIDE BUILD. 12/17 SR EUR 12,850.34 15,497.67 0.023.125% UBS LONDON 12/16 -SR-S- EUR 13,526.67 16,731.33 0.023.25% MOTABILITY OP. 12/18 SR-S- EUR 10,415.54 13,008.43 0.023.375% CREDIT AGR.LONDON 07/13 CHF 14,543.16 14,921.28 0.023.375% ROYAL BK SCOT. 11/16 SR -S- EUR 45,643.48 57,707.72 0.073.5% ANGLO AMERICAN CAP. 12/22 EUR 15,240.05 18,613.46 0.023.625% BAT INTL FIN. 11/21-SR- EUR 4,508.89 5,641.98 0.013.625% HSBC HOLDINGS 05/20 EUR 25,700.68 30,773.13 0.043.875% HSBC BANK 11/18 -SR- EUR 22,544.45 29,084.90 0.043.875% STAND.CHARTERED 11/16 -SR- EUR 10,257.73 13,131.41 0.023.875% UBS LDN 09/19 EUR 19,218.31 25,237.02 0.034% BARCLAYS BANK 09/19 EUR 24,022.88 31,462.05 0.044% BARCLAYS BANK 10/17 EUR 18,035.56 22,984.75 0.034.125% BARCLAYS BANK 11/16 EUR 11,272.23 14,414.57 0.024.125% STAND. CHARTERED 12/19 -SR-S EUR 12,399.45 15,824.80 0.024.25% ABBEY NAT.TREAS. 06/21 -SR-S EUR 28,827.46 36,902.03 0.054.35% ROYAL BK SCOT. 06/17 EUR 4,734.34 4,942.10 0.014.375% ANGLO AMERICAN CAP. 09/16 EUR 10,821.34 14,258.11 0.024.375% REXAM 06/13 EUR 9,017.78 11,111.35 0.014.5% SABMILLER 09/15 EUR 4,508.89 5,869.95 0.014.625% LLOYDS BANKING GR12/17SR-S- EUR 15,330.23 18,931.60 0.024.7291% AVIVA 04/PE EUR 4,508.89 4,509.18 0.014.75% CREDIT SUISSE LDN 09/19 SR-S- EUR 4,508.89 6,009.50 0.014.75% ROYAL BANK OF SCOTLAND 11/16 SR-S- EUR 3,381.67 4,271.34 0.014.875% BARCLAYS BANK 04/PE EUR 5,861.56 4,627.89 0.014.875% ROYAL BK SCOTLAND 10/15 EUR 18,035.56 22,867.61 0.035% IMPERIAL TOBACCO FIN. 11/19SR-S- EUR 7,620.03 10,256.10 0.015.025% SCOTTISH & SOUTHERN 10/PE EUR 13,526.67 15,864.61 0.025.125% TESCO 09/15 EUR 18,035.56 23,980.30 0.035.25% AVIVA 03/23 EUR 5,636.11 6,672.50 0.015.25% BARCLAYS BANK 09/14 EUR 5,636.11 7,274.38 0.015.25% BRITISH TELECOM 07/14 EUR 13,526.67 17,576.36 0.025.375% BAT INTL FINANCE 07/17 EUR 18,035.56 25,103.32 0.035.375% VODAFONE 07/22 EUR 7,890.56 11,403.90 0.015.5% ROYAL BANK SCLOTLAND 10/20 EUR 19,839.12 24,493.62 0.035.625% LLOYDS TSB BANK 08/18 EUR 3,381.67 3,576.46 0.005.875% STANDARD CHARTERED 07/17 EUR 18,711.90 24,280.82 0.036% BARCLAYS BANK 08/18 EUR 6,763.34 8,209.31 0.016.25% LLOYDS TSB BANK 09/14 EUR 11,272.23 14,492.81 0.026.25% SUB. HSBC HOLDINGS 08/1811 EUR 6,763.34 9,103.45 0.01La nota integrativa costituisce parte integrante del presente bilancio.484
<strong>Pictet</strong> - PiclifePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN CHF)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto6.25% VODAFONE 09/16 EUR 9,017.78 12,668.36 0.026.35% LLOYDS TSB BANK 02/PE EUR 397.92 378.79 0.006.375% LLOYDS TSB BANK 09/16 EUR 15,781.12 20,951.49 0.036.467% RBS CAP. TRUST A 02/PE EUR 795.84 556.20 0.006.5% SUB. LLOYDS TSB 10/20 3997-S- EUR 12,174.01 12,903.34 0.026.625% BARCLAYS BANK 11/22 EUR 10,595.89 12,167.52 0.026.625% NATIONAL GRID ELEC. 08/14 EUR 15,781.12 20,839.58 0.036.625% WPP GROUP 08/16 EUR 9,017.78 12,646.41 0.027.75% ECO-BAT FIN.12/17 SR-S- EUR 920.19 1,108.81 0.007.875% INEOS GROUP REG. S 06/16 EUR 1,595.87 1,711.44 0.008.25% JAGUAR LAND ROVER 12/20-SR-S GBP 477.51 694.66 0.008.375% IMPERIAL TOBACCO FR/RATG .9/16 EUR 20,621.41 30,320.88 0.049.125% INFINIS 09/14 GBP 556.49 835.76 0.009.25% INEOS FINANCE 10/15 EUR 258.65 331.14 0.009.375% FCE BANK 09/14 EUR 0.00 0.00 0.0010.625% KERLING 10/17 EUR 397.92 472.29 0.0010.75% LOWELL GRP.FIN. 12/19 SR -S- GBP 497.40 714.62 0.0010.75% TVN FINANCE 09/17 EUR 756.05 977.07 0.0011% ISS FINANCING 09/14 EUR 298.44 382.09 0.0011.125% ONO FINANCE 11/19 EUR 1,392.73 1,476.81 0.0011.125% VIRIDIAN GR.F.II 12/17 SR-S- EUR 974.91 1,086.63 0.002,727,393.44 3.43REPUBBLICA CECA9% CET 21 10/17 EUR 298.44 375.80 0.00375.80 0.00RUSSIASTEP ROSSELHOZBANK 10/20 RUB 20,725.51 641.82 0.006.88% RUSSIA 10/15 25075 RUB 14,082.19 429.63 0.007.00% RUSSIA 25079 11/15 RUB 31,725.97 970.84 0.007.35% RUSSIA 11/16 25077 -SR- RUB 17,131.07 527.89 0.007.40% RUSSIA 11/17 26206 RUB 144,400.75 4,427.60 0.017.5% RSHB CAPITAL 10/13 RUB 17,552.91 539.82 0.007.50% RUSSIA 11/18 26204 -SR- RUB 178,711.29 5,490.56 0.017.50% RUSSIA 12/19 6208 RUB 8,353.97 255.51 0.007.6% RUSSIA 11/21 26205 -SR- RUB 38,220.93 1,161.98 0.008.15% RUSSIA 12/27 6207 -SR- RUB 5,778.11 179.57 0.008.3% RZD/RUSS. RAIL. -LPN-12/19 SR-S RUB 69,892.80 2,134.77 0.008.7% RSHB CAPITAL -LPN- 11/16 RUB 126,269.37 3,960.52 0.0020,720.51 0.02SINGAPORE2.5% SINGAPORE 09/19 SGD 127.54 98.63 0.002.75% SINGAPORE 12/42 SR SGD 127.54 90.22 0.003.25% SINGAPORE 05/20 SGD 294.94 238.89 0.0010.75% BUMI INVESTMENT 10/17 USD 186.85 184.04 0.00611.78 0.00La nota integrativa costituisce parte integrante del presente bilancio.485
<strong>Pictet</strong> - PiclifePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN CHF)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoSOVRANAZIONALE1.25% SUB. E.I.B. 12/19 -SR- CHF 48,477.18 48,695.33 0.062% E.I.B. 05/16 CHF 82,411.21 86,902.62 0.112% E.I.B. 09/12 CHF 38,781.75 39,964.59 0.052% E.I.B. 10/22 CHF 96,954.37 101,414.27 0.132.375% E.I.B. 05/20 CHF 242,385.92 262,382.76 0.332.5% E.I.B. 03/15 CHF 213,299.61 226,417.54 0.282.5% E.I.B. 07/19 CHF 143,977.24 156,791.21 0.202.75% WORLDBANK 09/19 CHF 67,868.06 76,249.76 0.102.85% ASIAN DEV. BANK 10/20 CNY 1,291.36 185.29 0.003.125% E.I.B. 06/36 CHF 126,040.68 155,534.20 0.193.25% E.I.B. 08/18 CHF 92,106.65 104,310.78 0.133.875% WORLDBANK 09/19 EUR 76,272.65 104,270.87 0.136.3% E.B.R.D. (D. CCY) 11/13 IDR 318,854.00 31.77 0.007% AFRICAN DEV. BK (DUAL) 10/12 ZMK 1,350,187.26 227.09 0.007.20% E.B.R.D. (DUAL) 11/16 -SR- IDR 5,420,518.00 566.90 0.008% WORLDBANK 10/20 COP 1,526,991.81 886.98 0.001,364,831.96 1.71SPAGNAFRN SANTANDER ISSUANCES 07/19 EUR 4,508.89 4,324.46 0.012% I.C.O. 05/16 CHF 58,172.62 50,959.22 0.062.25% I.C.O. 09/17 CHF 48,477.18 41,399.52 0.052.625% BANESTO 09/13 EUR 50,448.05 61,068.02 0.083% COMUNIDAD DE MADRID 08/13 CHF 38,781.75 36,842.66 0.053% COMUNIDAD DE MADRID 09/14 CHF 67,868.06 63,354.83 0.083% F.R.O.B. 09/14 EUR 31,229.75 37,299.57 0.053.15% SPAGNA 01/16 EUR 8,600.19 10,160.22 0.013.25% BANCO SANTANDER 12/15-SR- EUR 7,206.86 8,758.87 0.013.25% BBVA SENIOR FIN. 10/15 EUR 24,348.01 28,915.42 0.043.406% TELEFONICA EMIS. 10/15 EUR 19,162.79 23,435.90 0.033.5% COMUNIDAD DE MADRID 08/15 CHF 33,934.03 31,083.57 0.043.5% SANTANDER INTL 10/14 SR REG.S EUR 15,781.12 19,010.54 0.023.57% CAJA MADRID 10/13 EUR 64,861.78 79,317.52 0.104% SPAGNA 04/20 EUR 13,741.09 15,408.50 0.024.00% SANTANDER INTL 12/17 -SR- EUR 5,410.67 6,326.45 0.014.1% SPAGNA 07/18 EUR 7,447.09 8,697.10 0.014.125% SANTANDER INTL 10/17 EUR 9,017.78 10,724.57 0.014.2% SPAGNA 07/13 EUR 16,816.02 20,840.90 0.034.20% SPAGNA 05/37 EUR 18,881.99 17,276.90 0.024.3% SPAGNA 10/19 EUR 18,881.99 21,834.74 0.034.375% BBVA 04/19 EUR 5,636.11 5,803.20 0.014.50% SANTANDER INT. 11/15 SR-S- EUR 7,439.67 9,121.51 0.014.6% SPAGNA 07/19 EUR 18,881.99 22,339.27 0.034.625% ABERTIS INFRASTR. 09/16 EUR 23,220.79 28,675.25 0.044.8% SPAGNA 08/24 EUR 19,458.54 21,705.55 0.034.967% TELEFONICA 11/16 -SR- EUR 15,330.23 19,273.99 0.025% GAS NATURAL CAP. 12/18-SR-REG.S EUR 6,087.00 7,600.42 0.015.25% GAS NATURAL FINANCE 09/14 EUR 27,729.68 35,188.35 0.045.5% SPAGNA 07/17 EUR 16,023.26 20,232.00 0.035.625% GAS NATURAL CAP. 11/17 EUR 11,272.23 14,637.05 0.02La nota integrativa costituisce parte integrante del presente bilancio.486
<strong>Pictet</strong> - PiclifePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN CHF)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto5.625% IBERDROLA FINANZAS 08/18 EUR 12,174.01 16,094.29 0.025.75% SPAGNA 01/32 EUR 8,359.96 9,700.99 0.017.375% HUARTE LAIN 10/15 EUR 1,193.77 1,508.58 0.007.5% IBERDROLA FINANZAS 08/15 EUR 21,417.23 29,797.16 0.048.25% CAMPOFRIO ALIMENT. 09/16 EUR 397.92 487.87 0.008.5% ABENGOA 10/16 EUR 994.80 1,222.68 0.008.5% BBVA INT. PREF. 09/PE EUR 3,156.22 3,687.88 0.008.75% HUARTE LAIN 11/18 EUR 497.40 634.57 0.00844,750.09 1.07SRI LANKATBI SRI LANKA 19/10/12 364 LKR 25,380.78 168.45 0.00TBI SRI LANKA 30/03/12 LKR 3,467.82 24.48 0.006.25% SRI LANKA 11/21 USD 112.65 101.30 0.007.4% SRI LANKA 09/15 USD 25.51 24.52 0.00318.75 0.00STATI UNITITBI USA 26/04/12 USD 5,000,000.00 4,512,941.33 5.811.00% PHILIP MORRIS INTL 11/16 SR CHF 126,040.68 126,166.72 0.161.75% SWISS RE TREASURY 10/14 CHF 96,954.37 99,087.36 0.121.875% MCDONALD'S 10/16 CHF 24,238.59 25,353.57 0.032.00% PHILIP MORRIS INTL 11/21-SR CHF 96,954.37 98,941.93 0.122.5% BANK OF AMERICA 05/17 CHF 96,954.37 92,785.33 0.122.50% MORGAN STANLEY 05/15 CHF 145,431.55 144,268.10 0.182.625% NESTLE HOLDINGS 07/18 CHF 96,954.37 108,346.51 0.142.75% JP MORGAN CHASE 07/14 CHF 155,126.99 160,246.18 0.202.875% AMERICAN INTL GR. 07/15 CHF 164,822.43 162,102.86 0.202.875% TOYOTA MOTOR CREDIT 06/16 CHF 48,477.18 52,428.07 0.073% CITIGROUP 04/14 CHF 223,964.59 229,563.71 0.293% CITIGROUP 07/19 CHF 226,873.22 216,096.74 0.273% GENERAL ELEC. CAP. 04/15 CHF 67,868.06 72,720.62 0.093.125% GENERAL ELEC. CAP. 04/19 CHF 213,299.61 234,842.87 0.293.125% METROPOLITAN LIFE 06/16 CHF 8,241.12 8,657.30 0.013.125% MORGAN STANLEY 06/18 CHF 141,553.38 133,626.39 0.173.25% BANK OF AMERICA 04/14 CHF 87,258.93 89,527.66 0.113.25% BANK OF AMERICA 06/16 CHF 96,954.37 98,360.21 0.123.25% HSBC FINANCE 06/16 CHF 77,563.49 80,976.29 0.103.375% AMERICAN INT.GROUP 07/17-SR- CHF 48,477.18 47,119.82 0.063.375% GENERAL ELEC.CAP. 06/18 CHF 193,908.74 215,723.47 0.273.5% CITIGROUP 05/15 EUR 16,457.45 20,207.52 0.033.5% HSBC FINANCE 07/13 CHF 144,946.78 148,584.94 0.193.625% BMW US CAPITAL 08/15 CHF 48,477.18 52,306.88 0.073.625% CITIGROUP 05/17 EUR 13,864.84 14,635.75 0.023.625% SUB. CS GROUP FIN (US) 05/20-S EUR 9,919.56 11,404.56 0.013.75% JPMORGAN CHASE 11/16 SR-S- EUR 31,562.24 40,373.34 0.053.75% MORGAN STANLEY 06/13 EUR 11,272.23 13,766.53 0.023.875% GENERAL ELEC. CAP. 01/14 CHF 29,086.31 30,947.83 0.044% CITIGROUP 10/15 EUR 24,798.90 30,870.72 0.044% GENERAL ELEC. CAP. 08/13 CHF 155,126.99 162,293.86 0.204% MORGAN STANLEY 05/15 EUR 21,529.95 26,099.90 0.03La nota integrativa costituisce parte integrante del presente bilancio.487
<strong>Pictet</strong> - PiclifePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN CHF)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto4% SWISS RE AMERICA H. 01/15 CHF 124,586.36 136,172.90 0.174.375% AMERICAN INTL GROUP 06/16 EUR 13,526.67 16,380.73 0.024.375% JP MORGAN 06/21 EUR 11,272.23 12,937.52 0.024.375% WELLS FARGO 06/18 EUR 4,508.89 5,464.43 0.014.45% MERRILL LYNCH 07/14 EUR 9,468.67 11,707.83 0.014.5% GENERAL ELEC. CAP. 08/18 CHF 184,213.30 217,924.33 0.274.5% HSBC FINANCE 06/16 EUR 22,544.45 29,050.26 0.044.50% MORGAN STANLEY 11/16 EUR 19,839.12 24,297.00 0.034.625% JP MORGAN CHASE 07/17 EUR 20,290.01 22,981.92 0.034.75% BANK OF AMERICA 04/19 EUR 15,397.86 16,281.10 0.024.75% BANK OF AMERICA 07/17 EUR 6,763.34 6,927.17 0.014.75% BANK OF AMERICA 10/17 EUR 19,162.79 23,843.45 0.034.75% CITIGROUP 04/19 EUR 5,636.11 6,179.75 0.014.75% PFIZER 09/16 EUR 10,370.45 14,078.39 0.025% 3M 07/14 REG.S EUR 2,141.72 2,795.14 0.005.125% GOLDMAN SACHS 07/14 EUR 27,053.34 34,416.32 0.045.125% PROCTER & GAMBLE 07/17 EUR 13,526.67 19,152.17 0.025.33% DEUTSCHE CAP. TR . 03/PE 19.09 EUR 3,156.22 3,202.36 0.005.5% GE CAPITAL TRUST II 10/67 EUR 18,035.56 19,254.83 0.025.625% ROCHE HOLDINGS 09/16 EUR 27,053.34 37,796.79 0.055.75% PFIZER 09/21 EUR 13,526.67 20,480.23 0.035.75% PHILIP MORRIS 09/16 EUR 6,763.34 9,442.67 0.015.983% DEUTSCHE POSTBANK 07/PE EUR 775.95 710.60 0.006% WACHOVIA BANK 08/09 EUR 3,381.67 4,295.63 0.016.125% BANK OF AMERICA 09/21 GBP 397.92 598.39 0.006.25% AMERICAN HONDA 08/13 EUR 6,763.34 8,660.84 0.016.25% CARGILL 08/17 EUR 7,890.56 10,873.36 0.016.25% CHESAPEAKE ENERGY 06/17 EUR 397.92 496.27 0.006.375% TRW AUTOMOTIVE REG. S 7/14 EUR 172.10 215.67 0.006.50% KRONOS INT. 06/13 EUR 397.52 387.04 0.007% BANK OF AMERICA 09/16 EUR 17,246.51 23,373.40 0.037% SWISS RE TREASURY 09/14 EUR 7,890.56 10,554.99 0.017.375% CITIGROUP 09/19 EUR 12,850.34 18,392.61 0.027.375% CONVATEC HEALTHCARE 10/17 EUR 683.23 847.97 0.007.75% LEVI STRAUSS 10/18 EUR 298.44 367.70 0.008.5% REYNOLDS ESCROW 09/16 EUR 397.92 501.06 0.008.75% VERIZON WIRELESS 08/15 EUR 8,566.89 12,954.97 0.0210.875% TRAVELPORT LLC 07/16 EUR 457.61 159.91 0.008,345,532.57 10.60SUDAFRICAFRN EDCON (PROPRIETARY) 07/14 EUR 99.48 106.69 0.006.75% SUDAFRICA 06/21 R208-SR ZAR 10,284.80 1,107.05 0.007% SUDAFRICA 10/31 ZAR 32,967.19 3,206.47 0.007.25% SUDAFRICA 05/20 ZAR 72,724.83 8,164.75 0.017.625% CONSOL GLASS 07/14 EUR 766.00 948.39 0.008% SUDAFRICA 04/18 ZAR 9,428.51 1,116.19 0.008.25% SUDAFRICA 04/17 ZAR 33,379.50 4,038.82 0.018.75% FOODCORP 11/18 EUR 696.36 822.31 0.00La nota integrativa costituisce parte integrante del presente bilancio.488
<strong>Pictet</strong> - PiclifePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN CHF)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto10.5% SUDAFRICA 97/26 ZAR 38,954.07 5,312.71 0.0113.5% SUDAFRICA S157 91/15 ZAR 31,802.50 4,455.86 0.0113.5% TRANSNET 98/28 ZAR 3,335.21 467.29 0.0029,746.53 0.04SVEZIA1.5% NORDEA BANK 12/17 -SR- CHF 14,543.16 14,746.76 0.021.5% SBAB 11/14 CHF 48,477.18 49,155.86 0.061.50% LANDSHYPOTEK 10/16 CHF 48,477.18 50,149.65 0.061.50% LANDSHYPOTEK 11/18 CHF 29,086.31 29,886.18 0.041.625% SWEDBANK MORTGAGE 10/15 CHF 96,954.37 100,202.34 0.131.625% SWEDISH COVERED BD. 10/15 CHF 48,477.18 50,028.45 0.061.75% SCANIA CV 12/16 -SR- EUR 11,723.12 14,091.40 0.021.875% STADSHYPOTEK 12/17 41 REG.S EUR 28,226.89 34,152.00 0.041.875% SWEDBANK 09/13 CHF 77,563.49 79,425.02 0.101.875% SWEDISH EXPORT 10/17 CHF 67,868.06 71,023.92 0.092% SBAB SWEDISH HOUSING 11/16-SR- CHF 96,954.37 99,717.57 0.122% SBAB SWEDISH NATIONAL 11/18 SR CHF 119,253.87 121,460.07 0.152% STADSHYPOTEK 10/16 CHF 96,954.37 101,850.56 0.132.00% KOMMUNINVEST I SV. 09/14 SR CHF 96,954.37 100,687.11 0.132.125% AKADEMISKA HUS 10/18 SR CHF 96,954.37 104,371.38 0.132.125% SWEDBANK MORTGAGE 10/16 CHF 145,431.55 154,666.46 0.192.25% AKADEMISKA HUS 06/14 CHF 96,954.37 100,250.82 0.132.25% NORDEA BANK 10/16 CHF 258,868.16 269,481.76 0.342.5% KOMMUNINVEST I SVER.09/15 CHF 24,238.59 26,044.37 0.032.625% ATLAS COPCO 12/19 -SR-S EUR 5,185.22 6,310.77 0.012.625% KOMMUNINVEST I SVER.07/16 CHF 82,411.21 90,199.07 0.112.625% SWEDISH EXPORT 06/14 CHF 160,944.25 167,864.85 0.212.625% SWEDISH EXPORT CRE. 07/17-SR CHF 48,477.18 52,549.27 0.072.75% SWEDISH COVERED BD. 07/13 CHF 48,477.18 49,756.98 0.063% SWEDISH EXPORT 09/18 CHF 145,431.55 161,792.60 0.203.375% SWEDBANK 12/17 SR -S- EUR 4,508.89 5,608.37 0.013.625% SVENSKA CELLULOSA11/16 SR-S- EUR 8,972.69 11,531.46 0.013.75% SVENSKA HANDELSBANK 10/17 EUR 20,290.01 26,222.25 0.033.875% SKANDINA. ENSK. BANK 12/17 SR S EUR 13,188.51 16,795.60 0.023.875% SKF 11/18 EUR 7,214.23 9,459.34 0.013.875% SWEDISH MATCH 10/17 EUR 6,763.34 8,734.47 0.014% NORDEA BANK 10/20 EUR 22,544.45 28,860.51 0.044.00% TELIASONERA 11/22 -SR-S EUR 4,508.89 5,839.33 0.014.25% SKAND. ENSKILDA BK. 11/18 EUR 3,381.67 4,377.38 0.014.5% SUB. NORDEA BANK 10/20 S137 -S- EUR 7,665.11 9,191.90 0.014.875% INVESTOR 09/21 EUR 6,763.34 9,324.51 0.015% VOLVO TREASURY 07/17 EUR 10,145.00 13,662.08 0.025.25% VATTENFALL TREASURY 05/PE EUR 15,555.67 19,271.77 0.025.375% ERICSSON TEL. 07/17 EUR 4,508.89 6,080.78 0.015.5% SKANDINAV. ENSKILDA 09/14 EUR 11,272.23 14,696.00 0.027.375% SUB. SWEDBANK 08/18 S.106 EUR 4,508.89 5,649.67 0.0110.75% NORCELL SWEDEN 2 11/19-SR-S EUR 198.96 248.13 0.0011.75% EILEME 2 12/20 SR-S- EUR 895.32 1,116.60 0.0015% CORRAL PETROL. 11/17 PIK SR-S- EUR 0.00 0.00 0.002,296,535.37 2.88La nota integrativa costituisce parte integrante del presente bilancio.489
<strong>Pictet</strong> - PiclifePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN CHF)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoSVIZZERA2.125% SWISS REINSURANCE 11/17-SR- CHF 24,238.59 25,292.97 0.032.375% ZURICH VERS. 11/18 -SR- CHF 159,974.71 167,813.47 0.212.625% BQUE. CANTON. ST-GALL 11/21 CHF 67,868.06 70,956.05 0.093.125% SUB. B. CANT. GENEVA 11/18-SR- CHF 124,101.59 130,244.62 0.163.25% SUISSE REASSURANCE 09/14 CHF 96,954.37 102,480.77 0.13496,787.88 0.62THAILANDIAFRN THAILAND M.O.F. 11/16 SR THB 49,725.28 1,464.01 0.001.20% THAILAND M.O.F. (CPI) 11/21 SR THB 27,102.59 820.50 0.002.8% M.O.F. (THAILANDIA) 10/17 THB 23,196.63 648.68 0.003.625% THAILAND GOV. 09/15 THB 145,971.36 4,277.33 0.013.625% M.O.F. (THAILANDIA) 10/23 THB 5,144.71 146.42 0.003.65% M.O.F. (THAILANDIA) 10/21 THB 446.40 12.91 0.003.875% THAILAND GOV. 09/19 THB 120,297.24 3,543.87 0.004.125% THAILAND GOV. 09/16 THB 142,837.03 4,271.39 0.014.25% THAILAND GOV. 07/13 THB 5,579.94 164.74 0.004.75% THAILAND GOV. 09/24 THB 16,428.95 520.71 0.004.85% M.O.F. (THAILANDIA) 11/61 SR THB 6,600.28 206.29 0.004.875% THAILAND GOV. 09/29 THB 2,550.83 82.07 0.005% THAILANDIA 09/40 THB 8,688.77 283.82 0.005% THAILAND GOV. 07/17 THB 47.83 1.49 0.005.125% THAILAND GOV. 07/18 THB 1,992.84 62.58 0.005.125% M.O.F. (THAILANDIA) 02/22 THB 2,550.83 83.07 0.005.25% THAILAND GOV. 07/14 THB 21,554.53 654.50 0.005.25% THAILAND GOV. 08/38 THB 3,188.54 110.99 0.005.4% THAILAND GOV. 06/16 THB 1,594.27 49.96 0.005.5% M.O.F. (THAILANDIA) 07/23 THB 637.71 21.37 0.005.67% THAILAND GOV. 07/28 THB 95.66 3.33 0.005.85% THAILAND GOV. 06/21 THB 65,208.83 2,204.33 0.006.15% M.O.F. (THAILANDIA) 06/26 THB 63.77 2.31 0.0019,636.67 0.02TURCHIA0% TURCHIA 11/12 TRY 11,247.26 5,364.25 0.010% TURCHIA 11/150513 TRY 18,854.79 8,583.91 0.010% TURKIYE IS BANKASI 11/12 TRY 2,219.22 1,054.06 0.00TBI TURCHIA 200213 TRY 10,150.72 4,714.62 0.013.00% TURCHIA (CPI) 11/210721 -SR- TRY 983.03 507.90 0.003.00% TURCHIA (CPI) 12/22 TRY 822.48 401.96 0.004.00% TURCHIA (CPI) 10/15-SR- TRY 1,534.96 913.94 0.008.00% TURCHIA 11/14 TRY 6,058.23 2,995.10 0.009.00% TURCHIA 11/16 -SR- TRY 835.40 418.28 0.0010% TURCHIA 10/13 TRY 3,105.64 1,581.26 0.0010% TURCHIA 11/13 SR TRY 6,517.38 3,326.43 0.0010.5% TURCHIA 10/20 TRY 7,338.65 3,933.86 0.0011% TURCHIA 09/14 TRY 794.90 416.27 0.0016% TURCHIA 08/13 TRY 63.77 34.94 0.0034,246.78 0.03La nota integrativa costituisce parte integrante del presente bilancio.490
<strong>Pictet</strong> - PiclifePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN CHF)Descrizione Valuta Quantità/Valore nominale Valore di stima (nota 2) % del patrimonionettoUNGHERIA5.5% UNGHERIA 03/14 HUF 326,825.35 1,263.01 0.006% UNGHERIA 07/23 A -SR- HUF 31,885.40 101.11 0.006.5% UNGHERIA 08/19 HUF 520,879.89 1,828.14 0.006.75% UNGHERIA 01/17 A SR HUF 244,235.79 893.71 0.006.75% UNGHERIA 11/28 A HUF 38,262.48 125.44 0.006.75% UNGHERIA 'B' 06/17 HUF 457,388.09 1,697.31 0.007% UNGHERIA 11/22 A -SR- HUF 137,585.50 480.18 0.007.5% UNGHERIA 'A' 04/20 HUF 823,007.45 3,016.28 0.008% UNGHERIA 'A' 04/15 HUF 568,832.35 2,265.94 0.0011,671.12 0.00VENEZUELA2.75% CORP ANDINA FOMENTO 11/17 SR CHF 43,629.47 45,047.42 0.065.25% PETROLEOS VENEZUELA 07/17 USD 318.85 218.73 0.0011.95% VENEZUELA 11/31 -S- USD 1,288.78 1,148.71 0.0012.75% PETROL. VENEZUELA 11/22 SR-S- USD 248.71 224.20 0.0046,639.06 0.06ZAMBIA12% ZAMBIA 07/12 ZMK 159,427.00 27.56 0.0027.56 0.00TOTALE OBBLIGAZIONI 43,610,694.28 54.41OPZIONIISOLA DI MANCALL USD 26/12/2012 6.6 -3,142.88 -6.24 0.00CALL USD 27/12/2012 6.6 -3,142.88 -6.30 0.00PUT USD 26/04/2012 1080 3,264.87 0.06 0.00PUT USD 27/04/2012 2.95 3,200.22 0.69 0.00PUT USD 28/06/2012 6.2 4,017.22 0.98 0.00-10.81 0.00LUSSEMBURGOPUT EUR 05/04/2012 108.35 1,885.92 6.73 0.00PUT EUR 10/04/2012 1.665 3,144.68 9.16 0.0015.89 0.00REGNO UNITOCALL ITRAX XOVER EUR CDSI S16 5YR 201216 20/06/2012 8 -5,968.83 -42.86 0.00PUT CHF 05/04/2012 90 2,357.40 7.25 0.00PUT EUR/AUD SPOT CROSS RATES 04/04/2012 1.202 80.01 0.00 0.00PUT EUR/AUD SPOT CROSS RATES 13/04/2012 1.2 56.24 0.03 0.00PUT EUR/CAD SPOT CROSS RATE 10/05/2012 1.253 56.00 5.01 0.00-30.57 0.00La nota integrativa costituisce parte integrante del presente bilancio.491
<strong>Pictet</strong> - PiclifePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN CHF)Descrizione Valuta Quantità/Valore nominale Valore di stima (nota 2) % del patrimonionettoSTATI UNITIPUT GBP/AUD SPOT CROSS RATE 02/05/2012 1.385 81.53 0.05 0.00PUT USA TREASURY NOTE 10 YEARS 20/04/2012 127.5 -2.07 -205.09 0.00PUT USA TREASURY NOTE 10 YEARS 20/04/2012 129.5 2.07 966.80 0.00PUT USA TREASURY NOTE 5 YEARS 20/04/2012 121.25 -3.27 -185.32 0.00576.44 0.00TOTALE OPZIONI 550.95 0.00PRODOTTI STRUTTURATILUSSEMBURGOFRN SIGN. LUX. CLN (ISS DC 2D) 07/15 696.36 800.60 0.00800.60 0.00TOTALE PRODOTTI STRUTTURATI 800.60 0.00TOTALE I. 55,122,829.07 68.80II. ALTRI VALORI MOBILIARIAZIONIGERMANIAAIST MEDIALAB 155.37 0.00 0.000.00 0.00TOTALE AZIONI 0.00 0.00OBBLIGAZIONIFILIPPINE6.125% FILIPPINE 10/20 PHP 4,463.96 99.82 0.006.375% FILIPPINE (PROV.) 11/22 PHP 4,539.40 102.72 0.00202.54 0.00GHANA15% GHANA 07/12 GHS 31.89 16.43 0.0016.43 0.00MALAYSIA3.461% MALAYSIA 08/13 MYR 318.85 94.26 0.004.232% MALAYSIA 11/31 S.11 MYR 1,252.46 374.06 0.004.392% MALAYSIA 11/26 MYR 11,507.44 3,541.78 0.004,010.10 0.00SINGAPORE2.875% SINGAPORE 10/30 SGD 63.77 48.52 0.0048.52 0.00La nota integrativa costituisce parte integrante del presente bilancio.492
<strong>Pictet</strong> - PiclifePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN CHF)Descrizione Valuta Quantità/Valore nominale Valore di stima (nota 2) % del patrimonionettoSOVRANAZIONALE6.5% E.B.R.D. 11/14 IDR 1,211,645.20 117.82 0.00117.82 0.00SRI LANKATBI SRI LANKA 26/10/12 364 LKR 3,162.08 20.94 0.006.75% GOVT OF SRI LANKA 10/13 LKR 4,463.32 29.73 0.006.85% SRI LANKA 06/12 LKR 21,283.50 147.54 0.007.5% SRI LANKA 03/13 LKR 22,319.78 150.39 0.00348.60 0.00TOTALE OBBLIGAZIONI 4,744.01 0.00OPZIONICINACALL USD/CNY SPOT CROSS RATES 13/03/2013 6.35 1,600.11 14.59 0.00CALL USD/CNY SPOT CROSS RATES 29/11/2012 6.1 -78.66 -2.90 0.00CALL USD/CNY SPOT CROSS RATES 29/11/2012 6.1875 78.66 9.16 0.00PUT USD/CNY SPOT CROSS RATES 12/04/2012 6.15 -3,425.45 0.00 0.00PUT USD/CNY SPOT CROSS RATES 12/04/2012 6.3 3,425.45 4.98 0.00PUT USD/CNY SPOT CROSS RATES 13/03/2013 6.35 1,600.11 18.67 0.00PUT USD/CNY SPOT CROSS RATES 13/12/2012 6.1 -78.67 -3.25 0.00PUT USD/CNY SPOT CROSS RATES 13/12/2012 6.18 78.67 9.01 0.00PUT USD/CNY SPOT CROSS RATES 26/12/2012 5.99 3,142.88 0.74 0.00PUT USD/CNY SPOT CROSS RATES 26/12/2012 6.05 -6,285.76 -2.84 0.00PUT USD/CNY SPOT CROSS RATES 26/12/2012 6.3 3,142.88 20.62 0.00PUT USD/CNY SPOT CROSS RATES 27/12/2012 5.99 3,142.88 0.77 0.00PUT USD/CNY SPOT CROSS RATES 27/12/2012 6.05 -6,285.76 -2.89 0.00PUT USD/CNY SPOT CROSS RATES 27/12/2012 6.3 3,142.88 20.71 0.00PUT USD/CNY SPOT CROSS RATES 29/03/2012 6.23 3,146.83 0.00 0.00PUT USD/CNY SPOT CROSS RATES 29/03/2012 6.26 -6,293.67 0.00 0.0087.37 0.00GERMANIACALL JPY/KRW SPOT CROSS RATE 08/01/2013 0 7,867.18 0.00 0.000.00 0.00GIAPPONEPUT EUR/JPY CROSS-RATES 05/02/2013 100.25 4,071.54 2.59 0.002.59 0.00REGNO UNITOCALL JPY/KRW SPOT CROSS RATE 08/01/2013 0 3,933.57 0.00 0.00CALL USD/JPY SPOT CROSS RATES 09/01/2013 0 78.66 0.00 0.00CALL USD/JPY SPOT CROSS RATES 10/01/2013 0 78.66 0.00 0.00CALL USD/JPY SPOT CROSS RATES 12/02/2013 0 81.53 0.00 0.00CALL USD/JPY SPOT CROSS RATES 21/12/2012 0 110.13 0.00 0.00CALL USD/JPY SPOT CROSS RATES 27/12/2012 0 78.66 0.00 0.00PUT EUR/CHF SPOT CROSS RATES 15/05/2012 1.12 78.76 0.00 0.00La nota integrativa costituisce parte integrante del presente bilancio.493
<strong>Pictet</strong> - PiclifePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN CHF)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoPUT JPY/KRW SPOT CROSS RATE 29/08/2012 14 6,567.91 30.45 0.00PUT USD/HKD SPOT CROSS RATES 21/06/2012 7.5 -12,261.93 0.00 0.00PUT USD/HKD SPOT CROSS RATES 21/06/2012 7.79 8,174.62 29.66 0.00PUT USD/KRW SPOT CROSS RATES 09/11/2012 1100 81.53 9.00 0.00PUT USD/KRW SPOT CROSS RATES 09/11/2012 1100 81.53 9.00 0.00PUT USD/MYR SPOT CROSS RATES 05/04/2012 3.005 64.00 2.46 0.00PUT USD/MYR SPOT CROSS RATES 07/05/2012 3.005 64.00 7.17 0.00PUT USD/MYR SPOT CROSS RATES 27/04/2012 3 3,241.26 1.49 0.0089.23 0.00SINGAPORECALL USD/JPY SPOT CROSS RATES 28/12/2012 0 94.48 0.00 0.000.00 0.00STATI UNITIPUT EUR/CHF SPOT CROSS RATES 15/05/2012 1.12 78.76 0.00 0.000.00 0.00SVIZZERACALL EUR / USD 05/04/2012 1.306 3,200.22 1.84 0.00CALL JPY/KRW SPOT CROSS RATE 28/12/2012 0 7,867.18 0.00 0.00PUT USD/KRW SPOT CROSS RATES 23/11/2012 1101 81.53 8.94 0.0010.78 0.00TOTALE OPZIONI 189.97 0.00PRODOTTI STRUTTURATIGHANA18.75% REP. GHANA (STANDARD) CLN 10/13 190.99 146.43 0.00146.43 0.00INDONESIA9.75% CLN INDONESIA (HSBC) 07/37 45.91 54.01 0.0010% CLN INDONESIA (DB) 08/28 3.19 6.95 0.0011% CLN INDONESIA (CITI) 08/14 22.32 23.77 0.0011.5% CLN INDONESIA (CITI) 07/19 42.43 42.16 0.00126.89 0.00TOTALE PRODOTTI STRUTTURATI 273.32 0.00TOTALE II. 5,207.30 0.00III. STRUMENTI DEL MERCATO MONETARIOINDONESIA0% INDONESIA 11/12 956,562.00 94.16 0.0094.16 0.00La nota integrativa costituisce parte integrante del presente bilancio.494
<strong>Pictet</strong> - PiclifePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN CHF)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoSRI LANKA0% SRI LANKA 11/12 3,188.54 22.25 0.0022.25 0.00TURCHIA0% TURCHIA 10/12 2,176.18 1,062.83 0.001,062.83 0.00TOTALE III. 1,179.24 0.00IV. QUOTE DI FONDI DI INVESTIMENTOHONG KONGISHARE FTSE/XINH. A50 CHINA TRACKER 400,000.00 501,270.00 0.63501,270.00 0.63STATI UNITIISHARES MSCI EMERGING MARKETS INDEX FUND 76,000.00 2,925,001.66 3.65ISHARES MSCI PACIFIC EX-JAP. INDEX 23,500.00 919,501.19 1.15ISHARES TRUST-BARCLAYS AGGREGATE BD 16,200.00 1,608,579.42 2.01OIL SERVICE HOLDRS TRUST 93.00 10,035.24 0.015,463,117.51 6.82SVIZZERAPICTET (CH) - SWISS MID-SMALL CAP I 532.00 1,531,017.07 1.911,531,017.07 1.91TOTALE IV. 7,495,404.58 9.36TOTALE INVESTIMENTI 62,624,620.19 78.16DISPONIBILITÀ LIQUIDE PRESSO BANCHE 17,046,851.84 21.28ALTRE PASSIVITÀ NETTE 451,950.44 0.56PATRIMONIO NETTO COMPLESSIVO 80,123,422.47 100.00La nota integrativa costituisce parte integrante del presente bilancio.495
<strong>Pictet</strong> - PiclifeRipartizione per aree geografiche(in % del patrimonio netto)RIPARTIZIONE PER AREE GEOGRAFICHE DEL PORTAFOGLIO AL31 MARZO 2012Ripartizione per aree geografiche (segue)(in % del patrimonio netto)Stati Uniti 17.42Svizzera 13.99Francia 8.45Paesi Bassi 6.65Regno Unito 4.40Germania 3.73Austria 3.38Svezia 3.13Lussemburgo 1.88Australia 1.81Sovranazionale 1.71Italia 1.70Canada 1.34Spagna 1.19Corea del Sud 1.17Danimarca 1.09Norvegia 0.73Finlandia 0.69Hong Kong 0.63Polonia 0.61Isole Cayman 0.38Jersey 0.35Belgio 0.32Nuova Zelanda 0.31Giappone 0.25Irlanda 0.21Russia 0.11India 0.10Guernsey 0.10Turchia 0.08Bermuda 0.07Venezuela 0.06Sudafrica 0.04Brasile 0.03Messico 0.02Thailandia 0.02Malaysia 0.01Ghana 0.00Ungheria 0.00Indonesia 0.00Sri Lanka 0.00Filippine 0.00Portogallo 0.00Singapore 0.00Cile 0.00Perù 0.00Colombia 0.00Egitto 0.00Croazia 0.00Antille olandesi 0.00Georgia 0.00Repubblica ceca 0.00Zambia 0.00Cina 0.00Isola Di Man 0.0078.16La nota integrativa costituisce parte integrante del presente bilancio.496
<strong>Pictet</strong> - PiclifeRipartizione per settori economici(in % del patrimonio netto)RIPARTIZIONE PER SETTORI ECONOMICI DEL PORTAFOGLIO AL31 MARZO 2012Obbligazioni societarie 41.20Obbligazioni emesse da Stati o enti locali 11.56Quote di fondi di investimento 9.36Industria farmaceutica e cosmetica 3.70Alimentari e bevande non alcoliche 2.58Obbligazioni di istituzioni sovranazionali 1.65Banche e istituti di credito 1.41Assicurazioni 1.03Holding e società finanziarie 0.95Equipaggiamento elettrico ed elettronico 0.86Sostanze chimiche 0.76Servizi pubblici 0.72Comunicazioni 0.42Petrolio 0.32Trasporto passeggeri e merci 0.31Prodotti tessili e abbigliamento 0.25Vendita al dettaglio e supermercati 0.20Servizi di pubblica utilità 0.17Edilizia e materiali da costruzione 0.15Costruzione di macchine e apparecchiature 0.12Acciaio inossidabile 0.09Computer e articoli per ufficio 0.07Gastronomia 0.07Internet, software e servizi informatici 0.06Editoria e arti grafiche 0.06Altri settori 0.05Tabacco e bevande alcoliche 0.04Strumenti del mercato monetario 0.00Settore immobiliare 0.00Commercio vario 0.00Automezzi 0.00Tempo libero 0.00Imballi 0.00Fotografia e materiale ottico 0.00Prodotti strutturati 0.00Opzioni 0.0078.16La nota integrativa costituisce parte integrante del presente bilancio.497
<strong>Pictet</strong> - Absolute Return Global DiversifiedPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoI. VALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOAZIONIAUSTRALIAAPA GROUP 31,773.37 126,021.36 0.02DUET GROUP QUADRUPLE STAPLED 95,113.56 134,624.63 0.02METCASH 45,143.47 150,964.26 0.02411,610.25 0.06AUSTRIAANDRITZ 3,699.29 268,975.63 0.04AUSTRIAMICROSYSTEMS 30,790.81 1,597,073.52 0.251,866,049.15 0.29BELGIOANHEUSER-BUSH INBEV 1,853.40 99,768.43 0.02BELGACOM 20,550.92 493,427.48 0.08COLRUYT 16,280.83 488,669.15 0.08FORTIS 238,211.00 389,236.77 0.06GROUPE DELHAIZE 11,692.76 458,940.92 0.07MOBISTAR 12,083.43 451,195.26 0.07TELENET GROUP HOLDING 14,478.13 444,478.56 0.07U.C.B. 33,342.92 1,095,981.73 0.173,921,698.30 0.62BERMUDAARCH CAPITAL GROUP 17,352.89 486,985.05 0.08BEIJING ENTERPRISES WATER 825,385.54 140,944.08 0.02EVEREST REINSURANCE GROUP 7,995.05 562,009.10 0.09MANDARIN ORIENTAL INTERNATIONAL 149,603.41 180,981.06 0.03PARTNERRE 9,993.81 509,062.95 0.08RENAISSANCERE HOLDINGS 8,721.87 496,038.19 0.08TRINITY 245,219.54 151,172.45 0.02VIMPELCOM ADR (REP.1 SHS-WI-) 26,964.37 227,429.97 0.042,754,622.85 0.44BRASILECEMIG MINAS GERAIS PREF 39,663.90 712,066.08 0.11CIA SANEAMENTO MG 21,886.25 375,038.21 0.06COPEL PREF 'B' 6,090.30 104,111.84 0.02ENERGIAS DO BRASIL 4,108.98 69,472.85 0.01SABESP 18,260.33 521,508.54 0.08SABESP ADR (R.2 SHS) 1,339.83 76,355.23 0.011,858,552.75 0.29La nota integrativa costituisce parte integrante del presente bilancio.498
<strong>Pictet</strong> - Absolute Return Global DiversifiedPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoCANADABIOTEQ ENVIRONMENTAL TECHN. 3,743.29 492.66 0.00ENBRIDGE 8,851.30 258,566.29 0.04PROGRESSIVE WASTE SOLUTIONS (USD) 11,643.84 189,005.41 0.03PURE TECHNOLOGIES 18,833.87 56,374.17 0.01STANTEC (CAD) 8,937.19 212,597.24 0.03TELUS -NVTG- 10,738.69 461,637.40 0.07VALEANT PHARMACEUTICALS INTER. 14,463.49 583,848.62 0.091,762,521.79 0.27CILECFR PHARMACEUTICALS 3,326,576.35 612,281.97 0.10INVERSIONES AGUAS METROPOL 233,057.36 292,986.83 0.05905,268.80 0.15CINACHINA OVERSEAS LAND & INVESTMENT 264,000.00 375,930.02 0.06CHINA RESOURCES POWER HOLDINGS 798,000.00 1,107,078.72 0.18CHINA SHENHUA ENERGY H 600,000.00 1,892,847.95 0.30CHINA SHIPPING DEVELOPMENT 'H' 540,000.00 280,280.42 0.04CHINA UNICOM (HK) 118,777.84 150,802.33 0.02DATANG INTERNATIONAL POWER GEN 'H' 1,426,000.00 376,952.66 0.06INNER MONGOLIA YITAI COAL 'B' 174,000.00 696,130.91 0.114,880,023.01 0.77COREA DEL SUDGREEN CROSS 4,791.48 400,704.76 0.06NHN 2,295.62 394,581.77 0.06WOONG JIN COWAY 9,995.31 248,455.14 0.041,043,741.67 0.16DANIMARCACOLOPLAST 'B' 4,542.64 586,939.97 0.09NOVO NORDISK 'B' 5,269.47 547,655.91 0.09NOVOZYMES B 20,896.16 457,947.54 0.07TDC 75,407.87 404,226.35 0.06TRYGVESTA 11,810.87 494,654.19 0.082,491,423.96 0.39FILIPPINEMANILA WATER COMPANY 270,658.02 109,551.17 0.02109,551.17 0.02FINLANDIAFORTUM 10,574.55 185,689.15 0.03KEMIRA 8,346.43 82,045.43 0.01NOKIA 39,383.44 157,533.78 0.02ORION 'B' 29,981.44 439,527.93 0.07864,796.29 0.13La nota integrativa costituisce parte integrante del presente bilancio.499
<strong>Pictet</strong> - Absolute Return Global DiversifiedPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoFRANCIABIC 1,921.54 143,980.83 0.02BNP PARIBAS 32,553.71 1,161,678.97 0.18BUREAU VERITAS 268.36 17,339.06 0.00DIOR CHRISTIAN 4,858.27 552,142.35 0.09ESSILOR INTERNATIONAL 16,229.66 1,068,236.23 0.17EUTELSAT COMMUNICATIONS 16,421.65 455,700.88 0.07GDF SUEZ 12,005.34 230,022.33 0.04HERMES INTERNATIONAL 820.97 204,503.68 0.03INTER PARFUMS 3,195.06 67,543.53 0.01L.V.M.H. 12,212.80 1,540,644.51 0.24LAURENT PERRIER 2,955.47 238,949.75 0.04L'OREAL 1,845.53 165,968.52 0.03PERNOD-RICARD 15,316.98 1,182,470.89 0.19PPR 3,779.77 481,920.52 0.08PUBLICIS 15,570.61 639,173.49 0.10REMY COINTREAU 5,362.46 403,042.21 0.06SANOFI-AVENTIS 3,982.80 229,170.14 0.04SCHNEIDER ELECTRIC S.A. 26,777.06 1,306,720.64 0.21SOCIETE GENERALE 13,027.00 285,877.52 0.05SODEXO 8,744.59 529,222.41 0.08SUEZ ENVIRONNEMENT 46,815.10 531,585.47 0.08TOTAL 36,348.19 1,375,052.15 0.22VEOLIA ENVIRONNEMENT 35,104.94 428,806.86 0.07VINCI 23,668.74 906,867.65 0.1414,146,620.59 2.24GERMANIAADIDAS NOM. 20,835.09 1,197,809.33 0.19ALLIANZ NOM. 12,126.55 1,082,900.67 0.17BAYER NOM. 8,537.00 445,972.88 0.07BEIERSDORF 11,124.02 531,172.12 0.08DEUTSCHE BOERSE NOM. 11,976.49 590,500.99 0.09DEUTSCHE POST NOM. 30,779.11 442,911.40 0.07DEUTSCHE TELEKOM NOM. 53,044.44 476,126.88 0.08ELSTER GROUP ADR (R. 1/4 SHS) 7,830.43 89,976.71 0.01FRESENIUS MEDICAL CARE 8,825.45 468,631.19 0.07HOCHTIEF 11,000.00 523,545.00 0.08HUGO BOSS PFD N-VTG 3,289.74 279,298.93 0.04JOYOU 2,262.82 21,609.90 0.00KSB PREF N-VTG 173.67 76,978.12 0.01MAN PFD -NVTG- 10,714.00 736,266.08 0.12MERCK 6,242.50 515,318.34 0.08MUENCHENER RUECKVER. NOM. 11,059.99 1,255,309.24 0.20PFEIFFER VACUUM TECHNOLOGY 9,661.88 811,598.10 0.13PORSCHE AUTOMOBILE -NVTG- 4,571.69 200,331.62 0.03STADA ARZNEIMITTEL NOM. 16,691.16 402,089.96 0.06SUEDZUCKER 20,169.33 471,861.56 0.07THYSSENKRUPP 21,734.00 399,253.58 0.06WIRECARD 17,175.35 240,540.83 0.0411,260,003.43 1.75La nota integrativa costituisce parte integrante del presente bilancio.500
<strong>Pictet</strong> - Absolute Return Global DiversifiedPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoGIAPPONEADEKA 48,094.08 344,919.33 0.05ADVANCE RESIDENCE 527.95 756,784.78 0.12AEON DELIGHT 17,628.47 280,520.40 0.04AICA KOGYO 35,256.94 382,176.88 0.06AIDA ENGINEERING 44,025.97 191,213.82 0.03AIN PHARMACIEZ 14,193.18 575,645.05 0.09AISIN SEIKI 22,531.51 608,005.69 0.10ALFRESA HOLDINGS 14,627.31 521,685.98 0.08ALL NIPPON AIRWAYS 228,949.19 513,620.63 0.08ARNEST ONE 54,241.44 456,315.82 0.07ASTELLAS PHARMA 27,359.72 853,925.36 0.14BANK OF YOKOHAMA 148,259.95 560,050.96 0.09BENESSE 12,991.96 490,127.51 0.08CANON 25,945.49 925,639.78 0.15CASIO COMPUTER 60,144.59 321,622.68 0.05CHOU MITSUI TRUST 291,095.75 701,202.02 0.11CHUBU ELECTRIC POWER 23,803.45 328,683.92 0.05CHUGAI PHARMACEUTICAL 39,066.73 541,231.68 0.09DAIHATSU MOTOR 33,448.89 462,683.79 0.07DAIICHI SANKYO 12,303.51 169,889.92 0.03DAIICHIKOSHO 29,471.18 438,317.25 0.07DENSO 48,215.43 1,222,163.76 0.19DENYO 22,600.60 211,578.11 0.03DIC 308,272.21 469,736.39 0.07DOSHISHA 18,532.49 403,128.47 0.06EBARA 46,307.14 125,489.57 0.02ELECTRIC POWER DEVELOPMENT 23,258.33 475,346.15 0.08FAMILYMART 11,481.11 366,652.90 0.06FUJI HEAVY INDUSTRIES 102,663.72 629,838.31 0.10FUJI MACHINE MFG 23,775.83 359,035.26 0.06FUJI SEAL INTERNATIONAL 26,578.31 380,256.59 0.06GLOBAL ONE REAL ESTATE INVESTMENT 70.51 354,510.87 0.06GREE 17,898.01 340,555.26 0.05HACHIJUNI BANK 108,114.90 480,136.28 0.08HIROSE ELECTRIC 3,089.00 248,624.33 0.04HITACHI CHEMICAL 28,838.37 392,067.02 0.06HITACHI TRANSPORT SYSTEM 44,387.58 609,538.79 0.10HOKKAIDO ELECTRIC POWER 21,168.71 237,641.46 0.04HONDA MOTOR 13,289.15 381,347.88 0.06HOSHIZAKI ELECTRIC 22,058.19 392,873.74 0.06IBIDEN 6,904.82 133,721.05 0.02IDEMITSU KOSAN 3,997.53 304,911.29 0.05INPEX 98.12 505,833.95 0.08ITOCHU 52,071.79 429,035.86 0.07ITOCHU TECHNO-SCIENCE 3,906.67 132,714.44 0.02JAPAN PETROLEUM EXPLORATION 16,353.51 585,497.56 0.09JAPAN REAL ESTATE INVESTMENT REIT 9.99 67,168.33 0.01JAPAN TOBACCO 84.98 361,324.26 0.06JGC 35,310.99 825,725.21 0.13JUPITER TELECOMMUNICATIONS 609.62 464,989.72 0.07La nota integrativa costituisce parte integrante del presente bilancio.501
<strong>Pictet</strong> - Absolute Return Global DiversifiedPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoKANSAI ELECTRIC POWER 41,701.46 489,145.03 0.08KAO 41,154.85 815,749.46 0.13KDDI 96.30 469,130.13 0.07KEIHIN ELECTRIC EXPRESS RAILWAY 69,048.17 459,014.12 0.07KEYENCE 2,798.27 490,164.12 0.08KINTETSU CORP 158,083.96 451,626.76 0.07KINTETSU WORLD EXPRESS 15,910.82 418,688.74 0.07KURITA WATER INDUSTRIES 15,161.98 280,560.78 0.04KYOCERA 7,722.49 536,706.10 0.08KYUSHU ELECTRIC POWER 45,426.43 492,074.18 0.08LAWSON 9,902.96 465,178.56 0.07MABUCHI MOTOR 15,354.13 528,628.26 0.08MCDONALDS 22,894.92 458,275.37 0.07MEDICEO PALTAC HOLDINGS 61,325.68 597,477.05 0.09MEIJI HOLDING 15,444.99 511,249.68 0.08MIRACA HOLDINGS 15,535.84 451,664.19 0.07MITSUBISHI 21,606.18 378,514.47 0.06MITSUBISHI ELECTRIC 97,634.60 652,106.00 0.10MITSUBISHI ESTATE 66,897.78 900,951.55 0.14MITSUBISHI GAS CHEMICAL 114,811.06 579,311.58 0.09MITSUBISHI UFJ FINANCIAL GROUP 282,145.91 1,060,655.48 0.17MITSUBISHI UFJ LEASE & FINANCE 20,259.18 672,862.92 0.11MITSUI & CO 56,411.10 698,470.06 0.11MODEC 22,419.80 350,218.27 0.06MURATA MANUFACTURING 22,841.32 1,029,157.40 0.16N.T.T. 33,328.37 1,142,233.60 0.18NAMCO BANDAI 44,972.16 492,918.57 0.08NGK SPARK PLUG 9,993.81 109,354.44 0.02NICHI-IKO PHARMACEUTICAL 21,338.40 354,158.61 0.06NIDEC 7,177.38 496,192.13 0.08NIHON KOHDEN 22,871.81 462,459.42 0.07NIHON PARKERIZING 59,665.59 667,992.91 0.11NINTENDO 4,542.64 525,766.49 0.08NIPPON BUILDING FUND 47.24 343,911.18 0.05NIPPON CERAMIC 20,792.55 267,124.58 0.04NIPPON DENSETSU KOGYO 46,105.23 345,379.61 0.05NIPPON ELECTRIC GLASS 62,688.47 412,144.36 0.07NIPPON PILLAR PACKING 27,120.72 177,676.12 0.03NISSAN MOTOR 156,375.54 1,256,474.20 0.20NISSIN FOOD PRODUCTS 15,808.40 450,179.24 0.07NITORI CO 6,859.39 463,531.38 0.07NITTO DENKO 12,385.13 376,877.11 0.06NITTOKU ENGINEERING 32,364.06 389,503.33 0.06NOMURA REAL ESTATE OFFICE FD 76.32 338,919.73 0.05NORITZ 34,352.91 492,115.00 0.08NTT DOCOMO 1,016.28 1,274,690.22 0.20OBAYASHI 60,871.41 202,328.59 0.03OBIC 2,395.66 366,793.13 0.06ODAKYU ELECTRIC RAILWAY 63,597.00 452,475.31 0.07OILES 42,308.33 629,240.71 0.10OLYMPUS 24,257.71 300,750.08 0.05ONO PHARMACEUTICAL 11,084.05 471,941.98 0.07La nota integrativa costituisce parte integrante del presente bilancio.502
<strong>Pictet</strong> - Absolute Return Global DiversifiedPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoORACLE JAPAN 19,351.66 557,283.36 0.09ORIENTAL LAND 5,996.29 486,467.12 0.08OSAKA GAS 156,266.91 469,329.79 0.07RAKUTEN 1,849.05 1,462,256.04 0.23RINNAI 8,631.02 471,817.19 0.07SAKAI CHEMICAL INDUSTRY 107,578.86 313,127.35 0.05SANKYO 12,174.28 453,706.53 0.07SANKYU 123,851.30 366,141.48 0.06SANRIO 11,992.58 353,594.61 0.06SANTEN PHARMACEUTICAL 14,990.72 485,231.73 0.08SATO HOLDINGS 36,160.96 384,387.52 0.06SAWAI PHARMACEUTICAL 7,913.75 633,264.18 0.10SEVEN BANK 306,446.67 505,085.24 0.08SHIMANO 12,901.11 580,023.60 0.09SIIX 44,839.59 520,417.80 0.08SOFTBANK 6,497.53 145,072.70 0.02STANLEY ELECTRIC 22,804.07 272,704.76 0.04SUMITOMO BAKELITE 109,386.91 435,166.26 0.07SUMITOMO MITSUI FINANCIAL GROUP 35,708.95 887,213.40 0.14SURUGA BANK 48,817.30 376,386.32 0.06SUZUKEN 22,258.95 518,104.61 0.08SYSMEX 18,988.25 579,853.06 0.09TACHI-S 35,347.34 525,066.75 0.08TAKARA LEBEN 48,726.90 346,345.52 0.05TAKUMA 99,442.65 373,829.23 0.06TOBU RAILWAY 9,085.29 36,604.00 0.01TOCALO 33,720.10 504,586.98 0.08TOHO GAS 97,212.55 434,389.61 0.07TOKIO MARINE HOLDINGS 9,853.86 204,186.48 0.03TOKYO GAS CO 134,462.22 477,715.43 0.08TONENGENERAL SEKIYU 56,328.77 394,574.44 0.06TORAY INDUSTRIES 70,513.88 395,044.78 0.06TOSHIBA PLANT SYSTEMS & SERVICES 62,377.66 541,837.92 0.09TOWA PHARMACEUTICAL 16,445.97 615,242.96 0.10TOYO SUISAN KAISHA 25,438.80 500,576.29 0.08TOYOTA BOSHOKU 59,236.06 539,150.24 0.09TOYOTA MOTOR 57,398.91 1,872,435.44 0.30TOYOTA TSUSHO CORP 44,206.78 679,660.64 0.11UNI-CHARM 13,264.52 529,560.00 0.08UNIDEN 114,811.06 347,796.46 0.06WEST JAPAN RAILWAY 14,263.90 435,583.39 0.07XEBIO 20,250.14 407,787.31 0.06YAMADA DENKI 11,435.90 539,466.43 0.09YAMAZAKI BAKING 47,243.48 505,700.85 0.08YOROZU 31,912.05 525,284.51 0.0872,805,478.66 11.49HONG KONGAIA GROUP 220,000.00 603,839.72 0.10C K INFRASTRUCTURE 52,566.80 240,930.64 0.04CHINA EVERBRIGHT INTL 298,445.45 105,093.18 0.02CHINA MOBILE 19,973.21 165,553.58 0.03La nota integrativa costituisce parte integrante del presente bilancio.503
<strong>Pictet</strong> - Absolute Return Global DiversifiedPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoCHINA MOBILE ADR (R. 5 SHS) 15,544.93 627,387.05 0.10GUANGDONG INVESTMENT 628,407.39 326,167.20 0.05LENOVO GROUP 302,000.00 203,657.70 0.03NEW WORLD DEVELOPMENT 1,954,000.00 1,758,826.21 0.284,031,455.28 0.65INDIADR REDDY'S LAB ADR (R. 1 SHS) 17,847.94 445,998.38 0.07JAIN IRRIGATION SYS -DVR- 2,009.15 1,418.73 0.00JAIN IRRIGATION SYSTEMS 49,828.72 72,242.90 0.01519,660.01 0.08INDONESIAKALBE FARMA 514,804.02 149,696.35 0.02PERUSAHAAN GAS NEGA 'B' 603,907.81 188,598.99 0.03338,295.34 0.05IRLANDAKERRY GROUP 'A' 16,716.93 578,405.61 0.09RYANAIR HOLDINGS 21,804.68 96,049.64 0.02WILLIS GROUP HOLDINGS 16,716.93 440,807.88 0.071,115,263.13 0.18ISOLE CAYMAN3SBIO ADR (R.7 SHS) 41,179.17 463,613.10 0.07BAIDU. COM ADR 'A' (R. 1 SHS 'A') 9,836.20 1,078,741.18 0.17CHANGYOU. COM A -ADR- 28,393.00 576,367.74 0.09CHINA RESOURCES LAND 1,434,000.00 1,856,600.20 0.29EURASIA DRILLING GDR (R.1 SHS) 26,401.48 547,239.57 0.09GEELY AUTOMOBILE 2,315,000.00 674,488.68 0.11HENGAN INTERNATIONAL GROUP 140,000.00 1,060,264.98 0.17KWG PROPERTY 1,276,000.00 547,806.79 0.09NETEASE. COM ADR (R. 25 SHS) 4,982.55 217,739.52 0.03POLARCUS 280,000.00 208,875.91 0.03SINA 5,961.44 293,606.61 0.05TENCENT HOLDINGS 16,027.69 334,923.94 0.05WYNN MACAU 470,203.01 1,036,545.43 0.16XINYU HENGDELI HLGDS 645,580.43 202,418.61 0.039,099,232.26 1.43ISRAELECHECK POINT SOFTWARE TECHNOLOGIES 2,415.28 115,608.07 0.02TEVA PHARMACEUTICAL ADR 22,617.67 747,654.34 0.12863,262.41 0.14ITALIAAMPLIFON 170,000.00 656,880.00 0.10ATLANTIA 47,944.00 593,067.28 0.09BUZZI UNICEM RISP 152,000.00 688,560.00 0.11DANIELI & C. OFFICINE MECCANICHE (RSP) 91,000.00 993,720.00 0.16ENEL ENTE NAZION. ENERGIA ELETTR. 35,262.35 95,490.45 0.02La nota integrativa costituisce parte integrante del presente bilancio.504
<strong>Pictet</strong> - Absolute Return Global DiversifiedPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoHERA 61,908.30 65,189.44 0.01IRIDE 911,367.00 599,679.49 0.09PRADA 48,771.76 237,616.48 0.04PRYSMIAN 48,000.00 630,720.00 0.10SNAM RETE GAS 231,658.77 832,118.31 0.13T.E.R.N.A. 203,617.56 603,929.68 0.10YOOX 42,471.68 499,466.94 0.086,496,438.07 1.03JERSEYGLENCORE INTERNATIONAL 169,774.27 787,932.97 0.12RANDGOLD RESOURCES 6,450.55 422,818.67 0.07SHIRE 17,262.04 438,114.92 0.071,648,866.56 0.26LUSSEMBURGOMILLICOM INTL CELLULAR-SDR- 12,469.79 1,049,873.33 0.17SES GLOBAL FDR 41,521.86 768,569.63 0.121,818,442.96 0.29PAESI BASSIAALBERTS INDUSTRIES 8,492.89 129,898.71 0.02GEMALTO 4,293.84 207,821.78 0.03ING GROEP C. ACT 156,855.31 988,659.00 0.16KONINKLIJKE AHOLD 45,172.04 462,561.68 0.07KONINKLIJKE KPN NV 83,612.08 693,562.22 0.11QIAGEN 45,160.23 515,052.40 0.08SENSATA TECHNOLOGIE 9,929.50 248,721.18 0.04UNILEVER NV 17,282.94 435,962.12 0.07YANDEX -A- 785.82 14,921.81 0.00ZIGGO 6,589.31 152,213.08 0.023,849,373.98 0.60REGNO UNITOADMIRAL GROUP 47,970.31 663,933.20 0.11AGGREKO 11,808.06 316,655.40 0.05ASSOCIATED BRITISH FOODS 38,885.02 566,612.07 0.09ASTRAZENECA (GBP) 14,627.31 487,017.71 0.08BABCOCK INTERNATIONAL GROUP 55,783.65 524,742.82 0.08BAE SYSTEMS 142,820.69 509,837.20 0.08BG GROUP 70,812.17 1,221,913.06 0.19BHP BILLITON 7,958.60 179,055.05 0.03BRITISH AMERICAN TOBACCO 19,011.96 725,273.13 0.11BRITISH SKY BROADCASTING GROUP 54,511.71 435,698.00 0.07BUNZL 43,609.37 517,873.12 0.08BURBERRY GROUP 19,689.08 347,355.89 0.06CAPITA GROUP 64,232.97 564,198.43 0.09CARNIVAL 27,140.07 646,542.71 0.10CENTRICA 143,910.92 540,458.87 0.09COBHAM 218,864.52 581,185.86 0.09COMPASS GROUP 23,985.15 187,826.99 0.03La nota integrativa costituisce parte integrante del presente bilancio.505
<strong>Pictet</strong> - Absolute Return Global DiversifiedPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoDE LA RUE 13,418.24 145,961.97 0.02DIAGEO 70,790.09 1,286,234.11 0.20EXPERIAN 99,268.19 1,162,501.78 0.18G4S 227,410.99 747,163.15 0.12GLAXOSMITHKLINE 44,667.03 749,350.47 0.12HALMA 33,277.25 150,780.81 0.02HIKMA PHARMACEUTICALS 111,776.35 926,998.13 0.15HSBC HOLDINGS 208,197.25 1,364,933.89 0.22IMPERIAL TOBACCO 18,883.55 578,607.68 0.09INMARSAT 90,000.00 490,061.68 0.08INTERNATIONAL POWER 55,064.81 267,238.55 0.04INTERTEK GROUP 30,308.49 897,792.26 0.14MITIE 122,102.00 409,685.62 0.06MORRISON WM. SUPERMARKETS 123,923.29 440,298.85 0.07NATIONAL GRID 141,937.07 1,064,731.46 0.17PEARSON 31,798.50 445,822.91 0.07PENNON GROUP 85,598.70 726,712.92 0.12RECKITT BENCKISER 15,274.36 645,379.44 0.10RIO TINTO NOM. 23,432.74 947,831.31 0.15ROTORK 4,913.97 115,216.72 0.02SAINSBURY J. 13,082.81 48,364.44 0.01SCOTTISH & SOUTHERN ENERGY 31,707.65 502,302.52 0.08SERCO GROUP 86,128.50 561,455.99 0.09SEVERN TRENT 48,210.52 879,000.81 0.14SHIRE ADR (R. 3 SHS) 6,426.37 489,703.92 0.08SMITH & NEPHEW 35,977.73 272,040.16 0.04SOCO INTERNATIONAL 125,445.43 442,550.22 0.07TELECITY GROUP 28,446.68 245,982.13 0.04TESCO 434,085.48 1,706,677.26 0.27TULLOW OIL 70,296.42 1,268,609.80 0.20UNILEVER NEW (GBP) 19,442.51 474,817.19 0.08UNITED UTILITIES GROUP 113,396.88 810,857.55 0.13VODAFONE GROUP PLC 1,718,003.37 3,591,764.04 0.6633,873,609.25 5.46REPUBBLICA CECACESKE ENERGETICKE ZAVODY 2,447.38 78,963.86 0.0178,963.86 0.01RUSSIAMOBILE TELESYS ADR (R. 5 SHS) 26,398.69 359,275.17 0.06PHARMSTANDARD OKTYABR -GDR- (USD) 44,502.48 590,033.37 0.09RUSHYDRO OJSC (USD) 3,009,281.03 81,149.22 0.01SBERBANK PFD (USD) 521,364.26 1,018,384.07 0.162,048,841.83 0.32La nota integrativa costituisce parte integrante del presente bilancio.506
<strong>Pictet</strong> - Absolute Return Global DiversifiedPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoSINGAPOREBANYAN TREE 27,991.55 11,262.07 0.00EPURE INTL 282,101.04 100,048.12 0.02HYFLUX 109,930.77 97,959.77 0.02SINGAPORE TELECOMMUNICATIONS 38,446.38 72,430.21 0.01281,700.17 0.05SLOVENIAKRKA 4,758.98 238,663.00 0.04238,663.00 0.04SPAGNAAMADEUS IT HOLDING 'A' 46,232.01 645,167.73 0.10DIA 128,323.00 471,971.99 0.07ENAGAS 4,887.84 67,843.26 0.01INDITEX NOM. 9,274.62 657,292.05 0.10RED ELECTRICA CORP 2,854.40 100,517.73 0.021,942,792.76 0.30STATI UNITI3 M 3,757.11 249,826.81 0.04ABBOTT LABORATORIES 11,538.31 529,944.70 0.08ACME PACKET 912.44 18,289.84 0.00ACTIVISION BLIZZARD 50,968.45 490,222.42 0.08ADVANCE AUTO PARTS 9,630.40 638,159.50 0.10AEGION 6,405.93 87,331.86 0.01ALLIANT ENERGY 2,585.14 84,892.98 0.01ALTRIA GROUP (USD) 37,896.90 873,140.20 0.14AMAZON.COM 4,396.58 673,845.78 0.11AMERICAN PUBLIC EDUCATION 2,811.36 80,529.32 0.01AMERICAN STATES WATER 2,730.05 74,580.47 0.01AMERICAN WATER WORKS 35,238.38 901,461.73 0.14AMGEN 10,629.78 538,975.95 0.09ANNALY CAPITAL MANAGEMENT 40,429.52 479,296.38 0.08AON 13,809.63 509,346.24 0.08APPLE 919.36 419,988.06 0.07AQUA AMERICA 26,267.55 439,760.43 0.07ARIBA 12,309.00 299,842.01 0.05ARUBA NETWORKS 9,929.50 164,748.03 0.03AT & T 21,441.27 504,017.00 0.08AUTOLIV 7,245.85 358,385.02 0.06AUTOZONE 2,089.62 589,160.31 0.09BADGER METER 2,872.84 73,660.96 0.01BAXTER INTERNATIONAL 13,627.93 610,933.02 0.10BECTON DICKINSON & CO 8,540.17 495,931.45 0.08BROWN FORMAN 'B' N-VTG 6,723.11 419,125.50 0.07BRUKER BIOSCIENCES 6,226.07 71,961.25 0.01CALGON CARBON 7,677.44 90,519.05 0.01CALIFORNIA WATER SERVICE 6,479.23 88,573.82 0.01CAMPBELL SOUP 19,169.95 479,069.20 0.08La nota integrativa costituisce parte integrante del presente bilancio.507
<strong>Pictet</strong> - Absolute Return Global DiversifiedPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoCAREFUSION W.I. 24,893.68 485,987.36 0.08CAVIUM 5,367.30 126,041.14 0.02CENTERPOINT ENERGY 15,354.73 223,781.35 0.04CENTURYTEL 12,744.26 369,738.29 0.06CHEVRON 4,490.23 361,363.14 0.06CHURCH & DWIGHT 14,082.19 523,959.91 0.08CLARCOR 3,638.03 135,138.47 0.02CLEAN HARBORS 18,476.12 924,775.71 0.15CLOROX 9,721.26 500,451.17 0.08CMS ENERGY 7,725.51 127,488.37 0.02COACH 7,668.13 443,775.23 0.07COCA-COLA 9,085.29 505,073.54 0.08COLGATE PALMOLIVE 6,995.67 509,461.88 0.08COMCAST 'A' 20,302.83 453,658.39 0.07COMMVAULT SYSTEMS 1,663.86 61,419.63 0.01COMSCORE 17,491.47 285,104.60 0.05CONAGRA FOODS 24,439.42 483,561.56 0.08CONCUR TECHNOLOGIES 6,252.73 269,827.72 0.04CONOCOPHILLIPS 3,263.26 186,303.66 0.03CONSOLIDATED EDISON 10,448.08 456,420.61 0.07CONSTANT CONTACT 2,853.06 63,707.76 0.01CR BARD 7,813.35 582,250.36 0.09CUBESMART 17,121.68 151,850.83 0.02DANAHER 16,979.50 699,911.98 0.11DAVITA 8,812.73 592,605.03 0.09DIGITAL REALTY TRUST 5,367.30 293,211.50 0.05DIRECTV 16,539.71 613,146.93 0.10DOLLAR TREE 7,995.05 568,753.45 0.09DOMINION RESOURCES 7,552.65 288,863.64 0.05DONALDSON 14,713.14 395,767.33 0.06DUKE ENERGY 28,982.06 456,440.46 0.07EBAY 25,342.98 702,200.32 0.11ECOLAB 9,474.21 437,943.10 0.07EDISON INTERNATIONAL 4,146.92 132,744.22 0.02ELI LILLY 8,342.35 251,081.58 0.04ELIZABETH ARDEN 8,581.89 227,307.67 0.04EMC 26,031.39 576,785.97 0.09ENERGY TRANSFER EQUITY LP 2,207.00 67,305.64 0.01ENTERPRISE PRODUCTS PARTNERS 10,644.73 400,551.00 0.06EQUIFAX 8,319.31 271,203.55 0.04EQUINIX 2,683.65 311,162.81 0.05ESTEE LAUDER 'A' 10,794.31 503,168.92 0.08EXELON 11,614.12 342,204.67 0.05EXTRA SPACE STORAGE 7,299.52 155,778.01 0.02F5 NETWORKS 2,952.01 298,208.92 0.05FAMILY DOLLAR STORE 11,084.05 501,650.73 0.08FIDELITY NATIONAL 6,440.76 159,451.09 0.03FIRSTENERGY 4,973.60 170,369.71 0.03FISERV 3,757.11 195,848.23 0.03FLOWSERVE 846.35 72,937.99 0.01FORTINET 10,734.60 219,355.81 0.03FRANKLIN ELECTRIC 3,461.39 128,266.10 0.02La nota integrativa costituisce parte integrante del presente bilancio.508
<strong>Pictet</strong> - Absolute Return Global DiversifiedPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoGENERAL MILLS 15,808.40 465,787.15 0.07GENTEX 268.36 4,915.00 0.00GLOBAL PAYMENTS 5,367.30 209,988.16 0.03GOOGLE 'A' 1,142.56 554,939.88 0.09GRAND CANYON EDUCATION 12,830.67 172,901.79 0.03H.J. HEINZ 11,901.72 477,611.66 0.08HEARTLAND PAYMENT SYSTEMS 10,197.87 229,012.93 0.04HERSHEY 10,266.37 473,072.09 0.07HOMEAWAY 9,477.35 179,253.48 0.03HORMEL FOODS 21,895.54 487,484.59 0.08HOSPIRA 10,575.06 298,399.12 0.05IAC/INTERACTIVECORP 12,290.25 450,090.42 0.07IDEX 5,271.60 166,361.57 0.03IHS A 4,451.79 312,299.81 0.05IMPERVA 2,313.31 67,181.21 0.01INTUIT 6,381.42 285,992.84 0.05IRON MOUNTAIN 6,977.49 150,159.83 0.02JM SMUCKER CO 8,267.61 504,949.68 0.08JOHNSON & JOHNSON 20,207.25 997,503.75 0.16JUNIPER NETWORKS 7,514.22 128,726.80 0.02KELLOGG 12,628.55 507,825.07 0.08KIMBERLY CLARK 14,021.42 779,802.18 0.12KINDER MORGAN ENERGY PARTNERS 590.40 36,405.99 0.01KINDER MORGAN MANAGEMENT 8,267.61 465,034.44 0.07KRAFT FOODS 'A' 20,991.09 597,781.63 0.09KROGER 26,165.62 477,316.05 0.08LABORATORY CORP OF AMERICA HLDGS 7,449.93 512,692.41 0.08LAS VEGAS SANDS 11,722.36 503,052.32 0.08LIFE TECHNOLOGIES 9,124.41 332,101.32 0.05LIMITED BRANDS 10,259.28 371,101.83 0.06LINKEDIN -A- 2,543.81 195,635.68 0.03LITTELFUSE 1,073.46 49,749.06 0.01LORILLARD 5,905.44 584,139.68 0.09MACY'S INC 15,790.17 472,286.11 0.07MAGELLAN MIDSTREAM PARTNERS 3,876.37 209,494.22 0.03MCCORMICK NON-VTG 12,719.40 518,280.31 0.08MCDONALD'S 9,250.67 680,302.32 0.11MCKESSON 8,631.02 575,900.85 0.09MEAD JOHNSON NUTRITION 'A' 9,630.40 603,487.95 0.10MERCADOLIBRE 1,971.34 146,130.29 0.02MERCK & CO 7,724.31 221,135.43 0.04MINE SAFETY APPLIANCES 5,098.93 160,072.25 0.03MISTRAS GROUP 9,661.14 175,782.16 0.03MOMENTA PHARMACEUTICALS 19,795.15 228,941.90 0.04MONSTER BEVERAGE 14,445.60 680,773.58 0.11MYLAN 42,425.98 737,291.12 0.12NCR 14,491.70 235,558.23 0.04NEOGEN 536.73 16,033.56 0.00NETAPP INC 12,076.42 404,085.49 0.06NETFLIX 1,615.67 139,238.30 0.02NEWMONT MINING 10,050.35 388,631.38 0.06NII HOLDINGS 'B' 16,839.05 223,385.68 0.04La nota integrativa costituisce parte integrante del presente bilancio.509
<strong>Pictet</strong> - Absolute Return Global DiversifiedPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoNIKE 'B' 8,277.00 668,670.80 0.11NORTHEAST UTILITIES 13,718.78 384,482.02 0.06NUANCE COMMUNICATIONS 9,667.03 183,565.04 0.03O REILLY AUTOMOTIVE 7,904.20 539,131.96 0.09PALL 4,794.73 211,578.89 0.03PENTAIR 4,124.39 145,635.86 0.02PEOPLE'S UNITED FINANCIAL 50,332.48 498,890.31 0.08PEPSICO 9,630.40 478,873.50 0.08PERRIGO 11,422.34 881,103.58 0.14PFIZER INC. 26,277.48 443,731.39 0.07PG & E 15,444.99 500,098.76 0.08PHILIP MORRIS WI (USD) 3,589.50 234,262.79 0.04PLAINS ALL AMERICA PIPELINE 1,234.48 71,405.62 0.01PPL 6,632.26 139,918.58 0.02PROCTER & GAMBLE 9,630.40 486,054.42 0.08PROGRESS ENERGY 11,356.61 451,716.13 0.07PUBLIC STORAGE 1,771.21 182,520.84 0.03PVH 9,346.66 626,541.67 0.10RACKSPACE HOSTING 3,730.93 159,577.64 0.03RALCORP 8,903.58 494,100.29 0.08RALPH LAUREN -A- 3,774.07 494,021.82 0.08REPUBLIC SERVICES 18,509.38 419,962.22 0.07REYNOLDS AMERICAN 15,354.13 474,028.04 0.08RIVERBED TECHNOLOGIES 6,977.49 146,710.28 0.02ROPER INDUSTRIES 6,536.41 483,645.56 0.08SAGENT PHARMACEUTICALS 32,598.38 443,435.95 0.07SAIC 48,878.84 486,322.66 0.08SAKS 17,574.83 154,684.94 0.02SALESFORCE.COM 1,639.35 192,067.78 0.03SOHU. COM 2,614.91 106,653.08 0.02SOLERA HOLDINGS 7,295.99 253,146.54 0.04SOUTHERN 13,900.49 469,457.68 0.07SPECTRA ENERGY 3,694.97 87,775.47 0.01STANLEY BLACK & DECKER 9,124.41 532,154.94 0.08STARWOOD HOTELS & RESORTS 3,746.89 158,801.06 0.03STERICYCLE 15,265.78 965,532.68 0.15SYMANTEC 21,469.19 295,905.20 0.05SYNTHES 3,602.32 466,205.95 0.07TEMPUR-PEDIC INTERNATIONAL 2,589.51 162,470.07 0.03TERADYNE 27,373.22 343,241.99 0.05TETRA TECH 17,879.46 351,428.73 0.06THERMO FISHER SCIENTIFIC INC 10,466.23 439,503.65 0.07TIFFANY 5,865.25 303,367.78 0.05TIME WARNER CABLE 1,619.06 97,434.93 0.02TORO 1,658.95 88,651.47 0.01TRIPADVISOR 8,257.92 217,489.66 0.03TRW AUTOMOTIVE 9,661.14 326,163.11 0.05UNISOURCE ENERGY 2,533.08 69,885.36 0.01VALMONT INDUSTRIES 1,039.24 91,274.18 0.01VARIAN MEDICAL 4,293.84 221,285.63 0.04VERIFONE HOLDINGS 9,661.14 374,649.75 0.06VERIZON COMMUNICATIONS 24,754.05 709,790.16 0.11La nota integrativa costituisce parte integrante del presente bilancio.510
<strong>Pictet</strong> - Absolute Return Global DiversifiedPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoVMWARE 1,288.15 108,513.58 0.02WABCO HOLDINGS 8,050.95 360,755.07 0.06WAL-MART STORES 10,629.78 486,935.78 0.08WARNACO GROUP 'A' 4,580.20 199,882.05 0.03WASTE CONNECTIONS 10,940.37 264,863.79 0.04WASTE MANAGEMENT 9,645.51 252,228.59 0.04WATSON PHARMACEUTICALS 22,526.56 1,133,863.40 0.18WEBSENSE 2,146.92 34,061.26 0.01WHOLE FOODS MARKET 4,223.65 261,360.53 0.04WISCONSIN ENERGY 24,043.75 634,551.96 0.10XCEL ENERGY 23,167.48 460,314.21 0.07XYLEM 24,472.41 507,046.83 0.08YAHOO 36,344.56 416,533.46 0.07ZEBRA TECHNOLOGIES 'A' 1,610.19 50,078.74 0.0171,826,964.54 11.42SUDAFRICAASPEN PHARMACARE 66,902.90 771,146.30 0.12MTN GROUP 44,535.37 596,876.22 0.091,368,022.52 0.21SVEZIAALFA LAVAL 35,668.91 527,705.18 0.08ASSA ABLOY 'B' 74,870.85 1,718,470.82 0.27ERICSSON TELEFON 'B' 119,521.43 912,478.72 0.14KINNEVIK INVESTMENTS 'B' 28,500.00 484,086.51 0.08SVENSKA HANDELSBANKEN 'A' 6,037.65 140,396.03 0.02SWEDBANK 'A' 6,229.08 71,614.69 0.01SWEDISH MATCH 18,170.57 536,829.77 0.09TELE2 'B' 20,173.07 305,058.32 0.05TELIASONERA (SEK) 71,259.46 368,845.01 0.065,065,485.05 0.80SVIZZERAABB LTD 9,000.00 135,339.47 0.02ACINO HOLDING 22,211.61 1,963,149.56 0.31ACTELION NOM. 39,818.62 1,109,661.95 0.18ADECCO NOM. 22,000.00 849,348.95 0.13AFFICHAGE HOLDING 9,758.16 1,243,083.14 0.20ARYZTA NOMINATIVE 52,169.46 1,911,601.99 0.30BALOISE-HOLDING AG 22,422.01 1,350,936.33 0.21BANQUE SARASIN NOM 'B' 76,844.02 1,792,008.79 0.28BARRY CALLEBAUT NOM. 635.97 465,645.19 0.07BELIMO HOLDING 447.40 660,906.46 0.10BOBST GROUP 5,368.80 120,299.83 0.02CIE FINANCIERE RICHEMONT 13,822.31 639,552.20 0.10CLARIANT NOM. 161,064.09 1,645,434.31 0.26COMET HOLDING NOM. 4,116.08 679,085.10 0.11DKSH HOLDING REG. 8,369.85 334,107.68 0.05GAM HOLDING NOM. 153,272.07 1,666,318.78 0.26GATEGROUP HOLDING NOM. 58,266.02 1,593,289.01 0.25La nota integrativa costituisce parte integrante del presente bilancio.511
<strong>Pictet</strong> - Absolute Return Global DiversifiedPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoGEBERIT 18,617.14 2,873,797.66 0.46GOLDBACH MEDIA 16,553.81 333,145.12 0.05INFICON HOLDING 6,105.56 1,015,930.08 0.16KABA HOLDING NOM. 5,631.80 1,614,801.64 0.26KUEHNE & NAGEL INTERNATIONAL 26,290.81 2,622,600.95 0.42KUONI REISEN HOLDING NOM. 'B' 10,396.71 2,842,987.85 0.45LIFEWATCH 62,430.23 438,835.87 0.07LINDT & SPRUENGLI 1,489.22 3,524,804.74 0.56LINDT & SPRUENGLI NOM. 18.17 498,980.99 0.08LOGITECH INTERNATIONAL 295,804.12 1,714,724.65 0.27LONZA GROUP 7,512.15 289,147.22 0.05MEYER BURGER TECHNOLOGY 62,740.03 760,188.54 0.12NESTLE S.A. 68,871.78 3,207,407.21 0.51NOVARTIS NOM. 19,663.11 812,563.11 0.13OC OERLIKON CORP 191,064.09 1,268,506.88 0.20PARTNERS GROUP HOLDING NOM. 9,842.81 1,380,477.65 0.22ROCHE HOLDING BON DE JOUISSANCE 27,013.86 3,520,531.84 0.56S.G.S. S.A. 1,123.69 1,603,200.79 0.25SCHINDLER HOLDING B. PART. 19,685.61 1,739,891.95 0.28SCHINDLER HOLDING NOM. 12,272.11 1,084,696.95 0.17SCHWEITER TECHNOLOGIES 1,163.24 502,474.56 0.08SIEGFRIED HOLDING NOM. 11,621.52 894,059.82 0.14SIKA FINANZ PORT. 1,273.76 2,069,780.40 0.33SONOVA HOLDING NOM. 7,158.40 591,399.89 0.09SULZER 9,714.79 1,006,977.07 0.16SWISS LIFE HLDG NOM. 8,948.01 786,404.43 0.12SWISS RE REG. 18,290.86 868,313.76 0.14SWISSCOM NOM. 2,229.25 667,135.16 0.11SWISSLOG HOLDING NOM. 1,276,360.36 921,544.53 0.15SYNGENTA AG 1,700.00 434,956.89 0.07TECAN GROUP NOM. 41,264.81 2,256,779.17 0.36TEMENOS GROUP NOM. 35,844.02 477,436.32 0.08THE SWATCH GROUP 2,018.48 693,837.93 0.11THE SWATCH GROUP NOM. 33,440.01 2,006,663.98 0.32TRANSOCEAN 18,585.00 738,119.29 0.12TYCO INTERNATIONAL NOM. 15,296.80 641,893.16 0.10UBS AG 35,000.00 365,112.82 0.06VALORA HOLDING NOM. 11,873.56 2,026,932.05 0.32VZ HOLDING NOM. 14,263.60 1,216,875.48 0.19ZURICH FINANCIAL SERVICES 5,548.66 1,100,306.05 0.1771,573,993.19 11.34TAIWANACER 198,118.25 196,852.17 0.03HIGH TECH COMPUTER 13,019.14 197,260.74 0.03394,112.91 0.06TURCHIATURKCELL ILETISIM 125,688.93 484,096.43 0.08484,096.43 0.08La nota integrativa costituisce parte integrante del presente bilancio.512
<strong>Pictet</strong> - Absolute Return Global DiversifiedPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Quantità/Valore nominale Valore di stima (nota 2) % del patrimonionettoUNGHERIAGEDEON RICHTER 2,238.23 282,224.96 0.04282,224.96 0.04TOTALE AZIONI 340,321,723.14 53.91OBBLIGAZIONIAUSTRALIA3.5% NAT. AUSTRALIA BANK 09/15 EUR 170,128.90 178,209.17 0.035.25% ANZ BANKING GROUP 08/13 EUR 595,451.14 622,835.94 0.105.875% WESTPAC BANKING 08/13 EUR 467,854.47 498,257.99 0.081,299,303.10 0.21AUSTRIA6.25% OMV 09/14 EUR 170,128.90 186,079.33 0.03186,079.33 0.03DANIMARCAFRN DANSKE BANK 12/14 -SR- EUR 425,322.25 425,079.81 0.07425,079.81 0.07FINLANDIA2.625% POHJOLA BANK 12/17 -SR- EUR 85,064.45 86,075.44 0.0186,075.44 0.01FRANCIA2.50% DANONE 11/16 EUR 170,128.90 177,429.98 0.032.625% BPCE 09/12 EUR 510,386.69 515,380.83 0.083.00% AUCHAN 11/16 -SR- EUR 170,128.90 178,834.39 0.033.00% BNP PARIBAS 12/17 SR -S- EUR 255,193.35 261,329.47 0.043.25% RCI BANQUE 11/14 EUR 425,322.25 432,788.78 0.073.375% LVMH MOET HENNESSY 11/15 EUR 85,064.45 90,056.88 0.013.50% TOTAL CAPITAL 09/14SR S52-S- EUR 297,725.57 309,469.36 0.053.50% UNIBAIL-RODAMCO 11/16 EUR 127,596.67 134,001.39 0.023.75% C.I.F. 10/15 EUR 340,257.80 346,004.75 0.053.75% SOCIETE GENERALE 09/14 EUR 425,322.25 442,556.30 0.073.875% BANQUE PSA FIN. 11/15 EUR 425,322.25 428,812.01 0.074.25% B.F.C.M. 07/14 EUR 425,322.25 444,946.61 0.074.375% THALES 09/13 EUR 297,725.57 306,743.68 0.054.5% E.D.F. 09/14 EUR 850,644.49 908,033.22 0.145% FRANCE TELECOM 09/14 EUR 850,644.49 905,881.09 0.145.25% SOCIETE GENERALE 08/13 EUR 850,644.49 882,331.00 0.145.25% VEOLIA ENVIRON. 04/14 EUR 127,596.67 137,773.15 0.026% AXA 01/13 EUR 340,257.80 359,273.10 0.066.75% SCHNEIDER ELECTRIC 09/13 EUR 212,661.12 227,587.81 0.047,489,233.80 1.18La nota integrativa costituisce parte integrante del presente bilancio.513
<strong>Pictet</strong> - Absolute Return Global DiversifiedPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoGERMANIA1.25% ERSTE ABWICKLUNGS 12/15 SRS EUR 1,701,288.98 1,698,686.01 0.272.125% MAN 12/17 -SR- EUR 63,798.34 64,611.13 0.013.5% BAYERISCHE LDBK 09/13 EUR 1,275,966.74 1,314,545.59 0.213.625% COMMERZBANK 12/17 796-SR- EUR 212,661.12 217,760.74 0.034.5% BAYER AG. 06/13 EUR 340,257.80 353,963.38 0.064.625% HENKEL 09/14 EUR 255,193.35 272,352.55 0.045% COMMERZBANK 09/14 EUR 893,176.71 944,994.36 0.155.375% HENKEL 05/04 EUR 170,128.90 175,954.96 0.036.875% VOLKSWAGEN FIN. SER. 09/14 EUR 1,020,773.39 1,118,721.70 0.186,161,590.42 0.98IRLANDA4% INTESA S.BK IRL 12/13 -SR-S EUR 255,193.35 258,204.63 0.044.25% GE CAPITAL EUROPEAN 07/14 EUR 1,701,288.98 1,786,931.87 0.284.625% GE CAPITAL EUROP. 03/13 -S- EUR 425,322.25 447,706.95 0.075.25% FGA CAPITAL IREL. 12/14 SR EUR 85,064.45 87,595.12 0.015.50% HELABA INT.FINANCE 98/13 EUR 425,322.25 441,952.34 0.073,022,390.91 0.47ISOLE CAYMAN4.875% IPIC GMTN 11/16 EUR 255,193.35 273,059.43 0.045.875% HUTCHISON WHAMPOA 03/13 EUR 1,020,773.39 1,073,970.99 0.171,347,030.42 0.21ITALIA3.50% INTESA SANPAOLO 11/13 SR -S- EUR 510,386.69 513,369.90 0.083.625% UNICREDIT 11/13 EUR 425,322.25 428,641.89 0.073.75% BANCO POPOLARE 09/12 EUR 467,854.47 469,314.18 0.074.25% ENEL 03/13 EUR 425,322.25 438,266.93 0.074.875% ASSICURAZIONI GEN. 09/14 EUR 255,193.35 272,533.73 0.044.875% MEDIOBANCA 07/12 S227 SR-S- EUR 340,257.80 347,015.32 0.055% MONTE PASCHI SIENA 07/12 EUR 808,112.27 817,656.07 0.135.25% UNICREDIT 09/14 EUR 765,580.04 793,206.00 0.135.375% INTESA SANPAOLO 08/13 EUR 510,386.69 529,375.63 0.085.875% ENI 08/14 EUR 808,112.27 867,577.21 0.145,476,956.86 0.86JERSEY4.75% ASIF III 03/13 EUR 552,918.92 568,854.04 0.09568,854.04 0.09LUSSEMBURGO3.50% NORD/LB G-MTN 09/14 S1-SR- EUR 1,701,288.98 1,776,554.00 0.288.25% ARCELORMITTAL 06/13 EUR 425,322.25 454,163.35 0.072,230,717.35 0.35La nota integrativa costituisce parte integrante del presente bilancio.514
<strong>Pictet</strong> - Absolute Return Global DiversifiedPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoNORVEGIA4.5% DNB NOR BANK 09/14 EUR 425,322.25 453,078.77 0.075.875% DNB NOR BANK 08/13 EUR 340,257.80 358,735.50 0.06811,814.27 0.13PAESI BASSI2.125% BMW FINANCE 12/15 -SR-S- EUR 850,644.49 865,403.17 0.142.125% VOLKSW.INTL FIN.12/15 SR-S- EUR 425,322.25 432,946.15 0.072.75% ABN AMRO 10/13 EUR 850,644.49 863,548.77 0.143% PACCAR FINANCIAL 11/14 EUR 280,712.68 289,170.55 0.053.625% SNS BANK 10/13 EUR 212,661.12 213,492.63 0.033.75% B.N.G. 06/13 EUR 850,644.49 892,768.41 0.144.125% AEGON 04/14 S.42 EUR 212,661.12 226,154.47 0.044.25% NED. WATERSCHAPSBANK 08/13 EUR 510,386.69 539,427.70 0.094.25% RABOBANK 03/13 EUR 255,193.35 263,751.26 0.044.375% RABOBANK 01/14 EUR 1,063,305.61 1,118,682.57 0.184.375% RODAMCO EUROPE FIN. 04/14 EUR 170,128.90 181,315.72 0.034.5% KBC IFIMA 09/14 EUR 425,322.25 435,974.44 0.074.5% SCHLUMBERGER FIN. 03/14 EUR 255,193.35 271,798.78 0.044.75% RBS 03/14 S.492 -SR-S- EUR 255,193.35 264,602.33 0.045.25% E.ON INTL FINANCE 08/14 EUR 680,515.59 739,142.01 0.125.25% SIEMENS FINANCE 06/66 EUR 170,128.90 180,844.47 0.035.375% INTL. ENDESA 03/13 EUR 255,193.35 263,326.36 0.045.625% ING GROEP 08/13 EUR 425,322.25 445,935.49 0.075.75% RWE FINANCE 08/13 EUR 425,322.25 457,261.82 0.076% BASF FINANCE 08/13 EUR 425,322.25 460,198.67 0.076% NEDERLAND GASUNIE 08/13 EUR 425,322.25 457,023.64 0.076.625% SCHIPHOL NEDERLAND 08/14-SR EUR 170,128.90 185,627.64 0.037.375% EUREKO 09/14 EUR 255,193.35 278,999.06 0.047.875% DAIMLER INTL 09/14 EUR 1,020,773.39 1,136,927.19 0.1811,464,323.30 1.82REGNO UNITO2.177% BP CAPITAL MARKETS 12/16 EUR 255,193.35 259,023.80 0.043.1% BP CAPITAL MARKETS 10/14 EUR 170,128.90 176,889.82 0.033.125% UBS LONDON 12/16 -SR-S- EUR 680,515.59 698,556.06 0.113.25% HSBC BANK 11/15 -SR-S- EUR 595,451.14 623,029.46 0.104.5% LLOYDS TSB BANK 11/14 EUR 552,918.92 574,734.33 0.095.25% BARCLAYS BANK 09/14 EUR 935,708.94 1,002,261.24 0.165.25% ROYAL BANK SCOTLAND 08/13 EUR 1,190,902.29 1,224,426.19 0.195.75% STANDARD CHARTERED 09/14 EUR 510,386.69 553,647.07 0.096.125% CREDIT SUISSE 08/13 EUR 850,644.49 902,282.86 0.146.25% LLOYDS TSB BANK 09/14 EUR 425,322.25 453,820.96 0.076.625% NATIONAL GRID ELEC. 08/14 EUR 212,661.12 233,057.45 0.046,701,729.24 1.06REPUBBLICA CECA6% CEZ 08/14 EUR 255,193.35 280,037.70 0.04280,037.70 0.04La nota integrativa costituisce parte integrante del presente bilancio.515
<strong>Pictet</strong> - Absolute Return Global DiversifiedPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoSPAGNAFRN SANTANDER INTL 11/13 SR -S- EUR 425,322.25 424,816.11 0.072.875% SANTANDER INTL 10/13 EUR 340,257.80 340,024.72 0.053.00% BBVA SENIOR FIN. 12/13-SR- EUR 850,644.49 850,755.07 0.133.38% SANTANDER US DEBT 11/15SR-S- EUR 170,128.90 165,976.90 0.034% BBVA SENIOR FIN. 06/13 EUR 340,257.80 345,232.37 0.054% BBVA SENIOR FIN. 11/13 EUR 510,386.69 517,131.45 0.084.875% IBERDROLA FINANZAS 09/14 EUR 680,515.59 714,854.41 0.115.25% GAS NATURAL FINANCE 09/14 EUR 425,322.25 447,915.36 0.073,806,706.39 0.59STATI UNITI3.625% PFIZER 06/13 EUR 382,790.02 394,587.61 0.063.75% HSBC FINANCE 05/15 EUR 595,451.14 620,597.04 0.103.75% MORGAN STANLEY 06/13 EUR 978,241.16 991,481.66 0.164.375% AT & T 07/13 EUR 212,661.12 219,397.16 0.034.45% MERRILL LYNCH 07/14 EUR 552,918.92 567,377.75 0.094.5% ZURICH FINANCE 04/14 EUR 255,193.35 272,253.02 0.044.50% PROCTER & GAMBLE 07/14 EUR 425,322.25 456,564.29 0.074.625% JP MORGAN CHASE 07/17 EUR 425,322.25 399,802.91 0.064.75% CITIGROUP 03/13 EUR 340,257.80 353,725.20 0.064.75% GOLDMAN SACHS 04/14 EUR 637,983.37 663,113.53 0.114.875% MERRILL LYNCH 07/14 EUR 595,451.14 617,899.65 0.105% 3M 07/14 REG.S EUR 255,193.35 276,397.36 0.045.25% JP MORGAN CHASE 08/13 EUR 425,322.25 442,669.01 0.076% WACHOVIA BANK 08/09 EUR 170,128.90 179,348.18 0.036.125% JP MORGAN CHASE 09/14 EUR 850,644.49 924,412.38 0.156.25% AMERICAN HONDA 08/13 EUR 255,193.35 271,201.63 0.046.75% MERRILL LYNCH 08/13 EUR 935,708.94 978,166.73 0.157% SWISS RE TREASURY 09/14 EUR 340,257.80 377,730.39 0.067.375% CITIGROUP 09/14 EUR 510,386.69 561,749.46 0.097.5% JOHN DEERE CAPITAL 09/14 EUR 255,193.35 283,863.04 0.049,852,338.00 1.55SVEZIA1.75% SCANIA CV 12/16 -SR- EUR 170,128.90 169,712.08 0.034.25% VATTENFALL TREASURY 09/14 EUR 255,193.35 270,806.08 0.044.5% NORDEA BANK 09/14 EUR 765,580.04 814,290.07 0.134.875% SVENSKA HANDELSBANK 09/14 EUR 340,257.80 363,643.71 0.065.25% VATTENFALL TREASURY 05/PE EUR 340,257.80 349,836.05 0.065.5% SKANDINAV. ENSKILDA 09/14 EUR 637,983.37 690,275.67 0.112,658,563.66 0.43SVIZZERA6% CREDIT AGRICOLE 08/13 EUR 935,708.94 986,480.51 0.16986,480.51 0.16TOTALE OBBLIGAZIONI 64,855,304.55 10.24La nota integrativa costituisce parte integrante del presente bilancio.516
<strong>Pictet</strong> - Absolute Return Global DiversifiedPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Quantità/Valore nominale Valore di stima (nota 2) % del patrimonionettoWARRANTANTILLE OLANDESICIPLA (ML CUR.) LEPO WTS 23.09.15 62,008.55 277,761.83 0.04DIVI'S LABO. (ML) LEPO WTS 20.10.14 36,531.79 410,872.17 0.07STRIDES ARC. (ML) LEPO WTS 09.09.15 51,125.10 440,493.83 0.071,129,127.83 0.18REGNO UNITOLUPIN (DBL) LEPO WTS 20.2.17 94,850.81 737,370.06 0.12SUN PHARMA. (DB) LEPO WTS 06.02.17 51,244.49 428,807.70 0.071,166,177.76 0.19TOTALE WARRANT 2,295,305.59 0.37TOTALE I. 407,472,333.28 64.52II. ALTRI VALORI MOBILIARIAZIONIPORTOGALLOKIWI II VENT. PREF 'A' 9.98 0.00 0.000.00 0.00STATI UNITIIBIQUITY DIGITAL PREF 'A' REST. 1,793.51 0.00 0.00UNDERGROUND SOLUTIONS 356,999.68 40,379.77 0.0140,379.77 0.01TOTALE AZIONI 40,379.77 0.01OBBLIGAZIONICANADA10% HIGHPOINT TEL. II CV 00/04 USD 14,663.72 0.00 0.000.00 0.00TOTALE OBBLIGAZIONI 0.00 0.00WARRANTSTATI UNITIFLEXIBLE SOLUTIONS WRT 03.05.10 294.05 0.00 0.000.00 0.00TOTALE WARRANT 0.00 0.00TOTALE II. 40,379.77 0.01La nota integrativa costituisce parte integrante del presente bilancio.517
<strong>Pictet</strong> - Absolute Return Global DiversifiedPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valore di stima (nota 2) % del patrimonionettoTOTALE INVESTIMENTI 407,512,713.05 64.53DISPONIBILITÀ LIQUIDE PRESSO BANCHE 208,162,882.69 32.96ALTRE PASSIVITÀ NETTE 15,835,332.90 2.51PATRIMONIO NETTO COMPLESSIVO 631,510,928.64 100.00La nota integrativa costituisce parte integrante del presente bilancio.518
<strong>Pictet</strong> - Absolute Return Global DiversifiedRIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Stati Uniti 12.98Svizzera 11.50Giappone 11.49Regno Unito 6.71Francia 3.42Germania 2.73Paesi Bassi 2.42Italia 1.89Isole Cayman 1.64Svezia 1.23Spagna 0.89Cina 0.77Hong Kong 0.65Irlanda 0.65Lussemburgo 0.64Belgio 0.62Danimarca 0.46Bermuda 0.44Jersey 0.35Austria 0.32Russia 0.32Brasile 0.29Australia 0.27Canada 0.27Sudafrica 0.21Antille olandesi 0.18Corea del Sud 0.16Cile 0.15Finlandia 0.14Israele 0.14Norvegia 0.13India 0.08Turchia 0.08Taiwan 0.06Repubblica ceca 0.05Indonesia 0.05Singapore 0.05Ungheria 0.04Slovenia 0.04Filippine 0.02Portogallo 0.0064.53Ripartizione per settori economici(in % del patrimonio netto)Obbligazioni societarie 10.24Industria farmaceutica e cosmetica 6.06Servizi di pubblica utilità 3.91Comunicazioni 3.61Holding e società finanziarie 3.27Alimentari e bevande non alcoliche 3.25Equipaggiamento elettrico ed elettronico 3.13Costruzione di macchine e apparecchiature 2.26Vendita al dettaglio e supermercati 2.10Sostanze chimiche 2.10Banche e istituti di credito 1.90Internet, software e servizi informatici 1.77Servizi pubblici 1.75Trasporto passeggeri e merci 1.69Assicurazioni 1.57Automezzi 1.56Edilizia e materiali da costruzione 1.51Settore immobiliare 1.47Prodotti tessili e abbigliamento 1.31Computer e articoli per ufficio 1.24Tabacco e bevande alcoliche 1.15Petrolio 1.01Prodotti di consumo vari 0.88Commercio vario 0.79Biotecnologia 0.66Servizi ambientali e riciclaggio 0.56Settore minerario e siderurgico 0.54Gastronomia 0.43Orologeria 0.43Warrant 0.37Editoria e arti grafiche 0.37Altri settori 0.29Salvaguardia dell’ambiente e trattamento dei rifiuti 0.22Fotografia e materiale ottico 0.22Carta e prodotti forestali 0.22Aeronautica e astronautica 0.17Acciaio inossidabile 0.15Tempo libero 0.15Pietre e metalli preziosi 0.09Servizi sanitari 0.07Imballi 0.0664.53La nota integrativa costituisce parte integrante del presente bilancio.519
<strong>Pictet</strong> - Absolute Return Global ConservativePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoI. VALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOAZIONIAUSTRALIAAPA GROUP 2,625.07 10,411.71 0.02DUET GROUP QUADRUPLE STAPLED 7,858.15 11,122.50 0.02METCASH 3,729.69 12,472.46 0.0234,006.67 0.06AUSTRIAANDRITZ 305.55 22,216.51 0.03AUSTRIAMICROSYSTEMS 2,209.19 114,587.36 0.18136,803.87 0.21BELGIOANHEUSER-BUSH INBEV 186.60 10,044.77 0.02BELGACOM 2,069.08 49,678.72 0.08COLRUYT 1,639.17 49,199.65 0.08GROUPE DELHAIZE 1,177.24 46,206.58 0.07MOBISTAR 1,216.57 45,426.74 0.07TELENET GROUP HOLDING 1,195.81 36,711.36 0.06U.C.B. 3,623.05 119,089.65 0.19356,357.47 0.57BERMUDAARCH CAPITAL GROUP 1,747.11 49,030.09 0.08BEIJING ENTERPRISES WATER 68,174.16 11,641.52 0.02EVEREST REINSURANCE GROUP 804.95 56,583.58 0.09MANDARIN ORIENTAL INTERNATIONAL 12,357.30 14,949.10 0.02PARTNERRE 1,006.19 51,252.91 0.08RENAISSANCERE HOLDINGS 878.13 49,941.57 0.08TRINITY 20,255.22 12,486.90 0.02VIMPELCOM ADR (REP.1 SHS-WI-) 2,227.10 18,784.40 0.03264,670.07 0.42BRASILECEMIG MINAS GERAIS PREF 3,276.40 58,819.55 0.09CIA SANEAMENTO MG 1,807.73 30,976.94 0.05COPEL PREF 'B' 503.04 8,599.30 0.01ENERGIAS DO BRASIL 339.48 5,739.75 0.01SABESP 1,508.24 43,074.91 0.07SABESP ADR (R.2 SHS) 110.67 6,306.69 0.01153,517.14 0.24La nota integrativa costituisce parte integrante del presente bilancio.520
<strong>Pictet</strong> - Absolute Return Global ConservativePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoCANADABIOTEQ ENVIRONMENTAL TECHN. 309.18 40.69 0.00ENBRIDGE 731.28 21,362.39 0.03PROGRESSIVE WASTE SOLUTIONS (USD) 961.74 15,611.23 0.02PURE TECHNOLOGIES 1,555.62 4,656.32 0.01STANTEC (CAD) 738.18 17,559.84 0.03TELUS -NVTG- 886.95 38,128.58 0.06VALEANT PHARMACEUTICALS INTER. 1,194.73 48,227.59 0.08145,586.64 0.23CILECFR PHARMACEUTICALS 274,784.83 50,576.26 0.08INVERSIONES AGUAS METROPOL 19,249.78 24,199.76 0.0474,776.02 0.12CINACHINA UNICOM (HK) 9,810.36 12,455.40 0.0212,455.40 0.02COREA DEL SUDGREEN CROSS 395.79 33,099.37 0.05NHN 189.60 32,590.17 0.05WOONG JIN COWAY 825.58 20,521.59 0.0386,211.13 0.13DANIMARCACOLOPLAST 'B' 457.36 59,093.64 0.09NOVO NORDISK 'B' 530.53 55,138.49 0.09NOVOZYMES B 2,103.84 46,106.57 0.07TDC 7,592.13 40,697.87 0.06TRYGVESTA 1,189.13 49,802.23 0.08250,838.80 0.39FILIPPINEMANILA WATER COMPANY 22,355.47 9,048.57 0.019,048.57 0.01FINLANDIAFORTUM 873.42 15,337.32 0.02KEMIRA 689.39 6,776.69 0.01NOKIA 3,253.81 13,015.22 0.02ORION 'B' 3,018.56 44,252.07 0.0779,381.30 0.12FRANCIABIC 193.46 14,496.12 0.02BNP PARIBAS 3,676.29 131,188.58 0.21BUREAU VERITAS 22.16 1,431.88 0.00DIOR CHRISTIAN 401.29 45,607.16 0.07La nota integrativa costituisce parte integrante del presente bilancio.521
<strong>Pictet</strong> - Absolute Return Global ConservativePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoESSILOR INTERNATIONAL 1,499.59 98,702.75 0.15EUTELSAT COMMUNICATIONS 1,653.35 45,880.37 0.07GDF SUEZ 991.86 19,004.13 0.03HERMES INTERNATIONAL 67.81 16,892.08 0.03INTER PARFUMS 263.91 5,579.12 0.01L.V.M.H. 1,208.16 152,409.21 0.24LAURENT PERRIER 244.12 19,737.33 0.03L'OREAL 152.44 13,709.06 0.02PERNOD-RICARD 1,452.52 112,134.52 0.18PPR 312.21 39,806.81 0.06PUBLICIS 1,758.39 72,181.96 0.11REMY COINTREAU 442.94 33,291.43 0.05SANOFI-AVENTIS 329.05 18,933.72 0.03SCHNEIDER ELECTRIC S.A. 3,023.94 147,568.16 0.23SODEXO 880.41 53,282.59 0.08SUEZ ENVIRONNEMENT 3,866.77 43,907.23 0.07TOTAL 4,104.81 155,284.84 0.24VEOLIA ENVIRONNEMENT 2,899.55 35,418.05 0.06VINCI 2,108.26 80,778.11 0.131,357,225.21 2.12GERMANIAADIDAS NOM. 2,352.91 135,268.79 0.21ALLIANZ NOM. 1,369.45 122,292.13 0.19BEIERSDORF 1,119.98 53,478.88 0.08DEUTSCHE BOERSE NOM. 1,352.51 66,685.36 0.10DEUTSCHE POST NOM. 3,475.89 50,018.05 0.08DEUTSCHE TELEKOM NOM. 5,340.56 47,936.88 0.08ELSTER GROUP ADR (R. 1/4 SHS) 646.77 7,431.78 0.01FRESENIUS MEDICAL CARE 888.55 47,182.21 0.07HUGO BOSS PFD N-VTG 271.73 23,070.19 0.04JOYOU 186.90 1,784.91 0.00KSB PREF N-VTG 14.34 6,358.14 0.01MERCK 628.50 51,882.71 0.08MUENCHENER RUECKVER. NOM. 1,249.01 141,762.26 0.22PFEIFFER VACUUM TECHNOLOGY 1,091.12 91,653.90 0.14PORSCHE AUTOMOBILE -NVTG- 377.62 16,547.46 0.03STADA ARZNEIMITTEL NOM. 1,378.74 33,213.79 0.05SUEDZUCKER 2,030.67 47,507.44 0.07WIRECARD 1,418.36 19,864.12 0.03963,939.00 1.49GIAPPONEADEKA 5,105.92 36,618.44 0.06ADVANCE RESIDENCE 56.05 80,344.24 0.13AEON DELIGHT 1,871.53 29,781.52 0.05AICA KOGYO 3,743.06 40,573.90 0.06AIDA ENGINEERING 4,674.03 20,300.26 0.03AIN PHARMACIEZ 1,506.82 61,113.49 0.10AISIN SEIKI 2,268.49 61,214.56 0.10ALFRESA HOLDINGS 1,472.69 52,523.81 0.08La nota integrativa costituisce parte integrante del presente bilancio.522
<strong>Pictet</strong> - Absolute Return Global ConservativePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoALL NIPPON AIRWAYS 23,050.81 51,711.78 0.08ARNEST ONE 5,758.56 48,444.88 0.08ASTELLAS PHARMA 2,779.66 86,746.81 0.14BANK OF YOKOHAMA 15,740.05 59,457.94 0.09BENESSE 1,308.04 49,346.48 0.08CANON 2,754.51 98,270.77 0.15CASIO COMPUTER 6,055.41 32,381.26 0.05CHOU MITSUI TRUST 30,904.25 74,443.28 0.12CHUBU ELECTRIC POWER 2,396.55 33,092.19 0.05CHUGAI PHARMACEUTICAL 3,933.27 54,491.69 0.09DAIHATSU MOTOR 3,551.11 49,120.93 0.08DAIICHI SANKYO 1,016.50 14,036.07 0.02DAIICHIKOSHO 3,128.82 46,534.06 0.07DENSO 4,800.37 121,686.24 0.19DENYO 2,399.40 22,462.24 0.04DIC 32,727.79 49,869.68 0.08DOSHISHA 1,967.51 42,798.23 0.07EBARA 3,824.82 10,365.03 0.02ELECTRIC POWER DEVELOPMENT 2,341.67 47,858.28 0.08FAMILYMART 1,218.89 38,925.79 0.06FUJI HEAVY INDUSTRIES 10,336.28 63,412.68 0.10FUJI MACHINE MFG 2,524.17 38,117.06 0.06FUJI SEAL INTERNATIONAL 2,821.69 40,370.03 0.06GLOBAL ONE REAL ESTATE INVESTMENT 7.49 37,636.73 0.06GREE 1,801.99 34,287.41 0.05HACHIJUNI BANK 10,885.10 48,340.55 0.08HIROSE ELECTRIC 311.00 25,031.72 0.04HITACHI CHEMICAL 3,061.63 41,623.89 0.07HITACHI TRANSPORT SYSTEM 4,712.42 64,711.83 0.10HOKKAIDO ELECTRIC POWER 2,131.29 23,925.96 0.04HONDA MOTOR 1,410.85 40,485.89 0.06HOSHIZAKI ELECTRIC 2,341.81 41,709.53 0.07IBIDEN 695.18 13,463.16 0.02IDEMITSU KOSAN 402.47 30,698.74 0.05INPEX 9.88 50,927.82 0.08ITOCHU 5,528.21 45,548.69 0.07ITOCHU TECHNO-SCIENCE 393.33 13,361.81 0.02JAPAN PETROLEUM EXPLORATION 1,646.49 58,948.42 0.09JAPAN REAL ESTATE INVESTMENT REIT 1.01 6,762.57 0.01JAPAN TOBACCO 9.02 38,360.08 0.06JGC 3,689.01 86,267.75 0.14JUPITER TELECOMMUNICATIONS 61.38 46,815.58 0.07KANSAI ELECTRIC POWER 4,198.54 49,247.56 0.08KAO 4,245.15 84,144.68 0.13KDDI 9.70 47,232.44 0.07KEIHIN ELECTRIC EXPRESS RAILWAY 6,951.83 46,213.95 0.07KEYENCE 281.73 49,350.16 0.08KINTETSU CORP 15,916.04 45,470.19 0.07KINTETSU WORLD EXPRESS 1,689.18 44,450.19 0.07KURITA WATER INDUSTRIES 1,252.33 23,173.41 0.04KYOCERA 777.51 54,036.05 0.08KYUSHU ELECTRIC POWER 4,573.57 49,542.47 0.08La nota integrativa costituisce parte integrante del presente bilancio.523
<strong>Pictet</strong> - Absolute Return Global ConservativePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoLAWSON 997.04 46,834.59 0.07MABUCHI MOTOR 1,545.87 53,222.77 0.08MCDONALDS 2,305.08 46,139.58 0.07MEDICEO PALTAC HOLDINGS 6,174.32 60,154.52 0.09MEIJI HOLDING 1,555.01 51,473.08 0.08MIRACA HOLDINGS 1,564.16 45,473.96 0.07MITSUBISHI 2,293.82 40,185.08 0.06MITSUBISHI ELECTRIC 10,365.40 69,230.99 0.11MITSUBISHI ESTATE 7,102.22 95,649.74 0.15MITSUBISHI GAS CHEMICAL 12,188.94 61,502.75 0.10MITSUBISHI UFJ FINANCIAL GROUP 29,954.09 112,604.74 0.18MITSUBISHI UFJ LEASE & FINANCE 2,150.82 71,434.65 0.11MITSUI & CO 5,988.90 74,153.24 0.12MODEC 2,380.20 37,181.01 0.06MURATA MANUFACTURING 2,358.68 106,257.04 0.17N.T.T. 3,368.62 115,443.59 0.18NAMCO BANDAI 4,527.84 49,627.48 0.08NGK SPARK PLUG 1,006.19 11,009.90 0.02NICHI-IKO PHARMACEUTICAL 1,762.61 29,254.53 0.05NIDEC 722.62 49,957.07 0.08NIHON KOHDEN 2,428.19 49,097.12 0.08NIHON PARKERIZING 6,334.41 70,917.63 0.11NINTENDO 457.36 52,934.64 0.08NIPPON BUILDING FUND 4.76 34,625.29 0.05NIPPON CERAMIC 2,207.45 28,359.34 0.04NIPPON DENSETSU KOGYO 4,894.77 36,667.31 0.06NIPPON ELECTRIC GLASS 6,311.53 41,495.06 0.07NIPPON PILLAR PACKING 2,879.28 18,863.03 0.03NISSAN MOTOR 16,224.46 130,364.91 0.20NISSIN FOOD PRODUCTS 1,591.60 45,324.45 0.07NITORI CO 690.61 46,668.75 0.07NITTO DENKO 1,314.87 40,011.25 0.06NITTOKU ENGINEERING 3,435.94 41,351.71 0.06NOMURA REAL ESTATE OFFICE FD 7.68 34,122.74 0.05NORITZ 3,647.09 52,245.51 0.08NTT DOCOMO 101.02 126,689.26 0.20OBAYASHI 6,128.59 20,370.62 0.03OBIC 254.34 38,940.68 0.06ODAKYU ELECTRIC RAILWAY 6,403.00 45,555.62 0.07OILES 4,491.67 66,803.49 0.10OLYMPUS 2,442.29 30,279.79 0.05ONO PHARMACEUTICAL 1,115.95 47,515.54 0.07ORACLE JAPAN 1,948.34 56,107.79 0.09ORIENTAL LAND 603.71 48,977.94 0.08OSAKA GAS 15,733.09 47,252.54 0.07RAKUTEN 182.37 144,219.23 0.23RINNAI 868.98 47,502.98 0.07SAKAI CHEMICAL INDUSTRY 11,421.14 33,243.24 0.05SANKYO 1,225.72 45,679.58 0.07SANKYU 13,148.70 38,871.50 0.06SANRIO 1,207.42 35,600.22 0.06SANTEN PHARMACEUTICAL 1,509.28 48,853.56 0.08La nota integrativa costituisce parte integrante del presente bilancio.524
<strong>Pictet</strong> - Absolute Return Global ConservativePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoSATO HOLDINGS 3,839.04 40,808.59 0.06SAWAI PHARMACEUTICAL 653.70 52,309.45 0.08SEVEN BANK 30,853.33 50,852.43 0.08SHIMANO 1,298.89 58,397.29 0.09SIIX 4,760.41 55,250.28 0.09SOFTBANK 536.66 11,982.17 0.02STANLEY ELECTRIC 2,295.93 27,456.16 0.04SUMITOMO BAKELITE 11,613.09 46,199.53 0.07SUMITOMO MITSUI FINANCIAL GROUP 3,791.05 94,191.22 0.15SURUGA BANK 5,182.70 39,959.14 0.06SUZUKEN 2,241.05 52,163.24 0.08SYSMEX 1,911.75 58,380.12 0.09TACHI-S 3,752.66 55,743.84 0.09TAKARA LEBEN 5,173.10 36,769.86 0.06TAKUMA 10,557.35 39,687.67 0.06TOBU RAILWAY 914.71 3,685.32 0.01TOCALO 3,579.90 53,569.60 0.08TOHO GAS 9,787.45 43,734.73 0.07TOKIO MARINE HOLDINGS 1,046.14 21,677.51 0.03TOKYO GAS CO 13,537.78 48,096.82 0.08TONENGENERAL SEKIYU 5,671.23 39,726.11 0.06TORAY INDUSTRIES 7,486.12 41,940.02 0.07TOSHIBA PLANT SYSTEMS & SERVICES 6,622.34 57,524.35 0.09TOWA PHARMACEUTICAL 1,358.49 50,820.85 0.08TOYO SUISAN KAISHA 2,561.20 50,398.47 0.08TOYOTA BOSHOKU 5,963.94 54,282.13 0.09TOYOTA MOTOR 6,001.09 195,753.74 0.31TOYOTA TSUSHO CORP 4,693.22 72,156.33 0.11UNI-CHARM 1,335.48 53,316.57 0.08UNIDEN 12,188.94 36,923.89 0.06WEST JAPAN RAILWAY 1,436.10 43,854.93 0.07XEBIO 2,149.86 43,292.84 0.07YAMADA DENKI 1,214.10 57,272.58 0.09YAMAZAKI BAKING 4,756.52 50,914.41 0.08YOROZU 3,387.95 55,766.96 0.097,465,344.63 11.72HONG KONGC K INFRASTRUCTURE 4,343.00 19,905.36 0.03CHINA EVERBRIGHT INTL 24,650.62 8,680.35 0.01CHINA MOBILE 1,650.16 13,677.81 0.02CHINA MOBILE ADR (R. 5 SHS) 1,283.92 51,818.54 0.08GUANGDONG INVESTMENT 51,904.41 26,940.35 0.04121,022.41 0.18INDIADR REDDY'S LAB ADR (R. 1 SHS) 1,474.29 36,840.76 0.06JAIN IRRIGATION SYS -DVR- 165.95 117.18 0.00JAIN IRRIGATION SYSTEMS 4,115.69 5,967.03 0.0142,924.97 0.07La nota integrativa costituisce parte integrante del presente bilancio.525
<strong>Pictet</strong> - Absolute Return Global ConservativePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoINDONESIAKALBE FARMA 42,524.30 12,365.35 0.02PERUSAHAAN GAS NEGA 'B' 49,894.03 15,581.79 0.0227,947.14 0.04IRLANDAKERRY GROUP 'A' 1,683.07 58,234.39 0.09RYANAIR HOLDINGS 2,195.32 9,670.36 0.02WILLIS GROUP HOLDINGS 1,683.07 44,380.93 0.07112,285.68 0.18ISOLE CAYMAN3SBIO ADR (R.7 SHS) 3,401.52 38,295.78 0.06BAIDU. COM ADR 'A' (R. 1 SHS 'A') 151.66 16,632.59 0.03EURASIA DRILLING GDR (R.1 SHS) 2,981.52 61,799.85 0.10NETEASE. COM ADR (R. 25 SHS) 411.53 17,984.03 0.03SINA 492.38 24,250.21 0.04TENCENT HOLDINGS 1,323.79 27,662.78 0.04WYNN MACAU 5,369.27 11,836.36 0.02XINYU HENGDELI HLGDS 53,325.17 16,719.85 0.03215,181.45 0.35ISRAELECHECK POINT SOFTWARE TECHNOLOGIES 199.46 9,547.04 0.01TEVA PHARMACEUTICAL ADR 1,868.28 61,758.41 0.1071,305.45 0.11ITALIAENEL ENTE NAZION. ENERGIA ELETTR. 2,913.33 7,889.29 0.01HERA 5,113.42 5,384.44 0.01PRADA 4,028.57 19,627.21 0.03SNAM RETE GAS 21,684.53 77,890.84 0.12T.E.R.N.A. 19,914.26 59,065.70 0.09YOOX 3,508.09 41,255.17 0.06211,112.65 0.32JERSEYGLENCORE INTERNATIONAL 13,777.73 63,943.32 0.10RANDGOLD RESOURCES 649.45 42,569.76 0.07SHIRE 1,737.96 44,109.80 0.07150,622.88 0.24LUSSEMBURGOMILLICOM INTL CELLULAR-SDR- 1,408.21 118,562.35 0.19SES GLOBAL FDR 3,911.51 72,401.98 0.11190,964.33 0.30La nota integrativa costituisce parte integrante del presente bilancio.526
<strong>Pictet</strong> - Absolute Return Global ConservativePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoPAESI BASSIAALBERTS INDUSTRIES 701.48 10,729.21 0.02GEMALTO 354.59 17,162.15 0.03ING GROEP C. ACT 17,713.69 111,649.41 0.18KONINKLIJKE AHOLD 4,547.96 46,571.12 0.07KONINKLIJKE KPN NV 7,875.29 65,325.53 0.10QIAGEN 4,546.77 51,855.94 0.08SENSATA TECHNOLOGIE 819.99 20,539.67 0.03UNILEVER NV 1,740.06 43,893.06 0.07YANDEX -A- 64.90 1,232.46 0.00ZIGGO 544.24 12,571.92 0.02381,530.47 0.60REGNO UNITOADMIRAL GROUP 4,829.69 66,845.39 0.10AGGREKO 975.12 26,149.75 0.04ASSOCIATED BRITISH FOODS 3,914.98 57,047.01 0.09ASTRAZENECA (GBP) 1,472.69 49,033.38 0.08BABCOCK INTERNATIONAL GROUP 5,616.35 52,831.58 0.08BAE SYSTEMS 14,379.31 51,330.87 0.08BG GROUP 7,996.83 137,990.83 0.22BHP BILLITON 657.53 14,793.28 0.02BRITISH AMERICAN TOBACCO 1,800.48 68,685.30 0.11BRITISH SKY BROADCASTING GROUP 5,488.29 43,866.46 0.07BUNZL 4,390.63 52,139.93 0.08BURBERRY GROUP 1,626.33 28,691.72 0.05CAPITA GROUP 6,467.03 56,804.00 0.09CARNIVAL 3,064.93 73,014.17 0.11CENTRICA 14,489.08 54,413.88 0.09COBHAM 22,035.48 58,514.31 0.09COMPASS GROUP 2,414.85 18,910.59 0.03DE LA RUE 1,108.09 12,053.70 0.02DIAGEO 6,353.23 115,431.51 0.18EXPERIAN 10,233.02 119,829.45 0.19G4S 21,493.14 70,613.55 0.11GLAXOSMITHKLINE 4,225.30 70,885.14 0.11HALMA 2,748.07 12,451.64 0.02HIKMA PHARMACEUTICALS 9,233.05 76,572.73 0.12HSBC HOLDINGS 23,511.75 154,142.19 0.24IMPERIAL TOBACCO 1,855.51 56,854.51 0.09INTERNATIONAL POWER 4,549.38 22,078.88 0.03INTERTEK GROUP 2,798.90 82,905.18 0.13MITIE 13,789.00 46,265.86 0.07MORRISON WM. SUPERMARKETS 12,476.71 44,329.68 0.07NATIONAL GRID 15,229.93 114,246.28 0.18PEARSON 3,201.50 44,885.85 0.07PENNON GROUP 7,070.55 60,027.34 0.09RECKITT BENCKISER 1,506.46 63,651.53 0.10RIO TINTO NOM. 2,646.26 107,038.73 0.17ROTORK 405.88 9,516.53 0.01SAINSBURY J. 1,317.19 4,869.37 0.01La nota integrativa costituisce parte integrante del presente bilancio.527
<strong>Pictet</strong> - Absolute Return Global ConservativePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoSCOTTISH & SOUTHERN ENERGY 3,192.35 50,572.27 0.08SERCO GROUP 8,671.50 56,527.89 0.09SEVERN TRENT 4,501.22 82,065.47 0.13SHIRE ADR (R. 3 SHS) 530.84 40,450.96 0.06SMITH & NEPHEW 3,622.27 27,389.25 0.04SOCO INTERNATIONAL 14,166.57 49,977.26 0.08TELECITY GROUP 2,349.16 20,313.47 0.03TESCO 35,801.79 140,760.52 0.22TULLOW OIL 7,938.58 143,264.29 0.22UNILEVER NEW (GBP) 1,957.49 47,805.02 0.08UNITED UTILITIES GROUP 10,504.81 75,112.81 0.12VODAFONE GROUP PLC 174,423.36 364,653.46 0.543,298,604.77 5.13REPUBBLICA CECACESKE ENERGETICKE ZAVODY 202.20 6,523.89 0.016,523.89 0.01RUSSIAMOBILE TELESYS ADR (R. 5 SHS) 2,180.63 29,677.48 0.05PHARMSTANDARD OKTYABR -GDR- (USD) 3,676.03 48,738.46 0.08RUSHYDRO OJSC (USD) 248,556.82 6,702.66 0.01SBERBANK PFD (USD) 58,877.74 115,006.27 0.18200,124.87 0.32SINGAPOREBANYAN TREE 2,312.11 930.25 0.00EPURE INTL 23,300.63 8,263.65 0.01HYFLUX 9,079.92 8,091.16 0.01SINGAPORE TELECOMMUNICATIONS 3,176.39 5,984.08 0.0123,269.14 0.03SLOVENIAKRKA 393.11 19,714.25 0.0319,714.25 0.03SPAGNAAMADEUS IT HOLDING 'A' 5,220.99 72,858.89 0.11ENAGAS 403.83 5,605.12 0.01INDITEX NOM. 1,047.38 74,228.09 0.12RED ELECTRICA CORP 235.83 8,304.64 0.01160,996.74 0.25STATI UNITI3 M 310.27 20,630.97 0.03ABBOTT LABORATORIES 1,161.69 53,355.31 0.08ACME PACKET 75.35 1,510.39 0.00ACTIVISION BLIZZARD 5,131.55 49,356.03 0.08ADVANCE AUTO PARTS 969.60 64,250.47 0.10AEGION 529.11 7,213.33 0.01ALLIANT ENERGY 213.58 7,013.74 0.01La nota integrativa costituisce parte integrante del presente bilancio.528
<strong>Pictet</strong> - Absolute Return Global ConservativePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoALTRIA GROUP (USD) 3,519.91 81,098.29 0.13AMAZON.COM 363.13 55,655.77 0.09AMERICAN PUBLIC EDUCATION 232.20 6,651.26 0.01AMERICAN STATES WATER 225.49 6,160.10 0.01AMERICAN WATER WORKS 2,910.71 74,461.15 0.12AMGEN 1,070.22 54,264.58 0.09ANNALY CAPITAL MANAGEMENT 4,070.48 48,255.99 0.08AON 1,390.37 51,281.44 0.08APPLE 75.93 34,688.59 0.05AQUA AMERICA 2,169.61 36,322.78 0.06ARIBA 1,016.65 24,765.22 0.04ARUBA NETWORKS 819.99 13,605.07 0.02AT & T 2,158.73 50,744.88 0.08AUTOLIV 598.37 29,595.83 0.05AUTOZONE 210.38 59,317.19 0.09BADGER METER 237.29 6,084.16 0.01BAXTER INTERNATIONAL 1,372.07 61,509.28 0.10BECTON DICKINSON & CO 859.83 49,930.82 0.08BROWN FORMAN 'B' N-VTG 676.89 42,197.93 0.07BRUKER BIOSCIENCES 514.16 5,942.64 0.01CALGON CARBON 634.13 7,476.58 0.01CALIFORNIA WATER SERVICE 535.16 7,315.91 0.01CAMPBELL SOUP 1,930.05 48,233.12 0.08CAREFUSION W.I. 2,506.32 48,929.64 0.08CAVIUM 443.24 10,408.62 0.02CENTERPOINT ENERGY 1,268.59 18,488.51 0.03CENTURYTEL 1,052.74 30,542.13 0.05CHEVRON 370.98 29,855.32 0.05CHURCH & DWIGHT 1,417.81 52,752.75 0.08CLARCOR 300.49 11,162.00 0.02CLEAN HARBORS 1,525.94 76,377.16 0.12CLOROX 978.74 50,385.87 0.08CMS ENERGY 638.27 10,532.91 0.02COACH 633.39 36,655.99 0.06COCA-COLA 914.71 50,851.26 0.08COLGATE PALMOLIVE 704.33 51,293.08 0.08COMCAST 'A' 1,676.90 37,469.56 0.06COMMVAULT SYSTEMS 137.40 5,072.10 0.01COMSCORE 1,444.69 23,547.99 0.04CONAGRA FOODS 2,460.58 48,685.41 0.08CONCUR TECHNOLOGIES 516.44 22,286.21 0.03CONOCOPHILLIPS 269.61 15,392.15 0.02CONSOLIDATED EDISON 1,051.92 45,952.84 0.07CONSTANT CONTACT 235.65 5,261.89 0.01CR BARD 786.65 58,621.49 0.09CUBESMART 1,413.93 12,540.01 0.02DANAHER 1,402.45 57,810.45 0.09DAVITA 887.27 59,664.00 0.09DIGITAL REALTY TRUST 443.24 24,213.73 0.04DIRECTV 1,366.08 50,642.39 0.08DOLLAR TREE 804.95 57,262.61 0.09DOMINION RESOURCES 669.94 25,622.88 0.04La nota integrativa costituisce parte integrante del presente bilancio.529
<strong>Pictet</strong> - Absolute Return Global ConservativePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoDONALDSON 1,215.26 32,689.09 0.05DUKE ENERGY 2,917.94 45,954.83 0.07EBAY 2,093.18 57,997.69 0.09ECOLAB 782.44 36,168.21 0.06EDISON INTERNATIONAL 342.61 10,967.14 0.02ELI LILLY 789.34 23,756.79 0.04ELIZABETH ARDEN 708.87 18,775.69 0.03EMC 2,149.70 47,631.62 0.07ENERGY TRANSFER EQUITY LP 182.34 5,560.70 0.01ENTERPRISE PRODUCTS PARTNERS 879.45 33,092.97 0.05EQUIFAX 687.02 22,396.29 0.04EQUINIX 221.62 25,696.16 0.04ESTEE LAUDER 'A' 891.61 41,561.93 0.07EXELON 959.54 28,272.48 0.04EXTRA SPACE STORAGE 602.80 12,864.32 0.02F5 NETWORKS 243.78 24,626.42 0.04FAMILY DOLLAR STORE 1,115.95 50,506.64 0.08FIDELITY NATIONAL 531.88 13,167.65 0.02FIRSTENERGY 410.91 14,075.71 0.02FISERV 310.27 16,173.36 0.03FLOWSERVE 69.91 6,024.44 0.01FORTINET 886.47 18,114.64 0.03FRANKLIN ELECTRIC 285.90 10,594.36 0.02GENERAL MILLS 1,591.60 46,895.87 0.07GENTEX 22.16 405.89 0.00GLOBAL PAYMENTS 443.24 17,341.05 0.03GOOGLE 'A' 94.37 45,834.83 0.07GRAND CANYON EDUCATION 1,059.74 14,280.69 0.02H.J. HEINZ 1,198.28 48,086.37 0.08HEARTLAND PAYMENT SYSTEMS 842.15 18,912.14 0.03HERSHEY 1,033.63 47,629.32 0.07HOMEAWAY 782.77 14,805.30 0.02HORMEL FOODS 2,204.46 49,080.38 0.08HOSPIRA 873.53 24,648.63 0.04IAC/INTERACTIVECORP 1,015.10 37,174.87 0.06IDEX 435.42 13,740.92 0.02IHS A 448.21 31,442.63 0.05IMPERVA 191.04 5,547.90 0.01INTUIT 527.07 23,621.35 0.04IRON MOUNTAIN 576.21 12,400.36 0.02JM SMUCKER CO 832.39 50,838.79 0.08JOHNSON & JOHNSON 1,846.72 91,161.06 0.14JUNIPER NETWORKS 620.53 10,630.40 0.02KELLOGG 1,271.45 51,128.28 0.08KIMBERLY CLARK 1,315.97 73,187.61 0.11KINDER MORGAN ENERGY PARTNERS 48.76 3,006.45 0.00KINDER MORGAN MANAGEMENT 832.39 46,820.08 0.07KRAFT FOODS 'A' 2,042.76 58,173.60 0.09KROGER 2,634.38 48,056.61 0.08LABORATORY CORP OF AMERICA HLDGS 750.07 51,618.33 0.08LAS VEGAS SANDS 968.27 41,552.30 0.07LIFE TECHNOLOGIES 753.50 27,425.29 0.04La nota integrativa costituisce parte integrante del presente bilancio.530
<strong>Pictet</strong> - Absolute Return Global ConservativePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoLIMITED BRANDS 847.42 30,653.14 0.05LINKEDIN -A- 210.10 16,158.38 0.03LITTELFUSE 88.65 4,108.33 0.01LORILLARD 594.56 58,811.71 0.09MACY'S INC 1,304.27 39,011.00 0.06MAGELLAN MIDSTREAM PARTNERS 320.21 17,305.41 0.03MCCORMICK NON-VTG 1,280.60 52,180.93 0.08MCDONALD'S 879.15 64,653.32 0.10MCKESSON 868.98 57,982.21 0.09MEAD JOHNSON NUTRITION 'A' 969.60 60,759.71 0.10MERCADOLIBRE 162.82 12,069.52 0.02MERCK & CO 638.17 18,269.90 0.03MINE SAFETY APPLIANCES 421.08 13,218.94 0.02MISTRAS GROUP 797.83 14,516.28 0.02MOMENTA PHARMACEUTICALS 1,635.14 18,911.26 0.03MONSTER BEVERAGE 1,454.40 68,540.89 0.11MYLAN 3,504.51 60,902.38 0.10NCR 1,196.74 19,452.66 0.03NEOGEN 44.32 1,324.07 0.00NETAPP INC 997.28 33,369.82 0.05NETFLIX 133.45 11,500.28 0.02NEWMONT MINING 897.63 34,709.85 0.05NII HOLDINGS 'B' 1,390.81 18,450.37 0.03NIKE 'B' 683.68 55,232.45 0.09NORTHEAST UTILITIES 1,381.22 38,709.99 0.06NUANCE COMMUNICATIONS 798.44 15,161.41 0.02O REILLY AUTOMOTIVE 795.80 54,280.29 0.09PALL 396.03 17,475.73 0.03PENTAIR 340.66 12,029.05 0.02PEOPLE'S UNITED FINANCIAL 5,067.52 50,228.72 0.08PEPSICO 969.60 48,213.41 0.08PERRIGO 943.52 72,781.71 0.11PFIZER INC. 2,171.01 36,660.48 0.06PG & E 1,555.01 50,350.39 0.08PHILIP MORRIS WI (USD) 296.56 19,354.47 0.03PLAINS ALL AMERICA PIPELINE 101.94 5,896.75 0.01PPL 667.74 14,087.13 0.02PROCTER & GAMBLE 969.60 48,936.39 0.08PROGRESS ENERGY 1,143.39 45,479.18 0.07PUBLIC STORAGE 146.27 15,072.77 0.02PVH 772.04 51,752.57 0.08RACKSPACE HOSTING 308.15 13,180.19 0.02RALCORP 896.42 49,746.46 0.08RALPH LAUREN -A- 311.74 40,806.38 0.06REPUBLIC SERVICES 1,528.81 34,687.51 0.05REYNOLDS AMERICAN 1,545.87 47,725.57 0.07RIVERBED TECHNOLOGIES 576.21 12,115.50 0.02ROPER INDUSTRIES 539.89 39,947.55 0.06SAGENT PHARMACEUTICALS 2,692.72 36,629.09 0.06SAIC 4,921.16 48,963.40 0.08SAKS 1,451.69 12,777.03 0.02SALESFORCE.COM 135.40 15,863.69 0.02La nota integrativa costituisce parte integrante del presente bilancio.531
<strong>Pictet</strong> - Absolute Return Global ConservativePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoSOHU. COM 215.98 8,808.93 0.01SOLERA HOLDINGS 602.61 20,908.44 0.03SOUTHERN 1,399.51 47,265.42 0.07SPECTRA ENERGY 305.27 7,251.89 0.01STANLEY BLACK & DECKER 753.50 43,945.94 0.07STARWOOD HOTELS & RESORTS 309.49 13,117.02 0.02STERICYCLE 1,413.60 89,431.02 0.14SYMANTEC 1,772.95 24,436.17 0.04SYNTHES 362.68 46,938.03 0.07TEMPUR-PEDIC INTERNATIONAL 213.89 13,420.09 0.02TERADYNE 2,260.51 28,345.30 0.04TETRA TECH 1,476.79 29,026.87 0.05THERMO FISHER SCIENTIFIC INC 864.31 36,294.69 0.06TIFFANY 484.47 25,058.29 0.04TIME WARNER CABLE 133.73 8,047.56 0.01TORO 137.02 7,322.32 0.01TRIPADVISOR 682.06 17,963.39 0.03TRW AUTOMOTIVE 797.83 26,934.91 0.04UNISOURCE ENERGY 209.28 5,773.83 0.01VALMONT INDUSTRIES 85.84 7,538.95 0.01VARIAN MEDICAL 354.59 18,274.01 0.03VERIFONE HOLDINGS 797.83 30,938.99 0.05VERIZON COMMUNICATIONS 2,337.25 67,017.46 0.11VMWARE 106.38 8,961.17 0.01WABCO HOLDINGS 664.86 29,791.55 0.05WAL-MART STORES 1,070.22 49,025.13 0.08WARNACO GROUP 'A' 378.33 16,510.33 0.03WASTE CONNECTIONS 903.64 21,876.89 0.03WASTE MANAGEMENT 796.69 20,833.26 0.03WATSON PHARMACEUTICALS 2,044.71 102,947.43 0.16WEBSENSE 177.29 2,812.82 0.00WHOLE FOODS MARKET 348.88 21,588.47 0.03WISCONSIN ENERGY 2,319.59 61,217.49 0.10XCEL ENERGY 2,332.52 46,344.85 0.07XYLEM 2,021.34 41,880.42 0.07YAHOO 3,001.85 34,403.26 0.05ZEBRA TECHNOLOGIES 'A' 132.97 4,135.56 0.016,506,679.97 10.24SUDAFRICAASPEN PHARMACARE 5,526.37 63,698.92 0.10MTN GROUP 3,678.65 49,302.33 0.08113,001.25 0.18SVEZIAALFA LAVAL 4,028.09 59,593.82 0.09ASSA ABLOY 'B' 7,836.18 179,834.53 0.28ERICSSON TELEFON 'B' 13,497.57 103,046.36 0.16SVENSKA HANDELSBANKEN 'A' 498.82 11,599.33 0.02SWEDBANK 'A' 514.64 5,916.71 0.01La nota integrativa costituisce parte integrante del presente bilancio.532
<strong>Pictet</strong> - Absolute Return Global ConservativePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoSWEDISH MATCH 1,829.43 54,048.50 0.08TELE2 'B' 1,666.67 25,203.50 0.04TELIASONERA (SEK) 5,886.39 30,468.45 0.05469,711.20 0.73SVIZZERAACINO HOLDING 1,788.39 158,065.07 0.25ACTELION NOM. 4,681.38 130,460.21 0.20AFFICHAGE HOLDING 441.84 56,285.31 0.09ARYZTA NOMINATIVE 5,947.54 217,929.03 0.34BALOISE-HOLDING AG 1,577.99 95,074.77 0.15BANQUE SARASIN NOM 'B' 3,155.98 73,597.82 0.12BARRY CALLEBAUT NOM. 64.03 46,881.58 0.07BELIMO HOLDING 52.60 77,701.14 0.12BOBST GROUP 631.20 14,143.35 0.02CIE FINANCIERE RICHEMONT 900.70 41,672.43 0.07CLARIANT NOM. 18,935.91 193,449.65 0.30COMET HOLDING NOM. 483.92 79,838.36 0.13DKSH HOLDING REG. 533.15 21,282.32 0.03GAM HOLDING NOM. 14,727.93 160,116.73 0.25GATEGROUP HOLDING NOM. 4,733.98 129,450.97 0.20GEBERIT 1,841.92 284,323.75 0.45GOLDBACH MEDIA 1,946.19 39,167.05 0.06INFICON HOLDING 494.44 82,271.54 0.13KABA HOLDING NOM. 368.20 105,573.15 0.17KUEHNE & NAGEL INTERNATIONAL 2,209.19 220,374.40 0.35KUONI REISEN HOLDING NOM. 'B' 902.58 246,811.21 0.39LIFEWATCH 7,339.77 51,592.85 0.08LINDT & SPRUENGLI 121.95 288,637.99 0.45LINDT & SPRUENGLI NOM. 1.83 50,237.85 0.08LOGITECH INTERNATIONAL 24,195.88 140,259.29 0.22LONZA GROUP 620.53 23,884.40 0.04MEYER BURGER TECHNOLOGY 5,259.97 63,732.40 0.10NESTLE S.A. 7,401.24 344,680.87 0.54NOVARTIS NOM. 1,817.74 75,116.52 0.12OC OERLIKON CORP 18,935.91 125,718.70 0.20PARTNERS GROUP HOLDING NOM. 1,157.19 162,299.35 0.25ROCHE HOLDING BON DE JOUISSANCE 2,259.67 294,505.89 0.46S.G.S. S.A. 50.01 71,352.89 0.11SCHINDLER HOLDING B. PART. 2,314.39 204,554.80 0.32SCHINDLER HOLDING NOM. 1,416.89 125,234.21 0.20SCHWEITER TECHNOLOGIES 136.76 59,074.69 0.09SIEGFRIED HOLDING NOM. 778.48 59,889.24 0.09SIKA FINANZ PORT. 126.24 205,131.01 0.32SONOVA HOLDING NOM. 841.60 69,529.42 0.11SULZER 1,084.04 112,364.79 0.18SWISS LIFE HLDG NOM. 1,051.99 92,455.63 0.15SWISS RE REG. 271.89 12,910.22 0.02SWISSCOM NOM. 214.91 64,316.01 0.10SWISSLOG HOLDING NOM. 73,639.64 53,168.53 0.08TECAN GROUP NOM. 2,735.19 149,587.79 0.23TEMENOS GROUP NOM. 3,155.98 42,037.19 0.07La nota integrativa costituisce parte integrante del presente bilancio.533
<strong>Pictet</strong> - Absolute Return Global ConservativePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Quantità/Valore nominale Valore di stima (nota 2) % del patrimonionettoTHE SWATCH GROUP 166.73 57,311.26 0.09THE SWATCH GROUP NOM. 1,314.99 78,901.58 0.12TYCO INTERNATIONAL NOM. 1,263.23 53,008.24 0.08VALORA HOLDING NOM. 1,020.44 174,198.10 0.27VZ HOLDING NOM. 736.40 62,824.43 0.10ZURICH FINANCIAL SERVICES 423.34 83,956.12 0.135,926,942.10 9.29TAIWANACER 16,363.42 16,258.85 0.03HIGH TECH COMPUTER 1,075.31 16,292.60 0.0332,551.45 0.06TURCHIATURKCELL ILETISIM 14,194.07 54,669.08 0.0954,669.08 0.09UNGHERIAGEDEON RICHTER 184.88 23,312.60 0.0423,312.60 0.04TOTALE AZIONI 29,751,160.66 46.64OBBLIGAZIONIAUSTRALIA3.5% NAT. AUSTRALIA BANK 09/15 EUR 29,871.10 31,289.83 0.055.25% ANZ BANKING GROUP 08/13 EUR 104,548.86 109,357.06 0.175.875% WESTPAC BANKING 08/13 EUR 82,145.53 87,483.76 0.14228,130.65 0.36AUSTRIA6.25% OMV 09/14 EUR 29,871.10 32,671.67 0.0532,671.67 0.05DANIMARCAFRN DANSKE BANK 12/14 -SR- EUR 74,677.75 74,635.19 0.1274,635.19 0.12FINLANDIA2.625% POHJOLA BANK 12/17 -SR- EUR 14,935.55 15,113.06 0.0215,113.06 0.02FRANCIA2.50% DANONE 11/16 EUR 29,871.10 31,153.02 0.052.625% BPCE 09/12 EUR 89,613.31 90,490.17 0.143.00% AUCHAN 11/16 -SR- EUR 29,871.10 31,399.61 0.053.00% BNP PARIBAS 12/17 SR -S- EUR 44,806.65 45,884.03 0.073.25% RCI BANQUE 11/14 EUR 74,677.75 75,988.72 0.123.375% LVMH MOET HENNESSY 11/15 EUR 14,935.55 15,812.12 0.02La nota integrativa costituisce parte integrante del presente bilancio.534
<strong>Pictet</strong> - Absolute Return Global ConservativePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto3.50% TOTAL CAPITAL 09/14SR S52-S- EUR 52,274.43 54,336.39 0.093.50% UNIBAIL-RODAMCO 11/16 EUR 22,403.33 23,527.86 0.043.75% C.I.F. 10/15 EUR 59,742.20 60,751.25 0.103.75% SOCIETE GENERALE 09/14 EUR 74,677.75 77,703.70 0.123.875% BANQUE PSA FIN. 11/15 EUR 74,677.75 75,290.49 0.124.25% B.F.C.M. 07/14 EUR 74,677.75 78,123.39 0.124.375% THALES 09/13 EUR 52,274.43 53,857.82 0.084.5% E.D.F. 09/14 EUR 149,355.51 159,431.78 0.255% FRANCE TELECOM 09/14 EUR 149,355.51 159,053.91 0.255.25% SOCIETE GENERALE 08/13 EUR 149,355.51 154,919.00 0.245.25% VEOLIA ENVIRON. 04/14 EUR 22,403.33 24,190.10 0.046% AXA 01/13 EUR 59,742.20 63,080.90 0.106.75% SCHNEIDER ELECTRIC 09/13 EUR 37,338.88 39,959.69 0.061,314,953.95 2.06GERMANIA1.25% ERSTE ABWICKLUNGS 12/15 SRS EUR 298,711.02 298,253.99 0.472.125% MAN 12/17 -SR- EUR 11,201.66 11,344.37 0.023.5% BAYERISCHE LDBK 09/13 EUR 224,033.26 230,806.91 0.363.625% COMMERZBANK 12/17 796-SR- EUR 37,338.88 38,234.26 0.064.5% BAYER AG. 06/13 EUR 59,742.20 62,148.62 0.104.625% HENKEL 09/14 EUR 44,806.65 47,819.45 0.085% COMMERZBANK 09/14 EUR 156,823.29 165,921.39 0.265.375% HENKEL 05/04 EUR 29,871.10 30,894.04 0.056.875% VOLKSWAGEN FIN. SER. 09/14 EUR 179,226.61 196,424.30 0.311,081,847.33 1.71IRLANDA4% INTESA S.BK IRL 12/13 -SR-S EUR 44,806.65 45,335.37 0.074.25% GE CAPITAL EUROPEAN 07/14 EUR 298,711.02 313,748.13 0.494.625% GE CAPITAL EUROP. 03/13 -S- EUR 74,677.75 78,608.05 0.125.25% FGA CAPITAL IREL. 12/14 SR EUR 14,935.55 15,379.88 0.025.50% HELABA INT.FINANCE 98/13 EUR 74,677.75 77,597.66 0.12530,669.09 0.82ISOLE CAYMAN4.875% IPIC GMTN 11/16 EUR 44,806.65 47,943.57 0.085.875% HUTCHISON WHAMPOA 03/13 EUR 179,226.61 188,567.01 0.30236,510.58 0.38ITALIA3.50% INTESA SANPAOLO 11/13 SR -S- EUR 89,613.31 90,137.10 0.143.625% UNICREDIT 11/13 EUR 74,677.75 75,260.61 0.123.75% BANCO POPOLARE 09/12 EUR 82,145.53 82,401.82 0.134.25% ENEL 03/13 EUR 74,677.75 76,950.57 0.124.875% ASSICURAZIONI GEN. 09/14 EUR 44,806.65 47,851.27 0.084.875% MEDIOBANCA 07/12 S227 SR-S- EUR 59,742.20 60,928.68 0.105% MONTE PASCHI SIENA 07/12 EUR 141,887.73 143,563.43 0.23La nota integrativa costituisce parte integrante del presente bilancio.535
<strong>Pictet</strong> - Absolute Return Global ConservativePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto5.25% UNICREDIT 09/14 EUR 134,419.96 139,270.50 0.225.375% INTESA SANPAOLO 08/13 EUR 89,613.31 92,947.37 0.155.875% ENI 08/14 EUR 141,887.73 152,328.54 0.24961,639.89 1.53JERSEY4.75% ASIF III 03/13 EUR 97,081.08 99,878.96 0.1699,878.96 0.16LUSSEMBURGO3.50% NORD/LB G-MTN 09/14 S1-SR- EUR 298,711.02 311,926.00 0.498.25% ARCELORMITTAL 06/13 EUR 74,677.75 79,741.65 0.13391,667.65 0.62NORVEGIA4.5% DNB NOR BANK 09/14 EUR 74,677.75 79,551.23 0.125.875% DNB NOR BANK 08/13 EUR 59,742.20 62,986.50 0.10142,537.73 0.22PAESI BASSI2.125% BMW FINANCE 12/15 -SR-S- EUR 149,355.51 151,946.83 0.242.125% VOLKSW.INTL FIN.12/15 SR-S- EUR 74,677.75 76,016.35 0.122.75% ABN AMRO 10/13 EUR 149,355.51 151,621.23 0.243% PACCAR FINANCIAL 11/14 EUR 49,287.32 50,772.35 0.083.625% SNS BANK 10/13 EUR 37,338.88 37,484.87 0.063.75% B.N.G. 06/13 EUR 149,355.51 156,751.59 0.254.125% AEGON 04/14 S.42 EUR 37,338.88 39,708.03 0.064.25% NED. WATERSCHAPSBANK 08/13 EUR 89,613.31 94,712.30 0.154.25% RABOBANK 03/13 EUR 44,806.65 46,309.24 0.074.375% RABOBANK 01/14 EUR 186,694.39 196,417.43 0.314.375% RODAMCO EUROPE FIN. 04/14 EUR 29,871.10 31,835.28 0.054.5% KBC IFIMA 09/14 EUR 74,677.75 76,548.06 0.124.5% SCHLUMBERGER FIN. 03/14 EUR 44,806.65 47,722.22 0.074.75% RBS 03/14 S.492 -SR-S- EUR 44,806.65 46,458.67 0.075.25% E.ON INTL FINANCE 08/14 EUR 119,484.41 129,777.99 0.205.25% SIEMENS FINANCE 06/66 EUR 29,871.10 31,752.53 0.055.375% INTL. ENDESA 03/13 EUR 44,806.65 46,234.64 0.075.625% ING GROEP 08/13 EUR 74,677.75 78,297.01 0.125.75% RWE FINANCE 08/13 EUR 74,677.75 80,285.68 0.136% BASF FINANCE 08/13 EUR 74,677.75 80,801.33 0.136% NEDERLAND GASUNIE 08/13 EUR 74,677.75 80,243.86 0.136.625% SCHIPHOL NEDERLAND 08/14-SR EUR 29,871.10 32,592.36 0.057.375% EUREKO 09/14 EUR 44,806.65 48,986.44 0.087.875% DAIMLER INTL 09/14 EUR 179,226.61 199,620.81 0.312,012,897.10 3.16REGNO UNITO2.177% BP CAPITAL MARKETS 12/16 EUR 44,806.65 45,479.20 0.073.1% BP CAPITAL MARKETS 10/14 EUR 29,871.10 31,058.18 0.053.125% UBS LONDON 12/16 -SR-S- EUR 119,484.41 122,651.94 0.193.25% HSBC BANK 11/15 -SR-S- EUR 104,548.86 109,391.04 0.17La nota integrativa costituisce parte integrante del presente bilancio.536
<strong>Pictet</strong> - Absolute Return Global ConservativePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto4.5% LLOYDS TSB BANK 11/14 EUR 97,081.08 100,911.42 0.165.25% BARCLAYS BANK 09/14 EUR 164,291.06 175,976.26 0.285.25% ROYAL BANK SCOTLAND 08/13 EUR 209,097.71 214,983.81 0.345.75% STANDARD CHARTERED 09/14 EUR 89,613.31 97,208.93 0.156.125% CREDIT SUISSE 08/13 EUR 149,355.51 158,422.14 0.256.25% LLOYDS TSB BANK 09/14 EUR 74,677.75 79,681.54 0.136.625% NATIONAL GRID ELEC. 08/14 EUR 37,338.88 40,920.05 0.061,176,684.51 1.85REPUBBLICA CECA6% CEZ 08/14 EUR 44,806.65 49,168.80 0.0849,168.80 0.08SPAGNAFRN SANTANDER INTL 11/13 SR -S- EUR 74,677.75 74,588.89 0.122.875% SANTANDER INTL 10/13 EUR 59,742.20 59,701.28 0.093.00% BBVA SENIOR FIN. 12/13-SR- EUR 149,355.51 149,374.93 0.233.38% SANTANDER US DEBT 11/15SR-S- EUR 29,871.10 29,142.10 0.054% BBVA SENIOR FIN. 06/13 EUR 59,742.20 60,615.63 0.104% BBVA SENIOR FIN. 11/13 EUR 89,613.31 90,797.55 0.144.875% IBERDROLA FINANZAS 09/14 EUR 119,484.41 125,513.59 0.205.25% GAS NATURAL FINANCE 09/14 EUR 74,677.75 78,644.64 0.12668,378.61 1.05STATI UNITI3.625% PFIZER 06/13 EUR 67,209.98 69,281.39 0.113.75% HSBC FINANCE 05/15 EUR 104,548.86 108,963.96 0.173.75% MORGAN STANLEY 06/13 EUR 171,758.84 174,083.59 0.274.375% AT & T 07/13 EUR 37,338.88 38,521.59 0.064.45% MERRILL LYNCH 07/14 EUR 97,081.08 99,619.75 0.164.5% ZURICH FINANCE 04/14 EUR 44,806.65 47,801.98 0.084.50% PROCTER & GAMBLE 07/14 EUR 74,677.75 80,163.21 0.134.625% JP MORGAN CHASE 07/17 EUR 74,677.75 70,197.09 0.114.75% CITIGROUP 03/13 EUR 59,742.20 62,106.80 0.104.75% GOLDMAN SACHS 04/14 EUR 112,016.63 116,428.97 0.184.875% MERRILL LYNCH 07/14 EUR 104,548.86 108,490.35 0.175% 3M 07/14 REG.S EUR 44,806.65 48,529.64 0.085.25% JP MORGAN CHASE 08/13 EUR 74,677.75 77,723.49 0.126% WACHOVIA BANK 08/09 EUR 29,871.10 31,489.82 0.056.125% JP MORGAN CHASE 09/14 EUR 149,355.51 162,307.62 0.256.25% AMERICAN HONDA 08/13 EUR 44,806.65 47,617.37 0.076.75% MERRILL LYNCH 08/13 EUR 164,291.06 171,745.77 0.277% SWISS RE TREASURY 09/14 EUR 59,742.20 66,321.61 0.107.375% CITIGROUP 09/14 EUR 89,613.31 98,631.54 0.157.5% JOHN DEERE CAPITAL 09/14 EUR 44,806.65 49,840.46 0.081,729,866.00 2.71SVEZIA1.75% SCANIA CV 12/16 -SR- EUR 29,871.10 29,797.92 0.054.25% VATTENFALL TREASURY 09/14 EUR 44,806.65 47,547.92 0.074.5% NORDEA BANK 09/14 EUR 134,419.96 142,972.43 0.22La nota integrativa costituisce parte integrante del presente bilancio.537
<strong>Pictet</strong> - Absolute Return Global ConservativePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Quantità/Valore nominale Valore di stima (nota 2) % del patrimonionetto4.875% SVENSKA HANDELSBANK 09/14 EUR 59,742.20 63,848.29 0.105.25% VATTENFALL TREASURY 05/PE EUR 59,742.20 61,423.95 0.105.5% SKANDINAV. ENSKILDA 09/14 EUR 112,016.63 121,198.08 0.19466,788.59 0.73SVIZZERA6% CREDIT AGRICOLE 08/13 EUR 164,291.06 173,205.49 0.27173,205.49 0.27TOTALE OBBLIGAZIONI 11,387,244.85 17.90WARRANTANTILLE OLANDESICIPLA (ML CUR.) LEPO WTS 23.09.15 5,122.09 22,943.93 0.04DIVI'S LABO. (ML) LEPO WTS 20.10.14 3,017.63 33,939.23 0.05STRIDES ARC. (ML) LEPO WTS 09.09.15 4,223.08 36,386.06 0.0693,269.22 0.15REGNO UNITOLUPIN (DBL) LEPO WTS 20.2.17 7,834.95 60,908.90 0.10SUN PHARMA. (DB) LEPO WTS 06.02.17 4,232.94 35,420.76 0.0696,329.66 0.16TOTALE WARRANT 189,598.88 0.31TOTALE I. 41,328,004.39 64.85II. ALTRI VALORI MOBILIARIAZIONIPORTOGALLOKIWI II VENT. PREF 'A' 0.82 0.00 0.000.00 0.00STATI UNITIIBIQUITY DIGITAL PREF 'A' REST. 148.13 0.00 0.00UNDERGROUND SOLUTIONS 29,487.01 3,335.24 0.013,335.24 0.01TOTALE AZIONI 3,335.24 0.01OBBLIGAZIONICANADA10% HIGHPOINT TEL. II CV 00/04 USD 1,211.14 0.00 0.000.00 0.00TOTALE OBBLIGAZIONI 0.00 0.00La nota integrativa costituisce parte integrante del presente bilancio.538
<strong>Pictet</strong> - Absolute Return Global ConservativePROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoWARRANTSTATI UNITIFLEXIBLE SOLUTIONS WRT 03.05.10 24.29 0.00 0.000.00 0.00TOTALE WARRANT 0.00 0.00TOTALE II. 3,335.24 0.01TOTALE INVESTIMENTI 41,331,339.63 64.86DISPONIBILITÀ LIQUIDE PRESSO BANCHE 21,589,075.92 33.88ALTRE PASSIVITÀ NETTE 801,484.65 1.26PATRIMONIO NETTO COMPLESSIVO 63,721,900.20 100.00La nota integrativa costituisce parte integrante del presente bilancio.539
<strong>Pictet</strong> - Absolute Return Global ConservativeRIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Stati Uniti 12.96Giappone 11.72Svizzera 9.56Regno Unito 7.14Francia 4.18Paesi Bassi 3.76Germania 3.20Italia 1.85Svezia 1.46Spagna 1.30Irlanda 1.00Lussemburgo 0.92Isole Cayman 0.73Belgio 0.57Danimarca 0.51Australia 0.42Bermuda 0.42Jersey 0.40Russia 0.32Austria 0.26Brasile 0.24Canada 0.23Norvegia 0.22Hong Kong 0.18Sudafrica 0.18Antille olandesi 0.15Finlandia 0.14Corea del Sud 0.13Cile 0.12Israele 0.11Repubblica ceca 0.09Turchia 0.09India 0.07Taiwan 0.06Ungheria 0.04Indonesia 0.04Singapore 0.03Slovenia 0.03Cina 0.02Filippine 0.01Portogallo 0.0064.86Ripartizione per settori economici(in % del patrimonio netto)Obbligazioni societarie 17.90Industria farmaceutica e cosmetica 5.19Servizi di pubblica utilità 3.28Comunicazioni 3.20Alimentari e bevande non alcoliche 3.15Equipaggiamento elettrico ed elettronico 3.03Holding e società finanziarie 2.87Costruzione di macchine e apparecchiature 2.05Sostanze chimiche 1.99Vendita al dettaglio e supermercati 1.96Banche e istituti di credito 1.64Automezzi 1.48Trasporto passeggeri e merci 1.44Assicurazioni 1.37Servizi pubblici 1.33Edilizia e materiali da costruzione 1.32Internet, software e servizi informatici 1.30Prodotti tessili e abbigliamento 1.23Tabacco e bevande alcoliche 1.08Petrolio 1.04Computer e articoli per ufficio 1.00Prodotti di consumo vari 0.83Settore immobiliare 0.77Commercio vario 0.74Biotecnologia 0.61Servizi ambientali e riciclaggio 0.48Warrant 0.31Gastronomia 0.27Editoria e arti grafiche 0.27Orologeria 0.21Fotografia e materiale ottico 0.20Carta e prodotti forestali 0.20Altri settori 0.18Salvaguardia dell’ambiente e trattamento dei rifiuti 0.17Aeronautica e astronautica 0.17Acciaio inossidabile 0.17Tempo libero 0.15Servizi sanitari 0.08Pietre e metalli preziosi 0.07Settore minerario e siderurgico 0.07Imballi 0.0664.86La nota integrativa costituisce parte integrante del presente bilancio.540
<strong>Pictet</strong> - Convertible BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoI. VALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOOBBLIGAZIONIAUSTRALIA3.625% PALADIN ENERGY CV 10/15 USD 14,800,000.00 9,614,388.35 1.973.95% CV BEACH ENERGY 12/17 SR AUD 3,200,000.00 2,525,961.58 0.526.375% WESTERN AREAS CV 10/14 AUD 14,130,000.00 11,249,851.69 2.3023,390,201.62 4.79AUSTRIA4.25% IMMOFINANZ CV 11/18 EUR 2,205,000.00 8,533,350.00 1.748,533,350.00 1.74BELGIO6.5% EURONAV CV 09/15 USD 10,500,000.00 6,784,798.17 1.396,784,798.17 1.39BERMUDA4% AQUARIUS PLATIN.CV 09/15 USD 2,400,000.00 1,515,724.71 0.311,515,724.71 0.31CANADA2.75% INTEROIL CV 10/15 USD 5,800,000.00 3,685,892.13 0.755.75% IVANHOE ENERGY 11/16 CAD 2,600,000.00 1,538,637.01 0.318.00% SUB. CV PINETREE CAP. 11/16 CAD 2,730,000.00 1,761,690.38 0.366,986,219.52 1.42FILIPPINE2.00% CV SAN MIGUEL 11/14-SR-S USD 5,600,000.00 4,433,991.72 0.914,433,991.72 0.91FINLANDIA0.5% CV SOLIDIUM (TLSN) 12/15 SR-S EUR 0.00 0.00 0.000.00 0.00FRANCIA1.75% CGG VERITAS CV 11/16 EUR 108,760.00 3,188,299.40 0.652.5% ATOS ORIGIN CV 09/16 EUR 65,000.00 3,536,000.00 0.722.50% CV NEXANS 12/19 EUR 72.74-SR- EUR 52,000.00 3,687,216.00 0.753.875% ORPEA CV 10/16 EUR 55,650.00 2,521,724.10 0.524% NEXANS CV 09/16 EUR 145,000.00 8,847,030.00 1.814.5% FAURECIA CV 09/15 EUR 423,000.00 9,801,756.00 2.006.25% SOITEC CV 09/14 EUR 760,000.00 6,574,000.00 1.347.125% MAUREL & PROM CV 10/15 EUR 210,000.00 3,728,550.00 0.7641,884,575.50 8.55La nota integrativa costituisce parte integrante del presente bilancio.541
<strong>Pictet</strong> - Convertible BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoGERMANIA0.75% CV SGL CARBON 07/13 SR EUR 650,000.00 689,000.00 0.14689,000.00 0.14GIAPPONE0% ANRITSU CV 10/15 JPY 200,000,000.00 3,186,152.64 0.650% NIPRO CV 10/15 JPY 25,000,000.00 234,799.74 0.050.1% HITACHI CV 09/14 JPY 500,000,000.00 7,681,296.10 1.571% ORIX CV 08/14 JPY 250,000,000.00 2,833,529.52 0.581.5% CV SOFTBANK 03/13 -SR- JPY 750,000,000.00 8,344,696.38 1.7122,280,474.38 4.56ISOLA DI MAN3.50% CV ANGLOGOLD ASH.09/14 -SR-S USD 2,500,000.00 2,057,132.64 0.422,057,132.64 0.42ISOLE CAYMAN3.75% CV SOHO CHINA 09/14 -SR- S HKD 19,200,000.00 2,160,418.39 0.444% CHINA HUIYUAN J. CV 11/16 USD 14,800,000.00 9,029,164.72 1.854% JINKOSOLAR CV 11/16 USD 3,650,000.00 1,587,616.83 0.325.25% MINGFA GROUP CV 11/16 HKD 84,000,000.00 7,312,946.41 1.506.5% CV CHINA HONGQIAO 12/17 -SR- USD 3,200,000.00 2,307,754.48 0.4722,397,900.83 4.58ISOLE VERGINI BRITANNICHE0.75% BILLION (CHINA UNIC.) 10/15 USD 15,100,000.00 12,112,321.69 2.4812,112,321.69 2.48JERSEY2.875% PREM. OIL FIN. CV 07/14 USD 6,800,000.00 5,924,210.61 1.214% MAGNOLIA FINANCE CV 06/PE EUR 16,400,000.00 11,676,800.00 2.394% PETROPAVLOVSK CV 10/15 USD 4,200,000.00 2,905,556.28 0.595.5% VEDANTA RES. CV 09/16 USD 0.00 0.00 0.0020,506,566.89 4.19LUSSEMBURGOFRN FORTFI. (BKT SHS) ELN 02/PE EUR 25,500,000.00 11,087,145.00 2.272.5% KLOECKNER CV 10/17 EUR 2,550,000.00 2,317,950.00 0.4713,405,095.00 2.74MALAYSIA0% CV PULAI (PARKSON RETAIL) 12/19 USD 9,000,000.00 6,626,132.51 1.356,626,132.51 1.35NORVEGIA6.5% RENEWABLE ENERGY CV 09/14 EUR 21,600,000.00 14,256,000.00 2.9314,256,000.00 2.93La nota integrativa costituisce parte integrante del presente bilancio.542
<strong>Pictet</strong> - Convertible BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoPAESI BASSI2.5% CELESIO FIN. CV 11/18 EUR 5,800,000.00 5,479,840.00 1.122.625% LUKOIL INTL CV 10/15 USD 3,900,000.00 3,153,316.02 0.648,633,156.02 1.76REGNO UNITOFRN UBS (KINTETSU CV) 09/14 JPY 200,000,000.00 71,421.98 0.012.5% MISYS CV 10/15 GBP 5,200,000.00 7,044,396.92 1.442.75% SHIRE CV 07/14 USD 8,500,000.00 7,716,083.30 1.583.5% ABERDEEN A.M. CV 09/14 GBP 2,600,000.00 4,439,777.12 0.918.25% SVG CAPITAL CV 08/16 GBP 7,200,000.00 8,998,843.80 1.8428,270,523.12 5.78SINGAPORE0% CV TEMASEK FIN. III 11/13 SR SGD 8,000,000.00 4,910,413.81 1.004,910,413.81 1.00SPAGNA6.5% SACYR VALLEHER.CV 11/16 EUR 12,000,000.00 7,866,000.00 1.617,866,000.00 1.61STATI UNITI0% MICROSOFT CV 10/13 USD 8,000,000.00 6,579,630.96 1.351.25% NEWMONT MINING CV 07/14 USD 13,000,000.00 12,315,116.36 2.521.5% CV MICRON TECH.11/31 A SR-144A USD 6,800,000.00 5,581,060.18 1.141.625% CV GILEAD SCIENCES 11/16 SR USD 5,200,000.00 4,978,371.72 1.022.50% CV INTERDIGITAL 11/16-SR-144A USD 7,225,000.00 5,487,516.47 1.122.625% CV. ROVI 11/40 -SR- USD 6,400,000.00 5,019,552.78 1.033% SUB CV. NAVISTAR INTL 09/14 SR USD 4,500,000.00 3,690,128.79 0.753.25% JANUS CAPITAL CV 09/14 USD 8,300,000.00 6,651,264.74 1.363.75% OMNICARE CV 10/25 USD 2,000,000.00 2,155,023.91 0.444% CIENA CV 10/15 USD 9,110,000.00 7,780,257.55 1.594% CV SUB.MENTOR GRAPH. 11/31 144A USD 2,575,000.00 2,085,779.04 0.434% SMITHFILDS FOODS CV 06/13 USD 12,200,000.00 10,428,138.44 2.134% TIVO CV 11/16 USD 7,700,000.00 7,516,111.55 1.544.25% CV MGM RESORTS INTL 10/15-SR- USD 3,900,000.00 3,141,096.37 0.6483,409,048.86 17.06SVEZIA7.5% SAS CV 10/15 SEK 50,000,000.00 4,446,833.29 0.914,446,833.29 0.91TAIWAN0% AU OPTRONICS CV 10/15 USD 10,200,000.00 6,472,483.07 1.320% HON HAI PRECIS. CV 10/13 USD 17,300,000.00 13,665,292.07 2.7920,137,775.14 4.11TOTALE OBBLIGAZIONI 365,533,235.42 74.73La nota integrativa costituisce parte integrante del presente bilancio.543
<strong>Pictet</strong> - Convertible BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Quantità/Valore nominale Valore di stima (nota 2) % del patrimonionettoOPZIONIGERMANIACALL 1.5% KFW (DEUT.POST) CV 30/07/2014 0.34656 6,000,000.00 864,034.20 0.18864,034.20 0.18GIAPPONECALL 0% CV KDDI CORP. 11/15 SR 14/12/2015 0.53862 1,300,000,000.00 1,246,307.52 0.25CALL 0% CV KDDI CORP. 11/15 SR 15/12/2015 0.6 2,000,000,000.00 1,888,620.45 0.39CALL KDDI CORP 14/12/2015 0.5 550,000,000.00 500,620.48 0.103,635,548.45 0.74ISOLE CAYMANCALL 0 % TPK HOLDING CV 10/04/2014 1.73115 3,300,000.00 0.00 0.00CALL 0% TPK HOLDING CV 20/04/2014 1.728 9,200,000.00 0.00 0.000.00 0.00STATI UNITICALL UNITED STATES STEEL 21/07/2012 30 2,127.00 413,321.54 0.08PUT S & P 500-STOCK (OS) SPX 21/04/2012 1380 474.00 369,504.33 0.08782,825.87 0.16TOTALE OPZIONI 5,282,408.52 1.08WARRANTSTATI UNITIBANK OF AMERICA WTS 28.10.18 5,230,000.00 3,899,758.60 0.80BOSTON PRIV. FIN. HLDG WTS 21.11.18 395,000.00 1,184,079.90 0.24CITIGROUP (CITI) WTS 04.01.19 6,000,000.00 1,983,885.54 0.41FORD MOTOR (9.2) WTS 01.01.13 2,144,700.00 5,653,734.86 1.16GENERAL MOTORS WTS 10.07.19 500,000.00 4,131,211.92 0.84TCF FINANCIAL WTS 14.11.18 1,092,300.00 1,851,080.45 0.38WASHINGTON FEDERAL WTS 14.11.18 147,156.00 475,484.22 0.10WELLS FARGO WTS 28.10.18 1,568,000.00 11,916,207.75 2.4431,095,443.24 6.37TOTALE WARRANT 31,095,443.24 6.37TOTALE I. 401,911,087.18 82.18II. ALTRI VALORI MOBILIARIOBBLIGAZIONICANADA5.5% DETOUR GOLD CV 10/17 USD 11,870,000.00 8,961,745.75 1.835.5% DETOUR GOLD CV 10/17 USD 2,700,000.00 2,038,476.29 0.4211,000,222.04 2.25La nota integrativa costituisce parte integrante del presente bilancio.544
<strong>Pictet</strong> - Convertible BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Quantità/Valore nominale Valore di stima (nota 2) % del patrimonionettoCOREA DEL SUD4% CV OSUNG LST 11/16 USD 5,200,000.00 3,534,690.52 0.723,534,690.52 0.72TOTALE OBBLIGAZIONI 14,534,912.56 2.97OPZIONIGIAPPONECALL 0% AEON CV 22/11/2012 0.72591 750,000,000.00 1,534,651.54 0.31CALL 0% MATSUMOTOKIYOSHI CV 23/08/2013 0.62835 867,000,000.00 769,603.41 0.16CALL 0% NIDEC CV 20/09/2013 0 3,575,000,000.00 1,380,991.22 0.28CALL 0% NIPPON MEAT PAC. CV 03/03/2014 0.48996 600,000,000.00 245,054.84 0.05CALL 0% NIPPON MEAT PAC. CV 03/03/2014 0.3876 660,000,000.00 263,716.96 0.05CALL 0% NIPPON MEAT PAC. CV 03/03/2014 0.52625 2,600,000,000.00 1,107,938.15 0.23CALL 0% NIPPON MEAT PAC. CV 03/03/2014 0.69225 2,300,000,000.00 1,043,484.40 0.21CALL 0% NIPPON THOMPSON CV 19/04/2016 0.52425 233,000,000.00 248,458.54 0.05CALL 0% NIPRO CV 12/03/2015 0.425 1,300,000,000.00 382,614.66 0.08CALL 0% SEKISUI HOUSE 07/07/2014 0.3075 3,600,000,000.00 2,065,991.62 0.42CALL 0% SQUARE ENIX CV 04/02/2015 0.92475 2,400,000,000.00 1,505,970.81 0.31CALL 0% SUZUKI MOTOR CV 29/03/2013 0.2469 1,300,000,000.00 59,038.60 0.01CALL 0% SUZUKI MOTOR CV 29/03/2013 0.30847 1,425,000,000.00 72,593.92 0.01CALL 0% SUZUKI MOTOR CV 29/03/2013 0.56237 2,700,000,000.00 199,744.47 0.04CALL 0% YAMADA DENKI CV 28/03/2013 0.9825 2,000,000,000.00 82,583.95 0.02CALL 0% YAMADA DENKI CV 28/03/2013 1.0875 1,000,000,000.00 50,507.24 0.01CALL 0.1% HITACHI CV 12/12/2014 0.81483 700,000,000.00 4,508,117.00 0.92CALL 1% ORIX CV 31/03/2014 2.275 512,000,000.00 1,256,661.09 0.2616,777,722.42 3.42SINGAPORECALL 1.875 % KEPPEL LAND CV 29/11/2015 0 10,000,000.00 0.00 0.000.00 0.00TAIWANCALL 0% ACER CV 10/08/2013 0 8,000,000.00 0.00 0.00CALL 0% ASIA CEMENT CV 27/01/2014 1.63 8,600,000.00 66,123.03 0.01CALL 0% HON HAI PRECIS. CV 12/10/2013 1.245 10,000,000.00 552,546.77 0.11CALL 0% SOLAR AP. MAT. TEC. CV 22/07/2014 1.4 6,000,000.00 0.00 0.00618,669.80 0.12TOTALE OPZIONI 17,396,392.22 3.54WARRANTJERSEYCV ZEUS CAYM. II (CORSAIR) WTS 16/08/16 1,000,000,000.00 407,379.96 0.08407,379.96 0.08La nota integrativa costituisce parte integrante del presente bilancio.545
<strong>Pictet</strong> - Convertible BondsPROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoSTATI UNITIYUE YEN I. (4.21) (CITI) WTS 31.3.15 10,600,000.00 1,796,342.83 0.371,796,342.83 0.37TOTALE WARRANT 2,203,722.79 0.45TOTALE II. 34,135,027.57 6.96III. QUOTE DI FONDI DI INVESTIMENTOOPZIONISTATI UNITICALL ISHARES TRUST-FTSE/XIN.CHINA 25 IDX 21/04/2012 40 11,812.00 57,827.93 0.0157,827.93 0.01TOTALE III. 57,827.93 0.01TOTALE INVESTIMENTI 436,103,942.68 89.15DISPONIBILITÀ LIQUIDE PRESSO BANCHE 51,027,868.65 10.43ALTRE PASSIVITÀ NETTE 2,027,171.54 0.42PATRIMONIO NETTO COMPLESSIVO 489,158,982.87 100.00La nota integrativa costituisce parte integrante del presente bilancio.546
<strong>Pictet</strong> - Convertible BondsRIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Stati Uniti 23.97Giappone 8.72Francia 8.55Regno Unito 5.78Australia 4.79Isole Cayman 4.58Jersey 4.27Taiwan 4.23Canada 3.67Norvegia 2.93Lussemburgo 2.74Isole Vergini britanniche 2.48Paesi Bassi 1.76Austria 1.74Spagna 1.61Belgio 1.39Malaysia 1.35Singapore 1.00Svezia 0.91Filippine 0.91Corea del Sud 0.72Isola Di Man 0.42Germania 0.32Bermuda 0.31Finlandia 0.0089.15Ripartizione per settori economici(in % del patrimonio netto)Obbligazioni societarie 77.70Warrant 6.82Opzioni 4.6389.15La nota integrativa costituisce parte integrante del presente bilancio.547
<strong>Pictet</strong> - Global Flexible Allocation (nota 1)PROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoI. VALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE IN UNA BORSA VALORI O IN UN ALTRO MERCATO REGOLAMENTATOAZIONIBELGIOU.C.B. 182.20 5,989.01 0.065,989.01 0.06FRANCIABNP PARIBAS 212.88 7,596.55 0.07L.V.M.H. 42.29 5,335.06 0.05PERNOD-RICARD 39.32 3,035.20 0.03PUBLICIS 100.86 4,140.22 0.04SCHNEIDER ELECTRIC S.A. 173.30 8,457.25 0.08TOTAL 231.72 8,766.03 0.08VINCI 122.48 4,692.79 0.0442,023.10 0.39GERMANIAADIDAS NOM. 130.30 7,490.94 0.07ALLIANZ NOM. 79.32 7,082.92 0.07DEUTSCHE BOERSE NOM. 79.45 3,917.15 0.04DEUTSCHE POST NOM. 205.02 2,950.24 0.03MUENCHENER RUECKVER. NOM. 70.19 7,966.83 0.08PFEIFFER VACUUM TECHNOLOGY 62.58 5,256.91 0.0534,664.99 0.34ISOLE CAYMANEURASIA DRILLING GDR (R.1 SHS) 180.86 3,748.72 0.043,748.72 0.04JERSEYGLENCORE INTERNATIONAL 802.22 3,723.14 0.043,723.14 0.04LUSSEMBURGOMILLICOM INTL CELLULAR-SDR- 80.78 6,800.81 0.066,800.81 0.06PAESI BASSIING GROEP C. ACT 891.06 5,616.34 0.055,616.34 0.05REGNO UNITOBG GROUP 447.65 7,724.56 0.07CARNIVAL 210.04 5,003.68 0.05EXPERIAN 426.56 4,993.92 0.05La nota integrativa costituisce parte integrante del presente bilancio.548
<strong>Pictet</strong> - Global Flexible Allocation (nota 1)PROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Quantità/Valore nominale Valore di stima (nota 2) % del patrimonionettoHSBC HOLDINGS 1,370.55 8,985.26 0.08MITIE 766.75 2,572.64 0.02NATIONAL GRID 534.06 4,006.24 0.04RIO TINTO NOM. 150.70 6,095.77 0.06SOCO INTERNATIONAL 835.16 2,946.31 0.03TESCO 1,225.64 4,818.79 0.05TULLOW OIL 444.92 8,029.24 0.08VODAFONE GROUP PLC 6,039.54 12,625.39 0.1267,801.80 0.65RUSSIASBERBANK PFD (USD) 3,330.17 6,504.84 0.066,504.84 0.06SPAGNAAMADEUS IT HOLDING 'A' 283.24 3,952.60 0.04INDITEX NOM. 59.30 4,202.63 0.048,155.23 0.08SVEZIAALFA LAVAL 228.06 3,374.01 0.03ASSA ABLOY 'B' 348.30 7,989.00 0.08ERICSSON TELEFON 'B' 807.70 6,166.33 0.0617,529.34 0.17SVIZZERAACTELION NOM. 77.58 2,162.68 0.02NESTLE S.A. 317.49 14,785.84 0.14ROCHE HOLDING BON DE JOUISSANCE 89.72 11,692.70 0.11ZURICH FINANCIAL SERVICES 22.95 4,551.79 0.0433,193.01 0.31TURCHIATURKCELL ILETISIM 938.64 3,615.20 0.033,615.20 0.03TOTALE AZIONI 239,365.53 2.28OBBLIGAZIONIANTILLE OLANDESI8.5% HERTZ HOLDINGS 10/15 EUR 3,155.30 3,442.56 0.033,442.56 0.03AUSTRALIA3.5% NAT. AUSTRALIA BANK 09/15 EUR 1,668.96 1,748.22 0.023.50% TELSTRA 12/22 SR- S EUR 1,439.47 1,459.91 0.013.75% ANZ BANKING GROUP 10/17 EUR 1,835.85 1,940.48 0.023.875% TELSTRA 05/15 EUR 2,503.43 2,689.38 0.033.875% WESTPAC BANKING 10/17 EUR 3,296.19 3,461.85 0.03La nota integrativa costituisce parte integrante del presente bilancio.549
<strong>Pictet</strong> - Global Flexible Allocation (nota 1)PROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto4% NAT.AUSTRALIA BANK 10/20 EUR 1,084.82 1,140.59 0.014.25% COMMONWEAL. BANK AUST. 09/16 EUR 1,084.82 1,173.18 0.014.25% TELSTRA 10/20 EUR 1,877.58 2,061.53 0.024.625% NAT. AUSTRALIA BANK 10/20 EUR 2,294.81 2,327.93 0.024.75% BHP BILLITON FIN. 09/12 EUR 6,395.84 6,395.81 0.064.875% WESTPAC BANKING 07/12 EUR 25,427.81 25,916.53 0.244.875% WESTPAC BANKING 07/12 121 SR EUR 13,710.08 13,871.38 0.135.125% ANZ BANKING GROUP 09/19 EUR 834.48 879.36 0.015.5% COMMONWEAL. BANK AUST. 09/19 EUR 1,668.96 1,794.24 0.0266,860.39 0.63AUSTRIA2.25% KOMMUNALKR.AUSTRIA 09/12 SR EUR 8,050.15 8,143.85 0.082.25% OESTERREICH. VBANK 09/12 EUR 3,418.17 3,443.34 0.033.2% AUSTRIA 10/17 EUR 2,581.25 2,760.21 0.033.50% AUSTRIA 04/15 EUR 3,388.60 3,653.42 0.033.50% AUSTRIA 05/21 EUR 4,327.86 4,605.97 0.043.9% AUSTRIA 07/20 EUR 3,604.65 3,953.82 0.044% AUSTRIA 05/16 EUR 2,876.90 3,180.97 0.034% TELEKOM FINANZMANAGEMENT 12/22 EUR 2,148.78 2,144.64 0.024.15% AUSTRIA 06/37 EUR 4,389.26 4,856.81 0.054.3% AUSTRIA 09/17 EUR 2,485.73 2,792.34 0.034.30% AUSTRIA 03/14 EUR 8,828.56 9,550.65 0.094.35% AUSTRIA 07/19 EUR 3,706.99 4,182.77 0.044.65% AUSTRIA 01/18 EUR 2,274.23 2,600.38 0.024.85% AUSTRIA 09/26 EUR 909.69 1,069.05 0.016.25% AUSTRIA 97/27 EUR 1,960.39 2,637.60 0.026.375% TELEKOM FINANZ. 09/16 EUR 1,502.06 1,709.62 0.026.625% SAPPI PAPIER 11/18-SR-REG S EUR 937.67 890.79 0.016.75% SUB. OMV 11/49 -SR- EUR 1,681.47 1,747.45 0.0211.75% SAPPI PAPIER HLDGS 09/14 EUR 4,105.75 4,471.36 0.0468,395.04 0.65BELGIOTBI BELGIO 14/06/12 SR EUR 59,830.14 59,809.20 0.56TBI BELGIO 17/01/13 EUR 29,915.07 29,811.12 0.28TBI BELGIO 17/05/12 SR EUR 89,745.22 89,727.27 0.853.25% BELGIO OLO 47 09/16 EUR 5,944.84 6,199.39 0.063.75% BELGIO OLO S.46 09/15 EUR 5,901.63 6,281.10 0.064% BELGIO OLO 48 06/22 EUR 1,819.38 1,903.24 0.024% BELGIO OLO 49 07/17 EUR 4,821.37 5,171.93 0.054% BELGIO OLO 52 08/18 EUR 2,274.23 2,433.11 0.024% BELGIO OLO 54 08/14 EUR 6,822.69 7,184.63 0.074.25% BELGIO OLO 41 09/13 EUR 2,274.23 2,383.68 0.024.25% BELGIO OLO 43 09/14 EUR 5,685.57 6,071.68 0.064.25% BELGIO OLO 60 10/41 EUR 3,070.21 3,226.10 0.034.625% FORTIS BANQUE 04/PE EUR 1,251.72 988.39 0.015% BELGIO OLO 44 04/35 EUR 4,443.84 5,148.86 0.055.5% BELGIO OLO 40 09/17 EUR 5,908.45 6,774.30 0.065.50% BELGIO OLO 31 98/28 EUR 3,866.19 4,650.99 0.046.57% ANHEUSER-BUSH INBEV 09/14 EUR 2,169.64 2,379.74 0.02La nota integrativa costituisce parte integrante del presente bilancio.550
<strong>Pictet</strong> - Global Flexible Allocation (nota 1)PROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto8% BELGIO OLO 23 95/15 EUR 5,537.75 6,552.96 0.068% KBC BANK CV 08/PE EUR 4,375.80 3,462.35 0.038.625% ANHEUSER-BUSH INBEV 09/17 EUR 1,168.27 1,522.21 0.01251,682.25 2.36BERMUDAFRN CENTRAL EURO MEDIA 07/14 EUR 2,012.26 1,758.29 0.0211.625% CENTRAL EURO MEDIA 09/16 EUR 1,125.20 1,068.94 0.012,827.23 0.03BRASILE4.375% VALE 10/18 EUR 1,084.82 1,166.51 0.011,166.51 0.01CANADA5.25% XSTRATA FINANCE 07/17 EUR 1,668.96 1,847.70 0.026% GMAC CANADA 07/12-SR-S- EUR 1,219.56 1,226.71 0.016.125% BOMBARDIER 10/21 EUR 3,125.57 3,129.48 0.036.25% XSTRATA CANADA 08/15 EUR 1,001.37 1,121.58 0.017.25% BOMBARDIER 06/16 EUR 381.02 396.73 0.007,722.20 0.07CROAZIA10% AGROKOR DD 09/16 EUR 1,341.30 1,406.02 0.011,406.02 0.01DANIMARCAFRN DANSKE BANK 05/18 EUR 2,503.43 2,431.99 0.02FRN DANSKE BANK 09/12 S.447 SR EUR 29,915.07 29,987.32 0.28FRN DANSKE BANK 12/14 -SR- EUR 3,755.15 3,753.01 0.042.125% FIN. DANISH INDUSTRY 03/13 EUR 44,872.61 45,475.92 0.434.375% TDC 11/18 EUR 2,011.09 2,197.17 0.024.50% ISS GLOBAL 04/14 2-SR-REG.S EUR 381.02 386.73 0.005.50% DONG (PE) 05/3005 EUR 834.48 857.74 0.018.875% FS FUNDING 06/16 EUR 2,031.62 2,082.41 0.0287,172.29 0.82FINLANDIAFRN METSO 09/14 EUR 1,793.29 1,974.86 0.02STEP M-REAL 06/13 EUR 4,005.15 4,108.11 0.042.625% POHJOLA BANK 12/17 -SR- EUR 1,293.44 1,308.81 0.012.75% SAMPO HOUSING L.BK 10/16 EUR 10,074.84 10,437.98 0.103.125% FINLANDIA 09/14 EUR 1,924.00 2,046.63 0.023.875% FINLANDIA 09/17 EUR 909.69 1,025.69 0.014% FINLANDIA 09/25 EUR 1,548.75 1,772.85 0.024% FORTUM 11/21 EUR 834.48 909.37 0.014.375% FINLANDIA 08/19 EUR 6,822.69 7,959.96 0.085.5% NOKIA 02/14 EUR 1,209.99 1,276.46 0.0132,820.72 0.32La nota integrativa costituisce parte integrante del presente bilancio.551
<strong>Pictet</strong> - Global Flexible Allocation (nota 1)PROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoFRANCIAFRN AXA 10/20 EUR 1,502.06 1,295.11 0.01FRN B.F.C.M. 05/PE EUR 625.86 494.43 0.00FRN BNP PARIBAS 06/PE EUR 834.48 652.98 0.01FRN BNP PARIBAS 08/PE EUR 333.79 336.24 0.00FRN BNP PARIBAS 11/12 -SR-S EUR 29,915.07 29,915.07 0.28FRN BPCE 10/12 EUR 14,957.54 14,977.43 0.14FRN BPCE 10/PE EUR 1,585.51 1,470.89 0.01FRN BPCE 11/12 -SR- EUR 26,923.56 26,938.10 0.25FRN CNP ASSURANCES 06/PE EUR 1,668.96 1,134.89 0.01FRN CREDIT LOGEMENT 07/17 EUR 333.79 327.12 0.00FRN HSBC FRANCE 10/12 -SR- EUR 8,974.52 8,978.92 0.08FRN SOCIETE GENERALE 11/12 SR -S- EUR 41,881.10 41,893.67 0.400.40% CD OSEO 29/05/12 EUR 59,830.14 59,829.26 0.561.875% CSSE AMORTISSEMENT 12/15 EUR 8,642.07 8,777.02 0.082.125% S.F.E.F. 05/12 EUR 6,365.93 6,381.62 0.062.5% B.T.A.N. 01/14 EUR 9,244.74 9,561.01 0.092.5% B.T.A.N. 01/15 EUR 5,321.70 5,554.89 0.052.875% BPCE 10/15 -SR- EUR 2,086.20 2,140.14 0.022.875% SOCIETE GENERALE 12/19 EUR 2,729.08 2,754.70 0.033% B.F.C.M. 10/15 EUR 4,172.39 4,258.38 0.043% B.T.A.N. 07/14 EUR 1,669.28 1,754.10 0.023% O.A.T. 10/15 EUR 11,716.83 12,440.93 0.123% UNIBAIL-RODAMCO 12/19 -SR- EUR 1,293.44 1,298.32 0.013.00% AUCHAN 11/16 -SR- EUR 2,002.75 2,105.23 0.023.00% BNP PARIBAS 12/17 SR -S- EUR 9,304.43 9,528.15 0.093.125% EUTELSAT 10/17 EUR 1,251.72 1,343.73 0.013.125% GDF SUEZ 12/20 -SR- EUR 2,419.99 2,498.33 0.023.25% O.A.T. 04/16 EUR 21,266.32 22,803.24 0.223.375% UNIBAIL-RODAMCO 10/15 EUR 2,002.75 2,089.04 0.023.375% VINCI 12/20 -SR- EUR 1,001.37 1,013.37 0.013.5% CREDIT AGRICOLE HOME 07/14-SR- EUR 5,230.73 5,480.00 0.053.5% O.A.T. 04/15 EUR 17,559.33 18,878.82 0.183.5% O.A.T. 04/20 EUR 20,124.66 21,392.71 0.203.5% O.A.T. 10/26 EUR 4,700.83 4,764.81 0.043.50% SAINT-GOBAIN 11/15 -SR- EUR 1,668.96 1,753.30 0.023.50% UNIBAIL-RODAMCO 11/16 EUR 1,543.78 1,621.27 0.023.6% CRH-CAISSE REF. HABIT.12/24-SR- EUR 5,230.73 5,402.87 0.053.6% DANONE 10/20 EUR 1,543.78 1,668.22 0.023.625% EDENRED 10/17 EUR 2,503.43 2,614.64 0.023.75% BFCM 10/18 287 -SR- EUR 2,294.81 2,361.21 0.023.75% O.A.T. 04/17 EUR 4,912.34 5,381.17 0.053.75% O.A.T. 04/21 EUR 15,842.28 17,022.22 0.163.75% O.A.T. 10/19 EUR 11,371.15 12,335.99 0.123.75% STE GENERALE 12/17 -SR- EUR 6,258.58 6,483.68 0.063.875% BANQUE PSA FIN. 11/15 EUR 3,740.79 3,771.49 0.043.875% CREDIT AGRICOLE 12/19 -SR- EUR 2,086.20 2,115.77 0.023.875% VIVENDI 11/15 EUR 1,794.13 1,889.31 0.024% B.T.A.N. 10/13 EUR 6,658.94 7,024.92 0.074% BOUYGUES 10/18 EUR 4,172.39 4,459.89 0.044% C.I.F. 10/18 EUR 2,086.20 2,043.09 0.02La nota integrativa costituisce parte integrante del presente bilancio.552
<strong>Pictet</strong> - Global Flexible Allocation (nota 1)PROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto4% O.A.T. 04/18 EUR 8,132.64 9,013.41 0.094% O.A.T. 04/55 EUR 4,548.46 4,809.09 0.054% O.A.T. 05/38 EUR 7,732.38 8,163.69 0.084% O.A.T. 09/60 EUR 2,105.94 2,232.88 0.024% O.A.T. 10/14 EUR 9,786.01 10,571.63 0.104% SAINT GOBAIN 10/18 EUR 3,682.13 3,914.35 0.044.00% BPCE SFH 11/22 S.6 -SR- EUR 5,003.30 5,297.10 0.054.125% ALSTOM 10/17 EUR 2,920.67 3,082.93 0.034.125% C.F.F. FIN. FONCIER 10/17 EUR 10,688.88 11,592.30 0.114.125% MERCIALYS 12/19 -SR- EUR 1,376.89 1,387.22 0.014.125% VIVENDI 12/17 SR EUR 3,379.64 3,536.76 0.034.25% B.T.A.N. 10/18 EUR 6,884.09 7,728.25 0.074.25% KLEPIERRE 06/16 EUR 1,668.96 1,750.18 0.024.25% O.A.T. 04/19 EUR 10,120.32 11,349.54 0.114.25% O.A.T. 06/23 EUR 6,042.63 6,709.49 0.064.25% VALLOUREC 11/17 EUR 1,084.82 1,158.40 0.014.375% AUTO.PARIS-R.-RHONE 11/16 EUR 3,379.64 3,582.16 0.034.375% CARREFOUR 06/16 -SR- EUR 5,215.49 5,614.63 0.054.375% L.V.M.H. 05/14 EUR 1,668.96 1,776.35 0.024.375% RCI BANQUE 10/15 EUR 1,257.56 1,306.04 0.014.375% SUB. BNP PARIBAS 07/19 -JR- EUR 584.13 572.62 0.014.375% THALES 09/13 EUR 1,898.44 1,955.94 0.024.379% CASINO GUICHARD 10/17 EUR 4,172.39 4,430.81 0.044.5% NATIXIS 07/19 EUR 2,086.20 1,930.64 0.024.5% O.A.T. 09/41 EUR 5,230.73 5,992.37 0.064.5% SANOFI-AVENTIS 09/16 EUR 1,335.16 1,499.42 0.014.50% BPCE 12/22 -SR- EUR 1,752.40 1,870.94 0.024.625% AGF 05/PE EUR 2,294.81 2,021.44 0.024.625% RENAULT 12/16 -SR- EUR 1,714.57 1,727.26 0.024.625% VEOLIA ENVIRON. 12/27 -SR- EUR 625.86 627.22 0.014.726% CASINO GUICHARD PERR. 11/21 SR EUR 1,668.96 1,756.31 0.024.75% O.A.T. 03/35 EUR 5,230.73 6,125.13 0.064.82% SUEZ ENVIRONNEMENT 10/PE EUR 834.48 788.41 0.015% BQUE FED. CR. MUTUEL 03/15 EUR 1,147.41 1,205.24 0.015% IMERYS 07/17 EUR 3,671.70 3,938.64 0.045% LAFARGE 04/14 EUR 571.52 592.95 0.015% O.A.T. 10/16 EUR 13,645.38 15,684.95 0.155% PERNOD-RICARD 11/17 EUR 2,503.43 2,737.43 0.035.00% EUTELSAT 11/19 EUR 3,588.26 3,998.59 0.045.019% SUB. TV BNP PARIBAS 07/PERP EUR 1,335.16 1,041.60 0.015.125% TOTAL CAPITAL 09/24 EUR 2,753.78 3,288.73 0.035.25% CARREFOUR 11/18 50 -SR- S EUR 834.48 925.22 0.015.375% C.F.C.M. 09/14 EUR 1,335.16 1,429.58 0.015.375% SCHNEIDER ELECTRIC 07/15 EUR 3,108.43 3,435.25 0.035.50% O.A.T. 97/29 EUR 7,050.11 8,797.27 0.085.625% A.S.F. 07/22 EUR 4,005.49 4,674.65 0.045.625% FRANCE TELECOM 08/18 EUR 3,337.91 3,940.79 0.045.625% GDF SUEZ 09/16 EUR 2,712.05 3,109.06 0.035.625% RCI BANQUE 12/15 -SR- EUR 4,255.84 4,555.19 0.045.75% GIE SUEZ ALLIANCE 03/23 -SR- EUR 1,919.30 2,371.69 0.025.75% O.A.T. 00/32 EUR 8,914.98 11,654.29 0.115.75% VALEO 12/17 -SR- EUR 5,632.73 6,140.26 0.06La nota integrativa costituisce parte integrante del presente bilancio.553
<strong>Pictet</strong> - Global Flexible Allocation (nota 1)PROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto5.777% AXA 06/PE EUR 1,084.82 894.41 0.015.95% GDF SUEZ 11/2111 EUR 709.31 680.93 0.015.971% CREDIT AGRICOLE 08/18 EUR 2,086.20 2,107.07 0.026% CNP ASSURANCE 10/20 EUR 1,418.61 1,134.82 0.016% O.A.T. 94/25 EUR 4,487.05 5,796.33 0.056% TPSA EUROFINANCE 09/14 EUR 1,668.96 1,814.08 0.026.125% SUB. STE GENERALE 08/18 EUR 1,356.03 1,400.17 0.016.125% VEOLIA ENVIRON. 03/33 EUR 1,877.58 2,163.95 0.026.154% SCOR ASSISTANCE 06/PE EUR 709.31 604.65 0.016.25% SODEXHO 09/15 EUR 1,251.72 1,408.11 0.016.25% VINCI 06/PE EUR 1,043.10 1,043.70 0.016.375% TEREOS EUROPE 07/14 EUR 1,415.09 1,485.84 0.016.50% B.F.C.M. 01/13 EUR 2,399.12 2,514.83 0.026.75% VEOLIA ENVIRON. 09/19 EUR 2,795.50 3,419.28 0.037% REXEL 11/18 EUR 1,250.23 1,318.99 0.017.125% CROWN EURO HOLDINGS 10/18 EUR 937.67 996.27 0.017.625% LAFARGE 09/14 EUR 952.54 1,059.70 0.017.781% BNP PARIBAS 08/PERP. EUR 292.07 282.58 0.007.875% CREDIT AGRICOLE 09/PE EUR 625.86 572.80 0.018.125% FRANCE TELECOM 03/33 EUR 2,336.54 3,404.66 0.038.25% REXEL 09/16 EUR 1,250.23 1,343.99 0.018.5% LABCO SAS 11/18 EUR 3,125.57 2,781.76 0.038.50% O.A.T. 92/23 EUR 5,433.13 8,199.52 0.088.625% PPR 09/14 EUR 1,668.96 1,891.78 0.029% PICARD BONDCO 10/18 EUR 1,250.23 1,350.25 0.019.375% EUROPCAR 10/18 EUR 625.11 515.72 0.009.375% FAURECIA 11/16 -SR- EUR 1,562.78 1,758.13 0.029.375% FAURECIA 11/16 -SR- S EUR 625.11 711.07 0.019.375% SUB. SOC. GENERALE 09/PE EUR 584.13 547.63 0.01685,611.00 6.48GERMANIAFRN AUTO-TEILE-UNGER 04/14 EUR 1,125.20 573.85 0.01FRN DEUTSCHE BANK 11/13 -SR- EUR 59,830.14 60,044.04 0.57FRN ERSTE ABWICKLUNGSANST. 11/12 EUR 47,864.12 47,864.12 0.45FRN MUENCHENER RUECK. 11/41 EUR 1,710.68 1,699.71 0.02TBI GERMANIA 04/04/12 EUR 29,915.07 29,915.82 0.28TBI GERMANIA 31/10/12 EUR 29,915.07 29,908.34 0.282.00% DAIMLER 12/17 -SR- EUR 1,668.96 1,666.39 0.022.00% KRED. WIEDERAUFBAU 09/16 EUR 6,727.17 6,939.14 0.072.125% MAN 12/17 -SR- EUR 1,356.03 1,373.30 0.012.25% GERMANIA 04/15 EUR 7,329.84 7,749.91 0.072.25% HSH NORDBANK 09/12 EUR 74,787.68 75,180.32 0.712.25% VOLKSWAGEN LEASING 11/14 SR EUR 917.93 935.77 0.012.5% GERMANIA 01/21 EUR 11,971.54 12,814.70 0.122.5% GERMANIA 02/15 EUR 8,073.51 8,578.59 0.082.625% DAIMLER 12/19 -SR- EUR 1,919.30 1,914.18 0.022.75% GERMANIA 04/16 EUR 11,903.32 12,928.91 0.123% GERMANIA 07/20 EUR 12,403.65 13,806.25 0.133.25% GERMANIA 07/15 EUR 7,222.95 7,888.26 0.073.25% GERMANIA 10/42 EUR 3,475.02 4,043.45 0.043.25% GERMANIA 11/21 EUR 14,366.31 16,242.55 0.15La nota integrativa costituisce parte integrante del presente bilancio.554
<strong>Pictet</strong> - Global Flexible Allocation (nota 1)PROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto3.25% VOLKSWAGEN LEASING 11/18-SR- EUR 1,251.72 1,312.78 0.013.375% VOLKSWAGEN LEASING 11/16 EUR 4,088.94 4,333.34 0.043.5% GERMANIA 01/16 EUR 13,417.95 14,908.69 0.143.625% COMMERZBANK 12/17 796-SR- EUR 2,148.78 2,200.31 0.023.75% GERMANIA 01/15 EUR 14,859.82 16,260.50 0.153.75% GERMANIA 01/19 EUR 8,949.09 10,404.48 0.104% GERMANIA 01/18 EUR 916.51 1,068.82 0.014% GERMANIA 05/37 EUR 6,508.84 8,262.78 0.084% GERMANIA 06/16 EUR 6,868.17 7,834.53 0.074% GERMANIA 10/13 EUR 10,411.42 11,015.18 0.104.25% GERMANIA 01/14 EUR 16,454.05 17,628.05 0.174.25% GERMANIA 07/14 EUR 16,383.55 17,859.38 0.174.25% GERMANIA 07/18 EUR 8,755.78 10,400.03 0.104.25% GERMANIA 07/39 EUR 3,979.90 5,347.00 0.054.375% THYSSENKRUPP 12/17 SR EUR 1,084.82 1,111.52 0.014.5% MERCK FINANC. SERV. 10/20 EUR 1,460.34 1,641.74 0.024.625% R.W.E 10/PE EUR 855.34 816.85 0.014.75% GERMANIA 03/34 EUR 8,414.65 11,524.54 0.114.75% GERMANIA 08/40 EUR 5,178.42 7,525.44 0.074.75% GERMANIA 98/28 EUR 3,911.67 5,078.80 0.054.75% COMMERZBANK 09/15 EUR 3,617.46 3,876.65 0.045% BAYER AG 05/05 EUR 959.65 967.39 0.015% DEUTSCHE BANK 10/20 EUR 834.48 851.23 0.015.125% DEUTSCHE BANK 07/17 EUR 4,923.42 5,572.55 0.055.125% ROBERT BOSCH 09/17 EUR 1,251.72 1,461.84 0.015.25% EWE 09/21 EUR 938.79 1,094.07 0.015.375% HENKEL 05/04 EUR 3,254.46 3,365.91 0.035.50% GERMANIA 00/31 EUR 4,971.47 7,139.42 0.075.767% MUENCHENER RUECK. 07/49 EUR 1,335.16 1,223.77 0.016.25% GERMANIA 00/30 EUR 3,065.66 4,686.20 0.046.25% GERMANIA 94/24 EUR 523.07 749.16 0.016.25% ELSTER FINANCE 11/18 EUR 1,250.23 1,309.61 0.016.5% GERMANIA 97/27 EUR 6,383.76 9,704.18 0.096.50% KABEL DEUTSCH.11/18SR-S- EUR 1,250.23 1,325.24 0.016.75% HEIDELBERGCEMENT 10/15 EUR 625.11 679.81 0.017.25% MAN 09/16 EUR 1,460.34 1,776.00 0.027.375% SUB. ENBW 11/72 TR. 2-SR-S EUR 417.24 430.04 0.007.5% HEIDELBERGCEMENT 09/14 EUR 1,905.08 2,095.39 0.027.5% KABEL BW ERSTE BET. 11/19 EUR 2,500.45 2,652.23 0.037.625% METRO 09/15 EUR 1,752.40 2,026.29 0.027.625% STYROLUTION GRP 11/16 EUR 952.54 833.47 0.017.875% BERTELSMANN 09/14 EUR 1,668.96 1,852.02 0.028% HEIDELBERG CEMENT 09/17 EUR 4,006.98 4,474.79 0.048.00% ALBA GRP PLC 11/18 SR REG. S EUR 2,656.73 2,776.29 0.038.125% UPC GERMANY 09/17 EUR 5,000.91 5,307.22 0.058.625% TUI 05/PE EUR 375.07 360.07 0.009.625% IESY 09/19 EUR 312.56 341.47 0.009.75% NORDENIA 10/17 EUR 843.90 919.85 0.01568,454.52 5.37La nota integrativa costituisce parte integrante del presente bilancio.555
<strong>Pictet</strong> - Global Flexible Allocation (nota 1)PROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionettoGIAPPONETBI GIAPPONE 14/05/12 N257 JPY 5,983,014.40 54,777.88 0.528.375% EACCESS 11/18 EUR 3,735.05 3,417.57 0.0358,195.45 0.55GUERNSEY2.875% CREDIT SUISSE 10/18 -SR- EUR 9,096.92 9,335.62 0.092.875% CS GROUP FIN. GUERN. 09/15 EUR 4,172.39 4,291.95 0.0413,627.57 0.13IRLANDAFRN ALLIED IRISH BK 07/12 83-SR-S- EUR 1,318.69 1,316.89 0.01FRN GE CAP. EUROP. FUND 05/12 EUR 24,440.61 24,452.83 0.232% GE CAPITAL EUR. FUND. 12/15 SR-S- EUR 2,073.68 2,088.15 0.022.875% GE CAP. EUROP. FUND. 10/15 EUR 4,172.39 4,333.67 0.043.75% GE CAP. EURO FDG 11/16 EUR 2,712.05 2,889.19 0.034% INTESA S.BK IRL 12/13 -SR-S EUR 1,668.96 1,688.65 0.024.5% ALLIED IRISH BANK 09/12 EUR 5,430.71 5,283.22 0.054.625% BANK OF IRELAND 09/13 EUR 4,649.63 4,467.46 0.045.25% FGA CAPITAL IREL. 12/14 SR EUR 584.13 601.51 0.015.25% GE CAP. EUROP. FUND. 09/13 EUR 11,966.03 12,375.03 0.125.375% GE CAP. EUROP. FUND. 09/20 EUR 2,920.67 3,347.27 0.037.25% SMURFIT KAPPA ACQUI. 09/17 EUR 1,250.23 1,331.49 0.017.375% ARDAGH PACK. FIN. 10/17 EUR 1,484.65 1,566.30 0.017.5% CLOVERIE 09/39 EUR 1,585.51 1,723.69 0.027.75% JSG FUNDING 05/15 EUR 4,326.63 4,362.55 0.047.75% SMURFIT KAPPA ACQUI. 09/19 EUR 1,969.11 2,134.02 0.028.75% ARDAGH GLASS FIN. 10/20 EUR 3,750.68 3,675.67 0.038.875% NARA CABLE FUNDING 10/18 EUR 1,250.23 1,159.59 0.019.25% ARDAGH GLASS FIN. 09/16 EUR 1,905.08 2,067.01 0.029.25% ARDAGH PACK. FIN. 10/20 EUR 1,937.85 1,966.92 0.029.5% INAER AVIATION 10/17 EUR 1,562.78 1,422.13 0.0184,253.24 0.79ISOLE CAYMAN0% CAP. GUARD. NOM. 'S' 01/13 USD 0.31 0.00 0.003.25% THAMES WATER UT. CAY. 10/16 EUR 938.79 986.35 0.014.5% SANTANDER ISSUANCES 04/19 EUR 834.48 658.95 0.014.75% HUTCHISON WHAMP. INTL 9/16 EUR 3,337.91 3,643.01 0.038.875% MONGOLIAN MINING 12/17 SR-S- USD 200,000.00 150,471.01 1.42155,759.32 1.47ITALIA3% ITALIA (BTP) 04/15 EUR 7,811.98 7,703.39 0.073.375% INTESA SANPAOLO 10/15 EUR 2,419.99 2,425.93 0.023.5% ITALIA (BTP) 06/14 EUR 11,662.25 11,744.47 0.113.5% ENI 10/18 EUR 2,524.30 2,605.43 0.023.75% ITALIA (BTP) 10/2 EUR 16,927.09 15,509.02 0.153.75% ITALIA 08/15 EUR 16,881.61 16,935.12 0.163.75% ITALIA 08/16 EUR 8,078.06 7,999.75 0.08La nota integrativa costituisce parte integrante del presente bilancio.556
<strong>Pictet</strong> - Global Flexible Allocation (nota 1)PROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto3.75% ITALIA 08/21 EUR 13,645.38 12,381.95 0.123.75% ITALIA 12/13 EUR 13,070.00 13,269.18 0.133.75% BANCO POPOLARE 09/12 EUR 3,546.53 3,557.60 0.033.75% SANPAOLO IMI 05/20 EUR 3,546.53 3,008.97 0.033.75% TBOND ITALIA (BTP) 11/16 EUR 6,881.82 6,844.86 0.063.875% EDISON 10/17 EUR 2,503.43 2,465.54 0.024% ITALIA 02/17 EUR 8,362.34 8,297.49 0.084% ITALIA 05/37 EUR 6,044.90 4,710.85 0.044.00% INTESA SANP 10/18 579 -SR-S EUR 2,503.43 2,390.82 0.024.125% INTESA SANPAOLO 10/20 EUR 2,795.50 2,665.34 0.034.125% MONTE PASCHI SIENA 11/13 EUR 2,315.68 2,307.44 0.024.25% ITALIA 02/15 EUR 4,835.01 4,955.16 0.054.25% ITALIA 02/19 EUR 9,726.88 9,527.38 0.094.25% ITALIA 03/20 EUR 12,485.52 12,045.53 0.114.25% ITALIA 08/13 EUR 13,645.38 13,950.76 0.134.25% ITALIA 08/14 EUR 12,133.01 12,402.97 0.124.25% ITALIA 09/19 EUR 7,777.86 7,555.50 0.074.25% ENI 12/20 S.9 -SR- EUR 821.96 867.87 0.014.375% UNICREDIT 04/20 EUR 917.93 888.35 0.014.5% ITALIA (BTP) 03/19 EUR 8,239.53 8,163.32 0.084.5% ITALIA 02/18 EUR 5,276.21 5,283.20 0.054.5% ITALIA 02/20 EUR 6,822.69 6,694.08 0.064.5% ITALIA 07/18 EUR 7,348.04 7,321.95 0.074.50% ATLANTIA 12/19 SRSS.9 EUR 1,502.06 1,566.51 0.014.50% TV SUB. UNICR. ITAL. 04/19-S- EUR 0.00 0.00 0.004.625% MEDIOBANCA 11/16 SR-S- EUR 959.65 979.98 0.014.75% ITALIA 08/23 EUR 6,822.69 6,524.71 0.064.75% MONTE PASCHI SIENA 09/14 EUR 2,503.43 2,525.36 0.024.75% TELECOM ITALIA 11/18 REG-S EUR 917.93 930.85 0.014.75% TERNA 11/21 EUR 3,254.46 3,406.04 0.034.875% UNICREDIT 12/17 SR S489-S- EUR 2,670.33 2,655.70 0.035% ITALIA (BTP) 07/39 EUR 6,006.24 5,278.22 0.055% ITALIA (BTP) 09/25 EUR 6,217.74 5,969.97 0.065% ITALIA 03/34 EUR 7,943.88 7,096.91 0.075% ITALIA 09/40 EUR 5,988.05 5,250.32 0.055% ENI 09/16 EUR 5,006.87 5,505.00 0.055.00% INTESA SANPAOLO 12/17 -SR- EUR 2,419.99 2,452.84 0.025.25% ITALIA (BTP) 08/17 EUR 6,620.28 6,886.02 0.075.25% ITALIA 98/29 EUR 9,974.77 9,525.41 0.095.25% FIAT INDUSTRIAL 11/15 EUR 1,524.06 1,539.30 0.015.25% TELECOM ITALIA 05/55 EUR 1,460.34 1,106.72 0.015.375% LOTTOMATICA 09/16 EUR 1,714.57 1,791.72 0.025.375% LOTTOMATICA 10/18 EUR 1,251.72 1,288.57 0.015.625% ATLANTIA 09/16 EUR 3,463.08 3,840.51 0.045.75% ITALIA 02/33 EUR 4,844.11 4,759.19 0.046% ITALIA 99/31 EUR 8,082.61 8,185.99 0.086.25% FIAT INDUSTRIAL 11/18 EUR 5,626.02 5,647.12 0.056.50% ITALIA 97/27 EUR 7,234.32 7,746.44 0.076.9% ASSICURAZIONI GEN. 00/22 EUR 2,586.05 2,582.81 0.027% PIAGGIO 09/16 EUR 190.51 204.08 0.007.25% ITALIA 96/26 EUR 8,187.23 9,484.25 0.098.25% LOTTOMATICA 'S' 06/66 EUR 3,750.68 3,638.16 0.03La nota integrativa costituisce parte integrante del presente bilancio.557
<strong>Pictet</strong> - Global Flexible Allocation (nota 1)PROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto8.25% TELECOM ITALIA 09/16 EUR 2,294.81 2,666.12 0.039% ITALIA 93/23 EUR 6,265.50 8,076.23 0.0810.5% SEAT PAGINE GIALLE 10/17 EUR 1,875.34 1,312.74 0.0110.5% SEAT PAGINE GIALLE 10/17 EUR 312.56 210.98 0.00347,113.99 3.26JERSEYFRN UBS JERSEY BRANCH 07/12 EUR 44,872.61 44,888.54 0.424.125% BAA FUDING 10/18 EUR 417.24 438.85 0.004.28% UBS PREF. FUNDING 05/PE EUR 1,627.23 1,356.70 0.014.5% UBS JERSEY BRANCH 04/19 EUR 1,063.96 1,035.16 0.014.6% BAA FUNDING 08/16 EUR 1,585.51 1,687.38 0.024.75% UBS JERSEY BRANCH 07/17 EUR 2,365.33 2,615.97 0.025.3687% HSBC CAP FUNDING 03/PE EUR 3,016.22 2,785.60 0.0354,808.20 0.51LUSSEMBURGOFRN CALCIPAR 07/14 SR-S- EUR 476.27 473.89 0.00FRN KION FINANCE 11/18 EUR 625.11 568.85 0.01FRN LECTA (SEC.) 07/14 EUR 609.62 592.86 0.01FRN LECTA (UNSEC.) 07/14 EUR 2,881.47 2,768.12 0.033.25% JOHN DEERE BANK11/16 SR REG. S EUR 1,084.82 1,151.52 0.014.125% ENEL FIN. INTL 11/17 SR -S- EUR 3,755.15 3,848.97 0.044.125% GLENCORE FIN. 12/18 EUR 2,169.64 2,173.36 0.024.25% NOVARTIS 09/16 EUR 1,251.72 1,400.90 0.014.375% CLARIANT FIN LUX 06/13 EUR 381.02 392.64 0.004.75% SES 11/21 EUR 1,447.82 1,607.70 0.025% HANNOVER FINANCE 05/PE EUR 1,126.55 1,000.62 0.015.00% ENEL FIN. INTL 11/21 SR -S- EUR 5,119.52 5,360.19 0.055.25% FIMECCANICA FIN. 09/22 EUR 1,335.16 1,237.50 0.015.25% FMC FINANCE VIII 12/19 SR -S- EUR 2,813.01 2,995.86 0.035.25% GLENCORE FINANCE 10/17 EUR 500.69 528.98 0.005.625% CLARIANT F.LUX 12/17 -SR-S EUR 1,031.44 1,099.17 0.015.75% HANNOVER FINANCE 04/24 EUR 4,485.32 4,541.39 0.046.375% FIAT FIN. & TRADE 11/16 EUR 1,250.23 1,235.38 0.016.875% FIAT FIN. & TRADE 09/15 EUR 625.11 638.79 0.017.125% GLENCORE FINANCE 08/15 EUR 1,668.96 1,865.31 0.027.375% GREIF LUX.11/21 -SR- S EUR 625.11 656.37 0.017.375% WIND ACQUISITION 10/18 EUR 4,532.07 4,203.50 0.047.625% FIAT FIN. & TRADE 09/14 EUR 381.02 399.59 0.007.875% AGUILA 3 11/18 CHF 1,250.23 1,094.94 0.017.875% KION FINANCE 11/18 EUR 625.11 612.61 0.018% XEFIN LUX 11/18 EUR 1,250.23 1,268.98 0.018.25% CODERE FINANCE (LUX) 05/15 EUR 2,789.47 2,770.05 0.038.25% CODERE-FINANCE(LUX) 10/15 EUR 1,457.40 1,456.97 0.018.5% SUNRISE COMMUNICA. 10/18 EUR 625.11 667.31 0.018.625% MICHELIN LUXEMBOURG 09/14 EUR 834.48 953.99 0.018.75% CIRSA FUNDING 10/18 EUR 4,375.80 4,244.52 0.048.875% CEMEX LUXEMBOURG 10/17 EUR 918.92 840.81 0.018.875% ZINC CAPITAL 11/18 EUR 3,750.68 3,488.13 0.039% FIAT FIN & TRADE 09/12 EUR 228.61 233.41 0.00La nota integrativa costituisce parte integrante del presente bilancio.558
<strong>Pictet</strong> - Global Flexible Allocation (nota 1)PROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto9.375% ARCELORMITTAL 09/16 EUR 1,251.72 1,480.66 0.019.5% BEVERAGE PACKAGING 07/17 EUR 1,875.34 1,687.81 0.029.625% OXEA FINANCE 10/17 EUR 2,186.02 2,222.09 0.0210% BORMIOLI ROCCO HOLD. 11/18 SR -S- EUR 1,844.09 1,908.63 0.0210.75% TMD FRICTION FIN. 10/17 EUR 1,474.64 1,592.61 0.0211.00% SPIE BONDCO 3 12/19 REG.S EUR 250.05 252.86 0.0011.125% ARDAGH FIN. -PIK- 11/18 EUR 37.28 35.05 0.0011.75% WIND AQUISITION 09/17 EUR 5,079.05 4,799.70 0.0572,352.59 0.70MESSICO4.75% AMERICA MOVIL 10/22 EUR 1,668.96 1,885.92 0.021,885.92 0.02NORVEGIAFRN EKSPORTFINANS 11/13 T728 SR USD 1,143.05 839.40 0.012.0% EKSPORTFINANS 10/15 -SR-T.716 USD 1,562.16 1,064.82 0.012.50% DNB BOLIGKR. 11/17 SR-144A-S EUR 9,892.90 10,189.69 0.103.875% DNB NOR BANK 10/20 EUR 1,668.96 1,756.24 0.024.125% TELENOR 10/20 EUR 2,086.20 2,320.20 0.024.5% DNB NOR BANK 09/14 EUR 3,546.53 3,777.98 0.044.75% SUB. DNB BANK 12/22 -JR-S- EUR 2,920.67 2,937.70 0.035.5% STATKRAFT 09/15 EUR 792.75 880.56 0.017% NORSKE SKOGINDUSTR. 07/17 EUR 625.11 400.07 0.0024,166.66 0.24NUOVA ZELANDA3.00% ANZ NATL INTL 12/16 SR-S- EUR 2,274.23 2,354.10 0.022,354.10 0.02PAESI BASSIFRN CARLSON WAGONLIT 06/15 EUR 2,208.71 2,171.21 0.02FRN CLONDALKIN 07/13 SR-S- EUR 571.52 531.52 0.01FRN ING BANK 11/13 S.47 SR-S- EUR 26,923.56 26,975.66 0.25FRN ING BANK 12/13-SR- EUR 14,957.54 14,992.31 0.14FRN RABOBANK 10/12 EUR 29,915.07 29,925.09 0.28FRN RABOBANK NED. 12/13 -SR- EUR 29,915.07 29,940.20 0.28FRN RABOBK NED. -GL.-10/12 2214A SR EUR 59,830.14 59,887.28 0.57FRN RABOBK NEDER. (EUR) 12/13 SR S EUR 29,915.07 29,966.53 0.28TBI PAESI BASSI 30/03/12 EUR 74,787.68 74,787.68 0.712.5% PAESI BASSI 11/17 EUR 12,508.26 13,207.41 0.122.50% HEINEKEN 12/19 SR EUR 521.55 521.06 0.002.625% ABB FINANCE 12/19 EUR 3,483.95 3,515.41 0.032.75% SCHLUMBERGER FIN. 10/15 EUR 1,230.86 1,292.31 0.013% PACCAR FINANCIAL 11/14 EUR 1,439.47 1,482.85 0.013.00% DEUTSCHE BAHN FIN. 12/24 -SR- EUR 5,215.49 5,239.17 0.053.25% BMW FINANCE 11/16 EUR 1,251.72 1,321.98 0.013.25% EDP FINANCE 10/15 S.20 SR-S- EUR 3,012.29 2,712.06 0.033.25% ING BANK 12/19 SR EUR 4,088.94 4,070.06 0.043.5% PAESI BASSI 07/20 EUR 6,904.56 7,633.85 0.073.5% ALLIANZ FINANCE II 12/22 -SR- EUR 834.48 867.87 0.01La nota integrativa costituisce parte integrante del presente bilancio.559
<strong>Pictet</strong> - Global Flexible Allocation (nota 1)PROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto3.5% VOLKSWAGEN 09/15 EUR 2,503.43 2,640.07 0.023.50% EDP FINANCE 11/14 -SR- CHF 381.02 304.28 0.003.50% HEINEKEN 12/24 SR EUR 584.13 589.55 0.013.50% RABOBANK NEDERLAND 11/18 SR EUR 3,755.15 3,876.82 0.043.625% SNS BANK 10/13 EUR 2,086.20 2,094.35 0.023.75% PAESI BASSI 06/23 EUR 8,505.62 9,547.73 0.093.75% PAESI BASSI 07/14 EUR 9,096.92 9,769.13 0.093.75% PAESI BASSI 10/42 EUR 3,161.18 3,809.82 0.043.75% RABOBANK 10/20 EUR 2,086.20 2,014.79 0.023.75% WUERTH FINANCE INTL 11/18 SR EUR 842.82 909.22 0.013.875% BMW FINANCE 10/17 EUR 1,251.72 1,355.00 0.013.875% GENERALI FINANCE 05/15 EUR 1,877.58 1,965.31 0.023.875% ING BANK 11/16 EUR 7,526.99 7,961.19 0.084% PAESI BASSI 05/37 EUR 2,387.94 2,901.73 0.034% PAESI BASSI 07/19 EUR 5,094.27 5,813.74 0.054% ALLIANZ FINANCE II 06/16 EUR 2,086.20 2,303.26 0.024% FORTIS BANK NED. 10/15 EUR 6,342.03 6,690.15 0.064% HEIDELBERGCEMENT FI. 12/16 SR-S EUR 323.86 325.73 0.004% URENCO FINANCE 10/17 EUR 834.48 872.83 0.014.00% RABOBK INTL EQ.DER.12/22-SR- EUR 4,547.91 4,725.48 0.044.125% LANXESS FINANCE 11/18 EUR 1,877.58 2,025.82 0.024.125% RABOBANK 07/12 EUR 2,991.51 2,991.82 0.034.125% RABOBANK 10/20 EUR 2,503.43 2,645.63 0.024.125% RABOBANK 11/21 EUR 4,589.63 4,816.75 0.054.125% SIEMENS FINANCE 09/13 EUR 31,330.05 32,242.70 0.304.125% SUEDZUCKER 11/18 EUR 730.17 804.51 0.014.25% COCA COLA HBC FIN. 09/16 EUR 1,460.34 1,578.65 0.014.25% DEUTSCHE TEL. FIN. 10/22 EUR 3,212.74 3,532.39 0.034.25% KPN KONINKLIJKE 12/22- EUR 1,794.13 1,841.35 0.024.25% REPSOL 11/16 -SR-S EUR 1,710.68 1,747.40 0.024.31% ABN AMRO 06/PE EUR 1,875.34 1,453.39 0.014.375% RABOBANK 09/16 EUR 4,172.39 4,500.90 0.044.5% KBC IFIMA 09/14 EUR 2,503.43 2,566.13 0.024.625% ING BANK 04/19 EUR 2,920.67 2,796.54 0.034.75% ABN AMRO BANK12/19 S63 -SR-S EUR 834.48 905.16 0.014.75% ADECCO INTL FIN. 11/18SR-S- EUR 1,668.96 1,791.72 0.024.75% RABOBANK 08/18 EUR 5,424.11 5,985.80 0.064.875% ALLIANDER 10/PE EUR 2,586.88 2,620.71 0.025% FRESENIUS FINANCE 06/13 EUR 994.07 1,023.89 0.015.00% CRH FINANCE 12/19 SR -REG.S- EUR 1,209.99 1,316.62 0.015.125% BASF FINANCE 09/15 EUR 3,546.53 3,962.68 0.045.25% SIEMENS FINANCE 06/66 EUR 5,006.87 5,322.23 0.055.252% ELM 06/PE EUR 1,335.16 1,187.80 0.015.317% GENERALI FINANCE 06/PE EUR 792.75 611.64 0.015.5% E. ON INTL FINANCE 09/16 EUR 2,920.67 3,333.33 0.035.5% EADS FINANCE 03/18 EUR 1,194.97 1,427.84 0.015.5% EDP FINANCE 09/14 EUR 2,202.77 2,218.54 0.025.50% PAESI BASSI 98/28 EUR 4,286.92 5,762.18 0.055.625% KPN KONINKLIJKE 09/24 EUR 917.93 1,044.48 0.015.75% ALLIANZ FINANCE II 11/41 EUR 2,086.20 1,982.63 0.025.75% ASML HLDG 07/17 EUR 3,150.15 3,526.61 0.035.75% DEUTSCHE TELEKOM INT.08/14 EUR 834.48 895.88 0.01La nota integrativa costituisce parte integrante del presente bilancio.560
<strong>Pictet</strong> - Global Flexible Allocation (nota 1)PROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto5.75% E. ON INTL FINANCE 08/20 EUR 2,920.67 3,619.24 0.035.875% TELEFONICA EUROPE 03/33 EUR 1,251.72 1,293.17 0.016.125% ALLIANZ FINANCE 02/22 EUR 1,668.96 1,666.06 0.026.125% DAIMLER INTL 08/15 EUR 1,043.10 1,198.85 0.016.25% ING VERZEKERINGEN 01/21 EUR 2,500.45 2,350.43 0.026.375% SUB. ABN AMRO 11/21 EUR 1,084.82 1,097.81 0.016.375% WOLTERS KLUWER 08/18 EUR 1,251.72 1,497.65 0.016.5% CONTI-GUMMI FINANCE 10/16 EUR 1,631.24 1,722.39 0.026.5% REPSOL INTL FINANCE 09/14 EUR 3,066.71 3,290.28 0.036.625% RWE FINANCE 08/19 EUR 3,546.53 4,460.74 0.046.655% TENNET HOLDING BV 10/PE EUR 2,419.99 2,540.99 0.026.75% OI EUROP GROUP 10/20 EUR 1,875.34 1,983.17 0.027.375% CRH FINANCE 09/14 EUR 1,084.82 1,198.16 0.017.375% EUREKO 09/14 EUR 1,460.34 1,596.56 0.027.375% LINDE FINANCE 06/66 EUR 3,779.77 4,220.94 0.047.375% NEW WORLD RESOUR. 07/15 EUR 3,027.31 3,051.01 0.037.5% CONTI-GUMMI FINANCE 10/17 EUR 2,500.45 2,653.61 0.037.5% GMAC INTERNAT. FIN. 10/15 EUR 4,215.02 4,360.58 0.047.5% KPN KONINKLIJKE 09/19 EUR 2,503.43 3,128.45 0.037.75% SCHAEFFLER FIN.12/17 SR REG.S EUR 2,430.20 2,507.28 0.027.875% DAIMLER INTL 09/14 EUR 5,424.11 6,041.32 0.067.875% NEW WORLD RESOURCES 10/18 EUR 937.67 951.74 0.018% CLONDALKIN BV 04/14 EUR 2,821.14 2,285.12 0.028% ZIGGO BOND 10/18 EUR 5,626.02 6,083.14 0.068.5% CONTI-GUMMI FINANCE 10/15 EUR 952.54 1,053.74 0.018.5% THYSSEN KRUPP FIN. 09/16 EUR 1,251.72 1,465.74 0.018.50% INTERGEN NV 07/17 SR REG.S EUR 843.90 867.11 0.018.75% SCHAEFFLER F.12/19 -SR-S- EUR 2,187.90 2,327.38 0.029.5% HEIDELBERGCEMENT FIN. 11/18 SR EUR 5,594.77 6,594.83 0.069.5% INTERXION HOLDING 10/17 EUR 437.58 485.71 0.009.625% PHOENIX PIB FIN. 10/14 SR-S EUR 2,286.09 2,537.56 0.0211% BOATS INVES -PIK- 07/17 EUR 4,566.46 5,506.16 0.0511.25% SNS BANK 09/PE EUR 937.67 804.05 0.01578,416.38 5.41POLONIA7.125% CYFROWY POLSAT 11/18 EUR 1,875.34 1,894.09 0.0211% TVN 10/17 EUR 2,813.01 2,841.14 0.034,735.23 0.05PORTOGALLO7.875% REN SGPS (FR/RAT.) 08/13 SR EUR 7,017.59 7,243.37 0.077,243.37 0.07REGNO UNITOSUB. FR LLOYDS TSB BK 12/24 4680 JR-S EUR 1,037.06 1,070.77 0.01FRN BARCLAYS BANK 09/13 EUR 65,813.16 66,093.52 0.62FRN CREDIT SUISSE LDN 07/12 EUR 35,898.09 35,920.52 0.34FRN CS LDN 09/1326SR S EUR 17,578.10 17,652.45 0.17FRN NATIONWIDE BLDG. 07/12 3 SR EUR 2,991.51 2,990.03 0.03FRN ROYAL BK OF SCO.10/12 -SR-REG S EUR 14,957.54 15,042.35 0.14La nota integrativa costituisce parte integrante del presente bilancio.561
<strong>Pictet</strong> - Global Flexible Allocation (nota 1)PROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto2.25% BARCLAYS BANK 12/17 EUR 9,096.92 9,157.41 0.092.375% ROYAL BANK SCOTLAND 05/15 CHF 2,500.45 1,774.74 0.022.994% BP CAPITAL MARKETS 12/19 EUR 3,129.29 3,204.80 0.033.125% NATIONWIDE BUIL. 10/16-SR-S EUR 3,934.42 4,119.81 0.043.125% NATIONWIDE BUILD. 12/17 SR EUR 2,378.26 2,380.32 0.023.125% UBS LONDON 12/16 -SR-S- EUR 2,503.43 2,569.80 0.023.25% MOTABILITY OP. 12/18 SR-S- EUR 1,927.64 1,997.99 0.023.5% ANGLO AMERICAN CAP. 12/22 EUR 2,820.54 2,858.88 0.033.625% BAT INTL FIN. 11/21-SR- EUR 834.48 866.56 0.013.625% HSBC HOLDINGS 05/20 EUR 4,756.52 4,726.51 0.043.875% HSBC BANK 11/18 -SR- EUR 4,172.39 4,467.21 0.043.875% STAND.CHARTERED 11/16 -SR- EUR 1,898.44 2,016.88 0.024% BARCLAYS BANK 10/17 EUR 3,337.91 3,530.28 0.034.125% BARCLAYS BANK 11/16 EUR 2,086.20 2,213.96 0.024.125% STAND. CHARTERED 12/19 -SR-S EUR 2,294.81 2,430.56 0.024.25% ABBEY NAT.TREAS. 06/21 -SR-S EUR 7,732.38 8,214.49 0.084.35% ROYAL BK SCOT. 06/17 EUR 876.20 759.07 0.014.375% ANGLO AMERICAN CAP. 09/16 EUR 2,002.75 2,189.93 0.024.375% REXAM 06/13 EUR 1,668.96 1,706.62 0.024.5% SABMILLER 09/15 EUR 834.48 901.58 0.014.625% LLOYDS BANKING GR12/17SR-S- EUR 2,837.23 2,907.74 0.034.625% UBS LONDON 09/12 EUR 26,923.56 27,186.34 0.264.7291% AVIVA 04/PE EUR 834.48 692.58 0.014.75% CREDIT SUISSE LDN 09/19 SR-S- EUR 834.48 923.01 0.014.75% ROYAL BANK OF SCOTLAND 11/16 SR-S- EUR 625.86 656.04 0.014.875% BARCLAYS BANK 04/PE EUR 1,084.82 710.81 0.014.875% LLOYDS TSB BK 11/23 S2 -SR- EUR 7,413.99 8,323.31 0.084.875% ROYAL BK SCOTLAND 10/15 EUR 3,337.91 3,512.28 0.035% IMPERIAL TOBACCO FIN. 11/19SR-S- EUR 1,410.27 1,575.26 0.015.025% SCOTTISH & SOUTHERN 10/PE EUR 2,503.43 2,436.68 0.025.125% TESCO 09/15 EUR 3,337.91 3,683.19 0.035.25% AVIVA 03/23 EUR 1,043.10 1,024.84 0.015.25% BARCLAYS BANK 09/14 EUR 1,043.10 1,117.29 0.015.25% BRITISH TELECOM 07/14 EUR 2,503.43 2,699.59 0.035.375% BAT INTL FINANCE 07/17 EUR 3,337.91 3,855.67 0.045.375% VODAFONE 07/22 EUR 1,460.34 1,751.55 0.025.5% ROYAL BANK SCLOTLAND 10/20 EUR 3,671.70 3,762.03 0.045.625% LLOYDS TSB BANK 08/18 EUR 625.86 549.32 0.015.875% STANDARD CHARTERED 07/17 EUR 3,463.08 3,729.34 0.046% BARCLAYS BANK 08/18 EUR 1,251.72 1,260.89 0.016.125% DIXONS RETAIL 02/12 SR REG.S GBP 1,871.55 2,270.73 0.026.25% LLOYDS TSB BANK 09/14 EUR 2,086.20 2,225.98 0.026.25% SUB. HSBC HOLDINGS 08/1811 EUR 1,251.72 1,398.22 0.016.25% VODAFONE 09/16 EUR 1,668.96 1,945.76 0.026.35% LLOYDS TSB BANK 02/PE EUR 1,250.23 987.68 0.016.375% LLOYDS TSB BANK 09/16 EUR 2,920.67 3,217.98 0.036.467% RBS CAP. TRUST A 02/PE EUR 2,500.45 1,450.26 0.016.5% SUB. LLOYDS TSB 10/20 3997-S- EUR 2,253.09 1,981.85 0.026.625% BARCLAYS BANK 11/22 EUR 1,961.02 1,868.84 0.026.625% NATIONAL GRID ELEC. 08/14 EUR 2,920.67 3,200.79 0.036.625% WPP GROUP 08/16 EUR 1,668.96 1,942.39 0.027.75% ECO-BAT FIN.12/17 SR-S- EUR 3,129.29 3,130.48 0.03La nota integrativa costituisce parte integrante del presente bilancio.562
<strong>Pictet</strong> - Global Flexible Allocation (nota 1)PROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto7.875% INEOS GROUP REG. S 06/16 EUR 5,490.31 4,888.75 0.058.25% JAGUAR LAND ROVER 12/20-SR-S GBP 1,500.27 1,811.28 0.028.375% IMPERIAL TOBACCO FR/RATG .9/16 EUR 3,816.49 4,657.05 0.048.75% CABLE & WIRELESS 96/12 SR-S- GBP 308.62 378.11 0.009.125% INFINIS 09/14 GBP 3,272.50 4,092.25 0.049.25% INEOS FINANCE 10/15 EUR 1,460.37 1,554.89 0.019.375% FCE BANK 09/14 EUR 3,810.15 4,210.22 0.0410.625% KERLING 10/17 EUR 1,250.23 1,231.47 0.0110.75% LOWELL GRP.FIN. 12/19 SR -S- GBP 1,562.78 1,863.34 0.0210.75% TVN FINANCE 09/17 EUR 2,375.43 2,547.65 0.0211% ISS FINANCING 09/14 EUR 2,827.51 3,013.67 0.0311.125% ONO FINANCE 11/19 EUR 4,375.80 3,850.70 0.0411.125% VIRIDIAN GR.F.II 12/17 SR-S- EUR 3,063.06 2,833.33 0.0311.5% INT. PERSONAL FIN.10/15 -SR-S- EUR 342.91 365.20 0.00336,133.67 3.20REPUBBLICA CECA9% CET 21 10/17 EUR 937.67 979.87 0.01979.87 0.01SOVRANAZIONALE2.5% E.I.B. 09/12 EUR 42,937.10 42,969.52 0.412.75% EUROPEAN FINANCIAL STABILITY FACILITY 07/16 EUR 1,137.11 1,188.42 0.013.125% COMMUNAUTE EUROP. 09/15 EUR 1,203.07 1,276.23 0.015.375% E.I.B. 02/12 EUR 44,872.61 46,101.44 0.4491,535.61 0.87SPAGNAFRN SANTANDER ISSUANCES 07/19 EUR 834.48 664.20 0.01STEP ABENGOA 09/15 EUR 1,390.71 1,501.96 0.012.625% BANESTO 09/13 EUR 12,053.42 12,108.86 0.113% SPAGNA 10/15 EUR 8,214.52 8,174.68 0.083% BANCO POP. ESP. 09/12 EUR 10,461.46 10,472.75 0.103% CAIXA CATALUNYA 09/12 EUR 11,598.57 11,617.71 0.113.15% SPAGNA 01/16 EUR 13,215.55 12,956.99 0.123.25% BANCO SANTANDER 12/15-SR- EUR 5,230.73 5,275.79 0.053.25% BBVA SENIOR FIN. 10/15 EUR 4,506.18 4,441.18 0.043.3% SPAGNA 10/14 EUR 6,415.60 6,507.79 0.063.406% TELEFONICA EMIS. 10/15 EUR 3,546.53 3,599.57 0.033.5% SANTANDER INTL 10/14 SR REG.S EUR 2,920.67 2,919.87 0.033.57% CAJA MADRID 10/13 EUR 7,732.38 7,847.24 0.073.80% SPAGNA 01/17 EUR 9,897.45 9,685.69 0.094% SPAGNA 04/20 EUR 10,486.47 9,758.71 0.094.00% SANTANDER INTL 12/17 -SR- EUR 1,001.37 971.69 0.014.1% SPAGNA 07/18 EUR 5,230.73 5,069.60 0.054.125% SANTANDER INTL 10/17 EUR 1,668.96 1,647.21 0.024.20% SPAGNA 05/37 EUR 3,893.48 2,956.51 0.034.3% SPAGNA 10/19 EUR 6,822.69 6,547.56 0.064.375% BBVA 04/19 EUR 1,043.10 891.33 0.014.4% SPAGNA 01/15 EUR 3,802.51 3,961.49 0.044.50% SANTANDER INT. 11/15 SR-S- EUR 1,376.89 1,400.99 0.01La nota integrativa costituisce parte integrante del presente bilancio.563
<strong>Pictet</strong> - Global Flexible Allocation (nota 1)PROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto4.6% SPAGNA 07/19 EUR 7,609.57 7,471.46 0.074.625% ABERTIS INFRASTR. 09/16 EUR 4,297.56 4,404.29 0.044.7% SPAGNA 09/41 EUR 3,700.17 2,996.03 0.034.75% SPAGNA 99/14 EUR 10,879.91 11,376.42 0.114.8% SPAGNA 08/24 EUR 13,997.88 12,958.26 0.124.90% SPAGNA 07/40 EUR 3,911.67 3,256.76 0.034.967% TELEFONICA 11/16 -SR- EUR 2,837.23 2,960.33 0.035% GAS NATURAL CAP. 12/18-SR-REG.S EUR 1,126.55 1,167.37 0.015.25% GAS NATURAL FINANCE 09/14 EUR 5,132.04 5,404.65 0.055.5% SPAGNA 07/17 EUR 3,293.08 3,450.76 0.035.50% SPAGNA 11/21 EUR 6,822.69 6,901.93 0.075.625% GAS NATURAL CAP. 11/17 EUR 2,086.20 2,248.14 0.025.625% IBERDROLA FINANZAS 08/18 EUR 2,253.09 2,471.96 0.025.75% SPAGNA 01/32 EUR 3,979.90 3,832.72 0.046% SPAGNA 99/29 EUR 4,457.49 4,447.79 0.047.375% HUARTE LAIN 10/15 EUR 5,655.76 5,938.62 0.067.5% IBERDROLA FINANZAS 08/15 EUR 3,963.77 4,576.61 0.048.25% CAMPOFRIO ALIMENT. 09/16 EUR 2,393.27 2,443.73 0.028.5% ABENGOA 10/16 EUR 3,125.57 3,188.08 0.038.5% BBVA INT. PREF. 09/PE EUR 584.13 566.43 0.018.75% HUARTE LAIN 11/18 EUR 1,562.78 1,654.60 0.02224,696.31 2.12STATI UNITIFRN JPMORGAN -GL.- 05/12 SR EUR 58,433.11 58,505.57 0.553.5% CITIGROUP 05/15 EUR 3,045.84 3,103.72 0.033.625% CITIGROUP 05/17 EUR 2,566.02 2,247.94 0.023.625% SUB. CS GROUP FIN (US) 05/20-S EUR 1,835.85 1,751.65 0.023.75% JPMORGAN CHASE 11/16 SR-S- EUR 5,841.35 6,201.03 0.063.75% MORGAN STANLEY 06/13 EUR 2,086.20 2,114.43 0.024% CITIGROUP 10/15 EUR 4,589.63 4,741.50 0.044% GENERAL ELEC. CAP. 08/12 EUR 40,534.92 40,832.25 0.394% MORGAN STANLEY 05/15 EUR 3,984.63 4,008.74 0.044.375% AMERICAN INTL GROUP 06/16 EUR 2,503.43 2,515.95 0.024.375% JP MORGAN 06/21 EUR 2,086.20 1,987.10 0.024.375% WELLS FARGO 06/18 EUR 834.48 839.29 0.014.45% MERRILL LYNCH 07/14 EUR 1,752.40 1,798.23 0.024.5% HSBC FINANCE 06/16 EUR 4,172.39 4,461.89 0.044.50% MORGAN STANLEY 11/16 EUR 3,671.70 3,731.83 0.044.625% JP MORGAN CHASE 07/17 EUR 3,755.15 3,529.84 0.034.625% ROCHE HOLDINGS 03/13 EUR 30,740.73 31,838.33 0.304.75% BANK OF AMERICA 04/19 EUR 2,849.74 2,500.65 0.024.75% BANK OF AMERICA 07/17 EUR 1,251.72 1,063.96 0.014.75% BANK OF AMERICA 10/17 EUR 3,546.53 3,662.17 0.034.75% CITIGROUP 04/19 EUR 1,043.10 949.16 0.014.75% PFIZER 09/16 EUR 1,919.30 2,162.33 0.025% 3M 07/14 REG.S EUR 396.38 429.31 0.005.125% GOLDMAN SACHS 07/14 EUR 5,006.87 5,286.08 0.055.125% PROCTER & GAMBLE 07/17 EUR 2,503.43 2,941.62 0.035.33% DEUTSCHE CAP. TR . 03/PE 19.09 EUR 584.13 491.86 0.005.5% GE CAPITAL TRUST II 10/67 EUR 3,337.91 2,957.39 0.035.625% ROCHE HOLDINGS 09/16 EUR 5,006.87 5,805.29 0.05La nota integrativa costituisce parte integrante del presente bilancio.564
<strong>Pictet</strong> - Global Flexible Allocation (nota 1)PROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Valore nominale Valore di stima (nota 2) % del patrimonionetto5.75% PFIZER 09/21 EUR 2,503.43 3,145.60 0.035.75% PHILIP MORRIS 09/16 EUR 1,251.72 1,450.32 0.015.983% DEUTSCHE POSTBANK 07/PE EUR 2,437.94 1,852.84 0.026% WACHOVIA BANK 08/09 EUR 625.86 659.77 0.016.125% BANK OF AMERICA 09/21 GBP 1,250.23 1,560.26 0.016.25% AMERICAN HONDA 08/13 EUR 1,251.72 1,330.24 0.016.25% CARGILL 08/17 EUR 1,460.34 1,670.06 0.026.25% CHESAPEAKE ENERGY 06/17 EUR 1,250.23 1,293.99 0.016.375% TRW AUTOMOTIVE REG. S 7/14 EUR 540.72 562.35 0.016.50% KRONOS INT. 06/13 EUR 3,458.86 2,803.60 0.037% BANK OF AMERICA 09/16 EUR 3,191.88 3,589.97 0.037% SWISS RE TREASURY 09/14 EUR 1,460.34 1,621.16 0.027.375% CITIGROUP 09/19 EUR 2,378.26 2,824.96 0.037.375% CONVATEC HEALTHCARE 10/17 EUR 2,146.64 2,211.04 0.027.75% LEVI STRAUSS 10/18 EUR 937.67 958.77 0.018.5% REYNOLDS ESCROW 09/16 EUR 2,202.77 2,306.65 0.028.75% VERIZON WIRELESS 08/15 EUR 1,585.51 1,989.78 0.0210.875% TRAVELPORT LLC 07/16 EUR 1,437.76 416.95 0.00234,707.42 2.21SUDAFRICAFRN EDCON (PROPRIETARY) 07/14 EUR 3,170.17 2,878.61 0.037.625% CONSOL GLASS 07/14 EUR 4,700.40 4,846.86 0.058.75% FOODCORP 11/18 EUR 2,187.90 2,144.14 0.029,869.61 0.10SVEZIAFRN NORDEA BANK 11/13 EUR 41,881.10 42,038.36 0.40FRN SEB 09/12 70 SR REG.S EUR 7,179.62 7,218.64 0.071.75% SCANIA CV 12/16 -SR- EUR 2,169.64 2,164.33 0.021.875% STADSHYPOTEK 12/17 41 REG.S EUR 4,321.04 4,338.75 0.042.625% ATLAS COPCO 12/19 -SR-S EUR 959.65 969.28 0.013% NORDEA BANK 09/12 EUR 14,957.54 15,072.56 0.143.375% SWEDBANK 12/17 SR -S- EUR 834.48 861.40 0.013.625% SVENSKA CELLULOSA11/16 SR-S- EUR 1,660.61 1,771.14 0.023.75% SVENSKA HANDELSBANK 10/17 EUR 3,755.15 4,027.53 0.043.875% SKANDINA. ENSK. BANK 12/17 SR S EUR 2,440.85 2,579.67 0.023.875% SKF 11/18 EUR 1,335.16 1,452.88 0.013.875% SWEDISH MATCH 10/17 EUR 1,251.72 1,341.55 0.014% NORDEA BANK 10/20 EUR 4,172.39 4,432.75 0.044.00% TELIASONERA 11/22 -SR-S EUR 834.48 896.88 0.014.25% SKAND. ENSKILDA BK. 11/18 EUR 625.86 672.33 0.014.5% SUB. NORDEA BANK 10/20 S137 -S- EUR 1,418.61 1,411.80 0.014.875% INVESTOR 09/21 EUR 1,251.72 1,432.17 0.015% VOLVO TREASURY 07/17 EUR 1,877.58 2,098.39 0.025.25% VATTENFALL TREASURY 05/PE EUR 2,878.95 2,959.99 0.035.375% ERICSSON TEL. 07/17 EUR 834.48 933.96 0.015.5% SKANDINAV. ENSKILDA 09/14 EUR 2,086.20 2,257.19 0.027.375% SUB. SWEDBANK 08/18 S.106 EUR 834.48 867.74 0.01La nota integrativa costituisce parte integrante del presente bilancio.565
<strong>Pictet</strong> - Global Flexible Allocation (nota 1)PROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Valuta Quantità/Valore nominale Valore di stima (nota 2) % del patrimonionetto10.75% NORCELL SWEDEN 2 11/19-SR-S EUR 625.11 646.99 0.0111.75% EILEME 2 12/20 SR-S- EUR 2,813.01 2,911.47 0.0315% CORRAL PETROL. 11/17 PIK SR-S- EUR 0.00 0.00 0.00105,357.75 1.00SVIZZERACLAIM SWISS CONFED. 10/05/12 S37952 CHF 119,660.29 99,344.95 0.94CLAIM SWISS CONFED. 18/05/12 3.7953 CHF 59,830.14 49,673.55 0.47CLAIM SWISS CONFED. 26/04/12 S 3.795 CHF 59,830.14 49,670.59 0.47CLAIM SWISS CONFED. 28/06/12 S.37959 CHF 59,830.14 49,678.44 0.475.125% CREDIT SUISSE 09/12 EUR 19,220.43 19,223.03 0.18267,590.56 2.53UNGHERIA3.875% MOL MAGYAR OLAY-ES05/15-S- EUR 1,963.75 1,823.83 0.021,823.83 0.02TOTALE OBBLIGAZIONI 4,455,167.38 42.06OPZIONIREGNO UNITOCALL ITRAX XOVER EUR CDSI S16 5YR 201216 20/06/2012 8 -18,753.41 -111.77 0.00-111.77 0.00TOTALE OPZIONI -111.77 0.00PRODOTTI STRUTTURATILUSSEMBURGOFRN SIGN. LUX. CLN (ISS DC 2D) 07/15 2,568.91 2,451.07 0.022,451.07 0.02TOTALE PRODOTTI STRUTTURATI 2,451.07 0.02TOTALE I. 4,696,872.21 44.36II. ALTRI VALORI MOBILIARIAZIONIGERMANIAAIST MEDIALAB 16.60 0.00 0.000.00 0.00TOTALE II. 0.00 0.00La nota integrativa costituisce parte integrante del presente bilancio.566
<strong>Pictet</strong> - Global Flexible Allocation (nota 1)PROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoIII. STRUMENTI DEL MERCATO MONETARIOAUSTRIAC. PAP. KA FINANZ 11/06/12 44,872.61 44,850.06 0.42C. PAP. KA FINANZ 15/06/12 74,787.68 74,747.92 0.71C. PAP. KA FINANZ 23/05/12 23,932.06 23,923.33 0.23CD OESTERREICH KONTROLLBK 10/04/12 44,872.61 44,872.06 0.42CD OESTERREICH KONTROLLBK 29/06/12 I 29,915.07 29,913.11 0.28CD OESTERREICH KONTROLLBK 31/05/12 59,830.14 59,826.51 0.56278,132.99 2.62BELGIOC. PAP. SUMITOMO MIT. BKG CORP. 10/04/12 29,915.07 29,913.24 0.2829,913.24 0.28COREA DEL SUDC. PAP. EXPORT-IM. BANK KOREA (EUR) 20/04/12 29,915.07 29,906.20 0.28C. PAP. INDUSTR. BK OF KOREA 04/09/12 29,915.07 29,812.88 0.28C. PAP. KOREA DEV. BANK (GBP) 17/04/12 18,547.34 22,219.28 0.21C. PAP. KOREA DEV. BANK 04/09/12 29,915.07 29,881.52 0.28111,819.88 1.05FINLANDIAC. PAP. FINGRID 02/04/12 II 14,957.54 14,957.32 0.14C. PAP. FINGRID 03/04/12 29,915.07 29,914.86 0.28C. PAP. FINGRID 12/06/12 11,966.03 11,959.83 0.11C. PAP. FINGRID 13/08/12 22,436.30 22,414.65 0.21C. PAP. POHJOLA BANK 18/04/12 23,932.06 23,925.05 0.23C. PAP. POHJOLA BANK 28/09/12 37,393.84 37,270.84 0.35140,442.55 1.32FRANCIAC. PAP. BQUE FED. CR. MUTUEL 12/04/12 74,787.68 74,775.15 0.71C. PAP. BQUE FED. CR. MUTUEL 24/04/12 29,915.07 29,904.04 0.28C. PAP. CDC CAISSE DEP. CONS. 22/05/12 119,660.29 119,623.36 1.13C. PAP. CSSE AMORTISSEMENT 16/08/12 29,915.07 22,467.34 0.21C. PAP. CSSE AMORTISSEMENT 22/06/12 59,830.14 44,987.05 0.42C. PAP. CSSE AMORTISSEMENT 30/05/12 II 89,745.22 67,569.14 0.64C. PAP. LOREAL 21/06/12 119,660.29 99,291.05 0.94C. PAP. NATIXIS 10/04/12 29,915.07 29,910.72 0.28CD BANK OF CHINA (PARIS) 15/06/12 14,957.54 14,931.32 0.14CD BANQUE POSTALE 14/05/12 89,745.22 89,698.97 0.85CD BNP PARIBAS 03/05/12 29,915.07 29,898.34 0.28CD BNP PARIBAS 28/06/12 44,872.61 44,801.98 0.42CD CREDIT AGRICOLE 02/04/12 59,830.14 59,830.14 0.56CD CREDIT AGRICOLE 02/07/12 89,745.22 89,595.74 0.85CD NATIXIS 19/06/12 41,881.10 41,821.45 0.39CD SOCIETE GENERALE 02/04/12 29,915.07 29,915.07 0.28CD SOCIETE GENERALE 03/05/12 29,915.07 29,898.41 0.28918,919.27 8.66La nota integrativa costituisce parte integrante del presente bilancio.567
<strong>Pictet</strong> - Global Flexible Allocation (nota 1)PROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoGERMANIAC. PAP. ALLIANZ 08/05/12 29,915.07 29,886.92 0.28C. PAP. ALLIANZ 31/08/12 29,915.07 29,797.61 0.28C. PAP. DZ BANK 12/07/12 29,915.07 29,894.87 0.28C. PAP. ERSTE ABWICKLUNG. 16/07/12 29,915.07 29,841.12 0.28C. PAP. FMS WERTMANAGEMENT 08/05/12 74,787.68 89,559.13 0.85C. PAP. FMS WERTMANAGEMENT 09/05/12 29,915.07 35,822.98 0.34C. PAP. FMS WERTMANAGEMENT 27/04/12 77,779.19 93,160.52 0.88C. PAP. HONDA BANK GMBH 06/06/12 (I) 11,966.03 11,947.42 0.11C. PAP. HONDA BANK GMBH 13/04/12 14,957.54 14,953.60 0.14C. PAP. HONDA BANK GMBH 13/06/12 11,966.03 11,945.42 0.11C. PAP. HONDA BANK GMBH 14/06/12 14,957.54 14,931.41 0.14TBI GERMANIA 26/09/12 29,915.07 29,908.34 0.28421,649.34 3.97IRLANDAC. PAP. GE CAPITAL EURO. FDG 10/05/12 44,872.61 44,856.74 0.42C. PAP. GE CAPITAL EURO. FDG 11/06/12 14,957.54 14,947.75 0.14C. PAP. GE CAPITAL UK FUNDING 11/06/12 28,419.32 33,997.64 0.3293,802.13 0.88NORVEGIAC. PAP. DNB NOR BK 10/04/12 29,915.07 29,912.84 0.2829,912.84 0.28PAESI BASSIC. PAP. ABN AMRO BANK 05/04/12 29,915.07 29,914.34 0.28C. PAP. ING BANK 02/05/12 (I) 35,898.09 35,867.36 0.34C. PAP. ING BANK 08/05/12 14,957.54 14,942.17 0.14C. PAP. ING BANK 16/$04/12 20,940.55 20,932.18 0.20C. PAP. PACCAR FINANCIAL 15/06/12 8,974.52 8,964.44 0.08C. PAP. RABOBANK NED. 23/04/12 23,932.06 23,928.48 0.23C. PAP. UNILEVER 23/04/12 29,915.07 29,909.59 0.28CD ABN AMRO BANK 25/07/12 5,983.01 5,977.37 0.06170,435.93 1.61REGNO UNITOC. PAP. BANK OF CHINA (LDN) 12/04/12 29,915.07 35,836.63 0.34C. PAP. BANK OF CHINA (LDN) 19/04/12 14,957.54 14,952.55 0.14C. PAP. BANK OF CHINA (LDN) 31/05/12 29,915.07 29,880.44 0.28C. PAP. LLOYDS TSB BANK 02/05/12 59,830.14 59,796.57 0.56C. PAP. MITSUBISHI CORP FIN. 22/06/12 29,915.07 29,862.50 0.28C. PAP. MITSUBISHI CORP FIN. 24/05/12 20,940.55 20,916.95 0.20C. PAP. MITSUBISHI CORP FIN. 26/04/12 29,915.07 29,899.52 0.28C. PAP. NATIONWIDE BLDG 10/04/12 29,915.07 29,911.35 0.28C. PAP. NATIONWIDE BUILDING 20/04/12 44,872.61 44,860.03 0.42C. PAP. PRUDENTIAL 23/04/12 74,787.68 74,774.48 0.71C. PAP. STANDARD CHART. BK 10/04/12 I 74,787.68 74,778.03 0.71C. PAP. UBS LONDON 10/04/12 44,872.61 44,867.72 0.42CD BARCLAYS BANK 19/04/12 53,847.13 53,841.12 0.51La nota integrativa costituisce parte integrante del presente bilancio.568
<strong>Pictet</strong> - Global Flexible Allocation (nota 1)PROSPETTO DI COMPOSIZIONE DEL PORTAFOGLIO TITOLI E ALTREATTIVITÀ NETTE AL 31 MARZO 2012 (ESPRESSO IN EUR)Descrizione Quantità Valore di stima (nota 2) % del patrimonionettoCD BK OF TOKYO-MITSUB. 24/05/12 74,787.68 74,756.90 0.71CD BNP PARIBAS 17/05/12 59,830.14 59,781.55 0.56CD NATIONWIDE BUILDING 03/05/12 38,889.59 38,870.80 0.37717,587.14 6.77SPAGNAC. PAP. SANTANDER 07/06/12 44,872.61 44,799.76 0.4244,799.76 0.42SVEZIAC. PAP. NORDEA BANK 20/06/12 358,980.86 46,782.15 0.44C. PAP. SBAB SWEDISH. HOU. FIN. 21/06/12 53,847.13 53,806.09 0.51C. PAP. SBAB SWEDISH.HOU.FIN. 11/05/12 47,864.12 47,845.57 0.45C. PAP. STADSHYPOTEK 12/04/12 14,957.54 14,956.94 0.14C. PAP. STADSHYPOTEK 20/04/12 29,915.07 29,912.92 0.28C. PAP. SVENSKA HANDELSBANK. 03/05/12 38,889.59 38,872.69 0.37CD SKANDINAVISKA ENSKILDA 05/04/12 89,745.22 89,742.91 0.85CD SKANDINAVISKA ENSKILDA 11/07/12 14,957.54 14,944.56 0.14336,863.83 3.18TOTALE III. 3,294,278.90 31.04IV. QUOTE DI FONDI DI INVESTIMENTOGERMANIAISHARES STOXX EUR.600 OIL&GAS PART 3,300.00 113,685.00 1.07113,685.00 1.07IRLANDASMP-J.P. MORGAN MACRO HEDGE ETF USD 14.00 118,183.54 1.12118,183.54 1.12STATI UNITISECTOR SPDR ENERGY SELECT FD 3,000.00 160,812.27 1.56160,812.27 1.56TOTALE IV. 392,680.81 3.75TOTALE INVESTIMENTI 8,383,831.92 79.15DISPONIBILITÀ LIQUIDE PRESSO BANCHE 2,129,807.82 20.11ALTRE PASSIVITÀ NETTE 78,569.85 0.74PATRIMONIO NETTO COMPLESSIVO 10,592,209.59 100.00La nota integrativa costituisce parte integrante del presente bilancio.569
<strong>Pictet</strong> - Global Flexible Allocation (nota 1)RIPARTIZIONE DEL PORTAFOGLIO TITOLI PER AREE GEOGRAFICHE EPER SETTORI ECONOMICI DEL PORTAFOGLIO AL 31 MARZO 2012Ripartizione per aree geografiche(in % del patrimonio netto)Francia 15.53Germania 10.75Regno Unito 10.62Paesi Bassi 7.07Svezia 4.35Stati Uniti 3.77Austria 3.27Italia 3.26Svizzera 2.84Irlanda 2.79Belgio 2.70Spagna 2.62Finlandia 1.64Isole Cayman 1.51Corea del Sud 1.05Sovranazionale 0.87Danimarca 0.82Lussemburgo 0.78Australia 0.63Jersey 0.55Giappone 0.55Norvegia 0.52Guernsey 0.13Sudafrica 0.10Portogallo 0.07Canada 0.07Russia 0.06Polonia 0.05Turchia 0.03Bermuda 0.03Antille olandesi 0.03Ungheria 0.02Messico 0.02Nuova Zelanda 0.02Croazia 0.01Brasile 0.01Repubblica ceca 0.0179.15Ripartizione per settori economici(in % del patrimonio netto)Strumenti del mercato monetario 31.04Obbligazioni societarie 24.64Obbligazioni emesse da Stati o enti locali 16.54Quote di fondi di investimento 3.75Obbligazioni di istituzioni sovranazionali 0.87Comunicazioni 0.27Banche e istituti di credito 0.26Petrolio 0.23Assicurazioni 0.19Prodotti tessili e abbigliamento 0.16Equipaggiamento elettrico ed elettronico 0.16Alimentari e bevande non alcoliche 0.14Industria farmaceutica e cosmetica 0.13Servizi di pubblica utilità 0.11Edilizia e materiali da costruzione 0.09Costruzione di macchine e apparecchiature 0.08Sostanze chimiche 0.06Acciaio inossidabile 0.06Vendita al dettaglio e supermercati 0.05Gastronomia 0.05Holding e società finanziarie 0.04Internet, software e servizi informatici 0.04Editoria e arti grafiche 0.04Altri settori 0.04Trasporto passeggeri e merci 0.03Tabacco e bevande alcoliche 0.03Servizi pubblici 0.02Prodotti strutturati 0.02Imballi 0.01Opzioni 0.0079.15La nota integrativa costituisce parte integrante del presente bilancio.570
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012NOTA 1INFORMAZIONI GENERALI<strong>Pictet</strong> (di seguito la "SICAV") è una Società di investimento a capitale variabile (SICAV)di diritto lussemburghese, soggetta alle disposizioni della Parte I della legge modificatadel 17 dicembre 2010 a partire dal 1° luglio 2011 (fino al 30 giugno 2011 la SICAV erasoggetta alle disposizioni della Parte I della legge modificata del 20 dicembre 2002).La SICAV è stata costituita a tempo indeterminato in data 20 settembre 1991 con ladenominazione di <strong>Pictet</strong> Umbrella Fund (<strong>Pictet</strong> Fixed Income Fund a decorrere dal14 giugno 1995, <strong>Pictet</strong> Funds (LUX) dal 28 aprile 2006 e <strong>Pictet</strong> a partire dal20 aprile 2010) e il suo atto costitutivo è stato pubblicato sulla gazzetta ufficialelussemburghese (Mémorial, Recueil Spécial des Sociétés et Associations duGrand-Duché du Luxembourg) in data 29 ottobre 1991. Lo statuto è stato modificato perla prima volta mediante atto notarile il 30 ottobre 1992 e pubblicato sul Mémorial il23 gennaio 1993. Le successive modifiche, tutte effettuate mediante atto notarile,risalgono rispettivamente al 14 giugno 1995 con pubblicazione sul Mémorial il13 luglio 1995, all'8 novembre 1999 con pubblicazione il 7 marzo 2000, al 2 maggio 2001con pubblicazione il 29 maggio 2001, al 12 settembre 2003 con pubblicazione il7 ottobre 2003, all'8 dicembre 2005 con pubblicazione il 21 dicembre 2005, al28 aprile 2006 con pubblicazione il 18 maggio 2006, al 21 maggio 2007 conpubblicazione il 3 agosto 2007, al 27 ottobre 2008 con pubblicazione il17 novembre 2008, al 23 gennaio 2009 con pubblicazione il 20 febbraio 2009, al9 aprile 2012 con pubblicazione il 7 maggio 2010 e, infine, al 28 dicembre 2011 conpubblicazione il 16 gennaio 2012.<strong>Pictet</strong> Funds (Europe) S.A., société anonyme con sede legale all’indirizzo 3, boulevardRoyal, Lussemburgo, è stata designata come società di gestione della SICAV a partiredall'8 dicembre 2005. È una società di gestione secondo il significato del capitolo 15della legge del 17 dicembre 2010.Al 31 marzo 2012, <strong>Pictet</strong> comprendeva i seguenti 69 comparti:<strong>Pictet</strong> - EUR Bonds<strong>Pictet</strong> - USD Government Bonds<strong>Pictet</strong> - Short-Term Money Market CHF<strong>Pictet</strong> - Short-Term Money Market USD<strong>Pictet</strong> - Short-Term Money Market EUR<strong>Pictet</strong> - EUR Corporate Bonds<strong>Pictet</strong> - Global Emerging Debt<strong>Pictet</strong> - World Government Bonds<strong>Pictet</strong> - EUR High Yield<strong>Pictet</strong> - EUR Short Mid-Term Bonds<strong>Pictet</strong> - USD Short Mid-Term Bonds<strong>Pictet</strong> - CHF Bonds<strong>Pictet</strong> - EUR Government Bonds<strong>Pictet</strong> - EUR Inflation Linked Bonds<strong>Pictet</strong> - Emerging Local Currency Debt<strong>Pictet</strong> - Asian Local Currency Debt<strong>Pictet</strong> - Global Emerging Currencies<strong>Pictet</strong> - Short-Term Money Market JPY<strong>Pictet</strong> - Latin American Local Currency Debt<strong>Pictet</strong> - Sovereign Short-Term Money Market USD<strong>Pictet</strong> - Sovereign Short-Term Money Market EUR<strong>Pictet</strong> - US High Yield<strong>Pictet</strong> - EUR Corporate Bonds Ex Financialdenominato in euro (EUR)denominato in dollari statunitensi (USD)denominato in franchi svizzeri (CHF)denominato in dollari statunitensi (USD)denominato in euro (EUR)denominato in euro (EUR)denominato in dollari statunitensi (USD)denominato in euro (EUR)denominato in euro (EUR)denominato in euro (EUR)denominato in dollari statunitensi (USD)denominato in franchi svizzeri (CHF)denominato in euro (EUR)denominato in euro (EUR)denominato in dollari statunitensi (USD)denominato in dollari statunitensi (USD)denominato in dollari statunitensi (USD)denominato in yen (JPY)denominato in dollari statunitensi (USD)denominato in dollari statunitensi (USD)denominato in euro (EUR)denominato in dollari statunitensi (USD)denominato in euro (EUR)571
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - EUR Short Term High Yield(lanciato il 31 gennaio 2012)<strong>Pictet</strong> - Global Bonds Fundamental(lanciato il 31 gennaio 2012)<strong>Pictet</strong> - European Equity Selection<strong>Pictet</strong> - Small Cap Europe<strong>Pictet</strong> - Emerging Markets<strong>Pictet</strong> - Eastern Europe<strong>Pictet</strong> - Europe Index<strong>Pictet</strong> - USA Index<strong>Pictet</strong> - European Sustainable Equities<strong>Pictet</strong> - Japan Index<strong>Pictet</strong> - Pacific Ex Japan Index<strong>Pictet</strong> - Digital Communication<strong>Pictet</strong> - Biotech<strong>Pictet</strong> - Premium Brands<strong>Pictet</strong> - Water<strong>Pictet</strong> - Indian Equities<strong>Pictet</strong> - Japanese Equity Opportunities<strong>Pictet</strong> - Asian Equities Ex Japan<strong>Pictet</strong> - Greater China<strong>Pictet</strong> - Japanese Equity Selection<strong>Pictet</strong> - Generics<strong>Pictet</strong> - Emerging Markets Index<strong>Pictet</strong> - Euroland Index<strong>Pictet</strong> - US Equity Growth Selection<strong>Pictet</strong> - Security<strong>Pictet</strong> - Clean Energy<strong>Pictet</strong> - Russian Equities<strong>Pictet</strong> - Timber<strong>Pictet</strong> - Agriculture<strong>Pictet</strong> - Global Megatrend Selection<strong>Pictet</strong> - US Equity Value Selection<strong>Pictet</strong> - Middle East And North Africa<strong>Pictet</strong> - Environmental Megatrend Selection<strong>Pictet</strong> - High Dividend Selection<strong>Pictet</strong> - Brazil Index<strong>Pictet</strong> - Bric Index<strong>Pictet</strong> - China Index<strong>Pictet</strong> - India Index<strong>Pictet</strong> - Latam Index<strong>Pictet</strong> - Russia Index<strong>Pictet</strong> - Emerging Markets Sustainable Equities(lanciato il 28 febbraio 2012)<strong>Pictet</strong> - Piclife<strong>Pictet</strong> - Absolute Return Global Diversified<strong>Pictet</strong> - Absolute Return Global Conservative<strong>Pictet</strong> - Convertible Bonds<strong>Pictet</strong> - Global Flexible Allocation(lanciato il 20 marzo 2012)denominato in euro (EUR)denominato in euro (EUR)denominato in euro (EUR)denominato in euro (EUR)denominato in dollari statunitensi (USD)denominato in euro (EUR)denominato in euro (EUR)denominato in dollari statunitensi (USD)denominato in euro (EUR)denominato in yen (JPY)denominato in dollari statunitensi (USD)denominato in dollari statunitensi (USD)denominato in dollari statunitensi (USD)denominato in euro (EUR)denominato in euro (EUR)denominato in dollari statunitensi (USD)denominato in yen (JPY)denominato in dollari statunitensi (USD)denominato in dollari statunitensi (USD)denominato in yen (JPY)denominato in dollari statunitensi (USD)denominato in dollari statunitensi (USD)denominato in euro (EUR)denominato in dollari statunitensi (USD)denominato in dollari statunitensi (USD)denominato in dollari statunitensi (USD)denominato in dollari statunitensi (USD)denominato in dollari statunitensi (USD)denominato in euro (EUR)denominato in dollari statunitensi (USD)denominato in dollari statunitensi (USD)denominato in dollari statunitensi (USD)denominato in euro (EUR)denominato in euro (EUR)denominato in dollari statunitensi (USD)denominato in dollari statunitensi (USD)denominato in dollari statunitensi (USD)denominato in dollari statunitensi (USD)denominato in dollari statunitensi (USD)denominato in dollari statunitensi (USD)denominato in dollari statunitensi (USD)denominato in franchi svizzeri (CHF)denominato in euro (EUR)denominato in euro (EUR)denominato in euro (EUR)denominato in euro (EUR)In data 24 ottobre 2011 il Consiglio di amministrazione ha deliberato di modificare ilnome di alcuni comparti, a decorrere dal 31 dicembre 2011.I comparti interessati dal cambio di nome sono elencati di seguito.572
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)Nome precedente<strong>Pictet</strong> - EUR Liquidity<strong>Pictet</strong> - USD Liquidity<strong>Pictet</strong> - CHF Liquidity<strong>Pictet</strong> - JPY Liquidity<strong>Pictet</strong> - USD Sovereign Liquidity<strong>Pictet</strong> - EUR Sovereign LiquidityNome attuale<strong>Pictet</strong> - Short-Term Money Market EUR<strong>Pictet</strong> - Short-Term Money Market USD<strong>Pictet</strong> - Short-Term Money Market CHF<strong>Pictet</strong> - Short-Term Money Market JPY<strong>Pictet</strong> - Sovereign Short-Term Money Market USD<strong>Pictet</strong> - Sovereign Short-Term Money Market EURIn data 24 novembre 2011 il Consiglio di amministrazione ha convocato un’Assembleagenerale straordinaria per emendare lo statuto della SICAV in modo da soddisfare irequisiti della legge del 17 dicembre 2010.A dicembre 2011 è entrato in vigore un nuovo prospetto informativo.In seguito a una ristrutturazione interna del Gruppo <strong>Pictet</strong>, <strong>Pictet</strong> & Cie (Europe) S.A. hatrasferito le proprie attività di amministrazione centrale del fondo a FundPartnerSolutions (Europe) S.A., una società di gestione interamente controllata dal Gruppo<strong>Pictet</strong>, con sede legale all’indirizzo 3, Boulevard Royal, Lussemburgo, iscritta al Registrodelle imprese di Lussemburgo con il numero B140653.In virtù di tale trasferimento, le funzioni di Agente di trasferimento, Agenteamministrativo e Agente pagatore, in precedenza delegate a <strong>Pictet</strong> & Cie (Europe) S.A.,sono state assunte da FundPartner Solutions (Europe) S.A. a partire dal1° gennaio 2012.Il patrimonio netto di ciascun comparto è rappresentato da azioni che possonoappartenere a diverse categorie. L'insieme dei comparti costituisce la SICAV. In caso diemissione di sottocategorie di azioni, le informazioni ad esse relative sono illustratenegli Allegati 1, 2 e 3 del prospetto informativo in vigore della SICAV.Il Consiglio di amministrazione potrà altresì deliberare di istituire per ciascun compartodue o più categorie di azioni, il cui patrimonio sarà investito in conformità alla politicad'investimento specifica del comparto di appartenenza. Tali categorie potranno tuttaviadistinguersi per le diverse commissioni di sottoscrizione e/o di rimborso, politiche dicopertura dei rischi di cambio, politiche di distribuzione e/o commissioni di gestione odi consulenza, ovvero altre specificità applicabili a ciascuna. All'occorrenza, questeinformazioni sono riportate nel prospetto informativo in vigore della SICAV.Fatta salva ogni diversa specificazione contenuta negli Allegati 1, 2 o 3 del prospettoinformativo in vigore della SICAV, all'interno dei comparti si distinguono le azioni "I",“IS”, "P", "R", "Z", "S", "J" e "MG".Le azioni "I" sono destinate agli investitori istituzionali che desiderino investire unasomma minima iniziale, secondo quanto specificato nell'allegato relativo a ciascuncomparto presente nel prospetto informativo in vigore.Le commissioni prelevate sulle azioni “I" a favore degli intermediari non sarannosuperiori al 5% in ingresso e all'1% in uscita.573
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)Le azioni "IS" sono state create nell'ambito di determinati comparti indicizzati con ilproposito di distinguerle dalle azioni "I" relativamente alla contabilizzazione dellecommissioni di ingresso e di uscita, come descritto più in dettaglio negli allegati alprospetto informativo in vigore. Le azioni "IS" saranno soggette alle medesimecondizioni delle azioni "I".Le azioni "J" sono destinate agli investitori istituzionali, secondo il significato riportatonell’Articolo 174 della Legge del 2010, che desiderino investire una somma minimainiziale.Le commissioni prelevate sulle azioni “J" a favore degli intermediari non sarannosuperiori al 5% in ingresso e all'1% in uscita.Le azioni "P" e "R" non richiedono alcun importo minimo d'investimento. Grazie alleloro caratteristiche piuttosto ampie, almeno una di queste due tipologie di azionisoddisfa le differenti pratiche commerciali in vigore alla data del prospetto informativoin vigore nei paesi in cui la SICAV viene commercializzata e la loro flessibilità consente,ove necessario, di adattarsi all'evoluzione dei mercati di riferimento.L'unico elemento di distinzione è costituito dalle rispettive commissioni.Azioni "P": Commissione di ingresso a favore degli intermediari non superiore al 5%.Commissione di uscita a favore degli intermediari non superiore al 1%.Commissione di gestione inferiore a quella applicata alle azioni "R"Azioni "R": Commissione di ingresso a favore degli intermediari non superiore al 5%.Commissione di uscita a favore degli intermediari non superiore al 3%.Commissione di gestione superiore a quella applicata alle azioni "P”.Le azioni "S" sono esclusivamente riservate ai dipendenti del Gruppo <strong>Pictet</strong>. Nessunacommissione di intermediazione viene applicata alle sottoscrizioni e ai rimborsi. IlConsiglio di amministrazione può applicare alle conversioni una commissione a favoredegli intermediari non superiore al 2%.Le azioni "Z" sono riservate agli investitori istituzionali che hanno stipulato unospecifico accordo di remunerazione con <strong>Pictet</strong> & Cie, Genève o con qualsiasi altrasocietà del Gruppo <strong>Pictet</strong>.Le commissioni prelevate sulle azioni "Z" a favore degli intermediari non sarannosuperiori al 5% in ingresso e all'1% in uscita.Le azioni "MG" sono riservate agli investitori espressamente autorizzati dal gestore delcomparto interessato.Le commissioni prelevate sulle azioni "MG" a favore degli intermediari non sarannosuperiori al 5% in entrata e all'1% in uscita.574
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)Le azioni possono distinguersi in azioni a capitalizzazione e azioni a distribuzione. Sudelibera dell'Assemblea generale, le azioni a distribuzione "dy" daranno diritto a undividendo, mentre relativamente alle azioni a capitalizzazione l'importo corrispondentenon sarà distribuito, bensì reinvestito nella classe di azioni interessata.Il Consiglio di amministrazione può altresì decidere di emettere azioni "dm", cheprevedono la possibilità di distribuzione di un dividendo mensile. Tale dividendo vienedi norma versato agli azionisti della sottoclasse interessata iscritti nel registro degliazionisti nel 20° giorno del mese (o nel giorno successivo, se il 20° non è un Giornolavorativo) e di norma è pagabile 4 giorni lavorativi dopo la data ex dividendo nellavaluta della classe.In ciascun comparto potranno essere emesse azioni denominate in valute diverse dallavaluta di riferimento del comparto. Dette azioni potranno essere dotate di copertura omeno (le azioni con copertura sono definite qui di seguito).Azioni con copertura:Le azioni con copertura "H" mirano a coprire in larga misura il rischio di cambio di taliazioni rispetto a una determinata valuta. Tali azioni saranno soggette alle medesimecommissioni di ingresso e di uscita applicate alle azioni corrispondenti senza copertura.L'importo minimo d'investimento applicabile alle azioni emesse in una valuta diversadalla valuta di riferimento del comparto corrisponde all'ammontare minimod'investimento iniziale applicabile alle azioni in oggetto, convertito il giorno di calcolodel valore patrimoniale netto nella valuta di tale classe.Il Consiglio di amministrazione può decidere di lanciare in ogni comparto azioni “DH”(Duration Hedged), che consentono agli investitori di trarre vantaggio dalla gestione delcomparto in questione limitando i possibili effetti legati alle variazioni dei tassi. Lastrategia di copertura sarà realizzata con l’utilizzo di strumenti derivati (futures su tassid’interesse) e insisterà sui punti principali della curva dei rendimenti, anziché sullesingole scadenze considerate individualmente. Pertanto vi sarà un rischio residuo divariazione sulla curva dei rendimenti. La duration delle classi con copertura saràcompresa fra -1 e +1. Laddove una di queste soglie venisse raggiunta, si chiederà algestore di ripristinare una duration all’interno dell’intervallo indicato nel più brevetempo ragionevolmente possibile. Per rispondere alle richieste di reintegro dei margini,il patrimonio di pertinenza delle classi DH potrebbe non essere interamente investito epertanto risultare sottoinvestito per effetto della strategia adottata per tali classi.Salvo laddove diversamente disposto negli Allegati 1, 2 e 3 del prospetto informativodella SICAV in vigore, ogni investitore che soddisfi le condizioni di accesso a una datasottocategoria di azioni può richiedere la conversione delle altre azioni in suo possessoin azioni di tale sottocategoria.Analogamente, qualora un investitore non soddisfi le condizioni di accesso previste perla sottocategoria di azioni in suo possesso, il Consiglio di amministrazione si riserva ildiritto di richiedere a tale azionista la conversione delle sue azioni in azioni di un'altrasottocategoria di azioni.575
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)Pooling:La SICAV fa ricorso al pooling sia a fini di efficiente gestione del portafoglio, sia permotivi tecnici legati alla copertura del rischio di cambio per le classi di azioni concopertura denominate in valute diverse dalla valuta di riferimento dei compartiinteressati. Il pooling viene costituito come struttura “pool-feeder“.Gestione del patrimonioCon l'obiettivo di una gestione efficace e compatibilmente con le politiched'investimento dei vari comparti, il Consiglio di amministrazione della Società digestione ha facoltà di deliberare la cogestione di parte o della totalità del patrimonio dialcuni dei comparti di <strong>Pictet</strong>. In tal caso, le attività di vari comparti sono cogestiti in basealle tecniche menzionate di seguito. Le attività cogestite vengono definite attività inpool. In ogni caso, detti pool vengono utilizzati unicamente a fini di gestione interna.Non costituiscono entità giuridiche distinte e non sono direttamente accessibili agliinvestitori. A ciascun comparto cogestito sono assegnate le proprie attività.Qualora le attività di un comparto siano gestite mediante questa tecnica, le attivitàinizialmente di pertinenza di ciascun comparto cogestito vengono determinate sullabase del suo conferimento iniziale nel pool. Di conseguenza, la composizione di taliattività potrà variare in funzione dei conferimenti o dei prelievi effettuati dai comparti.Il suddetto sistema di attribuzione si applica a ogni attività presente nel pool. Gliinvestimenti supplementari effettuati a nome dei comparti cogestiti sono attribuiti a talicomparti in base ai loro rispettivi diritti, mentre le attività liquidate devono essereprelevate, con analogo procedimento, dalle attività attribuibili a ciascuno dei comparticogestiti.Tutte le operazioni bancarie connesse all'attività del comparto (dividendi, interessi,oneri extracontrattuali, spese) sono contabilizzate nel pool e imputate contabilmente airispettivi comparti su base percentuale, alla data di registrazione di tali operazioni(accantonamenti, registrazioni bancarie di uscite e/o entrate). Le spese contrattuali(diritti di custodia, spese amministrative e di gestione, commissioni di performance,ecc.) sono invece imputate direttamente ai rispettivi comparti.Le attività e le passività di pertinenza di ciascun comparto sono identificabili in qualsiasimomento.Il processo di pooling è conforme alla politica di investimento di ciascuno dei compartiinteressati.Le plusvalenze/minusvalenze realizzate e/o non realizzate sugli investimenti sonocontabilizzate nel pool nella valuta di riferimento del medesimo. Successivamente essesono contabilizzate nel comparto (la cui valuta di riferimento può essere diversa daquella del pool) sulla base della partecipazione del medesimo al pool e del tasso dicambio in vigore nel giorno di calcolo del NAV.Lo stato patrimoniale e il prospetto di composizione del portafoglio titoli e altre attivitànette presentano la situazione del portafoglio alla data di chiusura per la quale sonoutilizzati i tassi di cambio e la quota d'investimento del comparto nel/i pool in tale data.576
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)Classe di azioni con coperturaLe voci riferibili specificamente alla classe di azioni con copertura (come i contratti atermine su valute e altre commissioni contrattuali legate alla copertura) sono registratesu conti "feeder" dedicati.A ciascun "feeder" viene assegnata una quota del pool (partecipazione percentuale) inbase al rispettivo contributo iniziale. Successivamente, la quota della partecipazionepercentuale di ogni feeder viene calcolata contestualmente al valore patrimoniale nettosulla base delle dimensioni dei singoli feeder, dopo la conversione nella valuta diriferimento del pool al tasso di cambio vigente alla data di calcolo del valorepatrimoniale netto.I dati riportati nel conto economico e prospetto delle variazioni del patrimonio netto allavoce "Plusvalenza/(minusvalenza) netta realizzata sul pool/effetto pooling"rappresentano:• l'effetto valutario determinato dalla differenza tra i tassi di cambio usati alladata di chiusura e quelli usati in corrispondenza di ogni calcolo del NAV;• l'effetto derivante dalla differenza tra la partecipazione proporzionale nel/i poolalla data di chiusura e quella applicabile in corrispondenza di ogni calcolo delNAV.NOTA 2SINTESI DEI PRINCIPALI CRITERI CONTABILIa) Informazioni di carattere generaleIl bilancio di esercizio viene redatto conformemente alle norme vigenti in Lussemburgo.b) Spese di costituzioneLe spese di costituzione vengono ammortizzate per un periodo massimo di cinque anni.c) Conversione valutaria in riferimento a ciascun compartoI depositi presso banche, le altre attività nette, nonché il valore dei titoli in portafoglio edenominati in valute diverse dalla valuta di riferimento del comparto sono convertiti intale valuta al tasso di cambio vigente alla data di chiusura dell'esercizio.I proventi e le spese denominati in valute diverse da quella del comparto vengonoconvertiti in tale valuta di riferimento in base al cambio in vigore alla data delpagamento.Le plusvalenze e le minusvalenze sui cambi che ne derivano sono riportate nel contoeconomico.577
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)d) Bilancio di esercizio consolidato della SICAVIl bilancio consolidato della SICAV è espresso in euro ed è pari alla somma delle vocicorrispondenti dei bilanci di ciascun comparto convertite in euro al tasso di cambio invigore alla data di chiusura dell'esercizio.e) Valutazione degli investimentiI valori mobiliari sono valutati sulla base della quotazione più rappresentativa deimercati e/o delle operazioni compiute su tali mercati dai gestori o da altri operatori dimercato. Può trattarsi dell'ultima quotazione pervenuta o della quotazione riferita adaltro momento di contrattazione del mercato che sia giudicata più rappresentativa dalConsiglio di amministrazione, tenuto conto dei criteri di liquidità e delle precedentioperazioni sui mercati in oggetto.In assenza di quotazione, i titoli sono stimati sulla base del probabile valore di realizzo,ottenuto sulla base di criteri di prudenza e buona fede.In particolare, il Consiglio di amministrazione ha elaborato una procedura divalutazione specifica relativa alle obbligazioni ad alto rendimento e a quelle di emittentidi paesi emergenti, secondo la quale detti titoli sono valutati in base ai prezzi medi o aiprezzi denaro forniti da intermediari finanziari di prim'ordine ovvero in base ai prezzicomunicati da fornitori di dati quali Bloomberg, Telekurs, IDC o Reuters.Le liquidità sono valutate al loro valore nominale più gli interessi maturati.Le quote/azioni di organismi di investimento collettivo del risparmio di tipo aperto sonovalutate in base all'ultimo valore patrimoniale netto noto. Le quote/azioni di OICR ditipo chiuso saranno valutate in base all'ultimo prezzo di mercato disponibile.Gli Strumenti del mercato monetario che non sono quotati o negoziati in una borsavalori o in un altro Mercato regolamentato e la cui vita residua non supera i 12 mesisono valutati secondo il metodo dell'ammortamento a quote costanti (linearizzazionelungo la vita residua della differenza tra l'ultimo valore di mercato e il valore dirimborso). Questa regola non si applica ai comparti Short-Term Money Market (si vedail punto f) più avanti).I contratti a termine e i contratti di opzione che non sono negoziati in una borsa valori oin un Mercato regolamentato vengono valutati al valore di liquidazione stabilitoconformemente alle norme redatte in buona fede dal Consiglio di amministrazione,seguendo criteri uniformi per ogni tipo di contratto. Il valore dei contratti a termine edei contratti di opzione negoziati in una borsa valori o in un mercato regolamentato sibasa sulle quotazioni di chiusura o di liquidazione (settlement) pubblicati da tale borsavalori o mercato regolamentato in cui i suddetti contratti vengono normalmentenegoziati. Se non è stato possibile liquidare un contratto a termine o un contratto diopzione alla data di valorizzazione del relativo patrimonio netto, i criteri dideterminazione del valore di liquidazione di tale contratto a termine o di opzionevengono stabiliti dal Consiglio di amministrazione in modo equo e ragionevole.578
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)Per alcuni comparti, nell'interesse degli investitori e laddove il Consiglio diamministrazione lo ritenga opportuno, in funzione delle condizioni di mercato e/o delnumero di sottoscrizioni e rimborsi all'interno di un dato comparto, da valutarsi inrapporto alle sue dimensioni, il valore patrimoniale netto di tale comparto può esserecalcolato sulla base dei prezzi di offerta o di rimborso dei titoli in portafoglio e/oadeguato tenendo conto delle commissioni di vendita e delle spese di negoziazionesostenute o modificato tenendo conto dell'impatto di mercato prodotto dal differenzialetra la quotazione di negoziazione e di valutazione degli investimenti o deidisinvestimenti e/o dalle commissioni di vendita e/o dalle spese di negoziazionesostenute.Ulteriori dettagli sono riportati nel prospetto informativo in vigore della SICAV.f) Valutazione dei titoli per tutti i comparti Short-Term Money MarketLa valutazione dei titoli viene effettuata secondo il metodo “marked to model“, sulla basedello spread dell'emittente e dei tassi privi di rischio.g) Valutazione dei contratti a termineLa valutazione dei contratti a termine è basata sull'ultimo prezzo disponibile.h) Valutazione dei Contratti finanziari differenzialiI Contratti finanziari differenziali (CFD) sono valutati in base alla differenza tra il prezzodel sottostante e il prezzo di acquisto.i) Valutazione delle operazioni a termine su valuteLe plusvalenze/minusvalenze non realizzate sui cambi risultanti dai contratti a terminesu valute non scaduti vengono determinate nel Giorno di valutazione sulla base dei tassidi cambio a termine applicabili a tale data e sono riportate nello stato patrimoniale.j) Valutazione degli swap su tassi d'interesseI flussi futuri attesi, da ricevere o da corrispondere conformemente ai contratti swap,sono valutati al loro valore attualizzato. Laddove esista un mercato, sono valutati al lorovalore di mercato.k) Valutazione dei credit default swapI credit default swap (CDS) sono stipulati sulla base di contratti ISDA con societàfinanziarie di prim'ordine, specializzate in questo tipo di operazioni.I parametri che determinano la valutazione dei CDS sono il tasso di copertura, laprobabilità di insolvenza e il "replacement spread". Il "replacement spread" è il tasso dipremio al quale il CDS potrebbe essere rinegoziato.579
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)La valutazione del CDS riflette il valore attualizzato della protezione rappresentata dalCDS in relazione alla curva dei tassi zero applicabili all'obbligazione sottostante.l) Valutazione dei total return swapI flussi in uscita dal comparto, conformemente ai contratti total return swap, sonoattualizzati alla data di valutazione al tasso swap a cedola zero corrispondente allascadenza di tali flussi. Anche il flusso a beneficio dell'acquirente della protezione, checorrisponde a una combinazione di opzioni, è attualizzato ed è funzione di diversiparametri tra cui, in particolare, il prezzo, la volatilità e la probabilità di insolvenza delleattività sottostanti. Il valore dei contratti di total return swap corrisponde alla differenzatra le due suddette conversioni al valore attuale.m) Contratti di pronti contro termineI contratti di pronti contro termine prevedono che una controparte acquisiscainvestimenti che saranno riacquistati dal venditore (la SICAV) a un prezzo e a unascadenza determinati alla stipula del contratto. Pertanto i contratti di pronti controtermine equivalgono a prestiti garantiti da investimenti sottostanti, che restano inclusinel portafoglio titoli della SICAV e sono soggetti al rischio di mercato.Nello stato patrimoniale, i contratti di pronti contro termine vengono contabilizzatinell'attivo come prestiti alla voce liquidità ricevuta. Il debito rappresentativo dei titoliceduti in pronti contro termine è rilevato nel passivo. Gli interessi maturano e vengonocontabilizzati separatamente e sono inclusi in un apposito conto passivo.n) Plusvalenze/minusvalenze nette realizzate sugli investimentiLe plusvalenze/minusvalenze realizzate sulla vendita di titoli sono calcolate in base alcosto medio.o) Costi di acquisizione dei titoli in portafoglioPer i titoli denominati in valute diverse da quella del comparto, il costo di acquisizioneviene calcolato in base al tasso di cambio in vigore alla data di acquisto.p) ProventiI dividendi vengono rilevati alla data di stacco. Gli interessi sono contabilizzati in base alprincipio della competenza.580
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)q) Valutazione degli investimenti in "private equity"1. Frequenza della valutazione dei titoli "private equity"L'inserimento di tali titoli in portafoglio avviene al costo di acquisizione. La frequenza divalutazione dipende dall'identificazione di eventi importanti che influenzano il titolo. Incaso di assenza di eventi si redige un rapporto almeno su base semestrale. Tra gli eventiche determinano il processo di valutazione figurano in particolare:• profitti sensibilmente inferiori/superiori alle aspettative• una nuova tornata di finanziamenti avviata dalla società• una nuova operazione (avviata da un investitore terzo)• operazioni di ristrutturazione2. Processo di valutazioneIl servizio "Private Equity" della Banca depositaria prepara una raccomandazione diaggiornamento dei prezzi sulla base dell'analisi fondamentale e previsionale e sulla basedelle altre informazioni finanziarie disponibili.Tale raccomandazione viene trasmessa alla Società di revisione autorizzata (Réviseurd'entreprises agréé) della SICAV, che esprimerà un giudizio riguardo all'equità e allaragionevolezza del metodo di valutazione, alla costanza e alla conformità dei metodi divalutazione con le norme emesse dalla European Private Equity and Venture CapitalAssociation (EVCA). Tale parere viene generalmente richiesto primadell'aggiornamento dei prezzi ma, se le circostanze lo richiedono, può essere richiesto aposteriori.La raccomandazione è infine sottoposta al giudizio del Consiglio di amministrazionedella SICAV per l'analisi e la ratifica ufficiale.r) Valore patrimoniale netto di chiusuraAl 31 marzo 2012 i valori patrimoniali netti (NAV) ufficiali (in base ai quali si effettuanole sottoscrizioni e i rimborsi a tale data) e i NAV del presente bilancio sono statideterminati per ciascun comparto in base alla valutazione delle attività sottostanti alleultime quotazioni disponibili a tale data.In relazione alle attività negoziate sui mercati americani ed europei nell'ambito deiseguenti comparti, le ultime quotazioni disponibili considerate sono state quelle dichiusura dei mercati del 30 marzo 2012:<strong>Pictet</strong> - EUR Bonds<strong>Pictet</strong> - USD Government Bonds<strong>Pictet</strong> - EUR Corporate Bonds<strong>Pictet</strong> - Global Emerging Debt<strong>Pictet</strong> - World Government Bonds<strong>Pictet</strong> - EUR High Yield<strong>Pictet</strong> - EUR Short Mid-Term Bonds<strong>Pictet</strong> - CHF Bonds<strong>Pictet</strong> - EUR Government Bonds<strong>Pictet</strong> - EUR Inflation linked Bonds581
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Emerging Local Currency Debt<strong>Pictet</strong> - Global Emerging Currencies<strong>Pictet</strong> - Latin American Local Currency Debt<strong>Pictet</strong> - US High Yield<strong>Pictet</strong> - EUR Short Term High Yield<strong>Pictet</strong> - Global Bonds Fundamental<strong>Pictet</strong> - European Equity Selection<strong>Pictet</strong> - Small Cap Europe<strong>Pictet</strong> - Emerging Markets<strong>Pictet</strong> - Eastern Europe<strong>Pictet</strong> - European Sustainable Equities<strong>Pictet</strong> - Digital Communication<strong>Pictet</strong> - Biotech<strong>Pictet</strong> - Premium Brands<strong>Pictet</strong> - Water<strong>Pictet</strong> - Generics<strong>Pictet</strong> - US Equity Growth Selection<strong>Pictet</strong> - Security<strong>Pictet</strong> - Clean Energy<strong>Pictet</strong> - Timber<strong>Pictet</strong> - Agriculture<strong>Pictet</strong> - Global Megatrend Selection<strong>Pictet</strong> - Environmental Megatrend Selection<strong>Pictet</strong> - High Dividend Selection<strong>Pictet</strong> - Emerging Markets Sustainable Equities<strong>Pictet</strong> - Piclife<strong>Pictet</strong> - Convertible Bonds<strong>Pictet</strong> - Global Flexible Allocations) Spese di transazioneLe spese di transazione rappresentano i costi sostenuti da ciascun comparto in relazioneall’acquisto e alla vendita degli investimenti.Comprendono le commissioni di intermediazione e quelle bancarie, nonché imposte,commissioni di deposito e altre spese di negoziazione e sono incluse nel contoeconomico.NOTA 3TAXE D’ABONNEMENTAi sensi delle leggi e delle normative attualmente vigenti, la SICAV non è soggetta adalcuna imposta sui redditi. La SICAV è soggetta a una taxe d'abonnement pari allo0.05% annuo del patrimonio netto, pagabile trimestralmente e calcolata sul patrimonionetto al termine di ciascun trimestre. La taxe d'abonnement sarà nondimeno ridotta allo0.01% sulle attività afferenti alle azioni riservate agli investitori istituzionali. La taxed'abonnement non è applicata alla parte del patrimonio netto investita in quote di altriorganismi d'investimento collettivo del risparmio lussemburghesi, laddove tale impostasia già stata applicata.582
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)NOTA 4COMMISSIONE DI CONSULENZA DI INVESTIMENTO E DI GESTIONELa Società di gestione ha delegato la funzione di gestione per ciascun comparto a uno opiù Gestori degli investimenti.La Società di gestione può altresì nominare per ciascun comparto uno o più Consulentiper gli investimenti con il compito di consigliare la Società di gestione sulle opportunitàdi investimento della SICAV.La Società di gestione riceve dai comparti commissioni di gestione destinate aremunerare, ove del caso, i Gestori, i Consulenti per gli investimenti e i Distributori.Questa commissione si applica rispettivamente a ciascun comparto e alle sottocategoriedi azioni, nonché alle loro eventuali azioni corrispondenti, in proporzione al patrimonionetto di riferimento.Le aliquote massime delle commissioni applicabili al 31 marzo 2012 sono le seguenti:AzioniI (max)AzioniP (max)Azioni R(max)AzioniZ (max)AzioniJ (max)<strong>Pictet</strong> - EUR Bonds 0.60% 0.90% 1.25% 0.00% 0.45%<strong>Pictet</strong> - USD Government Bonds 0.30% 0.60% 0.90% 0.00% -<strong>Pictet</strong> - Short-Term Money Market CHF 0.15% 0.18% 0.25% 0.00% 0.10%<strong>Pictet</strong> - Short-Term Money Market USD 0.15% 0.30% 0.60% 0.00% 0.10%<strong>Pictet</strong> - Short-Term Money Market EUR 0.15% 0.30% 0.60% 0.00% 0.10%<strong>Pictet</strong> - EUR Corporate Bonds 0.60% 0.90% 1.25% 0.00% -<strong>Pictet</strong> - Global Emerging Debt 1.10% 1.45% 1.75% 0.00% -<strong>Pictet</strong> - World Government Bonds 0.30% 0.60% 0.90% 0.00% -<strong>Pictet</strong> - EUR High Yield 1.10% 1.45% 1.75% 0.00% -<strong>Pictet</strong> - EUR Short Mid-Term Bonds * 0.35% 0.60% 0.90% 0.00% -<strong>Pictet</strong> - USD Short Mid-Term Bonds 0.35% 0.60% 0.90% 0.00% -<strong>Pictet</strong> - CHF Bonds 0.45% 0.80% 1.05% 0.00% -<strong>Pictet</strong> - EUR Government Bonds 0.30% 0.60% 0.90% 0.00% -<strong>Pictet</strong> - EUR Inflation Linked Bonds 0.45% 0.90% 1.20% 0.00% -<strong>Pictet</strong> - Emerging Local Currency Debt 1.05% 2.10% 3.00% 0.00% 1.05%<strong>Pictet</strong> - Asian Local Currency Debt 1.05% 2.10% 3.00% 0.00% -<strong>Pictet</strong> - Global Emerging Currencies 1.05% 2.10% 3.00% 0.00% 1.05%<strong>Pictet</strong> - Short-Term Money Market JPY 0.15% 0.30% 0.60% 0.00% 0.10%<strong>Pictet</strong> - Latin American Local Currency Debt 1.05% 2.10% 3.00% 0.00% -<strong>Pictet</strong> - Sovereign Short-Term Money Market USD 0.15% 0.30% 0.60% 0.00% 0.10%<strong>Pictet</strong> - Sovereign Short-Term Money Market EUR 0.15% 0.30% 0.60% 0.00% 0.10%<strong>Pictet</strong> - US High Yield 1.10% 1.45% 1.75% 0.00% -<strong>Pictet</strong> - EUR Corporate Bonds Ex Financial 0.60% 0.90% 1.25% 0.00% -<strong>Pictet</strong> - EUR Short Term High Yield 1.00% 1.60% 2.20% 0.00% -<strong>Pictet</strong> - Global Bonds Fundamental 0.60% 1.20% 1.80% 0.00% -<strong>Pictet</strong> - European Equity Selection 0.90% 1.80% 2.50% 0.00% -* Per le classi di azioni HI CHF e HP CHF, le aliquote sono pari, rispettivamente, allo0.25% e allo 0.35% per il comparto <strong>Pictet</strong> - EUR Short Mid-Term Bonds.583
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)AzioniI (max)AzioniP (max)Azioni R(max)AzioniZ (max)AzioniJ (max)<strong>Pictet</strong> - Small Cap Europe 1.20% 2.40% 2.90% 0.00% -<strong>Pictet</strong> - Emerging Markets 2.00% 2.50% 2.90% 0.00% -<strong>Pictet</strong> - Eastern Europe 1.80% 2.40% 2.90% 0.00% -<strong>Pictet</strong> - Europe Index 0.30% 0.45% 0.90% 0.00% -<strong>Pictet</strong> - USA Index 0.30% 0.45% 0.90% 0.00% -<strong>Pictet</strong> - European Sustainable Equities 0.65% 1.20% 1.80% 0.00% -<strong>Pictet</strong> - Japan Index 0.30% 0.45% 0.90% 0.00% -<strong>Pictet</strong> - Pacific Ex Japan Index 0.25% 0.40% 0.85% 0.00% -<strong>Pictet</strong> - Digital Communication 1.20% 2.40% 2.90% 0.00% -<strong>Pictet</strong> - Biotech 1.20% 2.40% 2.90% 0.00% -<strong>Pictet</strong> - Premium Brands 1.20% 2.40% 2.90% 0.00% -<strong>Pictet</strong> - Water 1.20% 2.40% 2.90% 0.00% -<strong>Pictet</strong> - Indian Equities 1.20% 2.40% 2.90% 0.00% -<strong>Pictet</strong> - Japanese Equity Opportunities 0.90% 1.80% 2.50% 0.00% -<strong>Pictet</strong> - Asian Equities Ex Japan 1.20% 2.40% 2.90% 0.00% -<strong>Pictet</strong> - Greater China 1.20% 2.40% 2.90% 0.00% -<strong>Pictet</strong> - Japanese Equity Selection 0.90% 1.80% 2.50% 0.00% -<strong>Pictet</strong> - Generics 1.20% 2.40% 2.90% 0.00% -<strong>Pictet</strong> - Emerging Markets Index 0.60% 0.90% 1.35% 0.00% -<strong>Pictet</strong> - Euroland Index 0.30% 0.45% 0.90% 0.00% -<strong>Pictet</strong> - US Equity Growth Selection 0.90% 1.80% 2.50% 0.00% -<strong>Pictet</strong> - Security 1.20% 2.40% 2.90% 0.00% -<strong>Pictet</strong> - Clean Energy 1.20% 2.40% 2.90% 0.00% -<strong>Pictet</strong> - Russian Equities 1.90% 2.40% 2.90% 0.00% -<strong>Pictet</strong> - Timber 1.20% 2.40% 2.90% 0.00% -<strong>Pictet</strong> - Agriculture 1.20% 2.40% 2.90% 0.00% -<strong>Pictet</strong> - Global Megatrend Selection 1.20% 2.40% 2.90% 0.00% -<strong>Pictet</strong> - US Equity Value Selection 0.90% 1.80% 2.50% 0.00% -<strong>Pictet</strong> - Middle East And North Africa 1.20% 2.40% 3.45% 0.00% -<strong>Pictet</strong> - Environmental Megatrend Selection 1.20% 2.40% 2.90% 0.00% -<strong>Pictet</strong> - High Dividend Selection 1.20% 2.40% 2.90% 0.00% -<strong>Pictet</strong> - Brazil Index 0.45% 0.60% 1.20% 0.00% -<strong>Pictet</strong> - Bric Index 0.50% 0.75% 1.50% 0.00% -<strong>Pictet</strong> - China Index 0.45% 0.60% 1.20% 0.00% -<strong>Pictet</strong> - India Index 0.45% 0.60% 1.20% 0.00% -<strong>Pictet</strong> - Latam Index 0.50% 0.75% 1.50% 0.00% -<strong>Pictet</strong> - Russia Index 0.45% 0.60% 1.20% 0.00% -<strong>Pictet</strong> - Emerging Markets Sustainable Equities 1.20% 2.40% 2.90% 0.00% -<strong>Pictet</strong> - Piclife * 1.00% 1.50% 2.00% 0.00% -<strong>Pictet</strong> - Absolute Return Global Diversified 0.70% 1.50% 2.20% 0.00% -584
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)AzioniI (max)AzioniP (max)Azioni R(max)AzioniZ (max)AzioniJ (max)<strong>Pictet</strong> - Absolute Return Global Conservative 0.50% 1.00% 1.45% 0.00% -<strong>Pictet</strong> - Convertible Bonds ** 1.20% 2.40% 3.45% - -<strong>Pictet</strong> - Global Flexible Allocation 0.65% 1.35% 1.95% 0.00% -* Per la classe di azioni S, l'aliquota è pari allo 0.50% per il comparto <strong>Pictet</strong> - Piclife.** Per la classe di azioni MG, l'aliquota è pari al 2.40% per il comparto <strong>Pictet</strong> -Convertible Bonds.NOTA 5COMMISSIONE DI SERVIZIOUna Commissione di servizio annua, calcolata sul valore patrimoniale netto medio diogni comparto, è corrisposta alla Società di gestione su base trimestrale o mensile, aseconda dei termini previsti dal contratto, come remunerazione dei servizi forniti allaSICAV. Inoltre, tale commissione permette alla Società di gestione di remunerare <strong>Pictet</strong>& Cie (Europe) S.A. per i servizi forniti in qualità di Agente per i trasferimenti, Agenteamministrativo e Agente pagatore. Le aliquote massime applicabili al 31 marzo 2012sono le seguenti:Azioni senzacopertura(max)Azioni concopertura(max)<strong>Pictet</strong> - EUR Bonds 0.30% 0.35%<strong>Pictet</strong> - USD Government Bonds 0.15% -<strong>Pictet</strong> - Short-Term Money Market CHF 0.05% -<strong>Pictet</strong> - Short-Term Money Market USD 0.10% -<strong>Pictet</strong> - Short-Term Money Market EUR 0.10% -<strong>Pictet</strong> - EUR Corporate Bonds 0.30% 0.35%<strong>Pictet</strong> - Global Emerging Debt ***1 0.30% 0.35%<strong>Pictet</strong> - World Government Bonds 0.15% -<strong>Pictet</strong> - EUR High Yield 0.30% 0.35%<strong>Pictet</strong> - EUR Short Mid-Term Bonds 0.10% 0.15%<strong>Pictet</strong> - USD Short Mid-Term Bonds 0.10% -<strong>Pictet</strong> - CHF Bonds 0.30% -<strong>Pictet</strong> - EUR Government Bonds 0.15% 0.20%<strong>Pictet</strong> - EUR Inflation Linked Bonds 0.15% 0.20%<strong>Pictet</strong> - Emerging Local Currency Debt 0.40% 0.45%<strong>Pictet</strong> - Asian Local Currency Debt 0.40% 0.45%<strong>Pictet</strong> - Global Emerging Currencies 0.40% 0.45%<strong>Pictet</strong> - Short-Term Money Market JPY 0.10% -<strong>Pictet</strong> - Latin American Local Currency Debt 0.40% 0.45%<strong>Pictet</strong> - Sovereign Short-Term Money Market USD 0.10% -*** 1 Per la classe di azioni HZ EUR, l'aliquota è pari al 0.30% per il comparto <strong>Pictet</strong> –Global Emerging Debt.585
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)Azioni senzacopertura(max)Azioni concopertura(max)<strong>Pictet</strong> - Sovereign Short-Term Money Market EUR 0.10% -<strong>Pictet</strong> - US High Yield 0.30% 0.35%<strong>Pictet</strong> - EUR Corporate Bonds Ex Financial 0.30% 0.35%<strong>Pictet</strong> - EUR Short Term High Yield 0.30% 0.35%<strong>Pictet</strong> - Global Bonds Fundamental 0.20% 0.25%<strong>Pictet</strong> - European Equity Selection 0.40% -<strong>Pictet</strong> - Small Cap Europe 0.45% -<strong>Pictet</strong> - Emerging Markets 0.40% 0.45%<strong>Pictet</strong> - Eastern Europe 0.80% -<strong>Pictet</strong> - Europe Index 0.10% -<strong>Pictet</strong> - USA Index 0.10% 0.15%<strong>Pictet</strong> - European Sustainable Equities 0.45% -<strong>Pictet</strong> - Japan Index 0.10% 0.15%<strong>Pictet</strong> - Pacific Ex Japan Index 0.10% -<strong>Pictet</strong> - Digital Communication 0.40% 0.45%<strong>Pictet</strong> - Biotech 0.45% 0.50%<strong>Pictet</strong> - Premium Brands 0.45% 0.50%<strong>Pictet</strong> - Water 0.45% 0.50%<strong>Pictet</strong> - Indian Equities 0.65% -<strong>Pictet</strong> - Japanese Equity Opportunities 0.40% 0.45%<strong>Pictet</strong> - Asian Equities Ex Japan 0.35% 0.40%<strong>Pictet</strong> - Greater China 0.45% 0.50%<strong>Pictet</strong> - Japanese Equity Selection 0.40% 0.45%<strong>Pictet</strong> - Generics 0.45% 0.50%<strong>Pictet</strong> - Emerging Markets Index 0.10% -<strong>Pictet</strong> - Euroland Index 0.10% -<strong>Pictet</strong> - US Equity Growth Selection 0.30% 0.35%<strong>Pictet</strong> - Security 0.45% 0.50%<strong>Pictet</strong> - Clean Energy 0.45% 0.50%<strong>Pictet</strong> - Russian Equities 0.80% 0.85%<strong>Pictet</strong> - Timber 0.45% 0.50%<strong>Pictet</strong> - Agriculture 0.45% 0.50%<strong>Pictet</strong> - Global Megatrend Selection 0.45% 0.50%<strong>Pictet</strong> - US Equity Value Selection 0.30% 0.35%<strong>Pictet</strong> - Middle East And North Africa 0.50% 0.55%<strong>Pictet</strong> - Environmental Megatrend Selection 0.45% 0.50%<strong>Pictet</strong> - High Dividend Selection 0.45% 0.50%<strong>Pictet</strong> - Brazil Index 0.10% -<strong>Pictet</strong> - Bric Index 0.10% -<strong>Pictet</strong> - China Index 0.10% -<strong>Pictet</strong> - India Index 0.10% -<strong>Pictet</strong> - Latam Index 0.10% -<strong>Pictet</strong> - Russia Index 0.10% -586
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)Azioni senzacopertura(max)Azioni concopertura(max)<strong>Pictet</strong> - Emerging Markets Sustainable Equities 0.40% 0.45%<strong>Pictet</strong> - Piclife 0.20% -<strong>Pictet</strong> - Absolute Return Global Diversified 0.30% 0.35%<strong>Pictet</strong> - Absolute Return Global Conservative 0.30% 0.35%<strong>Pictet</strong> - Convertible Bonds 0.35% 0.40%<strong>Pictet</strong> - Global Flexible Allocation 0.35% 0.40%NOTA 6ALTRE SPESE DOVUTEAl 31 marzo 2012 le altre spese dovute comprendevano essenzialmente le speseamministrative e le commissioni della banca depositaria e di servizio.NOTA 7COMMISSIONE DI SOTTOSCRIZIONE, DI RIMBORSO E/O DI CONVERSIONE DI AZIONIIl prezzo di sottoscrizione delle azioni di ciascun comparto (o eventualmente dellasottocategoria di azioni) è pari al valore patrimoniale netto di un'azione (o di unasottocategoria di azioni) di tale comparto calcolato alla prima data di calcolo del valorepatrimoniale netto successiva alla data di sottoscrizione.A tale prezzo possono essere aggiunte commissioni d'intermediazione non superiori al5% del valore patrimoniale netto per azione del comparto interessato, che sarannoprelevate a beneficio degli intermediari e/o dei distributori che effettuano ilcollocamento delle azioni della SICAV. Queste commissioni variano in base allasottocategoria di azioni.Il prezzo di rimborso delle azioni (o eventualmente della sottocategoria di azioni) diciascun comparto è pari al valore patrimoniale netto di un'azione (o della sottocategoriadi azioni) di tale comparto calcolato alla prima data di calcolo del valore patrimonialenetto successiva alla data di rimborso.A detto prezzo potrebbero essere sottratte commissioni a beneficio degli intermediarie/o dei distributori, fino a un massimo del 3% del valore patrimoniale netto per azione.Queste commissioni variano in base alla sottocategoria di azioni.Il Consiglio di amministrazione avrà facoltà, in talune circostanze, di applicare al prezzodi emissione, di rimborso e/o di conversione delle azioni una "Commissione didiluizione" pari a un massimo del 2% del valore patrimoniale netto per azione, comedescritto nella sezione "Commissione di diluizione" del prospetto informativo in vigore.La Commissione di diluizione effettiva calcolata in qualsiasi Giorno di valorizzazione siapplica in ogni caso in maniera identica a tutti gli azionisti del comparto interessato.Il Consiglio di amministrazione è autorizzato a effettuare rettifiche del valorepatrimoniale netto come descritto nella sezione “Calcolo del valore patrimoniale netto”del prospetto informativo in vigore.587
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)NOTA 8COMMISSIONE DI PERFORMANCEPer il comparto <strong>Pictet</strong> - Convertible Bonds la commissione di performance è calcolata inbase alla differenza tra il valore patrimoniale netto (di seguito "NAV") per azione delcomparto interessato e il NAV di riferimento.Il periodo di riferimento corrisponde all'esercizio finanziario della SICAV.La commissione di performance è calcolata in base al valore patrimoniale netto (NAV),previa detrazione di tutti i costi e gli impegni, della commissione di gestione (ma nondella commissione di performance), rettificato per tener conto di tutte le sottoscrizioni edi tutti i rimborsi relativi al periodo di riferimento.Nel caso in cui le azioni siano rimborsate in data diversa da quella di pagamento dellacommissione di performance, qualora venga accantonata una commissione diperformance, la parte della commissione di performance attribuibile alle azionirimborsate sarà pagata al termine del periodo.La rettifica relativa alle sottoscrizioni consiste nel detrarre dall'accantonamento percommissioni di performance, calcolato sulla base del numero di azioni sottostanti, lacommissione di performance relativa alle azioni sottoscritte nel periodo anteriore finoalla data di sottoscrizione. Pertanto, relativamente a tali azioni, non sarà accantonataalcuna commissione di performance per la performance anteriore alla data disottoscrizione.La commissione di performance è calcolata in ogni Giorno di valorizzazione aun'aliquota del 20% applicata alla differenza tra il NAV per azione relativo a tale Giornodi valorizzazione e il NAV di riferimento, moltiplicata per il numero di azioni incircolazione in tale Giorno di valorizzazione.In ogni Giorno di valorizzazione dal patrimonio netto del comparto sarà prelevato eaccantonato un importo che rappresenta la commissione di performance calcolata inbase alla differenza tra il NAV per azione e il NAV di riferimento e l'accantonamentocostituito nel Giorno di valorizzazione precedente sarà stornato. Qualora il NAV perazione sia inferiore al NAV di riferimento, l'accantonamento sarà pari a zero, ma nonpotrà in alcun caso essere negativo.In applicazione del principio dell'High watermark, il NAV per azione di riferimentocorrisponde all'ultimo NAV per azione che ha dato luogo al pagamento di unacommissione di performance. Il NAV di riferimento dovrà essere considerato al nettodella commissione di performance.Un'eventuale distribuzione di dividendi effettuata nel corso dell'esercizio comporteràuna riduzione del NAV di riferimento di un importo pari a quello distribuito perciascuna azione.Il calcolo della commissione di performance è descritto dettagliatamente nel prospettoinformativo in vigore.Per l'esercizio chiuso al 31 marzo 2012, tale commissione era pari a EUR 219,911.68 peril comparto <strong>Pictet</strong> - Convertible Bonds.588
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)NOTA 9 TASSI DI CAMBIO AL 31 MARZO 2012I tassi di cambio utilizzati per la conversione in EUR delle diverse voci relative aicomparti denominati in valute diverse dall'EUR al 31 marzo 2012 sono i seguenti:1 EUR = 1.203661 CHF1 EUR = 0.833485 GBP1 EUR = 109.589041 JPY1 EUR = 1.331703 USDNOTA 10CONTRATTI A TERMINEAl 31 marzo 2012, erano in essere i seguenti contratti a termine:<strong>Pictet</strong> - EUR BondsScadenza Valuta Impegnocomplessivo in EURAcquisto di 0.70 KOREA BONDS FUTURE 10 YEARS 19/06/2012 KRW 50,250.73Acquisto di 1.80 KOREA BONDS FUTURE 3 YEARS 19/06/2012 KRW 123,695.84Acquisto di 3.67 BUND FUTURE EURO-BUXL EUREX (30Y) 11/06/2012 EUR 463,398.65Acquisto di 20.13 BUND FUTURE EURO-BUND EUREX (10Y) 11/06/2012 EUR 2,784,849.56Acquisto di 34.26 USA TREASURY NOTE 5 YEARS 29/06/2012 USD 3,165,014.80Acquisto di 44.83 BUND FUTURE EURO-SCHATZ EUREX(2Y) 11/06/2012 EUR 4,947,124.63Vendita di 105.55 BUND FUTURE EURO-BOBL EUREX (5Y) 11/06/2012 EUR -13,096,959.16Vendita di 3.00 USA TREASURY NOTE 10 YEARS 20/06/2012 USD -293,292.23Vendita di 2.07 LIFFE 3M EURIBOR FUTURES 17/09/2012 EUR -513,456.32Vendita di 0.24 USA TREASURY BOND 30 YEARS 20/06/2012 USD -25,338.03<strong>Pictet</strong> - USD Government BondsScadenza Valuta Impegnocomplessivo in USDAcquisto di 10.00 USA TREASURY NOTE 2 YEARS 29/06/2012 USD 2,201,718.80Acquisto di 29.00 USA TREASURY NOTE 5 YEARS 29/06/2012 USD 3,557,257.74Vendita di 32.00 USA TREASURY BOND ULTRA 20/06/2012 USD -4,886,000.00<strong>Pictet</strong> - EUR Corporate BondsScadenza Valuta Impegnocomplessivo in EURAcquisto di 21.20 BUND FUTURE EURO-BUXL EUREX (30Y) 11/06/2012 EUR 2,677,078.15Acquisto di 157.07 BUND FUTURE EURO-BUND EUREX (10Y) 11/06/2012 EUR 21,724,259.50Acquisto di 1,169.83 BUND FUTURE EURO-SCHATZ 11/06/2012 EUR 129,090,659.75EUREX(2Y)Vendita di 1,315.34 BUND FUTURE EURO-BOBL EUREX (5Y) 11/06/2012 EUR -163,206,793.49<strong>Pictet</strong> - Global Emerging DebtScadenza Valuta Impegnocomplessivo in USDAcquisto di 37.00 USA TREASURY NOTE 5 YEARS 29/06/2012 USD 4,538,570.22Acquisto di 131.00 USA TREASURY BOND 30 YEARS 20/06/2012 USD 18,192,625.00Acquisto di 138.00 USA TREASURY NOTE 10 YEARS 20/06/2012 USD 17,927,062.50Acquisto di 437.00 KOREA BONDS FUTURE 3 YEARS 19/06/2012 KRW 39,892,286.50Vendita di 554.00 LIFFE 3M EURIBOR FUTURES 17/09/2012 EUR -182,672,524.26589
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - World Government BondsScadenza Valuta Impegnocomplessivo in EURAcquisto di 2.00 USA TREASURY NOTE 10 YEARS 20/06/2012 USD 195,686.41Acquisto di 13.00 BUND FUTURE EURO-BOBL EUREX (5Y) 11/06/2012 EUR 1,613,039.15Acquisto di 13.00 USA TREASURY NOTE 5 YEARS 29/06/2012 USD 1,201,050.58Vendita di 14.00 USA TREASURY BOND ULTRA 20/06/2012 USD -1,610,023.19<strong>Pictet</strong> - EUR Short Mid-Term BondsScadenza Valuta Impegnocomplessivo in EURAcquisto di 30.00 BUND FUTURE EURO-SCHATZ EUREX(2Y) 11/06/2012 EUR 3,310,500.00<strong>Pictet</strong> - USD Short Mid-Term BondsScadenza Valuta Impegnocomplessivo in USDVendita di 36.00 USA TREASURY NOTE 5 YEARS 29/06/2012 USD -4,415,906.16<strong>Pictet</strong> - CHF BondsScadenza Valuta Impegnocomplessivo in CHFAcquisto di 24.38 EUREX FUTURE S/6% CONF. 8-13 ANS 11/06/2012 CHF 3,562,485.14Acquisto di 28.90 BUND FUTURE EURO-BUND EUREX (10Y) 28/05/2012 EUR 8,354.50Acquisto di 180.61 EURO CHF 3 MOIS 18/06/2012 CHF 45,102,578.75Vendita di 180.61 EURO CHF 3 MOIS 17/12/2012 CHF -45,075,487.40Vendita di 180.61 EURO CHF 3 MOIS 17/06/2012 CHF -45,102,578.75Vendita di 28.90 BUND FUTURE EURO-BUND EUREX (10Y) 28/05/2012 EUR -2,088.63<strong>Pictet</strong> - EUR Government BondsScadenza Valuta Impegnocomplessivo in EURAcquisto di 267.39 BUND FUTURE EURO-BOBL EUREX (5Y) 11/06/2012 EUR 33,177,814.05Vendita di 38.91 BUND FUTURE EURO-SCHATZ EUREX(2Y) 11/06/2012 EUR -4,293,862.51Vendita di 9.98 BUND FUTURE EURO-BUND EUREX (10Y) 11/06/2012 EUR -1,379,954.51<strong>Pictet</strong> - EUR Inflation Linked BondsScadenza Valuta Impegnocomplessivo in EURAcquisto di 30.00 USA TREASURY NOTE 5 YEARS 29/06/2012 USD 2,771,656.66Vendita di 125.00 BUND FUTURE EURO-BOBL EUREX (5Y) 11/06/2012 EUR -15,510,000.00<strong>Pictet</strong> - Emerging Local Currency DebtScadenza Valuta Impegnocomplessivo in USDAcquisto di 75.90 USA TREASURY NOTE 5 YEARS 29/06/2012 USD 9,310,094.92Acquisto di 539.28 KOREA BONDS FUTURE 10 YEARS 19/06/2012 KRW 51,434,962.85Acquisto di 1,386.16 KOREA BONDS FUTURE 3 YEARS 19/06/2012 KRW 126,610,909.55Vendita di 2,310.93 USA TREASURY NOTE 10 YEARS 20/06/2012 USD -300,204,074.25Vendita di 1,593.88 LIFFE 3M EURIBOR FUTURES 17/09/2012 EUR -525,556,647.48Vendita di 186.75 USA TREASURY BOND 30 YEARS 20/06/2012 USD -25,935,155.71<strong>Pictet</strong> - Asian Local Currency DebtScadenza Valuta Impegnocomplessivo in USDAcquisto di 190.00 KOREA BONDS FUTURE 10 YEARS 19/06/2012 KRW 18,183,943.90Acquisto di 2,286.00 KOREA BONDS FUTURE 3 YEARS 19/06/2012 KRW 209,521,068.31Vendita di 1,007.00 USA TREASURY NOTE 10 YEARS 20/06/2012 USD -130,815,593.75590
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Asian Local Currency Debt (segue)Scadenza Valuta Impegnocomplessivo in USDVendita di 643.00 LIFFE 3M EURIBOR FUTURES 17/09/2012 EUR -213,184,722.06Vendita di 260.00 USA TREASURY NOTE 5 YEARS 29/06/2012 USD -31,892,655.60Vendita di 11.00 USA TREASURY BOND 30 YEARS 20/06/2012 USD -1,527,625.00<strong>Pictet</strong> - Latin American Local Currency DebtScadenza Valuta Impegnocomplessivo in USDVendita di 249.00 USA TREASURY NOTE 10 YEARS 20/06/2012 USD -32,346,656.25<strong>Pictet</strong> - EUR Corporate Bonds Ex FinancialScadenza Valuta Impegnocomplessivo in EURAcquisto di 5.00 BUND FUTURE EURO-BUXL EUREX (30Y) 11/06/2012 EUR 631,400.00Acquisto di 74.00 BUND FUTURE EURO-BUND EUREX (10Y) 11/06/2012 EUR 10,234,940.00Acquisto di 84.00 BUND FUTURE EURO-SCHATZ EUREX(2Y) 11/06/2012 EUR 9,269,400.00Vendita di 120.00 BUND FUTURE EURO-BOBL EUREX (5Y) 11/06/2012 EUR -14,889,600.00<strong>Pictet</strong> - USA IndexScadenza Valuta Impegnocomplessivo in USDAcquisto di 139.00 S & P E-MINI 500 STOCK INDEX 15/06/2012 USD 9,741,293.75<strong>Pictet</strong> - Japan IndexScadenza Valuta Impegnocomplessivo in JPYAcquisto di 100.00 INDICE TOKYO STOCK EXCH. -TOPIX- 07/06/2012 JPY 854,350,000.00<strong>Pictet</strong> - Indian EquitiesScadenza Valuta Impegnocomplessivo in USDAcquisto di 1,803.00 SGX CNX NIFTY INDEX SGX 27/04/2012 USD 18,675,474.00Vendita di 1,136.00 SGX CNX NIFTY INDEX SGX 27/04/2012 USD -11,766,688.00<strong>Pictet</strong> - PiclifeScadenza Valuta Impegnocomplessivo in CHFAcquisto di 0.02 KOREA BONDS FUTURE 10 YEARS 19/06/2012 KRW 1,482.25Acquisto di 0.04 KOREA BONDS FUTURE 3 YEARS 19/06/2012 KRW 3,648.67Acquisto di 0.12 BUND FUTURE EURO-BUXL EUREX (30Y) 11/06/2012 EUR 18,513.21Acquisto di 0.84 USA TREASURY NOTE 5 YEARS 29/06/2012 USD 93,870.83Acquisto di 2.62 EUREX FUTURE S/6% CONF. 8-13 ANS 11/06/2012 CHF 382,482.07Acquisto di 2.83 BUND FUTURE EURO-SCHATZ EUREX(2Y) 11/06/2012 EUR 376,698.02Acquisto di 0.73 BUND FUTURE EURO-BUND EUREX (10Y) 11/06/2012 EUR 121,297.69Acquisto di 3.10 BUND FUTURE EURO-BUND EUREX (10Y) 28/05/2012 EUR 896.97Acquisto di 6.00 S & P E-MINI 500 STOCK INDEX 15/06/2012 USD 379,532.02Acquisto di 7.00 S & P / TSX 60 INDEX 14/06/2012 CAD 896,925.81Acquisto di 9.00 INDICE FTSE 100 15/06/2012 GBP 750,264.80Acquisto di 14.00 INDICE NIKKEI 225 TOKYO 07/06/2012 JPY 1,552,105.92Acquisto di 19.39 EURO CHF 3 MOIS 18/06/2012 CHF 4,842,385.92Acquisto di 30.00 S & P 500-STOCK (OS) SPX 14/06/2012 USD 9,534,637.67Acquisto di 41.00 SMI INDEX OHNE DIVIDENDENKORREKT. 18/06/2012 CHF 2,556,559.10Acquisto di 78.00 EUROSTOXX 50 ESTX 50 EUR -PRICE- 18/06/2012 EUR 2,328,337.50Vendita di 19.39 EURO CHF 3 MOIS 17/12/2012 CHF -4,839,477.29Vendita di 19.39 EURO CHF 3 MOIS 17/06/2013 CHF -4,842,385.92Vendita di 9.00 EUREX FUTURE S/6% CONF. 8-13 ANS 11/06/2012 CHF -1,314,990.00Vendita di 4.54 BUND FUTURE EURO-BOBL EUREX (5Y) 11/06/2012 EUR -679,193.31Vendita di 3.10 BUND FUTURE EURO-BUND EUREX (10Y) 28/05/2012 EUR -224.24591
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Piclife (segue)Scadenza Valuta Impegnocomplessivo in CHFVendita di 0.07 USA TREASURY NOTE 10 YEARS 20/06/2012 USD -8,651.28Vendita di 0.05 LIFFE 3M EURIBOR FUTURES 17/09/2012 EUR -15,145.50Vendita di 0.01 USA TREASURY BOND 30 YEARS 20/06/2012 USD -747.40<strong>Pictet</strong> - Absolute Return Global DiversifiedScadenza Valuta Impegnocomplessivo in EURAcquisto di 1.00 AEX INDEX AMSTERDAM 20/04/2012 EUR 64,702.00Acquisto di 1.00 IND. HANG SENG HONG KONG 27/04/2012 HKD 99,155.42Acquisto di 5.54 IND. E-MINI RUSSELL 2000 (USD) 15/06/2012 USD 344,769.01Acquisto di 6.00 NASDAQ 100 INDEX USA 14/06/2012 USD 1,238,324.62Acquisto di 12.76 BUND FUTURE EURO-BOBL EUREX (5Y) 11/06/2012 EUR 1,583,219.52Acquisto di 14.00 AUSTRALIA INDEX -S&P ASX200- 21/06/2012 AUD 1,182,947.23Acquisto di 25.00 MSCI SINGAPORE FUTURES SGX 27/04/2012 SGD 1,038,330.13Acquisto di 27.00 INDICE CAC 40 20/04/2012 EUR 924,428.70Acquisto di 27.92 S & P / TSX 60 INDEX 14/06/2012 CAD 2,969,328.51Acquisto di 42.00 BUND FUTURE EURO-BUXL EUREX (30Y) 11/06/2012 EUR 5,303,760.00Acquisto di 42.00 LONG GILT STERLING FUTURE 27/06/2012 GBP 5,763,519.39Acquisto di 48.00 KOSPI 200 KOREA STOCK EXCH.INDEX 14/06/2012 KRW 4,229,634.82Acquisto di 63.00 S & P 500-STOCK (OS) SPX 14/06/2012 USD 16,616,794.69Acquisto di 66.00 USA TREASURY NOTE 5 YEARS 29/06/2012 USD 6,064,295.64Acquisto di 67.00 USA TREASURY NOTE 2 YEARS 29/06/2012 USD 11,049,833.86Acquisto di 73.00 IND. HANG SENG CHINA ENTERPRISES 27/04/2012 HKD 3,746,776.18Acquisto di 83.00 USA TREASURY BOND 30 YEARS 20/06/2012 USD 8,634,183.20Acquisto di 121.00 BUND FUTURE EURO-SCHATZ EUREX(2Y) 11/06/2012 EUR 13,352,350.00Acquisto di 135.00 INDICE BOVESPA SAO PAULO. BRASIL 18/04/2012 BRL 3,578,783.55Acquisto di 137.00 INDICE SWEDEN OPTIONS MARKET 20/04/2012 SEK 1,666,511.79Acquisto di 195.89 IND. FTSE/JSE AFRICA IND.-TOP 40- 21/06/2012 ZAR 5,664,494.78Acquisto di 213.18 SET50-THAI SET 50 INDEX 28/06/2012 THB 4,364,902.06Acquisto di 283.23 SGX MSCI TAIWAN INDEX FUTURES 27/04/2012 USD 5,989,135.81Acquisto di 339.00 BUND FUTURE EURO-BUND EUREX (10Y) 11/06/2012 EUR 46,887,090.00Acquisto di 353.83 FSTE BURSA MALAYSIA KLCI 30/04/2012 MYR 6,905,471.14Acquisto di 391.79 INDICE IPC MEXIQUE 15/06/2012 MXN 9,091,066.78Acquisto di 398.97 IND. OSLO STOCK EXCHANGE -OBX- 19/04/2012 NOK 2,070,882.21Acquisto di 859.16 SGX CNX NIFTY INDEX SGX 26/04/2012 USD 6,666,074.34Acquisto di 1,314.00 USA TREASURY NOTE 10 YEARS 20/06/2012 USD 127,862,887.01Acquisto di 1,704.53 INDICE ISTANBUL STOCK EXCHANGE 30 30/04/2012 TRY 5,421,735,828.09Acquisto di 1,823.35 IND. WIG 20 - WARSAW INDICES 15/06/2012 PLN 10,037,343.38Vendita di 444.01 INDICE TOKYO STOCK EXCH. -TOPIX- 07/06/2012 JPY -34,612,454.80Vendita di 397.00 INDICE 10 YEARS CANADIAN BONDS 20/06/2012 CAD -39,277,041.48Vendita di 220.71 SMI INDEX OHNE DIVIDENDENKORREKT. 18/06/2012 CHF -11,421,162.87Vendita di 165.41 INDICE FTSE 100 15/06/2012 GBP -11,443,630.90Vendita di 71.51 IND. HANG SENG CHINA ENTERPRISES 27/04/2012 HKD -3,670,292.32Vendita di 70.00 JAPANESE FUTURE BONDS 10 YEARS 11/06/2012 JPY -90,702,689.88Vendita di 66.52 S & P 500-STOCK (OS) SPX 14/06/2012 USD -17,545,350.27Vendita di 66.52 MSCI SINGAPORE FUTURES SGX 27/04/2012 SGD -2,762,808.52Vendita di 50.81 INDICE BOVESPA SAO PAULO. BRASIL 18/04/2012 BRL -1,347,060.79Vendita di 39.73 AUSTRALIA INDEX -S&P ASX200- 21/06/2012 AUD -3,356,824.49Vendita di 34.70 INDICE IBEX-35 BOLSA ESPANOLAS 20/04/2012 EUR -2,751,012.69Vendita di 31.77 FTSE ITALIA - MIB INDEX 15/06/2012 EUR -2,538,568.87Vendita di 27.72 IND. HANG SENG HONG KONG 27/04/2012 HKD -2,748,277.38Vendita di 25.87 INDICE CAC 40 20/04/2012 EUR -885,707.92Vendita di 24.62 DAX INDEX 18/06/2012 EUR -4,275,683.10Vendita di 24.02 INDICE SWEDEN OPTIONS MARKET 20/04/2012 SEK -292,202.56Vendita di 11.09 KOSPI 200 KOREA STOCK EXCH.INDEX 14/06/2012 KRW -976,935.13Vendita di 4.62 NASDAQ 100 INDEX USA 14/06/2012 USD -953,402.10Vendita di 3.70 AEX INDEX AMSTERDAM 20/04/2012 EUR -239,111.54592
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Absolute Return Global ConservativeScadenza Valuta Impegnocomplessivo in EURAcquisto di 0.46 IND. E-MINI RUSSELL 2000 (USD) 15/06/2012 USD 28,399.84Acquisto di 1.00 MSCI SINGAPORE FUTURES SGX 27/04/2012 SGD 41,533.21Acquisto di 1.00 AUSTRALIA INDEX -S&P ASX200- 21/06/2012 AUD 84,496.23Acquisto di 1.00 INDICE CAC 40 20/04/2012 EUR 34,238.10Acquisto di 2.00 LONG GILT STERLING FUTURE 27/06/2012 GBP 274,453.30Acquisto di 2.00 BUND FUTURE EURO-BUXL EUREX (30Y) 11/06/2012 EUR 252,560.00Acquisto di 2.08 S & P / TSX 60 INDEX 14/06/2012 CAD 220,765.63Acquisto di 2.24 BUND FUTURE EURO-BOBL EUREX (5Y) 11/06/2012 EUR 277,980.48Acquisto di 3.00 KOSPI 200 KOREA STOCK EXCH.INDEX 14/06/2012 KRW 264,352.18Acquisto di 4.00 S & P 500-STOCK (OS) SPX 14/06/2012 USD 1,055,034.58Acquisto di 4.00 IND. HANG SENG CHINA ENTERPRISES 27/04/2012 HKD 205,302.80Acquisto di 4.00 USA TREASURY NOTE 2 YEARS 29/06/2012 USD 659,691.57Acquisto di 4.00 USA TREASURY NOTE 5 YEARS 29/06/2012 USD 367,533.07Acquisto di 5.00 USA TREASURY BOND 30 YEARS 20/06/2012 USD 520,131.52Acquisto di 7.00 BUND FUTURE EURO-SCHATZ EUREX(2Y) 11/06/2012 EUR 772,450.00Acquisto di 10.00 INDICE BOVESPA SAO PAULO. BRASIL 18/04/2012 BRL 265,095.08Acquisto di 10.00 INDICE SWEDEN OPTIONS MARKET 20/04/2012 SEK 121,643.20Acquisto di 15.11 IND. FTSE/JSE AFRICA IND.-TOP 40- 21/06/2012 ZAR 436,970.76Acquisto di 17.82 SET50-THAI SET 50 INDEX 28/06/2012 THB 364,847.98Acquisto di 18.77 SGX MSCI TAIWAN INDEX FUTURES 27/04/2012 USD 396,981.84Acquisto di 21.00 BUND FUTURE EURO-BUND EUREX (10Y) 11/06/2012 EUR 2,904,510.00Acquisto di 25.17 FSTE BURSA MALAYSIA KLCI 30/04/2012 MYR 491,144.69Acquisto di 30.21 INDICE IPC MEXIQUE 15/06/2012 MXN 701,037.59Acquisto di 31.03 IND. OSLO STOCK EXCHANGE -OBX- 19/04/2012 NOK 161,041.77Acquisto di 65.84 SGX CNX NIFTY INDEX SGX 26/04/2012 USD 510,822.99Acquisto di 80.00 USA TREASURY NOTE 10 YEARS 20/06/2012 USD 7,784,650.66Acquisto di 135.47 INDICE ISTANBUL STOCK EXCHANGE 30 30/04/2012 TRY 430,912,195.76Acquisto di 143.65 IND. WIG 20 - WARSAW INDICES 15/06/2012 PLN 790,769.07Vendita di 48.99 INDICE TOKYO STOCK EXCH. -TOPIX- 07/06/2012 JPY -3,818,921.91Vendita di 25.29 SMI INDEX OHNE DIVIDENDENKORREKT. 18/06/2012 CHF -1,308,908.92Vendita di 24.00 INDICE 10 YEARS CANADIAN BONDS 20/06/2012 CAD -2,374,430.72Vendita di 20.59 INDICE FTSE 100 15/06/2012 GBP -1,424,296.48Vendita di 5.48 S & P 500-STOCK (OS) SPX 14/06/2012 USD -1,445,272.19Vendita di 5.48 MSCI SINGAPORE FUTURES SGX 27/04/2012 SGD -227,582.25Vendita di 4.49 IND. HANG SENG CHINA ENTERPRISES 27/04/2012 HKD -230,460.95Vendita di 4.30 INDICE IBEX-35 BOLSA ESPANOLAS 20/04/2012 EUR -341,297.31Vendita di 4.23 FTSE ITALIA - MIB INDEX 15/06/2012 EUR -337,843.73Vendita di 4.19 INDICE BOVESPA SAO PAULO. BRASIL 18/04/2012 BRL -110,962.13Vendita di 4.00 JAPANESE FUTURE BONDS 10 YEARS 11/06/2012 JPY -5,183,010.85Vendita di 3.38 DAX INDEX 18/06/2012 EUR -587,097.89Vendita di 3.27 AUSTRALIA INDEX -S&P ASX200- 21/06/2012 AUD -276,513.43Vendita di 2.28 IND. HANG SENG HONG KONG 27/04/2012 HKD -226,385.27Vendita di 2.13 INDICE CAC 40 20/04/2012 EUR -72,958.88Vendita di 1.98 INDICE SWEDEN OPTIONS MARKET 20/04/2012 SEK -24,069.75Vendita di 0.91 KOSPI 200 KOREA STOCK EXCH.INDEX 14/06/2012 KRW -80,473.58Vendita di 0.38 NASDAQ 100 INDEX USA 14/06/2012 USD -78,535.08Vendita di 0.30 AEX INDEX AMSTERDAM 20/04/2012 EUR -19,696.46<strong>Pictet</strong> - Global Flexible AllocationScadenza Valuta Impegnocomplessivo in EURAcquisto di 0.01 BUND FUTURE EURO-BUXL EUREX (30Y) 11/06/2012 EUR 1,159.16Acquisto di 0.51 BUND FUTURE EURO-SCHATZ EUREX(2Y) 11/06/2012 EUR 55,895.38Acquisto di 0.61 BUND FUTURE EURO-BOBL EUREX (5Y) 11/06/2012 EUR 75,625.95Acquisto di 1.00 NASDAQ 100 INDEX USA 14/06/2012 USD 207,522.41Acquisto di 1.07 BUND FUTURE EURO-BUND EUREX (10Y) 11/06/2012 EUR 147,716.46Acquisto di 3.00 DAX INDEX 18/06/2012 EUR 521,012.25Acquisto di 3.00 AUSTRALIA TREASURY BOND 3Y (6%) 15/06/2012 AUD 249,852.50Acquisto di 12.00 S & P E-MINI 500 STOCK INDEX 15/06/2012 USD 633,408.56593
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Global Flexible Allocation (segue)Scadenza Valuta Impegnocomplessivo in EURAcquisto di 14.00 STOXX EUROPE 50 STXE 50 EUR -PRICE- 18/06/2012 EUR 338,100.00Acquisto di 42.00 EUROSTOXX 50 ESTX 50 EUR -PRICE- 18/06/2012 EUR 1,040,457.60Vendita di 0.57 BUND FUTURE EURO-BOBL EUREX (5Y) 11/06/2012 EUR -70,667.44Vendita di 0.09 BUND FUTURE EURO-SCHATZ EUREX(2Y) 11/06/2012 EUR -9,787.49Vendita di 0.02 BUND FUTURE EURO-BUND EUREX (10Y) 11/06/2012 EUR -3,145.49Al 31 marzo 2012, erano in essere i seguenti contratti finanziari differenziali (CFD):<strong>Pictet</strong> - Absolute Return Global DiversifiedDescrizioneQuantità/ValoreValutanominaleACERINOX -40,364.00 EURAEROPORTS DE PARIS ADP -10,403.00 EURAGILE PROPERTY HOLDINGS -625,000.00 EURASTRAZENECA -7,999.00 EURBACHEM ´B´ NOM. -2,000.00 EURBANQUE CANTONALE DE BALE ´C´ -7,000.00 EURBARRY CALLEBAUT -500.00 EURBC BERNOISE -4,000.00 EURBELGACOM -23,000.00 EURBHP BILLITON PLC -11,000.00 EURBOSSARD HOLDING -900.00 EURBOUYGUES -21,883.00 EURBURCKHARDT COMPRESSION HOLDING -2,000.00 EURBUZZI UNICEM -79,000.00 EURCHINA COSCO HOLDINGS 'H' -600,000.00 EURCHINA FOODS -500,000.00 EURCHINA LIFE INSURANCE 'H' (CHINA) -266,000.00 EURCHINA RESOURCES CEMENT -930,000.00 EURCHINA SHIPPING CONTAINER LINES'H' -1,800,000.00 EURCITIC PACIFIC -670,000.00 EURCOUNTRY GARDEN HOLDINGS -853,000.00 EURCREDIT SUISSE GROUP -20,000.00 EURCTRIP.COM INTERNATIONAL -SPONS.ADR- -28,490.00 EURDAINIPPON SUMITOMO PHARMA -46,622.33 EURDANIELI & C. OFFICINE MECCANICHE -51,000.00 EURDEUTSCHE BANK NAM. -18,360.00 EUREMMI -3,000.00 EUREMS-CHEMIE HLDG NOM. -5,000.00 EURENTERPRISE INNS 208,828.00 EURERSTE GROUP BANK -16,000.00 EURGALENICA NOM. -1,000.00 EURGJENSIDIGE FORSIKRING -44,609.00 EURGLAXOSMITHKLINE -16,882.00 EURGREAT WALL MOTOR 'H' -538,000.00 EURHANG LUNG PROPERTIES -283,000.00 EURHELVETIA HOLDING -2,500.00 EURHENDERSON LAND DEVELOPMENT -674,000.00 EURHOLCIM NOM. -14,200.00 EURHONDA MOTOR 20,232.96 EURHOYA 22,600.60 EURHUANENG POWER INTERNATIONAL -H- -1,897,000.00 EURHUBER + SUHNER -11,000.00 EURINPEX 131.99 EURINTERTEK GROUP -4,500.00 EURISETAN MITSUKOSHI HOLDINGS -84,448.50 EURJERONIMO MARTINS SGPS -34,314.00 EURJIANGXI COPPER 'H' -300,000.00 EUR594
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Absolute Return Global Diversified (segue)DescrizioneQuantità/ValoreValutanominaleKAYABA INDUSTRY 81,638.80 EURKOMAX HOLDING -700.00 EURKUDELSKI -8,000.00 EURKURITA WATER INDUSTRIES -10,141.34 EURLEM HOLDING -600.00 EURLINDT & SPRUENGLI NOM. (NEW) -20.00 EURLINEAR TECHNOLOGY CORP -4,300.00 EURLION -163,713.33 EURLONZA GROUP -8,000.00 EURL'OREAL -4,800.00 EURMAN -7,707.00 EURMISUMI GROUP -21,696.58 EURMITSUBISHI CORP. 19,353.35 EURMODEC 23,751.42 EURMORRISON WM. SUPERMARKETS -55,000.00 EURMULBERRY GROUP -7,000.00 EURNESTLE 10,000.00 EURNEW ORIENTAL EDU.TEC.-ADR SPONS.- -32,000.00 EURNEXANS -11,000.00 EURNIKON -8,797.06 EURNIPPON KAYAKU 79,365.18 EURNITORI HOLDINGS 8,797.06 EURNOVARTIS NOM. -16,500.00 EURODAKYU ELECTRIC RAILWAY -97,050.60 EURPANALPINA WELTTRANSPORT(HOLDING) -3,000.00 EURPARGESA -2,400.00 EURPSP SWISS PROPERTY -6,500.00 EURPUNCH TAVERNS -362,355.00 EURRIETER HOLDING -2,000.00 EURSAINSBURY J. -55,000.00 EURSEADRILL -11,924.00 EURSKANSKA 'B' -40,000.00 EURSMITH & NEPHEW 42,946.00 EURSONOVA HOLDING NOM. -13,000.00 EURSPIRIT PUB COMPANY -262,355.00 EURSTANLEY ELECTRIC 33,448.89 EURSTOXX EUROPE SMALL 200 PRICE IDX -20,000.00 EURSTRAUMANN HOLDING -1,500.00 EURSUN ART RETAIL GROUP -676,000.00 EURSWATCH GROUP PORT. -4,107.00 EURSWISS PRIME SITE -7,000.00 EURTECHNIP -2,500.00 EURTERNA RETE ELETTRICA NAZIONALE -245,000.00 EURTINGYI (CAYMAN ISLANDS) HOLDING -545,000.00 EURTOHO GAS -86,393.06 EURTOKIO MARINE 35,187.33 EURTOKYO ELECTRON 5,188.19 EURTOKYO GAS 103,560.48 EURUBS 61,982.00 EURVALIANT HOLDING -3,000.00 EURVINCI 9,000.00 EURVONTOBEL HOLDING NOM. -12,000.00 EUR<strong>Pictet</strong> - Absolute Return Global ConservativeDescrizioneQuantità/ValoreValutanominaleDAINIPPON SUMITOMO PHARMA -4,949.67 EURHONDA MOTOR 2,148.04 EURHOYA 2,399.40 EUR595
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Absolute Return Global Conservative (segue)DescrizioneQuantità/ValoreValutanominaleINPEX 14.01 EURISETAN MITSUKOSHI HOLDINGS -8,965.50 EURKAYABA INDUSTRY 8,667.20 EURKURITA WATER INDUSTRIES -1,076.66 EURLION -17,380.67 EURMISUMI GROUP -2,303.42 EURMITSUBISHI CORP. 2,054.65 EURMODEC 2,521.58 EURNIKON -933.94 EURNIPPON KAYAKU 8,425.82 EURNITORI HOLDINGS 933.94 EURODAKYU ELECTRIC RAILWAY -10,303.40 EURSTANLEY ELECTRIC 3,551.11 EURTOHO GAS -9,171.94 EURTOKIO MARINE 3,735.67 EURTOKYO ELECTRON 550.81 EURTOKYO GAS 10,994.52 EUR<strong>Pictet</strong> - Convertible BondsDescrizioneQuantità/ValoreValutanominaleANRITSU -320,500.00 EURAQUARIUS PLATINUM (NEW) -296,880.00 EURHITACHI -1,547,800.00 EURJINKOSOLAR HOLDINGS -ADR- -63,000.00 EURMOL HUNGARIAN OIL AND GAS 'A' -31,143.00 EURSACYR VALLEHERMOSO -450,000.00 EURNOTA 11CONTRATTI A TERMINE SU VALUTE<strong>Pictet</strong> - EUR BondsAcquisto Vendita ScadenzaAUD 36,064.14 SGD 47,357.73 04/04/2012BRL 166,493.52 USD 96,849.46 03/04/2012BRL 36,478.67 USD 21,171.65 03/04/2012BRL 66,979.03 USD 36,342.49 02/10/2012BRL 66,979.03 USD 37,523.35 03/04/2012BRL 189,826.39 USD 103,463.47 03/05/2012CAD 33,261.62 AUD 32,081.13 13/04/2012CAD 6,656.17 AUD 6,416.23 13/04/2012CAD 26,570.16 AUD 25,678.17 13/04/2012CAD 13,250.48 AUD 12,810.85 13/04/2012CHF 24,379,094.29 EUR 20,214,837.72 30/04/2012CHF 17,350.59 EUR 14,382.02 03/04/2012CNY 458,315.07 USD 71,786.09 07/05/2012CNY 502,571.36 USD 78,637.91 21/05/2012CNY 227,084.88 USD 35,322.21 28/11/2012CNY 217,304.56 USD 33,724.85 28/11/2012CNY 217,304.56 USD 33,732.70 28/11/2012CNY 395,043.75 USD 62,349.51 09/04/2012CNY 395,012.58 USD 62,349.51 09/04/2012CNY 395,074.94 USD 62,349.51 09/04/2012CNY 395,012.59 USD 62,349.51 09/04/2012CNY 160,335.77 USD 25,273.67 24/09/2012CNY 160,386.32 USD 25,273.67 24/09/2012CNY 174,134.16 USD 27,440.06 26/09/2012CNY 151,245.22 USD 23,829.46 15/10/2012596
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - EUR Bonds (segue)Acquisto Vendita ScadenzaCNY 160,411.60 USD 25,273.67 15/10/2012CNY 174,188.60 USD 27,439.99 17/10/2012CNY 146,685.50 USD 23,107.36 24/10/2012CNY 165,021.18 USD 25,995.84 15/10/2012CNY 171,679.07 USD 27,130.14 12/10/2012CNY 171,706.19 USD 27,130.14 12/10/2012CNY 171,760.45 USD 27,130.14 17/10/2012CNY 171,733.33 USD 27,130.14 12/10/2012CNY 171,651.93 USD 27,130.14 20/09/2012CNY 481,223.97 USD 76,445.62 02/05/2012CNY 454,537.78 USD 72,258.00 02/05/2012CNY 389,186.98 USD 61,844.58 09/04/2012CNY 389,186.98 USD 61,844.58 09/04/2012CNY 593,692.85 USD 93,983.35 27/04/2012CNY 480,823.70 USD 76,134.10 12/04/2012CNY 475,212.72 USD 75,144.52 18/05/2012CNY 350,776.30 USD 55,476.39 10/04/2012CNY 350,804.03 USD 55,476.39 10/04/2012CNY 350,776.30 USD 55,476.39 10/04/2012CNY 236,579.31 USD 37,469.10 11/04/2012CNY 236,579.29 USD 37,469.00 11/04/2012CNY 236,616.77 USD 37,469.10 04/05/2012CNY 236,616.77 USD 37,469.10 04/05/2012CNY 294,709.71 USD 46,798.01 06/04/2012CNY 294,709.71 USD 46,801.72 06/04/2012CNY 237,720.94 USD 37,657.66 26/04/2012CNY 236,837.83 USD 37,551.68 27/04/2012CNY 363,750.34 USD 57,592.03 08/05/2012CNY 363,750.34 USD 57,628.53 26/04/2012CNY 807,349.56 USD 127,846.33 05/04/2012COP 381,986,658.64 USD 215,726.89 13/04/2012EUR 22,202.84 CHF 26,747.47 03/04/2012EUR 27,659.42 CHF 33,304.48 04/09/2012EUR 5,048.12 GBP 4,267.92 04/09/2012EUR 41,364.23 GBP 34,599.65 04/09/2012EUR 23,154.51 GBP 19,399.63 04/09/2012EUR 24,190.27 GBP 20,207.95 04/09/2012EUR 37,589.22 JPY 4,150,425.23 05/04/2012EUR 37,821.38 JPY 4,159,410.59 05/04/2012EUR 148,286.70 USD 195,195.42 23/04/2012EUR 57,590.57 USD 76,118.20 04/04/2012EUR 57,590.57 USD 76,233.09 04/04/2012EUR 57,590.57 USD 76,238.56 04/04/2012EUR 57,590.57 USD 76,117.57 04/04/2012EUR 114,488.09 USD 152,689.56 04/04/2012EUR 9,959.93 USD 13,227.79 03/04/2012GBP 152.85 USD 243.22 03/04/2012IDR 1,127,000,467.46 USD 122,393.93 10/04/2012IDR 656,010,902.64 USD 71,297.96 13/04/2012IDR 520,264,240.44 USD 56,495.33 16/04/2012IDR 520,264,240.49 USD 56,538.17 16/04/2012INR 685,659.03 USD 13,634.14 04/04/2012INR 2,574,992.19 USD 50,401.23 04/04/2012INR 2,574,992.19 USD 50,381.50 04/04/2012INR 2,574,992.20 USD 50,401.23 04/04/2012INR 2,574,992.19 USD 50,410.97 04/04/2012JPY 8,327,080.54 EUR 75,410.61 05/04/2012JPY 11,594,650.81 USD 138,261.68 04/04/2012KRW 85,671,571.53 USD 75,815.74 09/04/2012MXN 4,283,523.99 USD 329,097.64 30/04/2012597
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - EUR Bonds (segue)Acquisto Vendita ScadenzaMXN 69,433.83 USD 5,291.89 30/04/2012MXN 82,258.36 USD 6,289.30 30/04/2012MXN 1,020,521.80 USD 79,671.40 30/04/2012MXN 215,426.22 USD 16,819.28 30/04/2012MXN 145,085.61 USD 11,290.61 30/04/2012MXN 133,038.32 USD 10,274.21 30/04/2012MXN 129,670.26 USD 10,081.22 30/04/2012MXN 856,606.37 USD 67,600.13 30/04/2012MXN 1,645.34 USD 129.11 30/04/2012MXN 577,256.86 USD 45,285.96 30/04/2012MXN 400,669.45 USD 31,442.68 30/04/2012MXN 969,612.29 USD 75,506.93 30/04/2012MYR 230,914.15 USD 76,134.11 12/04/2012MYR 230,146.35 USD 75,198.94 12/04/2012MYR 113,930.16 USD 37,256.53 03/04/2012MYR 24,247.53 USD 7,926.90 03/04/2012MYR 236,913.85 USD 77,296.73 03/04/2012MYR 147,261.89 USD 47,983.80 03/04/2012MYR 236,913.85 USD 77,321.75 03/04/2012PEN 94,096.60 USD 35,097.67 11/06/2012PHP 278,050.01 USD 6,536.22 13/04/2012PHP 2,182,689.02 USD 50,701.38 03/04/2012PHP 1,170,659.49 USD 27,205.73 03/04/2012PHP 3,259,616.59 USD 75,765.58 04/04/2012PLN 999,485.33 USD 310,588.03 07/05/2012PLN 44,782.23 USD 13,992.29 07/05/2012PLN 34,406.02 USD 10,775.48 07/05/2012RUB 149,670.99 USD 5,096.50 29/06/2012RUB 1,081,862.61 USD 36,829.46 29/06/2012RUB 644,453.68 USD 21,961.33 29/06/2012SGD 46,323.97 EUR 27,618.08 04/04/2012SGD 107,088.99 USD 84,841.98 04/04/2012SGD 51,400.14 USD 40,858.71 04/04/2012SGD 16,881.75 USD 13,453.77 04/04/2012THB 2,693,422.58 USD 87,403.60 03/04/2012TRY 26,923.42 USD 14,789.07 20/04/2012TRY 279,458.20 USD 157,699.24 20/04/2012TRY 17,552.77 USD 9,784.04 20/04/2012TRY 113,600.73 USD 63,115.17 20/04/2012TRY 59,252.96 USD 33,425.34 20/04/2012TRY 37,388.56 USD 20,952.10 20/04/2012TRY 124,007.97 USD 69,152.56 20/04/2012TRY 32,093.31 USD 17,800.49 20/04/2012TRY 112,681.40 USD 62,415.85 20/04/2012TRY 17,747.08 USD 9,713.70 20/04/2012TRY 86,737.65 USD 48,305.85 20/04/2012TWD 2,244,043.88 USD 75,953.42 13/04/2012TWD 2,244,423.64 USD 75,953.61 13/04/2012USD 205,959.76 AUD 196,527.05 04/04/2012USD 12,558.83 BRL 22,229.19 03/04/2012USD 31,819.44 BRL 57,895.63 03/04/2012USD 104,129.77 BRL 189,826.39 03/04/2012USD 36,233.05 CNY 229,157.53 07/05/2012USD 36,235.92 CNY 229,157.53 07/05/2012USD 39,226.34 CNY 251,285.68 21/05/2012USD 51,251.98 CNY 331,346.38 24/09/2012USD 51,275.78 CNY 331,346.38 24/09/2012USD 35,758.42 CNY 230,071.29 12/10/2012USD 35,758.42 CNY 230,214.32 15/10/2012USD 35,692.35 CNY 229,699.75 17/10/2012598
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - EUR Bonds (segue)Acquisto Vendita ScadenzaUSD 35,692.35 CNY 229,574.83 17/10/2012USD 35,726.63 CNY 229,009.32 24/10/2012USD 35,726.63 CNY 229,293.53 24/10/2012USD 35,726.63 CNY 229,313.00 24/10/2012USD 70,662.02 CNY 451,250.85 28/11/2012USD 70,662.02 CNY 451,674.83 28/11/2012USD 70,662.02 CNY 451,745.49 28/11/2012USD 62,645.07 CNY 397,297.82 09/01/2013USD 30,978.81 CNY 196,469.00 10/01/2013USD 30,978.81 CNY 196,453.51 10/01/2013USD 31,317.69 CNY 198,188.23 10/01/2013USD 31,317.69 CNY 198,194.49 10/01/2013USD 65,711.38 CNY 413,917.04 19/07/2012USD 65,711.38 CNY 414,672.72 22/01/2013USD 93,983.12 CNY 593,457.90 06/03/2013USD 93,604.79 CNY 591,115.76 20/02/2013USD 93,306.62 CNY 589,046.20 27/02/2013USD 37,852.74 CNY 239,135.30 21/02/2013USD 37,852.84 CNY 239,154.23 21/02/2013USD 37,682.09 CNY 238,961.56 21/02/2013USD 37,682.09 CNY 238,961.56 21/02/2013USD 9,830.94 CNY 62,053.07 09/04/2012USD 128,289.19 CNY 807,349.56 05/04/2012USD 39,299.68 COP 69,226,561.03 13/04/2012USD 266,386.74 EUR 202,468.77 04/04/2012USD 75,966.53 EUR 57,580.85 04/04/2012USD 75,992.85 EUR 57,580.85 04/04/2012USD 76,155.11 EUR 57,580.85 04/04/2012USD 76,218.16 EUR 57,580.85 04/04/2012USD 4.62 EUR 3.48 03/04/2012USD 124,095.12 HKD 963,458.25 02/05/2012USD 79,292.84 HUF 17,668,078.25 21/06/2012USD 35,296.13 IDR 319,255,696.46 10/04/2012USD 49,903.76 IDR 450,384,586.18 19/06/2012USD 50,153.83 IDR 450,384,586.18 15/06/2012USD 89,973.56 IDR 799,240,753.37 05/07/2012USD 59,995.44 IDR 522,743,971.36 07/05/2012USD 59,995.45 IDR 523,763,901.06 07/05/2012USD 55,704.64 INR 2,747,916.56 04/04/2012USD 9,431.73 INR 468,757.97 04/04/2012USD 50,968.31 INR 2,598,371.02 04/04/2012USD 50,968.31 INR 2,597,351.65 04/04/2012USD 49,917.05 INR 2,573,230.62 04/04/2012USD 50,278.09 INR 2,574,992.19 12/04/2012USD 50,253.43 INR 2,574,992.19 12/04/2012USD 50,184.87 INR 2,574,992.19 18/04/2012USD 50,175.09 INR 2,574,992.19 18/04/2012USD 79,293.41 JPY 6,596,887.20 04/04/2012USD 72,621.48 JPY 6,041,105.49 04/04/2012USD 75,815.36 KRW 86,058,230.84 09/04/2012USD 8,184.48 MXN 104,927.98 30/04/2012USD 81,370.65 MXN 1,059,920.50 30/04/2012USD 5,424.34 MXN 70,729.23 30/04/2012USD 73,926.07 MXN 961,623.78 30/04/2012USD 129,035.84 MXN 1,634,678.44 30/04/2012USD 75,477.59 MXN 959,249.04 30/04/2012USD 123,269.36 MYR 379,633.65 03/04/2012USD 123,245.35 MYR 379,633.64 03/04/2012USD 64,456.70 MYR 197,882.60 12/04/2012USD 77,225.78 MYR 236,913.85 17/04/2012599
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - EUR Bonds (segue)Acquisto Vendita ScadenzaUSD 77,248.64 MYR 236,913.85 17/04/2012USD 10,365.17 PEN 27,747.62 11/06/2012USD 8,496.73 PHP 364,085.60 08/02/2013USD 75,358.28 PHP 3,237,399.96 04/04/2012USD 1,716.25 PHP 73,790.26 13/04/2012USD 15,130.59 PLN 48,033.70 07/05/2012USD 14,197.36 PLN 44,497.24 07/05/2012USD 9,538.94 PLN 29,898.00 07/05/2012USD 3,639.40 PLN 11,451.40 07/05/2012USD 40,888.02 SGD 51,687.07 04/04/2012USD 40,888.02 SGD 51,683.19 04/04/2012USD 75,788.54 SGD 95,251.65 04/04/2012USD 83,422.93 THB 2,562,758.79 05/04/2012USD 59,363.24 THB 1,831,835.33 03/04/2012USD 535,766.21 TRY 999,849.58 20/04/2012USD 69,475.93 TRY 129,254.63 20/04/2012USD 11,909.95 TRY 21,633.30 20/04/2012USD 7,703.90 TRY 13,821.99 20/04/2012USD 40,981.27 TRY 73,909.92 20/04/2012USD 7,958.25 TRY 14,101.06 20/04/2012USD 40,208.64 TRY 71,244.85 20/04/2012USD 40,206.70 TRY 71,241.42 20/04/2012USD 47,557.15 TRY 84,926.90 20/04/2012USD 27,340.69 TRY 48,940.48 20/04/2012USD 9,020.99 TRY 16,335.08 20/04/2012USD 17,659.92 TRY 31,860.36 20/04/2012USD 75,489.54 TRY 136,548.87 20/04/2012USD 71,524.88 TRY 130,214.33 20/04/2012USD 75,733.55 TRY 136,017.76 20/04/2012USD 15,158.86 TRY 27,229.46 20/04/2012USD 71,939.62 TWD 2,126,540.47 13/04/2012USD 76,086.32 TWD 2,248,356.38 13/04/2012USD 186,521.59 ZAR 1,452,145.16 29/05/2012La plusvalenza netta non realizzata su questi contratti al 31 marzo 2012, ammontavaEUR 21,420.76 e compare nello stato patrimoniale.<strong>Pictet</strong> - Short-Term Money Market EURAcquisto Vendita ScadenzaEUR 16,579,352.69 CHF 19,940,169.86 26/04/2012EUR 33,057,502.58 CHF 39,880,339.71 10/05/2012EUR 8,259,884.17 CHF 9,970,084.93 18/05/2012EUR 8,260,363.21 CHF 9,970,084.93 18/05/2012EUR 33,073,101.64 CHF 39,880,339.71 21/06/2012EUR 5,514,067.62 CHF 6,646,723.28 28/06/2012EUR 5,513,976.14 CHF 6,646,723.29 28/06/2012EUR 5,514,113.38 CHF 6,646,723.29 28/06/2012EUR 29,980,781.58 GBP 24,925,212.32 08/05/2012EUR 7,406,662.82 GBP 6,181,452.66 17/04/2012EUR 11,339,258.64 GBP 9,471,580.68 11/06/2012EUR 11,949,222.74 GBP 9,970,084.93 09/05/2012EUR 11,962,398.46 GBP 9,970,084.93 12/04/2012EUR 31,029,302.72 GBP 25,922,220.81 27/04/2012EUR 19,372,328.18 JPY 1,994,016,985.60 14/05/2012EUR 15,784,531.52 NOK 119,641,019.14 20/06/2012EUR 22,698,335.38 USD 29,910,254.78 30/05/2012600
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Short-Term Money Market EUR (segue)Acquisto Vendita ScadenzaEUR 15,031,476.02 USD 19,940,169.86 22/06/2012EUR 7,512,159.06 USD 9,970,084.93 16/08/2012La plusvalenza netta non realizzata su questi contratti al 31 marzo 2012, ammontavaEUR 1,386,852.17 e compare nello stato patrimoniale.<strong>Pictet</strong> - EUR Corporate BondsAcquisto Vendita ScadenzaCHF 185,589,594.38 EUR 153,888,552.55 30/04/2012CHF 809,088.00 EUR 672,000.00 30/04/2012USD 31,733,598.67 EUR 23,776,719.49 30/04/2012La plusvalenza netta non realizzata su questi contratti al 31 marzo 2012, ammontavaEUR 340,131.84 e compare nello stato patrimoniale.<strong>Pictet</strong> - Global Emerging DebtAcquisto Vendita ScadenzaAUD 11,500,000.00 SGD 15,101,259.50 04/04/2012BRL 20,450,000.00 USD 11,096,069.17 02/10/2012BRL 20,450,000.01 USD 11,456,608.31 03/04/2012BRL 10,532,000.01 USD 5,777,388.43 03/04/2012CAD 10,383,278.31 AUD 10,014,765.00 13/04/2012CAD 2,077,856.40 AUD 2,002,952.00 13/04/2012CAD 8,307,404.63 AUD 8,028,518.00 13/04/2012CAD 4,163,661.70 AUD 4,025,518.00 13/04/2012CHF 227,734,544.06 USD 251,876,949.69 30/04/2012CHF 1,373,500.80 USD 1,512,000.00 30/04/2012CNY 113,400,000.00 USD 17,761,891.97 07/05/2012CNY 126,037,000.03 USD 19,721,152.79 21/05/2012CNY 60,100,000.03 USD 9,348,331.11 28/11/2012CNY 60,050,000.01 USD 9,319,534.32 28/11/2012CNY 60,050,000.01 USD 9,321,704.36 28/11/2012CNY 113,779,220.53 USD 17,956,286.69 09/04/2012CNY 113,761,270.71 USD 17,956,287.71 09/04/2012CNY 113,761,277.05 USD 17,956,288.71 09/04/2012CNY 113,770,267.80 USD 17,956,290.70 09/04/2012CNY 43,977,671.47 USD 6,927,817.00 17/10/2012CNY 37,033,920.95 USD 5,833,951.00 24/10/2012CNY 40,480,219.66 USD 6,380,883.00 24/09/2012CNY 40,492,994.12 USD 6,380,885.00 24/09/2012CNY 43,963,926.70 USD 6,927,834.47 26/09/2012CNY 40,499,368.65 USD 6,380,884.00 15/10/2012CNY 38,185,118.65 USD 6,016,262.00 15/10/2012CNY 41,663,161.84 USD 6,563,211.54 15/10/2012CNY 45,129,467.00 USD 7,131,729.00 12/10/2012CNY 45,150,868.52 USD 7,131,730.00 17/10/2012CNY 45,136,611.39 USD 7,131,731.00 12/10/2012CNY 45,143,730.46 USD 7,131,729.00 12/10/2012CNY 45,122,341.60 USD 7,131,730.00 20/09/2012CNY 136,165,621.62 USD 21,630,812.98 02/05/2012CNY 129,584,300.02 USD 20,600,052.40 02/05/2012CNY 88,411,873.99 USD 14,049,276.78 09/04/2012CNY 88,411,876.00 USD 14,049,277.10 09/04/2012CNY 176,407,537.60 USD 27,925,841.00 27/04/2012CNY 146,727,171.54 USD 23,232,925.86 12/04/2012CNY 125,380,872.58 USD 19,829,383.18 10/04/2012601
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Global Emerging Debt (segue)Acquisto Vendita ScadenzaCNY 125,390,806.18 USD 19,829,386.17 10/04/2012CNY 125,380,859.93 USD 19,829,381.18 10/04/2012CNY 152,698,228.92 USD 24,145,891.09 18/05/2012CNY 74,539,715.08 USD 11,803,626.91 04/05/2012CNY 74,539,740.34 USD 11,803,630.91 04/05/2012CNY 74,527,924.08 USD 11,803,628.91 11/04/2012CNY 74,527,924.09 USD 11,803,599.00 11/04/2012CNY 89,738,178.01 USD 14,249,846.13 06/04/2012CNY 89,738,176.99 USD 14,250,977.45 06/04/2012CNY 73,705,620.63 USD 11,675,797.59 26/04/2012CNY 73,873,247.66 USD 11,712,927.71 27/04/2012CNY 96,400,000.02 USD 15,262,863.24 08/05/2012CNY 96,400,000.03 USD 15,272,535.55 26/04/2012CNY 231,432,120.00 USD 36,648,000.00 05/04/2012COP 18,169,999,999.89 USD 10,261,504.01 13/04/2012EUR 11,976,753.00 JPY 1,322,416,775.00 05/04/2012EUR 11,735,233.99 JPY 1,290,583,532.00 05/04/2012EUR 1,533,485,840.93 USD 2,046,743,551.80 30/04/2012EUR 19,772,264.54 USD 26,220,000.00 30/04/2012EUR 18,240,000.00 USD 24,107,844.48 04/04/2012EUR 18,240,000.00 USD 24,146,166.72 04/04/2012EUR 18,240,000.00 USD 24,144,433.92 04/04/2012EUR 18,240,000.00 USD 24,108,045.12 04/04/2012EUR 35,550,000.00 USD 47,412,039.60 04/04/2012IDR 93,633,488,220.00 USD 10,168,736.11 10/04/2012IDR 136,204,021,051.00 USD 14,803,212.86 13/04/2012IDR 72,890,004,253.00 USD 7,921,104.57 16/04/2012IDR 72,890,004,334.00 USD 7,915,103.31 16/04/2012ILS 2,660,982.68 USD 712,349.80 30/04/2012INR 186,500,000.24 USD 3,708,500.05 04/04/2012INR 780,166,508.91 USD 15,270,472.96 04/04/2012INR 780,166,512.99 USD 15,270,473.04 04/04/2012INR 780,166,512.22 USD 15,273,424.28 04/04/2012INR 780,166,509.79 USD 15,264,497.43 04/04/2012JPY 2,618,353,483.00 EUR 23,711,987.00 05/04/2012JPY 11,353,200,542.00 USD 136,744,360.64 27/04/2012JPY 4,081,859,722.00 USD 48,674,582.33 04/04/2012KRW 27,296,846,133.00 USD 24,156,560.86 09/04/2012MXN 282,100,000.02 USD 22,023,343.34 30/04/2012MXN 182,047,631.96 USD 14,281,686.69 30/04/2012MXN 127,999,999.98 USD 10,044,847.89 30/04/2012MXN 304,500,000.00 USD 23,712,426.90 30/04/2012MYR 70,465,285.61 USD 23,232,928.28 12/04/2012MYR 73,647,501.68 USD 24,063,879.00 12/04/2012MYR 36,608,730.80 USD 11,971,493.32 03/04/2012MYR 29,894,395.00 USD 9,753,498.54 03/04/2012MYR 29,894,395.00 USD 9,756,656.33 03/04/2012MYR 47,000,000.00 USD 15,314,474.59 03/04/2012PHP 110,594,033.81 USD 2,599,772.20 13/04/2012PHP 694,225,979.14 USD 16,126,079.46 03/04/2012PHP 1,024,953,816.11 USD 23,823,729.19 04/04/2012PHP 287,199,999.91 USD 6,674,429.95 03/04/2012PHP 66,580,545.13 USD 1,548,568.69 13/04/2012SGD 14,760,292.80 EUR 8,800,000.00 04/04/2012SGD 40,291,419.99 USD 31,921,151.43 04/04/2012SGD 16,032,469.80 USD 12,744,442.00 04/04/2012THB 449,371,365.14 USD 14,582,440.55 03/04/2012TRY 72,150,000.00 USD 40,714,498.54 20/04/2012TRY 8,441,483.99 USD 4,682,052.97 20/04/2012TRY 29,638,516.00 USD 16,417,201.70 20/04/2012602
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Global Emerging Debt (segue)Acquisto Vendita ScadenzaTWD 709,708,244.00 USD 24,021,263.97 13/04/2012TWD 709,828,351.00 USD 24,021,324.15 13/04/2012USD 64,798,063.23 AUD 61,830,390.00 04/04/2012USD 17,027,708.09 BRL 30,982,000.00 03/04/2012USD 5,740,357.30 BRL 10,532,000.00 03/05/2012USD 8,965,782.02 CNY 56,700,000.00 07/05/2012USD 8,965,073.21 CNY 56,700,000.00 07/05/2012USD 9,837,348.94 CNY 63,018,500.00 21/05/2012USD 12,660,852.72 CNY 81,815,000.00 24/09/2012USD 12,654,977.65 CNY 81,815,000.00 24/09/2012USD 8,677,000.00 CNY 55,828,208.47 12/10/2012USD 8,677,000.00 CNY 55,862,916.47 15/10/2012USD 8,654,500.00 CNY 55,696,424.20 17/10/2012USD 8,654,500.00 CNY 55,666,133.45 17/10/2012USD 8,732,384.00 CNY 56,044,440.51 24/10/2012USD 8,732,384.00 CNY 55,974,974.40 24/10/2012USD 8,732,384.00 CNY 56,049,199.66 24/10/2012USD 18,844,367.36 CNY 120,472,888.50 28/11/2012USD 18,844,367.33 CNY 120,454,044.00 28/11/2012USD 18,844,367.21 CNY 120,340,977.00 28/11/2012USD 17,957,229.42 CNY 113,885,539.07 09/01/2013USD 8,900,585.25 CNY 56,447,903.27 10/01/2013USD 8,900,584.24 CNY 56,443,446.61 10/01/2013USD 8,832,104.67 CNY 55,892,349.30 10/01/2013USD 8,832,106.67 CNY 55,894,128.37 10/01/2013USD 16,590,256.86 CNY 104,502,293.40 19/07/2012USD 16,590,256.94 CNY 104,693,081.84 22/01/2013USD 28,302,337.29 CNY 178,729,712.82 20/02/2013USD 27,925,770.24 CNY 176,337,722.99 06/03/2013USD 28,411,571.99 CNY 179,362,708.57 27/02/2013USD 11,759,791.00 CNY 74,298,359.54 21/02/2013USD 11,759,765.22 CNY 74,292,504.91 21/02/2013USD 11,838,297.13 CNY 75,072,750.66 21/02/2013USD 11,838,297.13 CNY 75,072,750.67 21/02/2013USD 5,363,208.20 CNY 33,852,656.00 09/04/2012USD 36,774,950.74 CNY 231,432,120.00 05/04/2012USD 10,366,139.31 COP 18,260,000,000.00 13/04/2012USD 84,634,757.28 EUR 64,327,132.00 04/04/2012USD 23,958,524.32 EUR 18,160,000.00 04/04/2012USD 23,966,823.44 EUR 18,160,000.00 04/04/2012USD 24,017,998.32 EUR 18,160,000.00 04/04/2012USD 24,037,883.52 EUR 18,160,000.00 04/04/2012USD 66,541,986.60 HUF 14,826,925,380.00 21/06/2012USD 4,662,061.69 HUF 1,029,000,000.00 21/06/2012USD 4,537,502.79 IDR 41,042,000,000.00 10/04/2012USD 6,415,356.74 IDR 57,899,000,000.00 19/06/2012USD 6,447,504.95 IDR 57,899,000,000.00 15/06/2012USD 21,669,629.42 IDR 192,492,665,958.00 05/07/2012USD 14,524,859.31 IDR 126,555,985,193.00 07/05/2012USD 14,524,859.34 IDR 126,802,909,530.00 07/05/2012USD 14,125,275.34 INR 696,801,570.00 04/04/2012USD 3,135,149.10 INR 155,817,299.00 04/04/2012USD 16,239,623.54 INR 827,898,070.72 04/04/2012USD 16,239,625.53 INR 827,573,379.36 04/04/2012USD 15,500,945.21 INR 799,075,725.20 04/04/2012USD 15,204,922.29 INR 780,166,509.00 18/04/2012USD 15,201,959.61 INR 780,166,513.00 18/04/2012USD 15,233,164.35 INR 780,166,512.00 12/04/2012USD 15,225,694.01 INR 780,166,510.00 12/04/2012USD 24,619,996.73 JPY 2,048,282,983.00 04/04/2012603
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Global Emerging Debt (segue)Acquisto Vendita ScadenzaUSD 22,548,413.51 JPY 1,875,717,016.00 04/04/2012USD 24,156,441.41 KRW 27,420,044,285.00 09/04/2012USD 23,993,698.16 MXN 312,302,767.00 30/04/2012USD 8,028,950.06 MXN 104,583,762.68 30/04/2012USD 18,164,075.83 MXN 236,276,700.00 30/04/2012USD 28,796,116.49 MXN 364,800,912.22 30/04/2012USD 24,140,262.80 MXN 306,800,000.00 30/04/2012USD 14,814,087.25 MYR 45,314,930.00 03/04/2012USD 15,920,907.26 MYR 49,041,298.00 03/04/2012USD 15,924,007.41 MYR 49,041,293.00 03/04/2012USD 27,271,928.93 MYR 83,725,040.00 12/04/2012USD 9,744,545.62 MYR 29,894,395.00 17/04/2012USD 9,747,430.63 MYR 29,894,395.00 17/04/2012USD 23,472,506.54 PHP 1,008,381,392.40 04/04/2012USD 9,922,837.62 PLN 31,932,267.00 07/05/2012USD 12,686,747.00 SGD 16,036,276.57 04/04/2012USD 12,686,745.00 SGD 16,037,479.28 04/04/2012USD 23,787,704.25 SGD 29,896,577.00 04/04/2012USD 19,956,000.00 THB 613,049,856.61 05/04/2012USD 19,255,898.54 THB 594,200,000.00 03/04/2012USD 39,449,042.31 TRY 73,620,000.00 20/04/2012USD 12,251,915.96 TRY 21,879,300.00 20/04/2012USD 8,435,641.09 TRY 15,100,000.00 20/04/2012USD 23,628,337.42 TRY 42,740,000.00 20/04/2012USD 24,695,887.94 TRY 44,960,000.00 20/04/2012USD 23,886,361.05 TRY 42,900,000.00 20/04/2012USD 23,881,129.20 TWD 705,689,135.00 13/04/2012USD 23,294,934.92 TWD 688,600,000.00 13/04/2012USD 60,752,558.51 ZAR 472,982,969.00 29/05/2012La minusvalenza netta non realizzata su questi contratti al 31 marzo 2012, ammontavaUSD 8,590,313.92 e compare nello stato patrimoniale.<strong>Pictet</strong> - World Government BondsAcquisto Vendita ScadenzaDKK 7,999,995.76 SEK 9,602,650.92 10/04/2012EUR 11,999.99 CAD 15,918.47 03/04/2012EUR 38,999.98 GBP 32,545.91 03/04/2012EUR 170,999.91 JPY 18,674,900.11 03/04/2012EUR 8,759,995.36 SEK 78,166,314.61 10/04/2012EUR 180,999.90 USD 240,332.94 03/04/2012SEK 97,405.18 EUR 10,999.99 03/04/2012USD 7,488.75 EUR 5,639.97 03/04/2012La minusvalenza netta non realizzata su questi contratti al 31 marzo 2012, ammontavaEUR 71,825.85 e compare nello stato patrimoniale.<strong>Pictet</strong> - EUR High YieldAcquisto Vendita ScadenzaCHF 47,259,008.83 EUR 39,186,574.49 30/04/2012CHF 2,127,386.52 EUR 1,763,404.06 03/04/2012EUR 2,722,328.41 CHF 3,279,553.64 03/04/2012EUR 3,391,368.89 CHF 4,083,520.15 04/09/2012EUR 618,958.19 GBP 523,296.97 04/09/2012EUR 5,071,740.10 GBP 4,242,322.94 04/09/2012604
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - EUR High Yield (segue)Acquisto Vendita ScadenzaEUR 2,839,014.16 GBP 2,378,622.59 04/09/2012EUR 2,966,011.50 GBP 2,477,731.86 04/09/2012La plusvalenza netta non realizzata su questi contratti al 31 marzo 2012, ammontavaEUR 28,065.76 e compare nello stato patrimoniale.<strong>Pictet</strong> - EUR Short Mid-Term BondsAcquisto Vendita ScadenzaCHF 24,927,154.54 EUR 20,669,282.37 30/04/2012La plusvalenza netta non realizzata su questo contratto al 31 marzo 2012, ammontavaEUR 28,659.85 e compare nello stato patrimoniale.<strong>Pictet</strong> - CHF BondsAcquisto Vendita ScadenzaCHF 174,148.10 EUR 144,487.19 10/04/2012La plusvalenza netta non realizzata su questo contratto al 31 marzo 2012, ammontavaCHF 109.93 e compare nello stato patrimoniale.<strong>Pictet</strong> - EUR Government BondsAcquisto Vendita ScadenzaCHF 15,539,658.05 EUR 12,885,288.60 30/04/2012La plusvalenza netta non realizzata su questo contratto al 31 marzo 2012, ammontavaEUR 17,866.63 e compare nello stato patrimoniale.<strong>Pictet</strong> - EUR Inflation Linked BondsAcquisto Vendita ScadenzaEUR 96,530.01 USD 127,000.00 23/04/2012La plusvalenza netta non realizzata su questo contratto al 31 marzo 2012, ammontavaEUR 868.18 e compare nello stato patrimoniale.<strong>Pictet</strong> - Emerging Local Currency DebtAcquisto Vendita ScadenzaAUD 27,803,048.17 SGD 36,509,656.12 04/04/2012BRL 128,355,417.38 USD 74,664,484.92 03/04/2012BRL 28,122,623.44 USD 16,321,931.94 03/04/2012BRL 51,636,372.34 USD 28,017,641.04 02/10/2012BRL 51,636,372.34 USD 28,928,004.51 03/04/2012BRL 146,343,510.16 USD 79,763,446.15 03/05/2012CAD 25,642,495.97 AUD 24,732,417.21 13/04/2012CAD 5,131,467.50 AUD 4,946,483.84 13/04/2012CAD 20,483,822.08 AUD 19,796,162.78 13/04/2012CAD 10,215,240.32 AUD 9,876,314.82 13/04/2012CHF 27,292,049.83 USD 30,185,311.98 30/04/2012CNY 353,330,403.81 USD 55,342,296.85 07/05/2012CNY 387,449,058.23 USD 60,624,594.95 21/05/2012CNY 175,067,325.58 USD 27,231,070.30 28/11/2012605
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Emerging Local Currency Debt (segue)Acquisto Vendita ScadenzaCNY 167,527,346.67 USD 25,999,614.60 28/11/2012CNY 167,527,346.68 USD 26,005,668.57 28/11/2012CNY 304,552,431.23 USD 48,067,321.05 09/04/2012CNY 304,528,397.70 USD 48,067,321.07 09/04/2012CNY 304,576,471.03 USD 48,067,322.02 09/04/2012CNY 304,528,404.02 USD 48,067,322.07 09/04/2012CNY 123,608,203.13 USD 19,484,318.24 24/09/2012CNY 123,647,171.77 USD 19,484,318.24 24/09/2012CNY 134,245,845.24 USD 21,154,456.94 26/09/2012CNY 116,599,992.38 USD 18,370,928.99 15/10/2012CNY 123,666,662.43 USD 19,484,319.23 15/10/2012CNY 134,287,815.56 USD 21,154,403.60 17/10/2012CNY 113,084,756.62 USD 17,814,233.87 24/10/2012CNY 127,220,346.44 USD 20,041,062.87 15/10/2012CNY 132,353,133.34 USD 20,915,529.07 12/10/2012CNY 132,374,042.55 USD 20,915,528.08 12/10/2012CNY 132,415,873.60 USD 20,915,528.08 17/10/2012CNY 132,394,964.40 USD 20,915,529.07 12/10/2012CNY 132,332,211.49 USD 20,915,528.08 20/09/2012CNY 370,991,644.62 USD 58,934,485.71 02/05/2012CNY 350,418,364.12 USD 55,706,105.30 02/05/2012CNY 300,037,248.45 USD 47,678,056.78 09/04/2012CNY 300,037,248.45 USD 47,678,056.78 09/04/2012CNY 457,697,662.13 USD 72,454,909.31 27/04/2012CNY 370,683,062.93 USD 58,694,323.81 12/04/2012CNY 366,357,364.43 USD 57,931,418.62 18/05/2012CNY 270,425,176.49 USD 42,768,600.47 10/04/2012CNY 270,446,554.41 USD 42,768,599.46 10/04/2012CNY 270,425,170.18 USD 42,768,599.47 10/04/2012CNY 182,386,896.80 USD 28,886,182.92 11/04/2012CNY 182,386,884.17 USD 28,886,107.72 11/04/2012CNY 182,415,776.55 USD 28,886,181.91 04/05/2012CNY 182,415,776.55 USD 28,886,181.91 04/05/2012CNY 227,201,566.22 USD 36,078,149.02 06/04/2012CNY 227,201,566.20 USD 36,081,013.74 06/04/2012CNY 183,267,014.44 USD 29,031,552.10 26/04/2012CNY 182,586,200.11 USD 28,949,843.56 27/04/2012CNY 280,427,296.18 USD 44,399,621.05 08/05/2012CNY 280,427,296.19 USD 44,427,757.77 26/04/2012CNY 622,412,758.12 USD 98,561,006.83 05/04/2012COP 294,486,281,295.43 USD 166,311,070.75 13/04/2012EUR 28,978,787.55 JPY 3,199,701,520.11 05/04/2012EUR 29,157,769.66 JPY 3,206,628,634.58 05/04/2012EUR 765,382,121.42 USD 1,021,555,517.46 30/04/2012EUR 44,398,491.88 USD 58,682,063.91 04/04/2012EUR 44,398,491.88 USD 58,770,638.90 04/04/2012EUR 44,398,491.88 USD 58,774,856.75 04/04/2012EUR 44,398,491.88 USD 58,681,575.53 04/04/2012EUR 88,262,693.87 USD 117,713,483.46 04/04/2012EUR 7,678,444.53 USD 10,197,742.18 03/04/2012GBP 117,840.14 USD 187,507.23 03/04/2012IDR 868,842,325,185.36 USD 94,357,569.01 10/04/2012IDR 505,740,729,003.72 USD 54,965,981.22 13/04/2012IDR 401,089,090,403.12 USD 43,554,141.83 16/04/2012IDR 401,089,090,439.08 USD 43,587,164.79 16/04/2012INR 528,597,464.00 USD 10,511,011.90 04/04/2012INR 1,985,147,539.43 USD 38,855,989.68 04/04/2012INR 1,985,147,540.17 USD 38,840,784.81 04/04/2012INR 1,985,147,540.45 USD 38,855,989.70 04/04/2012INR 1,985,147,540.37 USD 38,863,499.22 04/04/2012606
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Emerging Local Currency Debt (segue)Acquisto Vendita ScadenzaJPY 6,419,624,684.50 EUR 58,136,557.22 05/04/2012JPY 8,938,703,804.40 USD 106,590,550.35 04/04/2012KRW 66,047,077,673.78 USD 58,448,886.13 09/04/2012MXN 3,302,311,804.25 USD 253,712,367.61 30/04/2012MXN 53,528,857.12 USD 4,079,696.48 30/04/2012MXN 63,415,716.87 USD 4,848,632.24 30/04/2012MXN 786,754,358.81 USD 61,421,344.80 30/04/2012MXN 166,079,271.21 USD 12,966,544.19 30/04/2012MXN 111,851,343.21 USD 8,704,304.76 30/04/2012MXN 102,563,687.02 USD 7,920,729.37 30/04/2012MXN 99,967,138.03 USD 7,771,946.66 30/04/2012MXN 660,386,476.87 USD 52,115,197.22 30/04/2012MXN 1,268,449.12 USD 99,535.37 30/04/2012MXN 445,026,608.44 USD 34,912,459.57 30/04/2012MXN 308,889,468.43 USD 24,240,216.61 30/04/2012MXN 747,506,521.40 USD 58,210,816.90 30/04/2012MYR 178,019,433.11 USD 58,694,329.92 12/04/2012MYR 177,427,511.42 USD 57,973,374.10 12/04/2012MYR 87,832,571.79 USD 28,722,302.67 03/04/2012MYR 18,693,231.62 USD 6,111,112.01 03/04/2012MYR 182,644,806.68 USD 59,590,630.80 03/04/2012MYR 113,529,113.36 USD 36,992,313.23 03/04/2012MYR 182,644,805.69 USD 59,609,923.53 03/04/2012PEN 72,542,210.29 USD 27,057,963.33 11/06/2012PHP 214,358,046.78 USD 5,038,988.74 13/04/2012PHP 1,682,707,910.78 USD 39,087,389.83 03/04/2012PHP 902,500,525.43 USD 20,973,804.10 03/04/2012PHP 2,512,947,365.45 USD 58,410,219.62 04/04/2012PLN 770,536,646.08 USD 239,442,694.06 07/05/2012PLN 34,524,115.47 USD 10,787,127.57 07/05/2012PLN 26,524,747.13 USD 8,307,176.19 07/05/2012RUB 115,386,367.08 USD 3,929,059.47 29/06/2012RUB 834,044,039.05 USD 28,393,059.12 29/06/2012RUB 496,830,883.49 USD 16,930,724.81 29/06/2012SGD 35,712,699.72 EUR 21,291,702.12 04/04/2012SGD 82,558,482.09 USD 65,407,518.75 04/04/2012SGD 39,626,084.75 USD 31,499,347.58 04/04/2012SGD 13,014,702.72 USD 10,371,958.75 04/04/2012THB 2,076,449,481.91 USD 67,382,355.61 03/04/2012TRY 20,756,163.88 USD 11,401,384.72 20/04/2012TRY 215,443,663.15 USD 121,575,616.19 20/04/2012TRY 13,532,015.18 USD 7,542,841.02 20/04/2012TRY 87,578,603.07 USD 48,657,590.81 20/04/2012TRY 45,680,088.56 USD 25,768,709.67 20/04/2012TRY 28,824,091.15 USD 16,152,673.86 20/04/2012TRY 95,601,889.66 USD 53,312,021.77 20/04/2012TRY 24,741,804.74 USD 13,722,994.73 20/04/2012TRY 86,869,857.03 USD 48,118,467.36 20/04/2012TRY 13,681,816.09 USD 7,488,617.27 20/04/2012TRY 66,868,952.37 USD 37,240,595.38 20/04/2012TWD 1,730,008,420.64 USD 58,555,032.01 13/04/2012TWD 1,730,301,196.52 USD 58,555,178.66 13/04/2012USD 158,781,262.09 AUD 151,509,271.58 04/04/2012USD 9,682,025.38 BRL 17,137,223.66 03/04/2012USD 24,530,671.43 BRL 44,633,679.31 03/04/2012USD 80,277,123.42 BRL 146,343,510.17 03/04/2012USD 27,933,271.07 CNY 176,665,201.92 07/05/2012USD 27,935,479.56 CNY 176,665,201.92 07/05/2012USD 30,240,894.21 CNY 193,724,529.11 21/05/2012USD 39,511,866.94 CNY 255,445,997.77 24/09/2012607
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Emerging Local Currency Debt (segue)Acquisto Vendita ScadenzaUSD 39,530,210.30 CNY 255,445,997.77 24/09/2012USD 27,567,361.41 CNY 177,369,643.86 12/10/2012USD 27,567,361.41 CNY 177,479,913.30 15/10/2012USD 27,516,429.10 CNY 177,083,217.74 17/10/2012USD 27,516,429.10 CNY 176,986,910.24 17/10/2012USD 27,542,854.98 CNY 176,550,939.87 24/10/2012USD 27,542,854.98 CNY 176,770,043.28 24/10/2012USD 27,542,854.98 CNY 176,785,054.13 24/10/2012USD 54,475,714.30 CNY 347,884,362.94 28/11/2012USD 54,475,714.66 CNY 348,211,219.53 28/11/2012USD 54,475,714.72 CNY 348,265,695.63 28/11/2012USD 48,295,181.45 CNY 306,290,165.76 09/01/2013USD 23,882,602.76 CNY 151,464,517.49 10/01/2013USD 23,882,602.74 CNY 151,452,576.09 10/01/2013USD 24,143,853.32 CNY 152,789,933.29 10/01/2013USD 24,143,852.33 CNY 152,794,755.76 10/01/2013USD 50,659,099.33 CNY 319,102,477.24 19/07/2012USD 50,659,099.57 CNY 319,685,058.37 22/01/2013USD 72,454,725.73 CNY 457,516,524.87 06/03/2013USD 72,163,063.11 CNY 455,710,898.19 20/02/2013USD 71,933,193.15 CNY 454,115,399.29 27/02/2013USD 29,181,943.53 CNY 184,357,395.19 21/02/2013USD 29,182,017.44 CNY 184,371,986.21 21/02/2013USD 29,050,381.01 CNY 184,223,455.93 21/02/2013USD 29,050,381.01 CNY 184,223,455.92 21/02/2013USD 7,579,002.27 CNY 47,838,783.54 09/04/2012USD 98,902,427.72 CNY 622,412,758.12 05/04/2012USD 30,297,437.51 COP 53,369,069,478.11 13/04/2012USD 205,366,438.29 EUR 156,089,937.62 04/04/2012USD 58,565,137.51 EUR 44,391,001.84 04/04/2012USD 58,585,424.20 EUR 44,391,001.84 04/04/2012USD 58,710,518.04 EUR 44,391,001.84 04/04/2012USD 58,759,126.19 EUR 44,391,001.84 04/04/2012USD 3,565.37 EUR 2,683.55 03/04/2012USD 95,669,075.16 HKD 742,762,166.93 02/05/2012USD 61,129,500.59 HUF 13,620,912,001.00 21/06/2012USD 27,210,963.37 IDR 246,124,886,059.50 10/04/2012USD 38,472,476.24 IDR 347,216,529,528.65 19/06/2012USD 38,665,266.98 IDR 347,216,529,528.65 15/06/2012USD 69,363,626.40 IDR 616,161,407,731.62 05/07/2012USD 46,252,493.56 IDR 403,000,797,840.46 07/05/2012USD 46,252,493.67 IDR 403,787,095,735.93 07/05/2012USD 42,944,565.73 INR 2,118,460,709.50 04/04/2012USD 7,271,233.00 INR 361,381,181.90 04/04/2012USD 39,293,175.12 INR 2,003,171,058.07 04/04/2012USD 39,293,175.09 INR 2,002,385,192.61 04/04/2012USD 38,482,725.84 INR 1,983,789,481.60 04/04/2012USD 38,761,057.12 INR 1,985,147,540.27 12/04/2012USD 38,742,048.82 INR 1,985,147,540.27 12/04/2012USD 38,689,194.85 INR 1,985,147,540.27 18/04/2012USD 38,681,656.04 INR 1,985,147,539.27 18/04/2012USD 61,129,939.36 JPY 5,085,760,811.28 04/04/2012USD 55,986,325.54 JPY 4,657,290,121.14 04/04/2012USD 58,448,597.13 KRW 66,345,166,256.14 09/04/2012USD 6,309,692.82 MXN 80,892,489.29 30/04/2012USD 62,731,353.43 MXN 817,128,133.66 30/04/2012USD 4,181,805.00 MXN 54,527,529.82 30/04/2012USD 56,992,076.18 MXN 741,347,911.56 30/04/2012USD 99,478,038.61 MXN 1,260,228,240.89 30/04/2012USD 58,188,194.58 MXN 739,517,139.76 30/04/2012608
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Emerging Local Currency Debt (segue)Acquisto Vendita ScadenzaUSD 95,032,472.22 MYR 292,672,264.95 03/04/2012USD 95,013,960.92 MYR 292,672,263.95 03/04/2012USD 49,691,827.08 MYR 152,554,306.67 12/04/2012USD 59,535,931.42 MYR 182,644,806.69 17/04/2012USD 59,553,557.56 MYR 182,644,805.69 17/04/2012USD 7,990,852.99 PEN 21,391,569.39 11/06/2012USD 6,550,409.78 PHP 280,685,760.10 08/02/2013USD 58,096,219.94 PHP 2,495,819,824.82 04/04/2012USD 1,323,112.83 PHP 56,887,377.45 13/04/2012USD 11,664,679.23 PLN 37,030,783.99 07/05/2012USD 10,945,222.69 PLN 34,304,407.50 07/05/2012USD 7,353,886.10 PLN 23,049,366.08 07/05/2012USD 2,805,734.72 PLN 8,828,266.73 07/05/2012USD 31,521,937.56 SGD 39,847,291.05 04/04/2012USD 31,521,937.56 SGD 39,844,296.47 04/04/2012USD 58,427,922.01 SGD 73,432,679.80 04/04/2012USD 64,313,523.68 THB 1,975,716,399.51 05/04/2012USD 45,765,103.10 THB 1,412,223,075.39 03/04/2012USD 413,040,078.59 TRY 770,817,459.85 20/04/2012USD 53,561,319.57 TRY 99,646,710.84 20/04/2012USD 9,181,781.71 TRY 16,677,834.21 20/04/2012USD 5,939,195.77 TRY 10,655,837.79 20/04/2012USD 31,593,828.02 TRY 56,979,626.80 20/04/2012USD 6,135,281.36 TRY 10,870,976.21 20/04/2012USD 30,998,184.70 TRY 54,925,032.51 20/04/2012USD 30,996,692.23 TRY 54,922,388.03 20/04/2012USD 36,663,397.90 TRY 65,472,982.69 20/04/2012USD 21,077,848.61 TRY 37,729,854.88 20/04/2012USD 6,954,579.88 TRY 12,593,262.84 20/04/2012USD 13,614,626.32 TRY 24,562,215.42 20/04/2012USD 58,197,407.78 TRY 105,270,090.08 20/04/2012USD 55,140,919.56 TRY 100,386,580.54 20/04/2012USD 58,385,523.79 TRY 104,860,634.27 20/04/2012USD 11,686,468.94 TRY 20,992,100.31 20/04/2012USD 55,460,656.71 TWD 1,639,421,116.30 13/04/2012USD 58,657,486.78 TWD 1,733,333,074.98 13/04/2012USD 143,795,724.61 ZAR 1,119,507,234.36 29/05/2012La minusvalenza netta non realizzata su questi contratti al 31 marzo 2012, ammontavaUSD 13,397,083.75 e compare nello stato patrimoniale.<strong>Pictet</strong> - Asian Local Currency DebtAcquisto Vendita ScadenzaAUD 17,400,000.00 SGD 22,848,862.20 04/04/2012CAD 2,113,105.07 AUD 2,036,930.00 13/04/2012CAD 10,559,412.49 AUD 10,184,648.00 13/04/2012CAD 8,408,844.04 AUD 8,126,552.00 13/04/2012CAD 4,215,670.26 AUD 4,075,801.00 13/04/2012CNY 129,100,000.01 USD 20,220,989.89 07/05/2012CNY 138,264,000.02 USD 21,634,325.39 21/05/2012CNY 241,999,985.98 USD 38,055,368.36 20/09/2012CNY 69,900,000.02 USD 10,872,684.60 28/11/2012CNY 69,600,000.02 USD 10,801,658.43 28/11/2012CNY 69,600,000.01 USD 10,804,173.58 28/11/2012CNY 126,593,748.85 USD 19,980,212.75 09/04/2012CNY 126,603,745.23 USD 19,980,213.74 09/04/2012CNY 126,583,765.15 USD 19,980,213.76 09/04/2012CNY 126,583,765.15 USD 19,980,213.76 09/04/2012609
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Asian Local Currency Debt (segue)Acquisto Vendita ScadenzaCNY 51,436,114.66 USD 8,102,748.00 17/10/2012CNY 43,314,733.72 USD 6,823,367.00 24/10/2012CNY 44,661,168.57 USD 7,036,597.00 15/10/2012CNY 47,345,520.54 USD 7,463,058.00 24/09/2012CNY 47,360,440.31 USD 7,463,057.00 24/09/2012CNY 51,420,038.81 USD 8,102,768.43 26/09/2012CNY 47,367,903.37 USD 7,463,057.00 15/10/2012CNY 48,729,076.24 USD 7,676,307.35 15/10/2012CNY 53,343,257.65 USD 8,431,072.00 20/09/2012CNY 53,368,550.86 USD 8,431,072.00 12/10/2012CNY 53,351,688.72 USD 8,431,072.00 12/10/2012CNY 53,360,119.79 USD 8,431,072.00 12/10/2012CNY 53,376,981.93 USD 8,431,072.00 17/10/2012CNY 150,214,431.20 USD 23,862,559.65 02/05/2012CNY 174,246,850.03 USD 27,700,070.46 02/05/2012CNY 468,449,950.00 USD 74,540,718.06 05/06/2012CNY 468,449,951.97 USD 74,481,460.16 07/05/2012CNY 193,206,561.00 USD 30,701,899.29 09/04/2012CNY 193,206,562.01 USD 30,701,899.45 09/04/2012CNY 189,211,054.29 USD 29,952,676.00 27/04/2012CNY 154,710,355.09 USD 24,496,991.06 12/04/2012CNY 154,067,109.33 USD 24,362,349.64 18/05/2012CNY 117,350,668.86 USD 18,559,380.96 10/04/2012CNY 117,359,942.23 USD 18,559,379.96 10/04/2012CNY 117,350,662.54 USD 18,559,379.96 10/04/2012CNY 76,151,846.98 USD 12,060,823.56 11/04/2012CNY 76,151,847.00 USD 12,060,793.00 11/04/2012CNY 76,163,907.81 USD 12,060,823.56 04/05/2012CNY 76,163,907.81 USD 12,060,823.56 04/05/2012CNY 80,458,071.02 USD 12,737,761.58 09/04/2012CNY 94,745,779.97 USD 15,045,021.15 06/04/2012CNY 94,745,780.97 USD 15,046,215.93 06/04/2012CNY 75,699,278.61 USD 11,991,615.39 26/04/2012CNY 75,973,913.87 USD 12,045,997.56 27/04/2012CNY 100,649,999.99 USD 15,945,857.91 26/04/2012CNY 100,650,000.01 USD 15,935,759.18 08/05/2012CNY 256,913,145.00 USD 40,683,000.00 05/04/2012EUR 12,056,168.99 JPY 1,331,185,516.00 05/04/2012EUR 12,164,083.00 JPY 1,337,746,244.00 05/04/2012EUR 36,400,000.00 USD 48,545,660.80 04/04/2012EUR 18,430,000.00 USD 24,395,938.44 04/04/2012EUR 18,430,000.00 USD 24,358,967.86 04/04/2012EUR 18,430,000.00 USD 24,397,689.29 04/04/2012EUR 18,430,000.00 USD 24,359,170.59 04/04/2012EUR 11,684,159.40 USD 15,594,847.55 30/04/2012HKD 287,900,371.00 USD 37,082,074.80 02/05/2012IDR 119,611,229,338.00 USD 12,989,957.44 10/04/2012IDR 307,237,486,869.00 USD 33,391,832.94 13/04/2012IDR 129,898,807,360.00 USD 14,105,671.82 16/04/2012IDR 129,898,807,386.00 USD 14,116,366.81 16/04/2012INR 334,300,000.25 USD 6,647,461.48 04/04/2012INR 1,375,152,065.92 USD 26,916,334.14 04/04/2012INR 1,375,152,066.03 USD 26,921,536.14 04/04/2012INR 1,375,152,066.94 USD 26,916,334.16 04/04/2012INR 1,375,152,067.14 USD 26,905,801.43 04/04/2012JPY 2,674,477,731.00 EUR 24,220,252.00 05/04/2012JPY 3,912,306,874.00 USD 46,652,730.86 04/04/2012KRW 85,361,149,169.00 USD 76,173,334.81 06/04/2012KRW 41,366,579,415.00 USD 36,882,836.28 09/04/2012KRW 45,190,579,417.00 USD 40,164,048.72 23/04/2012610
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Asian Local Currency Debt (segue)Acquisto Vendita ScadenzaKRW 1,222,000,005.00 USD 1,080,940.32 23/04/2012KRW 27,477,848,396.00 USD 24,316,740.25 09/04/2012MYR 74,299,185.67 USD 24,496,993.62 12/04/2012MYR 74,664,729.25 USD 24,396,252.00 12/04/2012MYR 36,936,915.36 USD 12,078,813.60 03/04/2012MYR 88,313,544.00 USD 28,813,629.53 03/04/2012MYR 45,870,000.00 USD 14,946,275.52 03/04/2012MYR 88,313,543.99 USD 28,822,958.22 03/04/2012PHP 988,733,042.18 USD 23,242,489.56 13/04/2012PHP 700,374,508.93 USD 16,268,902.81 03/04/2012PHP 360,599,999.83 USD 8,380,220.89 03/04/2012PHP 1,046,903,137.96 USD 24,333,912.86 04/04/2012PHP 70,805,780.10 USD 1,646,841.64 13/04/2012SGD 18,628,160.44 EUR 11,106,000.00 04/04/2012SGD 104,731,106.00 USD 82,973,930.79 04/04/2012SGD 16,488,367.92 USD 13,106,842.00 04/04/2012SGD 44,644,000.00 USD 35,578,663.32 04/04/2012THB 1,418,325,625.96 USD 46,025,738.90 03/04/2012TWD 855,591,647.00 USD 29,042,559.27 14/05/2012TWD 561,041,647.00 USD 19,057,169.06 15/05/2012TWD 294,550,000.00 USD 10,000,025.12 15/05/2012TWD 719,106,607.00 USD 24,335,309.91 13/04/2012TWD 718,984,931.00 USD 24,335,248.98 13/04/2012USD 70,401,791.22 AUD 67,177,474.00 04/04/2012USD 10,206,269.42 CNY 64,550,000.00 07/05/2012USD 10,207,076.36 CNY 64,550,000.00 07/05/2012USD 10,791,681.92 CNY 69,132,000.00 21/05/2012USD 18,643,542.46 CNY 120,000,000.00 26/09/2012USD 18,652,236.05 CNY 120,000,000.00 26/09/2012USD 18,665,291.66 CNY 120,000,000.00 26/09/2012USD 19,388,727.70 CNY 125,000,000.00 20/09/2012USD 19,388,863.04 CNY 125,000,000.00 20/09/2012USD 19,400,764.70 CNY 125,000,000.00 20/09/2012USD 19,446,036.86 CNY 125,000,000.00 20/09/2012USD 15,964,931.41 CNY 103,214,000.00 24/09/2012USD 15,972,343.12 CNY 103,214,000.00 24/09/2012USD 9,236,389.22 CNY 60,000,000.00 21/09/2012USD 10,686,000.00 CNY 68,754,204.87 12/10/2012USD 10,686,000.00 CNY 68,796,948.87 15/10/2012USD 10,772,000.00 CNY 69,323,690.74 17/10/2012USD 10,772,000.00 CNY 69,285,988.74 17/10/2012USD 10,676,232.00 CNY 68,525,875.52 24/10/2012USD 10,676,232.00 CNY 68,520,056.98 24/10/2012USD 10,676,232.00 CNY 68,435,127.55 24/10/2012USD 21,726,846.90 CNY 138,748,622.00 28/11/2012USD 21,726,847.04 CNY 138,878,984.00 28/11/2012USD 21,726,847.07 CNY 138,900,711.00 28/11/2012USD 19,934,352.70 CNY 126,424,541.92 09/01/2013USD 10,004,131.59 CNY 63,441,640.64 10/01/2013USD 10,004,131.59 CNY 63,446,642.74 10/01/2013USD 10,099,729.47 CNY 63,914,279.57 10/01/2013USD 10,099,729.47 CNY 63,916,299.52 10/01/2013USD 19,403,899.71 CNY 122,225,474.75 19/07/2012USD 19,403,899.80 CNY 122,448,620.16 22/01/2013USD 29,952,600.10 CNY 189,136,172.60 06/03/2013USD 29,887,251.28 CNY 188,738,470.01 20/02/2013USD 29,997,004.97 CNY 189,371,572.35 27/02/2013USD 12,149,673.00 CNY 76,761,634.01 21/02/2013USD 12,149,641.23 CNY 76,755,552.86 21/02/2013USD 12,138,602.37 CNY 76,977,141.17 21/02/2013611
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Asian Local Currency Debt (segue)Acquisto Vendita ScadenzaUSD 12,138,602.37 CNY 76,977,141.17 21/02/2013USD 13,248,133.12 CNY 84,000,000.00 16/04/2012USD 2,995,866.40 CNY 18,951,000.00 23/04/2012USD 2,883,799.75 CNY 18,216,144.00 16/04/2012USD 40,823,928.21 CNY 256,913,145.00 05/04/2012USD 144,536,067.63 EUR 109,855,466.00 04/04/2012USD 24,360,911.43 EUR 18,465,000.00 04/04/2012USD 24,369,349.94 EUR 18,465,000.00 04/04/2012USD 24,441,603.48 EUR 18,465,000.00 04/04/2012USD 24,421,384.31 EUR 18,465,000.00 04/04/2012USD 10,311,481.18 IDR 93,268,000,000.00 10/04/2012USD 14,578,845.28 IDR 131,575,000,000.00 19/06/2012USD 14,651,901.83 IDR 131,575,000,000.00 15/06/2012USD 16,376,471.35 IDR 142,689,193,818.00 07/05/2012USD 16,376,471.38 IDR 142,967,595,780.00 07/05/2012USD 24,322,702.00 IDR 216,060,074,733.00 05/07/2012USD 18,911,965.91 INR 991,178,611.00 17/04/2012USD 66,551,972.01 INR 3,283,016,965.00 04/04/2012USD 1,134,319.08 INR 56,375,799.00 04/04/2012USD 16,347,305.26 INR 833,060,752.16 04/04/2012USD 16,347,305.28 INR 833,387,699.08 04/04/2012USD 16,082,734.75 INR 829,067,051.25 04/04/2012USD 26,850,572.41 INR 1,375,152,066.00 12/04/2012USD 26,837,404.99 INR 1,375,152,067.00 12/04/2012USD 26,800,791.98 INR 1,375,152,067.00 18/04/2012USD 26,795,569.68 INR 1,375,152,066.00 18/04/2012USD 23,082,817.82 JPY 1,920,172,084.00 04/04/2012USD 25,203,498.18 JPY 2,096,827,916.00 04/04/2012USD 24,316,620.02 KRW 27,601,863,468.00 09/04/2012USD 2,350,812.72 KRW 2,671,000,000.00 06/04/2012USD 23,118,455.34 MYR 70,717,228.00 03/04/2012USD 30,632,776.66 MYR 94,358,387.00 03/04/2012USD 30,638,744.97 MYR 94,358,388.00 03/04/2012USD 27,145,929.26 MYR 83,338,220.00 12/04/2012USD 28,787,180.94 MYR 88,313,544.00 17/04/2012USD 28,795,703.81 MYR 88,313,544.00 17/04/2012USD 4,458,770.84 PHP 191,058,807.40 08/02/2013USD 5,540,099.75 PHP 238,003,278.00 25/02/2013USD 5,537,521.75 PHP 238,003,277.50 25/02/2013USD 5,358,026.55 PHP 232,163,869.00 04/03/2013USD 5,346,920.42 PHP 232,163,867.50 05/03/2013USD 23,877,435.53 PHP 1,025,777,185.20 04/04/2012USD 13,164,603.00 SGD 16,641,545.79 04/04/2012USD 13,164,603.00 SGD 16,640,295.15 04/04/2012USD 22,033,386.17 SGD 27,691,736.00 04/04/2012USD 21,479,000.00 THB 659,836,533.88 05/04/2012USD 19,664,219.52 THB 606,800,000.00 03/04/2012USD 23,863,269.08 TWD 705,400,000.00 13/04/2012USD 24,459,777.77 TWD 722,788,243.00 13/04/2012USD 39,963,651.32 TWD 1,183,723,352.00 30/04/2012La minusvalenza netta non realizzata su questi contratti al 31 marzo 2012, ammontavaUSD 1,773,278.95 e compare nello stato patrimoniale.612
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Global Emerging CurrenciesAcquisto Vendita ScadenzaARS 63,507,500.00 USD 14,065,925.74 14/06/2012ARS 3,020,000.02 USD 670,367.90 14/06/2012AUD 4,620,000.00 SGD 6,066,766.86 04/04/2012BRL 3,169,094.00 USD 1,843,465.40 03/04/2012BRL 8,340,000.00 USD 4,525,242.88 02/10/2012BRL 8,340,000.00 USD 4,672,279.38 03/04/2012CAD 841,636.04 AUD 811,296.00 13/04/2012CAD 4,205,748.37 AUD 4,056,482.00 13/04/2012CAD 1,674,007.93 AUD 1,618,467.00 13/04/2012CAD 3,351,694.22 AUD 3,239,175.00 13/04/2012CLP 9,111,725,837.91 USD 18,733,035.19 12/04/2012CNY 102,300,000.02 USD 16,023,294.08 07/05/2012CNY 97,244,000.03 USD 15,215,879.32 21/05/2012CNY 17,000,000.01 USD 2,644,286.67 28/11/2012CNY 16,350,000.02 USD 2,538,049.40 28/11/2012CNY 16,349,999.98 USD 2,537,458.55 28/11/2012CNY 59,335,740.27 USD 9,364,923.03 09/04/2012CNY 59,340,422.73 USD 9,364,923.03 09/04/2012CNY 59,331,057.87 USD 9,364,923.04 09/04/2012CNY 59,331,057.87 USD 9,364,923.04 09/04/2012CNY 9,840,636.91 USD 1,550,443.00 15/10/2012CNY 10,685,802.69 USD 1,683,338.00 17/10/2012CNY 8,998,594.70 USD 1,417,548.00 24/10/2012CNY 9,278,319.52 USD 1,461,847.00 15/10/2012CNY 10,682,462.92 USD 1,683,342.24 26/09/2012CNY 9,839,086.47 USD 1,550,443.00 24/09/2012CNY 9,835,991.93 USD 1,550,444.00 24/09/2012CNY 10,123,422.22 USD 1,594,746.02 15/10/2012CNY 21,459,997.20 USD 3,391,821.00 20/09/2012CNY 21,470,172.66 USD 3,391,821.00 12/10/2012CNY 21,463,389.02 USD 3,391,821.00 12/10/2012CNY 21,466,780.84 USD 3,391,821.00 12/10/2012CNY 21,473,564.48 USD 3,391,821.00 17/10/2012CNY 59,907,752.42 USD 9,516,744.19 02/05/2012CNY 63,785,670.00 USD 10,140,025.79 02/05/2012CNY 73,877,150.77 USD 11,694,974.00 27/04/2012CNY 59,984,997.92 USD 9,498,084.06 12/04/2012CNY 42,197,596.46 USD 6,673,683.89 10/04/2012CNY 42,197,596.46 USD 6,673,683.89 10/04/2012CNY 42,200,926.98 USD 6,673,682.89 10/04/2012CNY 60,147,336.33 USD 9,510,988.06 18/05/2012CNY 29,899,877.55 USD 4,735,501.00 11/04/2012CNY 29,899,883.86 USD 4,735,490.00 11/04/2012CNY 29,904,613.05 USD 4,735,501.00 04/05/2012CNY 29,904,619.36 USD 4,735,502.00 04/05/2012CNY 5,598,702.98 USD 886,361.59 09/04/2012CNY 36,942,974.98 USD 5,866,307.08 06/04/2012CNY 36,942,975.02 USD 5,866,772.89 06/04/2012CNY 30,119,065.92 USD 4,775,510.12 27/04/2012CNY 30,187,628.09 USD 4,782,059.12 26/04/2012CNY 40,949,999.99 USD 6,487,659.03 26/04/2012CNY 40,950,000.02 USD 6,483,550.31 08/05/2012CNY 121,980,540.01 USD 19,316,000.00 05/04/2012COP 36,963,797,878.31 USD 20,875,297.75 13/04/2012COP 810,000,007.81 USD 456,853.93 13/04/2012CZK 1,106,350,650.09 USD 59,083,033.05 13/06/2012CZK 26,299,999.97 USD 1,406,926.99 13/06/2012CZK 8,200,000.04 USD 443,519.57 13/06/2012EUR 4,801,306.00 JPY 530,137,642.05 05/04/2012EUR 4,740,333.99 JPY 521,318,705.05 05/04/2012613
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Global Emerging Currencies (segue)Acquisto Vendita ScadenzaEUR 116,141,760.73 USD 155,014,408.04 30/04/2012EUR 7,265,000.00 USD 9,616,738.62 04/04/2012EUR 7,265,000.00 USD 9,602,165.03 04/04/2012EUR 7,265,000.00 USD 9,617,428.80 04/04/2012EUR 7,265,000.00 USD 9,602,244.95 04/04/2012EUR 14,530,000.00 USD 19,378,254.16 04/04/2012HKD 211,700,000.01 USD 27,265,699.80 30/04/2012HKD 353,120,964.06 USD 45,482,602.04 02/05/2012HUF 3,579,857,214.37 USD 16,066,182.81 21/06/2012HUF 170,000,001.04 USD 765,767.84 21/06/2012IDR 50,310,985,670.03 USD 5,468,004.72 13/04/2012IDR 19,775,000,000.98 USD 2,148,989.35 16/04/2012IDR 19,774,999,995.98 USD 2,147,361.21 16/04/2012ILS 82,902,928.00 USD 21,958,184.51 29/05/2012ILS 2,400,000.01 USD 632,530.41 29/05/2012INR 570,838,596.11 USD 11,571,805.65 04/04/2012INR 208,017,688.18 USD 4,185,456.12 04/04/2012INR 53,057,958.08 USD 1,038,722.75 04/04/2012INR 53,057,959.02 USD 1,038,115.67 04/04/2012INR 53,057,958.10 USD 1,038,522.04 04/04/2012INR 53,057,959.12 USD 1,038,522.06 04/04/2012JPY 1,053,618,422.11 EUR 9,541,640.00 05/04/2012JPY 1,612,712,700.16 USD 19,230,968.83 04/04/2012KRW 10,942,909,836.09 USD 9,684,015.00 09/04/2012MXN 1,000,601,978.12 USD 76,874,962.74 30/04/2012MXN 46,399,999.98 USD 3,622,414.50 30/04/2012MXN 28,699,999.99 USD 2,242,385.81 30/04/2012MXN 17,400,000.04 USD 1,362,649.30 30/04/2012MXN 72,950,927.97 USD 5,723,020.32 30/04/2012MXN 51,299,999.96 USD 4,025,786.69 30/04/2012MXN 108,819,749.99 USD 8,462,162.18 30/04/2012MYR 28,807,615.97 USD 9,498,085.05 12/04/2012MYR 29,137,419.86 USD 9,520,477.00 12/04/2012MYR 14,420,060.17 USD 4,715,532.34 03/04/2012MYR 18,680,000.00 USD 6,086,689.05 03/04/2012MYR 17,687,155.00 USD 5,772,570.17 03/04/2012MYR 17,687,155.00 USD 5,770,701.85 03/04/2012PEN 36,029,899.99 USD 13,439,013.08 11/06/2012PEN 1,329,999.99 USD 497,476.52 11/06/2012PHP 638,952,665.16 USD 15,020,081.27 13/04/2012PHP 278,847,937.24 USD 6,477,320.25 03/04/2012PHP 412,445,493.05 USD 9,586,763.40 04/04/2012PHP 147,099,999.96 USD 3,418,553.78 03/04/2012PLN 49,999,990.01 USD 15,544,234.86 07/05/2012PLN 211,032,394.01 USD 65,577,886.81 07/05/2012PLN 4,830,000.01 USD 1,521,455.36 07/05/2012PLN 1,630,000.00 USD 516,270.60 07/05/2012PLN 4,610,000.00 USD 1,462,575.98 07/05/2012PLN 1,830,000.00 USD 581,784.98 07/05/2012RON 76,701,982.02 USD 22,809,017.63 19/06/2012RUB 471,950,000.18 USD 16,066,422.91 29/06/2012SGD 4,456,602.04 EUR 2,657,000.00 04/04/2012SGD 1,480,000.00 USD 1,173,149.77 04/04/2012SGD 101,378,152.01 USD 80,317,530.20 04/04/2012THB 816,110,773.03 USD 26,483,411.61 03/04/2012TRY 175,999,900.01 USD 96,676,947.76 20/04/2012TRY 2,460,000.01 USD 1,365,006.67 20/04/2012TRY 30,850,000.00 USD 17,408,763.41 20/04/2012TRY 944,060.00 USD 524,508.08 20/04/2012TRY 2,630,000.00 USD 1,486,719.02 20/04/2012614
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Global Emerging Currencies (segue)Acquisto Vendita ScadenzaTRY 959,999.99 USD 538,850.56 20/04/2012TRY 1,379,999.99 USD 763,238.45 20/04/2012TRY 13,472,761.00 USD 7,462,756.73 20/04/2012TRY 3,837,239.00 USD 2,128,317.28 20/04/2012TWD 286,129,931.03 USD 9,682,932.23 13/04/2012TWD 286,081,516.03 USD 9,682,907.97 13/04/2012TWD 437,820,293.04 USD 14,781,238.79 30/04/2012USD 26,913,862.48 AUD 25,681,240.00 04/04/2012USD 6,678,739.55 BRL 12,152,000.00 03/04/2012USD 3,052,909.70 CLP 1,485,000,000.15 16/04/2012USD 8,087,539.59 CNY 51,150,000.01 07/05/2012USD 8,088,179.02 CNY 51,150,000.01 07/05/2012USD 7,590,018.49 CNY 48,622,000.00 21/05/2012USD 2,326,663.56 CNY 15,000,000.00 20/09/2012USD 2,326,647.32 CNY 15,000,000.00 20/09/2012USD 2,328,091.76 CNY 15,000,000.00 20/09/2012USD 2,333,524.42 CNY 15,000,000.00 20/09/2012USD 8,964,129.41 CNY 57,953,500.01 24/09/2012USD 8,968,291.00 CNY 57,953,500.01 24/09/2012USD 2,902,000.00 CNY 18,671,598.59 12/10/2012USD 2,902,000.00 CNY 18,683,206.59 15/10/2012USD 2,889,000.00 CNY 18,592,289.51 17/10/2012USD 2,889,000.00 CNY 18,582,178.01 17/10/2012USD 2,880,807.00 CNY 18,466,102.51 24/10/2012USD 2,880,807.00 CNY 18,490,589.37 24/10/2012USD 2,880,807.00 CNY 18,489,019.33 24/10/2012USD 5,514,461.18 CNY 35,254,198.50 28/11/2012USD 5,514,461.18 CNY 35,248,684.00 28/11/2012USD 5,514,461.14 CNY 35,215,597.00 28/11/2012USD 9,464,693.34 CNY 60,025,501.59 09/01/2013USD 4,625,142.91 CNY 29,330,547.26 10/01/2013USD 4,625,142.91 CNY 29,332,859.85 10/01/2013USD 4,603,698.36 CNY 29,134,578.74 10/01/2013USD 4,603,698.36 CNY 29,133,657.99 10/01/2013USD 4,031,142.78 CNY 25,438,591.01 22/01/2013USD 4,031,142.76 CNY 25,392,232.75 19/07/2012USD 1,705,494.00 CNY 10,732,701.00 09/04/2012USD 11,675,537.42 CNY 73,731,205.62 20/02/2013USD 11,694,944.37 CNY 73,847,913.34 06/03/2013USD 11,696,337.36 CNY 73,839,164.88 27/02/2013USD 4,676,051.00 CNY 29,543,290.22 21/02/2013USD 4,676,038.16 CNY 29,540,945.88 21/02/2013USD 4,744,645.03 CNY 30,088,242.37 21/02/2013USD 4,744,645.03 CNY 30,088,242.37 21/02/2013USD 19,382,911.71 CNY 121,980,540.01 05/04/2012USD 3,065,561.46 COP 5,400,000,000.54 13/04/2012USD 718,848.04 CZK 13,500,000.00 13/06/2012USD 64,589.49 EUR 48,643.99 03/04/2012USD 33,893,854.19 EUR 25,761,218.00 04/04/2012USD 9,604,518.56 EUR 7,280,000.00 04/04/2012USD 9,607,845.52 EUR 7,280,000.00 04/04/2012USD 9,628,360.56 EUR 7,280,000.00 04/04/2012USD 9,636,332.16 EUR 7,280,000.00 04/04/2012USD 4,004,027.64 HUF 980,616,000.10 11/04/2012USD 8,915,486.41 HUF 2,207,757,056.22 18/04/2012USD 412,291.17 HUF 91,000,000.01 21/06/2012USD 6,510,229.78 INR 331,892,341.11 04/04/2012USD 6,510,229.78 INR 331,762,136.19 04/04/2012USD 6,351,752.11 INR 327,433,640.43 04/04/2012USD 1,033,862.54 INR 53,057,958.01 18/04/2012615
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Global Emerging Currencies (segue)Acquisto Vendita ScadenzaUSD 1,035,476.71 INR 53,057,959.01 12/04/2012USD 1,034,064.05 INR 53,057,959.01 18/04/2012USD 1,035,984.73 INR 53,057,958.01 12/04/2012USD 9,217,037.54 JPY 766,730,402.08 04/04/2012USD 10,063,831.48 JPY 837,269,598.08 04/04/2012USD 9,683,967.11 KRW 10,992,298,185.10 09/04/2012USD 13,095,616.62 MXN 179,903,600.02 12/04/2012USD 4,734,361.05 MXN 64,278,581.01 19/04/2012USD 2,173,163.64 MXN 27,700,000.00 30/04/2012USD 629,854.70 MXN 8,000,000.00 30/04/2012USD 16,281,224.53 MXN 207,695,218.02 10/05/2012USD 468,444.23 MXN 6,000,000.00 30/04/2012USD 817,109.05 MXN 10,500,000.00 30/04/2012USD 483,606.03 MXN 6,200,000.00 30/04/2012USD 341,889.85 MXN 4,400,000.00 30/04/2012USD 1,009,668.07 MXN 13,100,032.27 30/04/2012USD 30,505,286.41 MXN 395,614,884.04 31/05/2012USD 7,932,333.80 MXN 103,183,100.01 30/04/2012USD 21,510,036.27 MXN 281,814,450.03 07/06/2012USD 1,073,876.97 MXN 13,600,000.00 30/04/2012USD 7,806,636.30 MXN 98,886,420.01 30/04/2012USD 9,321,888.35 MXN 118,672,598.01 14/06/2012USD 10,901,161.43 MXN 138,100,345.40 30/04/2012USD 11,112,146.87 MXN 140,732,362.01 12/04/2012USD 644,542.21 MXN 8,200,000.00 30/04/2012USD 15,311,255.66 MXN 195,511,215.02 21/06/2012USD 177,815.67 MXN 2,274,550.00 21/06/2012USD 5,401,139.86 MXN 69,226,550.01 28/06/2012USD 69,182,618.74 MYR 213,000,000.02 29/08/2012USD 26,309,726.50 MYR 80,850,000.01 29/08/2012USD 19,811,115.58 MYR 60,850,000.01 29/08/2012USD 9,748,643.31 MYR 29,820,203.00 03/04/2012USD 6,275,622.23 MYR 19,327,084.00 03/04/2012USD 6,274,399.51 MYR 19,327,083.00 03/04/2012USD 10,763,971.95 MYR 33,045,480.00 12/04/2012USD 5,767,111.74 MYR 17,687,155.00 17/04/2012USD 5,765,404.81 MYR 17,687,155.00 17/04/2012USD 9,112,018.23 PHP 391,453,278.04 25/02/2013USD 9,107,778.11 PHP 391,453,277.54 25/02/2013USD 5,358,026.53 PHP 232,163,868.02 04/03/2013USD 5,346,920.44 PHP 232,163,868.52 05/03/2013USD 9,522,976.28 PHP 409,108,080.04 04/04/2012USD 850,654.70 PHP 36,573,990.00 13/04/2012USD 762,027.28 PLN 2,450,000.00 07/05/2012USD 1,407,379.52 PLN 4,530,000.00 07/05/2012USD 1,854,949.18 PLN 5,980,000.00 07/05/2012USD 354,936.96 PLN 1,140,000.00 07/05/2012USD 632,069.94 PLN 2,060,000.00 07/05/2012USD 743,457.42 PLN 2,330,000.00 07/05/2012USD 9,544,167.45 SGD 11,995,186.00 04/04/2012USD 18,245,558.35 THB 553,756,564.06 03/05/2012USD 5,227,593.85 THB 161,977,398.02 21/02/2013USD 8,575,000.00 THB 263,424,660.31 05/04/2012USD 7,806,708.11 THB 240,900,000.02 03/04/2012USD 16,854,179.50 TRY 31,820,910.00 25/04/2012USD 43,011,610.73 TRY 80,268,483.01 20/04/2012USD 560,014.93 TRY 1,050,000.00 20/04/2012USD 834,587.46 TRY 1,550,000.00 20/04/2012USD 53,898,326.64 TRY 100,477,530.01 25/04/2012USD 790,444.41 TRY 1,440,000.00 20/04/2012616
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Global Emerging Currencies (segue)Acquisto Vendita ScadenzaUSD 752,994.83 TRY 1,350,000.00 20/04/2012USD 1,081,203.39 TRY 1,940,000.00 20/04/2012USD 585,818.51 TRY 1,050,000.00 20/04/2012USD 334,419.27 TRY 600,000.00 20/04/2012USD 5,654,484.92 TRY 10,097,700.00 20/04/2012USD 3,966,427.27 TRY 7,100,000.00 20/04/2012USD 828,005.94 TRY 1,490,000.00 20/04/2012USD 9,475,659.88 TRY 17,140,000.00 20/04/2012USD 8,805,050.79 TRY 16,030,000.00 20/04/2012USD 38,778,943.78 TRY 69,631,200.01 20/04/2012USD 9,571,248.17 TRY 17,190,000.00 20/04/2012USD 9,581,241.01 TWD 283,126,381.03 13/04/2012USD 9,607,553.76 TWD 284,000,000.03 13/04/2012ZAR 213,743,322.99 USD 27,454,379.09 29/05/2012La minusvalenza netta non realizzata su questi contratti al 31 marzo 2012, ammontavaUSD 3,443,576.24 e compare nello stato patrimoniale.<strong>Pictet</strong> - Short-Term Money Market JPYAcquisto Vendita ScadenzaJPY 213,957,200.00 EUR 2,000,000.00 07/06/2012JPY 52,249,400.00 EUR 500,000.00 08/05/2012JPY 50,009,500.00 EUR 500,000.00 10/04/2012JPY 50,013,000.00 EUR 500,000.00 10/04/2012JPY 196,398,000.00 EUR 2,000,013.99 28/06/2012JPY 49,037,400.00 EUR 500,003.50 11/04/2012JPY 51,066,328.00 EUR 522,503.65 08/11/2012JPY 48,982,657.00 EUR 500,000.00 12/04/2012JPY 97,972,314.00 EUR 1,000,000.00 12/04/2012JPY 48,961,608.00 EUR 500,000.00 12/04/2012JPY 49,084,957.00 EUR 500,000.00 13/04/2012JPY 48,791,978.00 EUR 500,000.00 26/04/2012JPY 49,176,027.00 EUR 500,000.00 11/07/2012JPY 49,846,576.00 EUR 500,000.00 25/07/2012JPY 49,813,526.00 EUR 500,000.00 02/05/2012JPY 49,796,426.00 EUR 500,000.00 25/04/2012JPY 49,793,576.00 EUR 500,000.00 02/05/2012JPY 99,966,050.00 EUR 1,000,000.00 08/05/2012JPY 49,927,875.00 EUR 500,000.00 25/07/2012JPY 50,363,450.00 EUR 500,000.00 09/05/2012JPY 51,252,900.00 EUR 500,000.00 13/08/2012JPY 102,860,900.00 EUR 1,000,000.00 14/05/2012JPY 102,231,100.00 EUR 1,000,000.00 14/08/2012JPY 103,001,500.00 EUR 1,000,000.00 15/06/2012JPY 103,373,900.00 EUR 1,000,000.00 17/05/2012JPY 206,795,400.00 EUR 2,000,000.00 17/05/2012JPY 159,787,350.00 EUR 1,500,000.00 24/05/2012JPY 107,791,100.00 EUR 1,000,000.00 28/06/2012JPY 108,248,600.00 EUR 1,000,000.00 04/09/2012JPY 86,703,680.00 EUR 800,000.00 21/05/2012JPY 53,984,000.00 EUR 500,000.00 01/06/2012JPY 67,604,971.00 EUR 627,750.00 04/03/2013JPY 107,178,000.00 EUR 1,000,000.00 07/06/2012JPY 264,849,000.00 EUR 2,500,000.00 12/06/2012JPY 53,620,250.00 EUR 500,000.00 12/07/2012JPY 108,438,300.00 EUR 1,000,000.00 15/06/2012JPY 54,692,050.00 EUR 500,000.00 19/06/2012JPY 110,609,100.00 EUR 1,000,000.00 23/07/2012617
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Short-Term Money Market JPY (segue)Acquisto Vendita ScadenzaJPY 110,493,300.00 EUR 1,000,000.00 24/09/2012JPY 55,234,100.00 EUR 500,000.00 29/06/2012JPY 166,817,550.00 EUR 1,500,004.05 09/11/2012JPY 55,554,200.00 EUR 500,000.00 19/06/2012JPY 109,735,998.00 EUR 1,000,000.00 02/07/2012JPY 54,903,199.00 EUR 500,000.00 02/07/2012JPY 176,115,600.00 GBP 1,500,000.00 12/04/2012JPY 60,423,150.00 GBP 500,000.00 27/04/2012JPY 83,915,790.00 GBP 700,000.00 12/04/2012JPY 73,517,700.00 GBP 600,000.00 17/04/2012JPY 122,475,900.00 GBP 1,000,000.00 09/05/2012JPY 99,945,928.00 NOK 7,000,000.00 03/10/2012JPY 38,331,150.00 USD 500,000.00 05/04/2012JPY 155,056,212.00 USD 2,000,000.00 01/05/2012JPY 113,994,315.00 USD 1,500,000.00 30/05/2012JPY 117,891,459.00 USD 1,541,250.00 17/10/2012JPY 3,163,112.00 USD 41,250.00 17/04/2012JPY 39,791,251.00 USD 500,000.00 22/06/2012JPY 80,770,998.00 USD 1,000,000.00 03/07/2012La minusvalenza netta non realizzata su questi contratti al 31 marzo 2012, ammontavaJPY 270,804,699.43 e compare nello stato patrimoniale.<strong>Pictet</strong> - Latin American Local Currency DebtAcquisto Vendita ScadenzaBRL 31,113,676.01 USD 18,098,858.94 03/04/2012BRL 2,189,999.99 USD 1,277,715.93 03/04/2012BRL 18,819,999.99 USD 10,853,542.91 03/04/2012BRL 2,750,000.00 USD 1,596,057.10 03/04/2012BRL 5,360,000.00 USD 3,092,909.62 03/04/2012BRL 2,250,000.00 USD 1,287,482.92 03/04/2012BRL 2,969,999.99 USD 1,663,403.33 03/04/2012BRL 5,994,999.99 USD 3,358,550.94 03/04/2012BRL 5,995,000.00 USD 3,252,857.44 02/10/2012BRL 2,759,999.99 USD 1,522,342.86 03/04/2012BRL 2,290,000.00 USD 1,253,424.34 03/04/2012BRL 52,200,876.00 USD 28,451,700.78 03/05/2012COP 23,019,155,451.65 USD 13,000,063.62 13/04/2012EUR 5,207,500.00 USD 6,893,209.41 04/04/2012EUR 5,207,500.00 USD 6,893,704.12 04/04/2012EUR 5,207,500.00 USD 6,882,820.45 04/04/2012EUR 5,207,500.00 USD 6,882,763.17 04/04/2012EUR 10,160,000.00 USD 13,550,107.52 04/04/2012JPY 1,142,079,112.00 USD 13,618,847.18 04/04/2012MXN 425,099,589.05 USD 32,659,854.55 30/04/2012MXN 67,399,999.99 USD 5,261,869.34 30/04/2012MXN 21,900,000.01 USD 1,724,235.94 30/04/2012MXN 5,499,999.95 USD 431,035.56 30/04/2012MXN 6,900,000.00 USD 536,960.05 30/04/2012MXN 13,100,000.01 USD 1,021,817.84 30/04/2012MXN 21,100,000.02 USD 1,639,525.40 30/04/2012MXN 17,599,956.63 USD 1,356,500.62 30/04/2012MXN 16,900,000.04 USD 1,308,625.05 30/04/2012MXN 13,100,000.03 USD 1,011,679.26 30/04/2012MXN 6,300,000.06 USD 489,793.60 30/04/2012MXN 18,499,999.97 USD 1,440,945.42 30/04/2012MXN 7,399,999.96 USD 567,518.04 30/04/2012MXN 68,200,000.00 USD 5,245,037.46 30/04/2012618
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Latin American Local Currency Debt (segue)Acquisto Vendita ScadenzaMXN 148,812,583.02 USD 11,743,724.90 30/04/2012MXN 51,790,962.98 USD 4,063,015.26 30/04/2012MXN 36,000,000.01 USD 2,825,113.47 30/04/2012MXN 85,999,999.98 USD 6,697,105.79 30/04/2012PEN 3,973,339.99 USD 1,482,040.42 11/06/2012USD 13,527,767.45 AUD 12,908,212.00 04/04/2012USD 2,846,688.39 BRL 5,060,000.00 03/04/2012USD 5,358,459.06 BRL 9,690,800.00 03/04/2012USD 822,751.24 BRL 1,497,000.00 03/04/2012USD 3,080,534.36 BRL 5,630,000.00 03/04/2012USD 1,332,228.65 BRL 2,420,000.00 03/04/2012USD 28,634,929.97 BRL 52,200,876.00 03/04/2012USD 2,940,668.22 COP 5,180,000,000.00 13/04/2012USD 41,143,816.01 EUR 31,271,593.00 04/04/2012USD 6,820,791.34 EUR 5,170,000.00 04/04/2012USD 6,823,154.03 EUR 5,170,000.00 04/04/2012USD 6,837,723.09 EUR 5,170,000.00 04/04/2012USD 6,843,384.24 EUR 5,170,000.00 04/04/2012USD 181,412.79 EUR 136,626.59 03/04/2012USD 7,033,388.47 JPY 585,149,140.00 04/04/2012USD 6,441,582.96 JPY 535,850,860.00 04/04/2012USD 585,443.31 MXN 7,620,852.00 30/04/2012USD 1,100,843.94 MXN 14,100,000.00 30/04/2012USD 7,556,658.88 MXN 98,431,776.64 30/04/2012USD 1,484,506.29 MXN 19,000,000.00 30/04/2012USD 9,041,456.48 MXN 116,400,000.00 30/04/2012USD 3,181,278.61 MXN 40,800,000.00 30/04/2012USD 5,420,962.26 MXN 70,515,400.00 30/04/2012USD 1,144,079.81 MXN 14,700,000.00 30/04/2012USD 11,090,609.56 MXN 140,500,351.35 30/04/2012USD 6,806,169.27 MXN 86,500,000.00 30/04/2012USD 979,010.33 MXN 12,600,000.00 30/04/2012USD 560,327.26 PEN 1,500,000.00 11/06/2012La minusvalenza netta non realizzata su questi contratti al 31 marzo 2012, ammontavaUSD 2,258,325.21 e compare nello stato patrimoniale.<strong>Pictet</strong> - Sovereign Short-Term Money Market USDAcquisto Vendita ScadenzaUSD 6,022,512.74 AUD 6,015,000.00 11/09/2012USD 5,304,198.89 AUD 5,106,250.00 26/11/2012USD 112,331.33 AUD 106,250.00 29/05/2012USD 3,222,000.18 AUD 3,072,900.00 27/09/2012USD 16,086,618.94 CHF 15,000,000.00 05/04/2012USD 31,750,466.73 CHF 30,000,000.00 19/04/2012USD 16,193,632.66 CHF 15,000,000.00 26/04/2012USD 4,383,777.83 CHF 4,000,000.00 03/05/2012USD 27,234,687.84 CHF 25,000,000.00 10/05/2012USD 21,887,082.35 CHF 20,000,000.00 18/05/2012USD 27,887,406.27 CHF 25,000,000.00 31/05/2012USD 8,724,994.71 CHF 8,000,000.00 07/06/2012USD 43,553,437.89 CHF 40,000,000.00 14/06/2012USD 13,537,468.74 DKK 75,000,000.00 01/06/2012USD 7,118,942.25 EUR 5,250,000.00 05/07/2012USD 17,276,216.40 EUR 12,700,000.00 10/04/2012USD 5,337,334.90 EUR 4,100,000.00 16/04/2012USD 11,828,997.00 EUR 9,000,000.00 10/04/2012USD 5,442,417.90 EUR 4,100,000.00 16/04/2012619
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Sovereign Short-Term Money Market USD (segue)Acquisto Vendita ScadenzaUSD 32,526,550.00 EUR 25,000,000.00 08/05/2012USD 6,697,650.00 EUR 5,000,000.00 27/04/2012USD 27,571,128.00 EUR 20,800,000.00 13/04/2012USD 19,797,315.00 EUR 15,000,000.00 27/04/2012USD 9,639,755.58 EUR 7,376,250.00 15/10/2012USD 19,366,588.61 SGD 25,000,000.00 19/04/2012La minusvalenza netta non realizzata su questi contratti al 31 marzo 2012, ammontavaUSD 3,628,720.56 e compare nello stato patrimoniale.<strong>Pictet</strong> - Sovereign Short-Term Money Market EURAcquisto Vendita ScadenzaEUR 8,049,478.26 AUD 10,213,500.00 24/05/2012EUR 5,638,025.14 AUD 7,149,450.00 24/05/2012EUR 8,117,444.42 AUD 10,212,500.00 26/11/2012EUR 172,107.98 AUD 212,500.00 28/05/2012EUR 32,466,372.95 CHF 40,000,000.00 24/05/2012EUR 49,372,882.11 CHF 60,000,000.00 05/04/2012EUR 28,975,164.97 CHF 35,000,000.00 19/04/2012EUR 61,415,528.34 CHF 74,000,000.00 26/04/2012EUR 29,904,430.42 CHF 36,000,000.00 03/05/2012EUR 82,891,727.65 CHF 100,000,000.00 10/05/2012EUR 37,283,167.31 CHF 45,000,000.00 18/05/2012EUR 37,281,005.16 CHF 45,000,000.00 18/05/2012EUR 95,495,755.84 CHF 115,000,000.00 31/05/2012EUR 41,487,785.17 CHF 50,000,000.00 07/06/2012EUR 99,572,832.55 CHF 120,000,000.00 14/06/2012EUR 11,618,315.11 CHF 14,000,000.00 19/04/2012EUR 44,244,165.85 CHF 53,333,333.33 28/06/2012EUR 44,244,899.95 CHF 53,333,333.34 28/06/2012EUR 44,245,267.00 CHF 53,333,333.33 28/06/2012EUR 20,177,939.84 DKK 150,000,000.00 01/06/2012EUR 59,189,786.00 DKK 440,000,000.00 01/06/2012EUR 94,162,199.23 DKK 700,000,000.00 01/06/2012EUR 5,983,853.17 GBP 5,000,000.00 19/04/2012EUR 527,210.73 NOK 3,987,125.00 31/08/2012EUR 42,718,638.57 SGD 70,000,000.00 12/04/2012EUR 39,624,484.20 USD 51,000,000.00 19/04/2012EUR 8,818,402.46 USD 11,605,000.00 15/06/2012La plusvalenza netta non realizzata su questi contratti al 31 marzo 2012, ammontavaEUR 846,985.46 e compare nello stato patrimoniale.<strong>Pictet</strong> - US High YieldAcquisto Vendita ScadenzaCHF 116,918,965.51 USD 129,313,681.92 30/04/2012EUR 279,244,235.65 USD 372,707,281.32 30/04/2012ILS 142,654,254.22 USD 38,188,797.81 30/04/2012La minusvalenza netta non realizzata su questi contratti al 31 marzo 2012, ammontavaUSD 2,493,932.45 e compare nello stato patrimoniale.620
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - EUR Corporate Bonds Ex FinancialAcquisto Vendita ScadenzaCHF 99,975,553.04 EUR 82,898,468.52 30/04/2012EUR 688,481.02 CHF 829,000.00 30/04/2012USD 12,211,367.27 EUR 9,149,490.33 30/04/2012La plusvalenza netta non realizzata su questi contratti al 31 marzo 2012, ammontavaEUR 163,923.36 e compare nello stato patrimoniale.<strong>Pictet</strong> - EUR Short Term High YieldAcquisto Vendita ScadenzaCHF 20,108,092.10 EUR 16,673,376.53 30/04/2012CHF 396,510.80 EUR 329,000.00 30/04/2012EUR 800,884.31 CHF 964,632.32 04/09/2012EUR 5,491,933.85 GBP 4,668,220.66 04/09/2012EUR 2,918,191.70 GBP 2,441,385.44 04/09/2012EUR 2,215,711.09 GBP 1,845,146.70 10/04/2012EUR 3,174,622.18 USD 4,198,399.74 03/04/2012EUR 1,747,415.13 USD 2,285,328.92 04/09/2012USD 39,283,031.28 EUR 29,433,208.17 30/04/2012La plusvalenza netta non realizzata su questi contratti al 31 marzo 2012, ammontavaEUR 121,453.34 e compare nello stato patrimoniale.<strong>Pictet</strong> - Global Bonds FundamentalAcquisto Vendita ScadenzaCNY 7,835,000.00 USD 1,245,212.25 27/04/2012CNY 703,914.31 USD 112,008.29 27/04/2012CNY 496,794.03 USD 79,000.00 27/04/2012CNY 251,751.99 USD 40,000.10 27/04/2012CNY 125,863.99 USD 20,000.05 27/04/2012CNY 100,740.80 USD 16,000.04 27/04/2012CNY 780,766.03 USD 124,000.32 27/04/2012CNY 315,180.37 USD 50,000.13 27/04/2012CNY 107,370.28 USD 17,000.04 27/04/2012CNY 593,572.41 USD 94,000.24 27/04/2012CNY 135,628.42 USD 21,500.05 27/04/2012CNY 2,087,117.97 USD 330,000.83 27/04/2012CNY 316,252.70 USD 50,000.00 27/04/2012CNY 410,201.97 USD 65,000.16 27/04/2012CNY 410,201.97 USD 65,000.16 27/04/2012KRW 421,000,005.00 USD 370,077.36 27/04/2012KRW 35,212,600.00 USD 31,331.08 27/04/2012KRW 27,754,844.00 USD 24,700.00 27/04/2012KRW 11,323,295.00 USD 10,000.02 27/04/2012KRW 10,171,887.00 USD 9,000.02 27/04/2012KRW 41,484,397.00 USD 37,000.09 27/04/2012KRW 16,806,003.00 USD 15,000.04 27/04/2012KRW 40,646,881.00 USD 36,000.09 27/04/2012KRW 118,868,100.00 USD 105,100.26 27/04/2012KRW 30,666,334.00 USD 27,000.07 27/04/2012USD 37,317.20 EUR 28,000.00 30/04/2012La minusvalenza netta non realizzata su questi contratti al 31 marzo 2012, ammontavaEUR 7,539.10 e compare nello stato patrimoniale.621
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Emerging MarketsAcquisto Vendita ScadenzaEUR 26,993,175.72 USD 36,027,791.64 30/04/2012La plusvalenza netta non realizzata su questo contratto al 31 marzo 2012, ammontavaUSD 4,374.74 e compare nello stato patrimoniale.<strong>Pictet</strong> - Europe IndexAcquisto Vendita ScadenzaEUR 788,892.40 CHF 950,000.00 04/04/2012EUR 134,393.36 DKK 1,000,000.00 04/04/2012EUR 1,174,801.58 GBP 980,000.00 04/04/2012EUR 226,208.93 SEK 2,000,000.00 04/04/2012La minusvalenza netta non realizzata su questi contratti al 31 marzo 2012, ammontavaEUR 1,436.73 e compare nello stato patrimoniale.<strong>Pictet</strong> - USA IndexAcquisto Vendita ScadenzaEUR 40,055,011.43 USD 53,461,423.76 30/04/2012La minusvalenza netta non realizzata su questo contratto al 31 marzo 2012,ammontava USD 285,963.22 e compare nello stato patrimoniale.<strong>Pictet</strong> - Digital CommunicationAcquisto Vendita ScadenzaEUR 2,577,957.05 USD 3,440,799.27 30/04/2012La plusvalenza netta non realizzata su questo contratto al 31 marzo 2012, ammontavaUSD 417.81 e compare nello stato patrimoniale.<strong>Pictet</strong> - BiotechAcquisto Vendita ScadenzaEUR 101,604,884.25 USD 135,612,039.01 30/04/2012USD 597,105.00 EUR 450,000.00 30/04/2012La minusvalenza netta non realizzata su questi contratti al 31 marzo 2012, ammontavaUSD 725,681.57 e compare nello stato patrimoniale.<strong>Pictet</strong> - Premium BrandsAcquisto Vendita ScadenzaUSD 9,940,654.11 EUR 7,448,135.55 30/04/2012La minusvalenza netta non realizzata su questo contratto al 31 marzo 2012,ammontava EUR 1,220.26 e compare nello stato patrimoniale.622
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - WaterAcquisto Vendita ScadenzaUSD 14,578,741.69 EUR 10,923,269.54 30/04/2012La minusvalenza netta non realizzata su questo contratto al 31 marzo 2012,ammontava EUR 1,735.94 e compare nello stato patrimoniale.<strong>Pictet</strong> - Asian Equities Ex JapanAcquisto Vendita ScadenzaEUR 15,262,998.41 USD 20,371,523.98 30/04/2012La plusvalenza netta non realizzata su questo contratto al 31 marzo 2012, ammontavaUSD 2,473.65 e compare nello stato patrimoniale.<strong>Pictet</strong> - Japanese Equity SelectionAcquisto Vendita ScadenzaEUR 45,331,966.25 JPY 5,022,328,541.00 27/04/2012EUR 89,740.65 JPY 9,775,000.00 27/04/2012La minusvalenza netta non realizzata su questi contratti al 31 marzo 2012, ammontavaJPY 54,872,322.16 e compare nello stato patrimoniale.<strong>Pictet</strong> - GenericsAcquisto Vendita ScadenzaEUR 29,956,521.77 USD 39,982,969.61 30/04/2012EUR 979,564.14 USD 1,299,000.00 30/04/2012La plusvalenza netta non realizzata su questi contratti al 31 marzo 2012, ammontavaUSD 13,438.89 e compare nello stato patrimoniale.<strong>Pictet</strong> - US Equity Growth SelectionAcquisto Vendita ScadenzaEUR 162,301,954.28 USD 216,624,418.38 30/04/2012La minusvalenza netta non realizzata su questo contratto al 31 marzo 2012,ammontava USD 1,158,716.15 e compare nello stato patrimoniale.<strong>Pictet</strong> - TimberAcquisto Vendita ScadenzaEUR 13,784,422.66 USD 18,398,068.92 30/04/2012La plusvalenza netta non realizzata su questo contratto al 31 marzo 2012, ammontavaUSD 2,234.03 e compare nello stato patrimoniale.623
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Global Megatrend SelectionAcquisto Vendita ScadenzaCHF 245,000.00 USD 270,240.46 04/04/2012EUR 420,000.00 USD 559,482.00 03/04/2012EUR 200,000.00 USD 265,880.00 04/04/2012EUR 3,321,031.92 USD 4,432,581.31 30/04/2012La plusvalenza netta non realizzata su questi contratti al 31 marzo 2012, ammontavaUSD 4,068.83 e compare nello stato patrimoniale.<strong>Pictet</strong> - US Equity Value SelectionAcquisto Vendita ScadenzaEUR 8,388,273.27 USD 11,195,828.34 30/04/2012La minusvalenza netta non realizzata su questo contratto al 31 marzo 2012,ammontava USD 59,886.08 e compare nello stato patrimoniale.<strong>Pictet</strong> - Environmental Megatrend SelectionAcquisto Vendita ScadenzaEUR 29,761.90 GBP 25,000.00 03/04/2012EUR 12,000.00 GBP 10,041.60 04/04/2012USD 16,500.00 GBP 10,396.32 04/04/2012La minusvalenza netta non realizzata su questi contratti al 31 marzo 2012, ammontavaEUR 371.48 e compare nello stato patrimoniale.<strong>Pictet</strong> - PiclifeAcquisto Vendita ScadenzaAUD 887.69 SGD 1,165.67 04/04/2012BRL 4,098.10 USD 2,383.87 03/04/2012BRL 897.89 USD 521.12 03/04/2012BRL 1,648.63 USD 894.54 02/10/2012BRL 1,648.63 USD 923.61 03/04/2012BRL 4,672.42 USD 2,546.67 03/05/2012CAD 818.71 AUD 789.65 13/04/2012CAD 163.84 AUD 157.93 13/04/2012CAD 654.00 AUD 632.05 13/04/2012CAD 326.15 AUD 315.33 13/04/2012CHF 427.07 EUR 354.00 03/04/2012CHF 18,697.21 EUR 15,512.70 10/04/2012CNY 11,281.05 USD 1,766.96 07/05/2012CNY 12,370.39 USD 1,935.61 21/05/2012CNY 5,589.51 USD 869.43 28/11/2012CNY 5,348.78 USD 830.11 28/11/2012CNY 5,348.78 USD 830.30 28/11/2012CNY 9,723.68 USD 1,534.68 09/04/2012CNY 9,722.91 USD 1,534.68 09/04/2012CNY 9,724.45 USD 1,534.68 09/04/2012CNY 9,722.91 USD 1,534.68 09/04/2012CNY 3,946.53 USD 622.09 24/09/2012CNY 3,947.78 USD 622.09 24/09/2012CNY 4,286.17 USD 675.41 26/09/2012CNY 3,722.78 USD 586.54 15/10/2012CNY 3,948.40 USD 622.09 15/10/2012CNY 4,287.51 USD 675.41 17/10/2012CNY 3,610.54 USD 568.77 24/10/2012624
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Piclife (segue)Acquisto Vendita ScadenzaCNY 4,061.86 USD 639.87 15/10/2012CNY 4,225.74 USD 667.79 12/10/2012CNY 4,226.41 USD 667.79 12/10/2012CNY 4,227.74 USD 667.79 17/10/2012CNY 4,227.08 USD 667.79 12/10/2012CNY 4,225.07 USD 667.79 20/09/2012CNY 11,844.94 USD 1,881.65 02/05/2012CNY 11,188.08 USD 1,778.57 02/05/2012CNY 9,579.52 USD 1,522.25 09/04/2012CNY 9,579.52 USD 1,522.25 09/04/2012CNY 14,613.27 USD 2,313.32 27/04/2012CNY 11,835.08 USD 1,873.98 12/04/2012CNY 11,696.97 USD 1,849.62 18/05/2012CNY 8,634.07 USD 1,365.51 10/04/2012CNY 8,634.76 USD 1,365.51 10/04/2012CNY 8,634.07 USD 1,365.51 10/04/2012CNY 5,823.21 USD 922.27 11/04/2012CNY 5,823.21 USD 922.27 11/04/2012CNY 5,824.13 USD 922.27 04/05/2012CNY 5,824.13 USD 922.27 04/05/2012CNY 7,254.04 USD 1,151.89 06/04/2012CNY 7,254.04 USD 1,151.99 06/04/2012CNY 5,851.31 USD 926.91 26/04/2012CNY 5,829.57 USD 924.30 27/04/2012CNY 8,953.42 USD 1,417.58 08/05/2012CNY 8,953.42 USD 1,418.48 26/04/2012CNY 19,872.25 USD 3,146.83 05/04/2012COP 9,402,291.02 USD 5,309.94 13/04/2012EUR 546.50 CHF 658.37 03/04/2012EUR 680.81 CHF 819.76 04/09/2012EUR 124.26 GBP 105.05 04/09/2012EUR 1,018.15 GBP 851.64 04/09/2012EUR 569.93 GBP 477.51 04/09/2012EUR 595.42 GBP 497.40 04/09/2012EUR 925.23 JPY 102,159.34 05/04/2012EUR 930.94 JPY 102,380.51 05/04/2012EUR 3,649.96 USD 4,804.58 23/04/2012EUR 1,417.54 USD 1,873.59 04/04/2012EUR 1,417.54 USD 1,876.42 04/04/2012EUR 1,417.54 USD 1,876.55 04/04/2012EUR 1,417.54 USD 1,873.57 04/04/2012EUR 2,818.03 USD 3,758.33 04/04/2012EUR 245.16 USD 325.59 03/04/2012GBP 3.76 USD 5.99 03/04/2012IDR 27,740,200.19 USD 3,012.63 10/04/2012IDR 16,147,174.99 USD 1,754.94 13/04/2012IDR 12,805,881.27 USD 1,390.59 16/04/2012IDR 12,805,881.27 USD 1,391.64 16/04/2012INR 16,876.94 USD 335.59 04/04/2012INR 63,381.34 USD 1,240.59 04/04/2012INR 63,381.34 USD 1,240.10 04/04/2012INR 63,381.34 USD 1,240.59 04/04/2012INR 63,381.34 USD 1,240.82 04/04/2012JPY 204,964.32 EUR 1,856.17 05/04/2012JPY 285,392.90 USD 3,403.20 04/04/2012KRW 2,108,736.08 USD 1,866.14 09/04/2012MXN 105,435.46 USD 8,100.47 30/04/2012MXN 1,709.06 USD 130.26 30/04/2012MXN 2,024.72 USD 154.81 30/04/2012MXN 25,119.31 USD 1,961.05 30/04/2012625
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Piclife (segue)Acquisto Vendita ScadenzaMXN 5,302.54 USD 413.99 30/04/2012MXN 3,571.16 USD 277.91 30/04/2012MXN 3,274.63 USD 252.89 30/04/2012MXN 3,191.73 USD 248.14 30/04/2012MXN 21,084.67 USD 1,663.92 30/04/2012MXN 40.50 USD 3.18 30/04/2012MXN 14,208.71 USD 1,114.68 30/04/2012MXN 9,862.15 USD 773.94 30/04/2012MXN 23,866.22 USD 1,858.54 30/04/2012MYR 5,683.76 USD 1,873.98 12/04/2012MYR 5,664.87 USD 1,850.96 12/04/2012MYR 2,804.30 USD 917.04 03/04/2012MYR 596.83 USD 195.11 03/04/2012MYR 5,831.44 USD 1,902.60 03/04/2012MYR 3,624.73 USD 1,181.08 03/04/2012MYR 5,831.44 USD 1,903.21 03/04/2012PEN 2,316.11 USD 863.90 11/06/2012PHP 6,843.97 USD 160.88 13/04/2012PHP 53,725.12 USD 1,247.97 03/04/2012PHP 28,814.83 USD 669.65 03/04/2012PHP 80,232.81 USD 1,864.91 04/04/2012PLN 24,601.52 USD 7,644.87 07/05/2012PLN 1,102.28 USD 344.41 07/05/2012PLN 846.88 USD 265.23 07/05/2012RUB 3,684.03 USD 125.45 29/06/2012RUB 26,629.17 USD 906.53 29/06/2012RUB 15,862.70 USD 540.56 29/06/2012SGD 1,140.23 EUR 679.80 04/04/2012SGD 2,635.91 USD 2,088.32 04/04/2012SGD 1,265.17 USD 1,005.70 04/04/2012SGD 415.53 USD 331.15 04/04/2012THB 66,296.41 USD 2,151.37 03/04/2012TRY 662.70 USD 364.02 20/04/2012TRY 6,878.64 USD 3,881.64 20/04/2012TRY 432.05 USD 240.83 20/04/2012TRY 2,796.19 USD 1,553.53 20/04/2012TRY 1,458.46 USD 822.74 20/04/2012TRY 920.29 USD 515.72 20/04/2012TRY 3,052.36 USD 1,702.13 20/04/2012TRY 789.95 USD 438.14 20/04/2012TRY 2,773.56 USD 1,536.32 20/04/2012TRY 436.83 USD 239.09 20/04/2012TRY 2,134.98 USD 1,189.01 20/04/2012TWD 55,235.32 USD 1,869.53 13/04/2012TWD 55,244.66 USD 1,869.54 13/04/2012USD 5,069.53 AUD 4,837.35 04/04/2012USD 309.13 BRL 547.15 03/04/2012USD 783.21 BRL 1,425.05 03/04/2012USD 2,563.07 BRL 4,672.42 03/04/2012USD 891.85 CNY 5,640.53 07/05/2012USD 891.92 CNY 5,640.53 07/05/2012USD 965.52 CNY 6,185.19 21/05/2012USD 1,261.53 CNY 8,155.82 24/09/2012USD 1,262.11 CNY 8,155.82 24/09/2012USD 880.16 CNY 5,663.02 12/10/2012USD 880.16 CNY 5,666.54 15/10/2012USD 878.54 CNY 5,653.87 17/10/2012USD 878.54 CNY 5,650.80 17/10/2012USD 879.38 CNY 5,636.88 24/10/2012USD 879.38 CNY 5,643.87 24/10/2012626
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Piclife (segue)Acquisto Vendita ScadenzaUSD 879.38 CNY 5,644.35 24/10/2012USD 1,739.29 CNY 11,107.17 28/11/2012USD 1,739.29 CNY 11,117.61 28/11/2012USD 1,739.29 CNY 11,119.35 28/11/2012USD 1,541.96 CNY 9,779.16 09/01/2013USD 762.52 CNY 4,835.92 10/01/2013USD 762.52 CNY 4,835.54 10/01/2013USD 770.86 CNY 4,878.24 10/01/2013USD 770.86 CNY 4,878.40 10/01/2013USD 1,617.43 CNY 10,188.23 19/07/2012USD 1,617.43 CNY 10,206.83 22/01/2013USD 2,313.32 CNY 14,607.48 06/03/2013USD 2,304.01 CNY 14,549.83 20/02/2013USD 2,296.67 CNY 14,498.89 27/02/2013USD 931.71 CNY 5,886.12 21/02/2013USD 931.72 CNY 5,886.59 21/02/2013USD 927.51 CNY 5,881.84 21/02/2013USD 927.51 CNY 5,881.84 21/02/2013USD 241.98 CNY 1,527.39 09/04/2012USD 3,157.73 CNY 19,872.25 05/04/2012USD 967.33 COP 1,703,955.51 13/04/2012USD 6,556.89 EUR 4,983.60 04/04/2012USD 1,869.85 EUR 1,417.31 04/04/2012USD 1,870.50 EUR 1,417.31 04/04/2012USD 1,874.50 EUR 1,417.31 04/04/2012USD 1,876.05 EUR 1,417.31 04/04/2012USD 0.11 EUR 0.09 03/04/2012USD 3,054.50 HKD 23,714.74 02/05/2012USD 1,951.73 HUF 434,885.38 21/06/2012USD 868.79 IDR 7,858,219.39 10/04/2012USD 1,228.34 IDR 11,085,850.40 19/06/2012USD 1,234.50 IDR 11,085,850.40 15/06/2012USD 2,214.63 IDR 19,672,661.31 05/07/2012USD 1,476.74 IDR 12,866,917.83 07/05/2012USD 1,476.74 IDR 12,892,022.57 07/05/2012USD 1,371.12 INR 67,637.73 04/04/2012USD 232.15 INR 11,538.10 04/04/2012USD 1,254.54 INR 63,956.79 04/04/2012USD 1,254.54 INR 63,931.70 04/04/2012USD 1,228.67 INR 63,337.98 04/04/2012USD 1,237.55 INR 63,381.34 12/04/2012USD 1,236.95 INR 63,381.34 12/04/2012USD 1,235.26 INR 63,381.34 18/04/2012USD 1,235.02 INR 63,381.34 18/04/2012USD 1,951.74 JPY 162,377.01 04/04/2012USD 1,787.52 JPY 148,696.90 04/04/2012USD 1,866.13 KRW 2,118,253.38 09/04/2012USD 201.45 MXN 2,582.72 30/04/2012USD 2,002.87 MXN 26,089.08 30/04/2012USD 133.52 MXN 1,740.94 30/04/2012USD 1,819.63 MXN 23,669.59 30/04/2012USD 3,176.11 MXN 40,236.28 30/04/2012USD 1,857.82 MXN 23,611.14 30/04/2012USD 3,034.18 MYR 9,344.37 03/04/2012USD 3,033.58 MYR 9,344.37 03/04/2012USD 1,586.55 MYR 4,870.72 12/04/2012USD 1,900.85 MYR 5,831.44 17/04/2012USD 1,901.41 MYR 5,831.44 17/04/2012USD 255.13 PEN 682.99 11/06/2012USD 209.14 PHP 8,961.67 08/02/2013627
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Piclife (segue)Acquisto Vendita ScadenzaUSD 1,854.88 PHP 79,685.97 04/04/2012USD 42.24 PHP 1,816.29 13/04/2012USD 372.43 PLN 1,182.31 07/05/2012USD 349.46 PLN 1,095.26 07/05/2012USD 234.79 PLN 735.91 07/05/2012USD 89.58 PLN 281.87 07/05/2012USD 1,006.43 SGD 1,272.24 04/04/2012USD 1,006.43 SGD 1,272.14 04/04/2012USD 1,865.47 SGD 2,344.54 04/04/2012USD 2,053.39 THB 63,080.22 05/04/2012USD 1,461.18 THB 45,089.14 03/04/2012USD 13,187.45 TRY 24,610.48 20/04/2012USD 1,710.09 TRY 3,181.50 20/04/2012USD 293.15 TRY 532.49 20/04/2012USD 189.63 TRY 340.22 20/04/2012USD 1,008.72 TRY 1,819.23 20/04/2012USD 195.89 TRY 347.09 20/04/2012USD 989.70 TRY 1,753.63 20/04/2012USD 989.66 TRY 1,753.55 20/04/2012USD 1,170.58 TRY 2,090.41 20/04/2012USD 672.97 TRY 1,204.63 20/04/2012USD 222.04 TRY 402.07 20/04/2012USD 434.68 TRY 784.22 20/04/2012USD 1,858.11 TRY 3,361.04 20/04/2012USD 1,760.53 TRY 3,205.12 20/04/2012USD 1,864.12 TRY 3,347.97 20/04/2012USD 373.12 TRY 670.23 20/04/2012USD 1,770.74 TWD 52,343.06 13/04/2012USD 1,872.80 TWD 55,341.46 13/04/2012USD 4,591.08 ZAR 35,743.37 29/05/2012La minusvalenza netta non realizzata su questi contratti al 31 marzo 2012, ammontavaCHF 182.97 e compare nello stato patrimoniale.<strong>Pictet</strong> - Absolute Return Global DiversifiedAcquisto Vendita ScadenzaAUD 57,069,000.00 EUR 45,941,877.31 02/05/2012AUD 7,200,000.00 EUR 5,771,543.09 02/05/2012AUD 1,350,000.00 EUR 1,083,206.29 02/05/2012AUD 42,000.00 EUR 33,418.20 12/04/2012AUD 4,900,000.00 EUR 3,906,561.43 02/05/2012AUD 7,700,000.00 EUR 6,035,428.75 02/05/2012BRL 375,000.00 USD 205,547.03 12/04/2012CHF 29,775,338.55 EUR 24,689,335.45 30/04/2012CHF 380,000.00 EUR 315,457.41 02/05/2012CHF 9,660,000.00 EUR 8,005,967.18 12/04/2012CHF 270,000.00 EUR 224,066.39 02/05/2012CHF 141,000.00 EUR 117,012.45 12/04/2012EUR 889,089.69 AUD 1,102,000.00 12/04/2012EUR 893,582.45 AUD 1,100,000.00 02/05/2012EUR 3,000,797.22 CAD 3,877,000.00 12/04/2012EUR 152,183.84 CAD 200,000.00 12/04/2012EUR 156,727.83 CAD 205,000.00 12/04/2012EUR 1,147,615.69 CHF 1,385,000.00 02/05/2012EUR 1,144,088.87 CHF 1,380,000.00 02/05/2012EUR 73,475,619.85 CHF 88,785,000.00 12/04/2012EUR 11,205,750.37 CHF 13,485,000.00 02/05/2012EUR 10,013,239.55 CHF 12,101,000.00 12/04/2012628
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Absolute Return Global Diversified (segue)Acquisto Vendita ScadenzaEUR 762,220.38 CHF 920,000.00 02/05/2012EUR 420,711.97 GBP 351,000.00 30/04/2012EUR 28,415,524.84 GBP 23,538,000.00 12/04/2012EUR 6,362,000.72 GBP 5,304,000.00 02/05/2012EUR 4,350,857.61 HKD 42,869,000.00 12/04/2012EUR 240,787.93 HKD 2,457,000.00 12/04/2012EUR 51,015,816.70 JPY 4,960,727,000.00 12/04/2012EUR 10,419,222.29 JPY 1,039,630,000.00 02/05/2012EUR 931,116.39 JPY 98,000,000.00 02/05/2012EUR 669,331.60 JPY 72,000,000.00 02/05/2012EUR 657,070.24 JPY 71,095,000.00 12/04/2012EUR 922,550.94 JPY 102,000,000.00 02/05/2012EUR 1,154,713.58 JPY 128,000,000.00 02/05/2012EUR 2,159,709.30 MXN 37,385,000.00 12/04/2012EUR 64,344.92 MXN 1,079,000.00 12/04/2012EUR 237,838.40 NOK 1,830,000.00 12/04/2012EUR 117,218.76 NOK 879,000.00 12/04/2012EUR 1,452,360.59 PLN 6,454,000.00 12/04/2012EUR 1,629,830.52 SEK 14,483,000.00 12/04/2012EUR 25,349.82 SEK 227,000.00 12/04/2012EUR 9,315,468.05 SGD 15,330,000.00 02/05/2012EUR 6,026.27 SGD 10,000.00 12/04/2012EUR 522,523.51 SGD 855,000.00 12/04/2012EUR 938,120.15 SGD 1,560,000.00 02/05/2012EUR 129,284.43 SGD 215,000.00 02/05/2012EUR 660,660.66 SGD 1,100,000.00 02/05/2012EUR 1,104,279.83 SGD 1,850,000.00 02/05/2012EUR 121,692.33 THB 4,907,000.00 12/04/2012EUR 353,400.96 TRY 850,000.00 12/04/2012EUR 51,303.62 TRY 122,000.00 12/04/2012EUR 48,341,133.10 USD 61,298,007.00 12/04/2012EUR 9,323,130.81 USD 12,245,000.00 02/05/2012EUR 198,761.56 USD 260,000.00 02/05/2012EUR 6,448,803.39 USD 8,515,000.00 12/04/2012EUR 794,070.94 USD 1,050,000.00 02/05/2012EUR 173,965.66 USD 230,000.00 02/05/2012EUR 633,818.76 USD 840,000.00 02/05/2012EUR 1,162,006.15 USD 1,550,000.00 02/05/2012EUR 964,839.93 ZAR 10,060,000.00 12/04/2012EUR 64,391.63 ZAR 644,000.00 12/04/2012GBP 126,772,677.43 EUR 151,325,189.41 30/04/2012GBP 5,304,000.00 EUR 6,401,544.87 02/05/2012GBP 3,325,000.00 EUR 4,000,000.00 12/04/2012GBP 3,237,000.00 EUR 3,852,883.41 12/04/2012JPY 2,750,639.00 EUR 24,829.74 27/04/2012JPY 7,300,000.00 EUR 72,956.23 02/05/2012JPY 417,150,000.00 EUR 3,994,924.34 12/04/2012PLN 101,000.00 EUR 24,474.76 12/04/2012SGD 720,000.00 EUR 441,176.47 02/05/2012USD 1,871,820.96 BRL 3,404,000.00 12/04/2012USD 6,925,191.97 EUR 5,188,770.07 30/04/2012USD 15,750,000.00 EUR 11,976,275.57 12/04/2012USD 21,000.00 EUR 15,972.01 12/04/2012USD 940,129.66 KRW 1,087,589,000.00 12/04/2012USD 326,285.52 KRW 368,161,000.00 12/04/2012La plusvalenza netta non realizzata su questi contratti al 31 marzo 2012, ammontavaEUR 8,442,503.30 e compare nello stato patrimoniale.629
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Absolute Return Global ConservativeAcquisto Vendita ScadenzaAUD 4,610,000.00 EUR 3,711,157.62 02/05/2012AUD 68,000.00 EUR 54,373.90 25/05/2012AUD 475,000.00 EUR 378,878.52 02/05/2012BRL 684,000.00 USD 371,860.39 25/05/2012CAD 314,000.00 EUR 240,318.38 25/05/2012CHF 30,000.00 EUR 24,904.53 02/05/2012CHF 18,000.00 EUR 14,942.72 25/05/2012EUR 324,939.07 AUD 400,000.00 02/05/2012EUR 94,227.57 AUD 119,000.00 25/05/2012EUR 407,359.73 CAD 538,000.00 25/05/2012EUR 823,500.08 CHF 991,000.00 02/05/2012EUR 7,939,994.20 CHF 9,580,000.00 25/05/2012EUR 49,724.03 CHF 60,000.00 02/05/2012EUR 506,177.28 GBP 422,000.00 02/05/2012EUR 3,255,897.28 GBP 2,726,000.00 25/05/2012EUR 107,994.31 HKD 1,108,000.00 25/05/2012EUR 770,635.40 JPY 76,894,000.00 02/05/2012EUR 5,677,710.27 JPY 598,090,000.00 25/05/2012EUR 117,707.78 JPY 13,000,000.00 02/05/2012EUR 333,195.78 MXN 5,652,000.00 25/05/2012EUR 18,361.32 NOK 138,000.00 25/05/2012EUR 409,729.29 PLN 1,730,000.00 25/05/2012EUR 652,409.92 SEK 5,769,000.00 25/05/2012EUR 712,180.60 SGD 1,172,000.00 02/05/2012EUR 412,780.55 SGD 686,000.00 25/05/2012EUR 1,205.25 SGD 2,000.00 25/05/2012EUR 63,047.92 SGD 105,000.00 02/05/2012EUR 12,951.57 THB 522,000.00 25/05/2012EUR 21,594.61 TRY 51,000.00 25/05/2012EUR 19,189.05 TRY 46,000.00 25/05/2012EUR 709,608.65 USD 932,000.00 02/05/2012EUR 3,205,748.87 USD 4,238,000.00 25/05/2012EUR 64,136.42 USD 85,000.00 02/05/2012EUR 380,120.91 ZAR 3,936,000.00 25/05/2012GBP 422,000.00 EUR 509,323.52 02/05/2012GBP 157,000.00 EUR 186,660.33 25/05/2012HKD 31,000.00 EUR 3,040.89 25/05/2012JPY 1,800,000.00 EUR 17,989.21 02/05/2012JPY 48,542,000.00 EUR 449,587.85 25/05/2012KRW 326,457,000.00 USD 289,245.56 25/05/2012MXN 3,676,000.00 EUR 218,529.86 25/05/2012PLN 1,470,000.00 EUR 354,772.54 25/05/2012SEK 3,587,000.00 EUR 399,786.01 25/05/2012SGD 100,000.00 EUR 61,274.51 02/05/2012USD 520,022.88 BRL 909,000.00 25/05/2012USD 30,000.00 EUR 22,955.08 02/05/2012USD 266,000.00 EUR 202,342.92 25/05/2012USD 379,559.92 KRW 430,550,000.00 25/05/2012ZAR 2,471,000.00 EUR 246,091.03 25/05/2012La plusvalenza netta non realizzata su questi contratti al 31 marzo 2012, ammontavaEUR 219,637.54 e compare nello stato patrimoniale.<strong>Pictet</strong> - Convertible BondsAcquisto Vendita ScadenzaCHF 68,272,865.07 EUR 56,610,999.23 30/04/2012CHF 51,757,030.48 EUR 42,916,277.35 30/04/2012CHF 17,077.49 EUR 14,160.44 30/04/2012630
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Convertible Bonds (segue)Acquisto Vendita ScadenzaEUR 10,936,129.59 AUD 14,090,000.00 30/04/2012EUR 3,157,658.26 CAD 4,200,001.25 30/04/2012EUR 19,622,370.94 GBP 16,420,000.00 30/04/2012EUR 16,384,655.04 HKD 169,039,994.51 30/04/2012EUR 23,242,155.00 JPY 2,540,599,963.00 27/04/2012EUR 4,188,936.74 SEK 37,110,000.00 30/04/2012EUR 1,262,188.19 SGD 2,110,000.00 30/04/2012EUR 5,857,867.87 USD 7,740,000.82 30/04/2012EUR 44,907.80 USD 60,001.31 30/04/2012EUR 5,099,596.06 USD 6,810,000.58 30/04/2012EUR 220,079,807.00 USD 292,309,999.66 30/04/2012GBP 11,047,364.70 EUR 13,186,946.82 30/04/2012HUF 11,500,000.41 EUR 38,942.13 27/04/2012USD 59,785,893.55 EUR 44,795,184.92 30/04/2012USD 35,258,715.74 EUR 26,417,949.08 30/04/2012La plusvalenza netta non realizzata su questi contratti al 31 marzo 2012, ammontavaEUR 383,902.46 e compare nello stato patrimoniale.<strong>Pictet</strong> - Global Flexible AllocationAcquisto Vendita ScadenzaCHF 12,046.36 EUR 9,988.69 30/04/2012CHF 1,017,864.69 EUR 844,000.57 30/04/2012CHF 1,341.81 EUR 1,112.23 03/04/2012EUR 305.27 CHF 367.68 04/09/2012EUR 49,746.07 CHF 59,830.14 26/04/2012EUR 99,188.48 CHF 119,660.29 10/05/2012EUR 24,783.64 CHF 29,915.07 18/05/2012EUR 24,785.08 CHF 29,915.07 18/05/2012EUR 99,235.28 CHF 119,660.29 21/06/2012EUR 16,544.87 CHF 19,943.38 28/06/2012EUR 16,544.59 CHF 19,943.38 28/06/2012EUR 16,545.00 CHF 19,943.38 28/06/2012EUR 1,717.06 CHF 2,068.52 03/04/2012EUR 2,139.04 CHF 2,575.61 04/09/2012EUR 2,093.31 GBP 1,779.34 04/09/2012EUR 1,112.30 GBP 930.56 04/09/2012EUR 844.54 GBP 703.30 10/04/2012EUR 89,956.83 GBP 74,787.68 08/05/2012EUR 22,223.57 GBP 18,547.34 17/04/2012EUR 34,023.25 GBP 28,419.32 11/06/2012EUR 35,853.44 GBP 29,915.07 09/05/2012EUR 35,892.98 GBP 29,915.07 12/04/2012EUR 93,102.90 GBP 77,779.19 27/04/2012EUR 390.40 GBP 330.06 04/09/2012EUR 3,198.91 GBP 2,675.77 04/09/2012EUR 1,790.66 GBP 1,500.27 04/09/2012EUR 1,870.76 GBP 1,562.78 04/09/2012EUR 58,126.34 JPY 5,983,014.40 14/05/2012EUR 47,361.22 NOK 358,980.86 20/06/2012EUR 1,210.04 USD 1,600.26 03/04/2012EUR 666.05 USD 871.08 04/09/2012EUR 68,105.97 USD 89,745.22 30/05/2012EUR 45,101.69 USD 59,830.14 22/06/2012EUR 22,540.11 USD 29,915.07 16/08/2012GBP 8,328.25 EUR 9,941.21 30/04/2012GBP 8,327.52 EUR 9,940.34 30/04/2012631
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Global Flexible Allocation (segue)Acquisto Vendita ScadenzaUSD 13,232.73 EUR 9,914.76 30/04/2012USD 13,231.64 EUR 9,913.94 30/04/2012La plusvalenza netta non realizzata su questi contratti al 31 marzo 2012, ammontavaEUR 5,484.08 e compare nello stato patrimoniale.NOTA 12CONTRATTI SWAPAl 31 marzo 2012 la SICAV deteneva i seguenti contratti swap su tassi d’interesse:<strong>Pictet</strong> - EUR BondsValore nominale Valuta Tasso passivoTasso attivo (su base Data di inizio deisemestrale) flussi di interessiData discadenza6,088.41 PLN 4.87% WIBO 6M 26/03/2009 26/03/20146,995.20 PLN 4.97% WIBO 6M 04/05/2009 05/05/20147,097.54 USD USD LIBOR1.58% 16/03/2012 16/03/2016BBA 6M7,383.82 USD USD-LIBOR-5.70% 15/09/2011 15/09/2014BBA 6M7,468.70 USD USD-LIBOR-1.20% 11/10/2011 11/10/2016BBA 6M7,772.44 USD USD LIBOR5.45% 21/02/2012 21/02/2019BBA 6M7,772.44 USD USD LIBOR5.65% 21/02/2012 21/02/2022BBA 6M7,826.72 USD LIBOR USD 6M 5.15% 06/12/2010 06/12/20169,361.91 USD USD-LIBOR-3.10% 15/09/2011 15/09/2014BBA 6M9,719.44 USD USD-LIBOR-2.90% 15/09/2011 15/09/2014BBA 6M9,719.44 USD USD-LIBOR-3.20% 26/09/2011 26/09/2014BBA 6M9,719.44 USD USD-LIBOR-2.00% 15/09/2011 15/09/2013BBA 6M9,719.44 USD USD-LIBOR-3.20% 22/09/2011 22/09/2014BBA 6M9,719.44 USD USD-LIBOR-3.10% 20/09/2011 20/09/2014BBA 6M9,719.44 USD USD-LIBOR-3.20% 20/09/2011 20/09/2014BBA 6M9,719.44 USD USD-LIBOR-3.00% 20/09/2011 20/09/2014BBA 6M9,719.44 USD USD-LIBOR-3.00% 15/09/2011 15/09/2014BBA 6M9,719.44 USD USD-LIBOR-3.00% 15/09/2011 15/09/2014BBA 6M10,285.53 USD USD-LIBOR-4.90% 14/09/2011 14/09/2013BBA 6M11,272.50 USD USD-LIBOR-1.30% 11/10/2011 11/10/2016BBA 6M11,673.75 USD 2.34% USD LIBOR 3M 31/01/2013 31/01/202311,801.16 USD USD-LIBOR-4.90% 14/09/2011 14/09/2013BBA 6M11,917.75 USD USD-LIBOR-5.30% 15/09/2011 15/09/2013BBA 6M11,917.75 USD USD-LIBOR-BBA 6M5.30% 15/09/2011 15/09/2013632
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - EUR Bonds (segue)Valore nominale Valuta Tasso passivoTasso attivo (su base Data di inizio deisemestrale) flussi di interessiData discadenza11,969.56 USD USD-LIBOR-4.80% 14/09/2011 14/09/2013BBA 6M11,969.56 USD USD-LIBOR-4.85% 14/09/2011 14/09/2013BBA 6M11,969.56 USD USD-LIBOR-5.00% 14/09/2011 14/09/2013BBA 6M11,969.56 USD USD-LIBOR-4.85% 14/09/2011 16/09/2013BBA 6M11,985.11 USD USD LIBOR1.70% 16/03/2012 16/03/2017BBA 6M12,241.60 USD USD-LIBOR-6.20% 15/09/2011 15/09/2015BBA 6M12,241.60 USD USD-LIBOR-6.20% 15/09/2011 15/09/2015BBA 6M12,306.37 USD USD-LIBOR-5.70% 15/09/2011 15/09/2014BBA 6M12,306.37 USD USD-LIBOR-5.70% 15/09/2011 15/09/2014BBA 6M13,561.57 SGD ABS SGD SWAP 6M 3.13% 31/12/2010 31/12/202015,577.27 USD USD-LIBOR-3.75% 04/08/2011 04/08/2012BBA 6M15,577.27 USD USD-LIBOR-4.88% 04/08/2011 04/08/2013BBA 6M16,840.29 USD LIBOR USD 6M 4.85% 03/03/2011 03/03/201619,438.88 USD USD-LIBOR-1.80% 15/09/2011 15/09/2013BBA 6M19,601.45 SGD 1.89% SIBOR 6M 10/02/2012 10/02/202223,965.55 SGD 1.86% SIBOR 6M 10/02/2012 10/02/202225,854.65 AUD 4.69% AUD BB 6M 08/02/2012 08/02/202226,219.04 SGD ABS SGD SWAP 6M 3.07% 29/12/2010 29/12/202030,986.14 SGD 1.97% SIBOR 6M 11/11/2011 11/11/202132,795.82 AUD 5.67% AUD BB 6M 02/11/2016 02/11/202136,271.40 SGD SIBOR 6M 1.85% 20/10/2009 20/10/201238,862.22 SGD 2.59% SIBOR 6M 07/07/2010 07/07/202042,940.09 SGD 2.38% SIBOR 6M 02/04/2015 02/04/201943,046.96 USD USD LIBOR 3M 1.48% 31/01/2013 31/01/201846,969.52 SGD SIBOR 6M 1.07% 10/02/2012 10/02/201749,873.18 HKD HKAB Hong Kong1.66% 30/01/2012 30/01/2021Dollar Hibor Fixings3 Month50,132.26 SGD 2.38% SIBOR 6M 17/08/2010 20/08/202050,132.26 SGD 2.30% SIBOR 6M 24/08/2010 24/08/202050,520.88 SGD SIBOR 6M 2.31% 31/08/2010 31/08/202054,720.72 USD 0.67% USD LIBOR 3M 31/01/2013 31/01/201555,702.51 THB Bloomberg Thailand4.95% 15/08/2008 15/08/20136 Month Fixing Rate56,220.67 AUD 5.37% AUD BB 6M 11/10/2016 11/10/202157,237.18 AUD 5.15% AUD BB 6M 07/02/2017 07/02/202258,231.14 ZAR 6.59% JIBAR 3M 27/10/2011 27/10/201658,293.32 ZAR 8.48% JIBAR 3M 12/12/2008 12/12/201858,293.32 ZAR JIBAR 3M 7.95% 15/12/2008 15/12/201858,293.32 HKD HKAB Hong Kong1.59% 02/02/2012 02/02/2021Dollar Hibor Fixings3 Month58,293.32 HKD HKAB Hong Kong1.59% 02/02/2012 02/02/2021Dollar Hibor Fixings3 Month58,987.66 AUD 5.28% AUD BB 6M 21/02/2017 21/02/202259,887.58 SGD SIBOR 6M 0.74% 07/01/2013 07/01/2014633
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - EUR Bonds (segue)Valore nominale Valuta Tasso passivoTasso attivo (su base Data di inizio deisemestrale) flussi di interessiData discadenza60,557.59 HKD HKAB Hong Kong2.01% 28/01/2013 28/01/2023Dollar Hibor Fixings3 Month62,179.55 MYR Malaysia Interbank3.80% 12/11/2009 12/11/2014Offered Rate Fixing3 Month70,023.84 HKD HKAB Hong Kong1.86% 01/02/2013 01/02/2023Dollar Hibor Fixings3 Month71,247.40 SGD 1.30% SGD-SOR-Reuters 18/05/2012 20/05/20136M 6M75,077.27 SGD SIBOR 6M 1.05% 10/02/2012 10/02/201775,077.27 SGD SIBOR 6M 1.04% 10/02/2012 10/02/201776,609.00 HKD HKAB Hong Kong1.87% 01/02/2013 01/02/2023Dollar Hibor Fixings3 Month82,517.09 HKD HKAB Hong Kong1.98% 28/01/2013 28/01/2023Dollar Hibor Fixings3 Month90,122.00 HKD HKAB Hong Kong1.77% 07/02/2012 07/02/2022Dollar Hibor Fixings3 Month90,419.42 SGD SIBOR 6M 0.73% 07/01/2013 07/01/201491,720.01 SGD 0.48% SIBOR 6M 10/02/2012 10/02/201492,089.85 SGD SIBOR 6M 1.04% 10/02/2012 10/02/201792,459.69 SGD SIBOR 6M 1.05% 10/02/2012 10/02/201792,660.41 HKD HKAB Hong Kong2.00% 28/01/2013 28/01/2023Dollar Hibor Fixings3 Month93,917.02 HKD HKAB Hong Kong1.58% 02/02/2012 02/02/2021Dollar Hibor Fixings3 Month96,897.75 MYR Malaysia Interbank3.61% 26/03/2012 26/03/2017Offered Rate Fixing3 Month99,116.79 MYR Malaysia Interbank3.64% 27/03/2012 27/03/2017Offered Rate Fixing3 Month101,469.25 MYR MYR-KLIBOR-4.01% 11/05/2011 11/05/2016BNM 3M105,985.04 CNY CNY-3.95% 27/10/2011 27/10/2016CNREPOFIX=CFXS-Reuters105,985.04 CNY 3.54% CNY- 27/10/2011 27/10/2016CNREPOFIX=CFXS-Reuters108,681.81 AUD AUD BB 6M 3.94% 11/02/2013 11/02/2015112,430.98 SGD 1.87% SIBOR 6M 10/02/2012 10/02/2022113,021.69 AUD AUD BB 6M 3.94% 11/02/2013 11/02/2015114,675.92 SGD SIBOR 6M 0.80% 24/08/2010 24/08/2012114,675.92 SGD SIBOR 6M 0.81% 24/08/2010 24/08/2012115,093.82 SGD 0.48% SIBOR 6M 10/02/2012 10/02/2014116,129.37 SGD 0.50% SIBOR 6M 14/02/2012 14/02/2014123,304.01 HKD HKAB Hong Kong1.97% 28/01/2013 28/01/2023Dollar Hibor Fixings3 Month129,540.72 THB Bloomberg Thailand6 Month Fixing Rate6.68% 02/07/2008 02/07/2018634
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - EUR Bonds (segue)Valore nominale Valuta Tasso passivoTasso attivo (su base Data di inizio deisemestrale) flussi di interessiData discadenza143,790.20 SGD 1.17% SGD-SOR- 04/04/2012 04/04/2013Reuters 6M145,344.69 THB Bloomberg Thailand3.16% 26/08/2010 26/08/20206 Month Fixing Rate161,925.90 ZAR 8.52% South Africa 23/03/2010 23/03/2020JohannesburgInterbank AgreedRate 3 Month163,273.12 CNY Fixing Repo 7D 0.04% 02/12/2010 02/12/2013163,869.01 HKD HKAB Hong Kong1.56% 30/01/2012 30/01/2020Dollar Hibor Fixings3 Month163,869.01 HKD 1.51% HKAB Hong KongDollar Hibor Fixings31/01/2012 31/01/2020163,869.01 HKD HKAB Hong KongDollar Hibor Fixings3 Month3 Month1.50% 31/01/2012 31/01/2020170,537.12 CNY Fixing Repo 7D 4.31% 29/10/2012 30/10/2017180,277.93 CNY Fixing Repo 7D 0.04% 29/10/2012 30/10/2017184,052.75 CNY Fixing Repo 7D 0.04% 29/10/2012 30/10/2017184,532.76 SGD SIBOR 6M 0.80% 19/03/2013 19/03/2014184,676.10 HKD HKAB Hong KongDollar Hibor Fixings3 Month1.74% 07/02/2012 07/02/2022184,919.38 SGD SIBOR 6M 1.05% 10/02/2012 10/02/2017186,321.76 HKD HKAB Hong KongDollar Hibor Fixings3 Month2.67% 10/02/2017 10/02/2022186,538.64 CNY 4.08% CNY-CNREPOFIX=CFXS-Reuters186,538.64 CNY 4.07% CNY-CNREPOFIX=CFXS-Reuters193,795.51 MYR Malaysia InterbankOffered Rate Fixing3 Month193,802.53 HKD HKAB Hong KongDollar Hibor Fixings3 Month194,311.08 THB Bloomberg Thailand6 Month Fixing Rate211,213.03 CNY CNY-CNREPOFIX=CFXS-Reuters211,213.03 CNY 3.42% CNY-CNREPOFIX=CFXS-Reuters211,970.07 CNY CNY-CNREPOFIX=CFXS-Reuters211,970.07 CNY 3.29% CNY-CNREPOFIX=CFXS-Reuters05/08/2011 05/08/201605/08/2011 05/08/20163.61% 26/03/2012 26/03/20172.68% 10/02/2017 10/02/20223.39% 12/06/2009 12/06/20133.76% 21/10/2011 21/10/201621/10/2011 21/10/20163.76% 09/11/2011 09/11/201609/11/2011 09/11/2016215,701.68 AUD AUD BB 6M 3.88% 08/05/2012 08/05/2013221,242.08 SGD SIBOR 6M 0.71% 26/11/2012 26/11/2013221,242.08 SGD SIBOR 6M 0.71% 26/11/2012 26/11/2013635
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - EUR Bonds (segue)Valore nominale Valuta Tasso passivoTasso attivo (su base Data di inizio deisemestrale) flussi di interessiData discadenza225,099.02 CNY 4.15% CNY- 13/07/2011 13/07/2016CNREPOFIX=CFXS-Reuters227,117.27 SGD SIBOR 6M 0.77% 18/03/2013 18/03/2014230,665.97 SGD SIBOR 6M 0.81% 19/03/2013 19/03/2014232,015.84 HKD 1.37% HKAB Hong Kong 28/01/2013 28/01/2018Dollar Hibor Fixings3 Month233,173.30 THB Bloomberg Thailand5.70% 20/06/2008 20/06/20136 Month Fixing Rate233,490.67 CNY CNY-3.18% 07/03/2012 07/03/2014CNREPOFIX=CFXS-Reuters233,490.67 CNY CNY-3.18% 07/03/2012 07/03/2014CNREPOFIX=CFXS-Reuters237,082.83 CNY CNY-3.18% 07/03/2012 07/03/2014CNREPOFIX=CFXS-Reuters237,082.83 CNY CNY-3.18% 07/03/2012 07/03/2014CNREPOFIX=CFXS-Reuters259,081.44 THB Bloomberg Thailand5.75% 20/06/2008 20/06/20136 Month Fixing Rate267,381.47 HKD 1.27% HKAB Hong Kong 01/02/2013 01/02/2018Dollar Hibor Fixings3 Month270,803.58 CNY 3.69% KRW 3 Month 29/11/2010 29/11/2013Certificate ofDeposit272,922.87 CNY 3.81% CNY- 10/06/2011 10/06/2016CNREPOFIX=CFXS-Reuters281,420.48 BRL BRL-CDI 10.51% 14/03/2012 02/01/2017284,547.72 HKD HKAB Hong Kong0.67% 28/01/2013 28/01/2015Dollar Hibor Fixings3 Month285,783.02 SGD SIBOR 6M 0.69% 02/11/2012 02/11/2013285,783.02 SGD SIBOR 6M 0.71% 02/11/2012 02/11/2013286,018.14 HKD HKAB Hong Kong1.94% 10/01/2012 10/01/2022Dollar Hibor Fixings3 Month290,384.60 HKD 1.28% HKAB Hong Kong 01/02/2013 01/02/2018Dollar Hibor Fixings3 Month290,767.10 SGD SIBOR 6M 0.86% 17/08/2010 20/08/2012290,767.10 SGD SIBOR 6M 0.81% 24/08/2010 24/08/2012299,134.91 HKD 1.22% BBA LIBOR USD 6 15/11/2011 15/11/2016Month299,134.91 HKD 1.24% HKAB Hong Kong 15/11/2011 15/11/2016Dollar Hibor Fixings3 Month299,860.86 CNY 2.53% CNY-CNREPOFIX=CFXS-06/12/2011 06/12/2013300,145.85 THB Bloomberg Thailand6 Month Fixing RateReuters3.27% 24/08/2010 24/08/2020636
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - EUR Bonds (segue)Valore nominale Valuta Tasso passivoTasso attivo (su base Data di inizio deisemestrale) flussi di interessiData discadenza300,720.88 HKD HKAB Hong Kong1.95% 09/01/2012 09/01/2022Dollar Hibor Fixings3 Month301,442.03 HKD HKAB Hong Kong1.92% 09/01/2012 09/01/2022Dollar Hibor Fixings3 Month307,141.05 INRIndia National Stock7.29% 13/05/2008 13/05/2013Exchange NSEInterbank Offer Rate313,705.25 HKD 1.35% HKAB Hong Kong 28/01/2013 28/01/2018Dollar Hibor Fixings3 Month323,239.07 SGD 0.47% SIBOR 6M 10/02/2012 10/02/2014327,947.23 HKD HKAB Hong Kong0.64% 01/02/2013 01/02/2015Dollar Hibor Fixings3 Month332,919.65 THB Bloomberg Thailand4.94% 15/08/2008 15/08/20136 Month Fixing Rate345,733.82 CNY CNY-3.94% 15/11/2011 15/11/2013CNREPOFIX=CFXS-Reuters345,733.82 CNY CNY-3.95% 15/11/2011 15/11/2013CNREPOFIX=CFXS-Reuters350,212.58 HKD 1.37% HKAB Hong Kong 28/01/2013 28/01/2018Dollar Hibor Fixings3 Month353,646.17 CNY 3.13% CNY-CNREPOFIX=CFXS-03/02/2012 03/02/2017357,508.68 HKD HKAB Hong KongDollar Hibor Fixings3 Month367,329.55 CNY 2.53% CNY-CNREPOFIX=CFXS-ReutersReuters0.64% 01/02/2013 01/02/201505/12/2011 05/12/2013371,781.87 THB Bloomberg Thailand5.25% 05/08/2008 06/08/20186 Month Fixing Rate372,048.72 CNY 0.33% EUR OIS EONIA 06/02/2012 06/02/2014372,048.72 CNY 2.91% CNY-CNREPOFIX=CFXS-Reuters06/02/2012 06/02/2014372,048.72 CNY 2.90% CNY-CNREPOFIX=CFXS-Reuters374,890.84 CNY 4.33% CNY-CNREPOFIX=CFXS-Reuters385,135.78 HKD HKAB Hong KongDollar Hibor Fixings3 Month06/02/2012 06/02/201408/03/2012 08/09/20130.65% 28/01/2013 28/01/2015409,289.09 CNY 3.92% Fixing Repo 7D 29/10/2012 29/10/2014420,893.34 CNY CNY-CNREPOFIX=CFXS-Reuters3.95% 15/11/2011 15/11/2013420,893.34 CNY CNY-CNREPOFIX=CFXS-Reuters3.98% 15/11/2011 15/11/2013637
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - EUR Bonds (segue)Valore nominale Valuta Tasso passivoTasso attivo (su base Data di inizio deisemestrale) flussi di interessiData discadenza420,893.34 CNY CNY-3.97% 15/11/2011 15/11/2013CNREPOFIX=CFXS-Reuters421,927.08 CNY 3.895% Fixing Repo 7D 29/10/2012 29/10/2014429,010.41 HKD 0.67% HKAB Hong Kong 28/01/2013 28/01/2015Dollar Hibor Fixings3 Month432,756.68 CNY Fixing Repo 7D 0.03% 26/11/2010 26/11/2012434,677.77 CNY 3.87% Fixing Repo 7D 29/10/2012 29/10/2014449,791.29 CNY CNY-3.48% 05/12/2011 05/12/2013CNREPOFIX=CFXS-Reuters449,791.29 CNY CNY-3.45% 05/12/2011 05/12/2013CNREPOFIX=CFXS-Reuters461,424.04 CNY China Fixing Repo2.75% 18/08/2010 18/08/2015Rates 7 Day466,950.11 HKD 1.32% HKAB Hong Kong 28/01/2013 28/01/2018Dollar Hibor Fixings3 Month477,248.74 SGD 1.82% SGD-SOR- 20/05/2013 20/05/2014Reuters 6M477,757.83 CNY 3.16% CNY- 07/03/2012 07/03/2014CNREPOFIX=CFXS-Reuters477,757.83 CNY 3.17% CNY- 07/03/2012 07/03/2014CNREPOFIX=CFXS-Reuters480,037.89 MXN 6.44% MXN-TIIE-Banxico 07/06/2011 31/05/2016480,037.89 MXN 6.46% MXN-TIIE-Banxico 07/06/2011 31/05/2016480,142.68 MXN 6.37% MXN-TIIE-Banxico 06/06/2011 30/05/2016480,142.68 MXN 6.40% MXN-TIIE-Banxico 06/06/2011 30/05/2016490,272.50 CNY CNY-2.85% 01/02/2012 05/12/2013CNREPOFIX=CFXS-Reuters491,543.30 CNY 2.95% CNY- 16/11/2011 16/11/2013CNREPOFIX=CFXS-Reuters491,543.30 CNY 2.96% CNY- 16/11/2011 16/11/2013CNREPOFIX=CFXS-Reuters503,006.62 CNY 3.00% Fixing Repo 7D 21/10/2011 21/10/2012514,276.66 CNY 2.99% Fixing Repo 7D 21/10/2011 21/10/2012524,209.84 SGD SGD-SOR-0.55% 18/11/2011 18/05/2012Reuters 6M528,623.29 TWD TDCC Secondary2.04% 28/10/2015 28/10/2020Market Fixing90534,225.93 THB 2.72% Bloomberg Thailand 26/08/2010 26/08/20156 Month Fixing Rate541,391.47 HKD 1.23% HKAB Hong Kong 10/01/2012 10/01/2017Dollar Hibor Fixings3 Month547,050.46 CNY 2.94% Fixing Repo 7D 24/10/2011 24/10/2012547,360.06 CNY Fixing Repo 7D 2.74% 03/11/2010 03/11/2012553,851.35 CNY 2.97% Fixing Repo 7D 21/10/2011 21/10/2012555,729.69 THB 5.04% Bloomberg Thailand 06/05/2008 06/05/20186 Month Fixing Rate566,870.19 CNY 3.69% Fixing Repo 7D 24/10/2011 24/10/2013638
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - EUR Bonds (segue)Valore nominale Valuta Tasso passivoTasso attivo (su base Data di inizio deisemestrale) flussi di interessiData discadenza571,874.48 HKD 1.22% HKAB Hong Kong 09/01/2012 09/01/2017Dollar Hibor Fixings3 Month572,013.88 HKD HKAB Hong Kong0.62% 28/01/2013 28/01/2015Dollar Hibor Fixings3 Month573,316.78 HKD 1.27% HKAB Hong Kong 09/01/2012 09/01/2017Dollar Hibor Fixings3 Month588,476.94 CNY CNY-3.45% 06/12/2011 06/12/2013CNREPOFIX=CFXS-Reuters604,955.16 INRIndia National Stock7.80% 28/05/2008 28/05/2013Exchange NSEInterbank Offer Rate644,231.91 THB Bloomberg Thailand2.08% 26/08/2010 26/08/20126 Month Fixing Rate655,346.50 THB 2.81% Bloomberg Thailand 20/09/2010 20/09/20156 Month Fixing Rate684,881.79 ZAR 6.63% JIBAR 3M 11/11/2011 11/11/2016693,211.25 ZAR 6.51% JIBAR 3M 07/11/2011 07/11/2016849,187.35 CNY Fixing Repo 7D 0.04% 28/11/2011 26/11/2012854,968.75 CNY CNY-3.06% 02/02/2012 03/02/2014CNREPOFIX=CFXS-Reuters876,990.67 INR 9.82% India National Stock 26/06/2008 26/06/2013Exchange NSEInterbank Offer Rate877,244.57 CNY 4.49% CNY- 08/03/2012 08/03/2013CNREPOFIX=CFXS-Reuters939,224.63 SGD SGD-SOR-0.56% 18/11/2011 18/05/2012Reuters 6M942,279.20 SGD SGD-SOR-0.51% 04/11/2011 04/05/2012Reuters 6M989,172.94 MXN 6.42% MXN-TIIE-Banxico 14/06/2011 07/06/20161,005,961.42 THB 3.71% Bloomberg Thailand 29/03/2012 29/03/20176 Month Fixing Rate1,006,272.31 TWD TWD 2nd CP 90D 1.78% 28/10/2012 28/10/20171,048,476.68 CNY CNY-3.10 01/02/2012 01/02/2013CNREPOFIX=CFXS-Reuters1,107,417.71 CNY 2.22% China Fixing Repo 18/08/2010 18/08/2012Rates 7 Day1,107,417.71 CNY 2.24% China Fixing Repo 20/08/2010 20/08/2012Rates 7 Day1,158,094.04 THB 4.53% Bloomberg Thailand 06/05/2008 06/05/20136 Month Fixing Rate1,159,078.55 THB 2.84% Bloomberg Thailand 24/08/2010 24/08/20156 Month Fixing Rate1,221,759.41 SGD SGD-SOR-0.54% 18/11/2011 18/05/2012Reuters 6M1,233,357.20 TWD Bloomberg Thailand2.09% 28/10/2015 28/10/20206 Month Fixing Rate1,270,924.00 THB Bloomberg Thailand2.78% 20/09/2010 20/09/20156 Month Fixing Rate1,290,432.84 CNY CNY-CNREPOFIX=CFXS-Reuters3.11 01/02/2012 01/02/2013639
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - EUR Bonds (segue)Valore nominale Valuta Tasso passivoTasso attivo (su base Data di inizio deisemestrale) flussi di interessiData discadenza1,295,148.12 THB Bloomberg Thailand2.85% 21/09/2010 21/09/20156 Month Fixing Rate1,303,050.10 THB Bloomberg Thailand2.79% 21/09/2010 21/09/20156 Month Fixing Rate1,338,155.64 INRIndia National Stock6.92% 31/12/2009 31/12/2014Exchange NSEInterbank Offer Rate1,415,880.07 THB 2.78% Bloomberg Thailand 22/09/2011 22/09/20136 Month Fixing Rate1,487,904.71 TWD TWD 2nd CP 90D 2.06% 28/10/2015 28/10/20201,571,458.47 THB 1.97% Bloomberg Thailand 20/09/2010 20/09/20126 Month Fixing Rate1,662,396.06 THB Bloomberg Thailand2.18% 24/08/2010 24/08/20126 Month Fixing Rate1,684,029.36 CNY CNY-3.21% 02/02/2012 04/02/2013CNREPOFIX=CFXS-Reuters1,796,302.30 INR 7.15% INR-MIBOR-OIS- 03/10/2011 03/10/2016COMPOUND1,906,010.34 INR 4.80% LIBOR USD 6M 03/03/2011 03/03/20131,919,145.77 MXN 6.36% MXN-TIIE-Banxico 02/06/2011 26/05/20161,923,161.53 THB 3.68% Bloomberg Thailand 28/03/2012 28/03/20176 Month Fixing Rate1,923,420.61 INR 5.00% LIBOR USD 6M 06/06/2011 06/06/20132,066,995.77 EUR 0.33% EUR OIS EONIA 06/02/2012 19/12/20122,092,859.87 MXN 4.96% MXN-TIIE-Banxico 09/08/2011 06/08/20132,200,206.38 INRIndia National Stock7.75% 15/03/2012 15/03/2017Exchange NSEInterbank Offer Rate2,224,538.01 INRIndia National Stock7.68% 13/03/2012 13/03/2017Exchange NSEInterbank Offer Rate2,256,016.41 TWD Bloomberg Taiwan1.05% 09/02/2012 09/02/2016SecondaryCommercial Papers90 Days Fixing2,256,016.41 TWD Bloomberg Taiwan1.05% 09/02/2012 09/02/2016SecondaryCommercial Papers90 Days Fixing2,437,308.65 MXN 4.95% MXN-TIIE-Banxico 09/08/2011 06/08/20132,437,490.00 MXN 4.86% MXN-TIIE-Banxico 11/08/2011 08/08/20132,466,843.93 TWD 1.51% TWD 2nd CP 90D 28/10/2012 28/10/20142,533,505.59 TWD TDCC Secondary1.63% 23/05/2011 23/05/2016Market Fixing903,034,620.91 TWD 2.03% Bloomberg Thailand 28/10/2015 30/10/20176 Month Fixing Rate3,042,652.43 THB 1.97% Bloomberg Thailand 20/09/2010 20/09/20126 Month Fixing Rate3,602,268.34 TWD 2.00% TWD 2nd CP 90D 28/10/2015 28/10/20174,007,730.80 TWD Bloomberg Taiwan1.37% 21/09/2010 21/09/2015SecondaryCommercial Papers90 Days Fixing4,905,577.53 THB 2.94% Bloomberg Thailand 25/10/2012 25/10/20136 Month Fixing Rate6,072,376.70 THB 3.65% THB-THBFIX-Reuters 6M26/04/2012 26/04/2013640
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - EUR Bonds (segue)Valore nominale Valuta Tasso passivoTasso attivo (su base Data di inizio deisemestrale) flussi di interessiData discadenza8,163,526.63 INR 8.11 India National Stock 18/11/2011 18/11/2012Exchange NSEInterbank Offer Rate8,163,526.63 INR 8.1 India National Stock 18/11/2011 18/11/2012Exchange NSEInterbank Offer Rate8,163,526.63 INRIndia National Stock8.31% 13/02/2012 18/11/2012Exchange NSEInterbank Offer Rate9,532,901.58 INR INR-MIBOR-OIS-7.99% 11/07/2012 11/07/2013COMPOUND9,841,078.96 TWD 0.90% Bloomberg Taiwan 21/09/2010 21/09/2012SecondaryCommercial Papers90 Days Fixing10,013,964.00 INR 7.55% India National Stock 13/03/2013 13/03/2014Exchange NSEInterbank Offer Rate10,013,964.00 INR 7.54% India National Stock 13/03/2013 13/03/2014Exchange NSEInterbank Offer Rate10,686,798.50 INR 8.25 India National Stock 18/11/2011 18/08/2012Exchange NSEInterbank Offer Rate13,210,562.63 KRW 3.25% KRW 3 Month 17/02/2012 17/02/2022Certificate ofDeposit16,591,610.99 EUR 1.78% EUR EURIBOR 6M 10/09/2012 10/09/201718,796,184.98 KRW 3.57% KRW 3 Month 07/02/2012 07/02/2022Certificate ofDeposit19,586,556.86 KRW 3.93% KRW CD 3 MO 16/06/2011 16/06/201624,992,603.30 KRW 3.96% KRW-CD-KSDA- 16/08/2011 16/08/2021Bloomberg28,058,519.95 KRW KRW CD 3 MO 4.12% 15/06/2011 15/06/201634,509,647.81 IDR 7.40% LIBOR USD 6M 21/02/2011 21/02/201335,978,688.15 IDR 5.80% USD LIBOR 24/01/2012 24/01/2022BBA 6M36,452,758.61 IDR 8.70% LIBOR USD 6M 22/02/2012 22/02/201337,559,107.60 KRW 3.97% KRW-CD-KSDA- 15/08/2011 15/08/2021Bloomberg37,559,107.66 KRW 3.93% KRW-CD-KSDA- 20/06/2011 19/06/2021Bloomberg39,890,036.03 KRW 3.58% KRW 3 Month 07/02/2012 07/02/2022Certificate ofDeposit46,243,446.23 KRW 3.87% KRW-CD-KSDA- 10/06/2011 10/06/2016Bloomberg55,300,933.37 IDR 7.00% USD-LIBOR- 03/06/2011 03/06/2015BBA 6M56,429,880.74 KRW KRW 3 Month3.82% 06/12/2010 06/12/2014Certificate ofDeposit57,463,745.23 KRW KRW 3 Month3.83% 06/12/2010 06/12/2014Certificate ofDeposit58,941,027.60 IDR 5.35% USD LIBOR 06/03/2012 06/03/2019BBA 6M60,127,620.60 KRW KRW CD 3 MO 4.86% 18/03/2016 18/03/2021641
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - EUR Bonds (segue)Valore nominale Valuta Tasso passivoTasso attivo (su base Data di inizio deisemestrale) flussi di interessiData discadenza60,127,620.60 KRW 3.62% KRW-CD-KSDA- 18/03/2016 18/03/2021Bloomberg68,016,358.98 IDR 5.55% USD LIBOR 01/02/2012 01/02/2022BBA 6M68,424,703.71 KRW KRW-CD-KSDA-3.42% 17/01/2012 17/01/2016Bloomberg71,038,993.48 IDR 6.20% USD-LIBOR- 15/04/2011 15/04/2013BBA 6M71,164,457.55 IDR 6.20% USD LIBOR 25/01/2012 25/01/2022BBA 6M71,164,457.55 IDR 5.90% USD LIBOR 25/01/2012 25/01/2019BBA 6M71,465,801.65 KRW KRW-CD-KSDA-3.42% 17/01/2012 17/01/2016Bloomberg71,838,438.49 IDR 5.90% USD LIBOR 24/01/2012 24/01/2022BBA 6M72,614,050.60 IDR 7.10% USD-LIBOR- 03/06/2011 03/06/2015BBA 6M77,646,707.57 IDR 5.30% USD LIBOR 02/02/2012 02/02/2019BBA 6M77,646,707.57 IDR 5.30% USD LIBOR 02/02/2012 02/02/201977,724,432.00 KRW KRW 3 MonthCertificate ofDepositBBA 6M3.58% 06/04/2010 06/04/201278,175,514.81 IDR 6.55% USD-LIBOR- 04/04/2011 04/04/2013BBA 6M78,325,656.39 IDR 6.10% USD-LIBOR- 15/04/2011 15/04/2013BBA 6M86,882,572.28 KRW KRW-CD-KSDA-4.19% 13/05/2011 13/05/2016Bloomberg89,236,715.79 KRW KRW-CD-KSDA-4.10% 02/05/2011 02/05/2016Bloomberg89,968,512.04 IDR 6.60% USD-LIBOR- 15/04/2011 15/04/2014BBA 6M94,332,350.27 IDR 6.80% USD-LIBOR- 16/06/2011 16/06/2015BBA 6M95,034,310.71 KRW KRW-CD-KSDA-3.43% 17/01/2012 17/01/2016Bloomberg98,976,001.65 IDR 6.95% USD-LIBOR- 07/06/2011 07/06/2015BBA 6M103,714,445.74 KRW KRW 3 MonthCertificate ofDeposit3.39% 17/01/2012 17/01/2014106,503,675.07 IDR 6.05% USD-LIBOR- 15/04/2011 15/04/2013BBA 6M106,503,675.07 IDR 6.40% USD-LIBOR- 15/04/2011 15/04/2014BBA 6M106,503,675.07 IDR 6.55% USD-LIBOR- 15/04/2011 15/04/2014BBA 6M106,503,675.07 IDR 6.45% USD-LIBOR- 15/04/2011 15/04/2014BBA 6M106,528,277.44 IDR 6.45% USD-LIBOR- 15/04/2011 15/04/2014BBA 6M106,552,879.81 IDR 6.10% USD-LIBOR- 15/04/2011 15/04/2013BBA 6M113,411,455.98 IDR 6.90% LIBOR USD 6M 24/03/2011 24/03/2013114,708,307.56 IDR 7.10% LIBOR USD 6M 22/02/2011 22/02/2013114,734,215.70 IDR 7.20% LIBOR USD 6M 22/02/2011 22/02/2013642
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - EUR Bonds (segue)Valore nominale Valuta Tasso passivoTasso attivo (su base Data di inizio deisemestrale) flussi di interessiData discadenza116,910,499.80 IDR 5.55% USD LIBOR 27/01/2012 27/01/2019BBA 6M118,602,819.77 KRW KRW-CD-KSDA-3.43% 17/01/2012 17/01/2016Bloomberg124,726,986.84 KRW KRW-CD-KSDA-4.16% 31/03/2011 31/03/2016Bloomberg130,693,632.41 KRW 3.56% KRW CD 3 MO 15/06/2011 15/06/2012132,003,327.95 IDR 5.88% USD-LIBOR- 15/06/2011 17/06/2013BBA 6M142,142,441.24 IDR 6.90% LIBOR USD 6M 24/03/2011 24/03/2013142,166,924.44 IDR 6.90% LIBOR USD 6M 24/03/2011 24/03/2013142,166,924.44 IDR 6.90% LIBOR USD 6M 24/03/2011 24/03/2013142,199,568.70 IDR 6.90% LIBOR USD 6M 24/03/2011 24/03/2013142,281,179.35 IDR 6.90% LIBOR USD 6M 24/03/2011 24/03/2013158,469,954.38 IDR 5.80% USD-LIBOR- 07/06/2011 07/06/2013BBA 6M168,817,466.30 IDR 6.30% USD-LIBOR- 05/04/2011 05/04/2013BBA 6M176,337,305.10 IDR 6.85% USD LIBOR 08/12/2011 08/12/2018207,428,891.47 KRW KRW 3 MonthCertificate ofDepositBBA 6M3.38% 17/01/2012 17/01/2014220,530,121.73 IDR 7.55% USD-LIBOR- 10/06/2011 10/06/2016BBA 6M222,602,773.25 IDR 7.70% USD-LIBOR- 20/06/2011 20/06/2016BBA 6M269,897,442.42 KRW 3.43% KRW-CD-KSDA- 17/01/2012 17/01/2013Bloomberg273,698,814.84 KRW 3.41% KRW-CD-KSDA- 17/01/2012 17/01/2013Bloomberg294,425,330.04 KRW 3.88% KRW CD 3 MO 31/03/2011 31/03/2013361,130,380.70 KRW 3.43% KRW-CD-KSDA- 17/01/2012 17/01/2013Bloomberg453,123,593.47 KRW KRW-CD-KSDA-Bloomberg3.43% 17/01/2012 17/01/2013La plusvalenza netta non realizzata su questi contratti di swap su tassi d’interesseammontava al al 31 marzo 2012 EUR 49,020.05 e compare nello stato patrimoniale.<strong>Pictet</strong> - Short-Term Money Market CHFValore nominale Valuta Tasso passivo Tasso attivo (su Data di inizio dei Data di scadenzabase semestrale) flussi di interessi20,000,000.00 CHF CHF-TOIS-OIS- -0.09% 20/01/2012 21/01/2013COMPOUND20,000,000.00 CHF CHF-TOIS-OIS- 0.93% 04/10/2011 04/10/2012COMPOUND30,000,000.00 CHF CHF-TOIS-OIS- -0.04% 24/01/2012 24/01/2013COMPOUND40,000,000.00 CHF CHF-TOIS-OIS-COMPOUND0.08% 19/03/2012 19/12/2012La plusvalenza netta non realizzata su questi contratti di swap su tassi d’interesseammontava al al 31 marzo 2012 CHF 57,592.00 e compare nello stato patrimoniale.643
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Short-Term Money Market EURValore nominale Valuta Tasso passivo Tasso attivo (su Data di inizio dei Data di scadenzabase semestrale) flussi di interessi6,729,807.33 EUREUR003M Index 1.78% 18/04/2011 30/03/2012La minusvalenza netta non realizzata su questi swap su tassi d’interesse ammontava al31 marzo 2012 EUR 73.35 e compare nello stato patrimoniale.<strong>Pictet</strong> - Global Emerging DebtValore nominale Valuta Tasso passivo Tasso attivo (su Data di inizio deibase semestrale) flussi di interessiData discadenza721,000.00 USD USD-LIBOR-3.10% 15/09/2011 15/09/2014BBA 6M749,000.00 USD USD-LIBOR-3.20% 22/09/2011 22/09/2014BBA 6M749,000.00 USD USD-LIBOR-3.00% 15/09/2011 15/09/2014BBA 6M749,000.00 USD USD-LIBOR-3.20% 26/09/2011 26/09/2014BBA 6M749,000.00 USD USD-LIBOR-3.20% 20/09/2011 20/09/2014BBA 6M749,000.00 USD USD-LIBOR-3.00% 15/09/2011 15/09/2014BBA 6M749,000.00 USD USD-LIBOR-3.10% 20/09/2011 20/09/2014BBA 6M749,000.00 USD USD-LIBOR-2.90% 15/09/2011 15/09/2014BBA 6M749,000.00 USD USD-LIBOR-2.00% 15/09/2011 15/09/2013BBA 6M749,000.00 USD USD-LIBOR-3.00% 20/09/2011 20/09/2014BBA 6M760,000.00 USD USD-LIBOR-4.90% 14/09/2011 14/09/2013BBA 6M880,000.00 USD USD-LIBOR-4.90% 14/09/2011 14/09/2013BBA 6M890,000.00 USD USD-LIBOR-4.85% 14/09/2011 16/09/2013BBA 6M890,000.00 USD USD-LIBOR-5.00% 14/09/2011 14/09/2013BBA 6M890,000.00 USD USD-LIBOR-4.85% 14/09/2011 14/09/2013BBA 6M890,000.00 USD USD-LIBOR-4.80% 14/09/2011 14/09/2013BBA 6M900,000.00 USD USD-LIBOR-5.30% 15/09/2011 15/09/2013BBA 6M900,000.00 USD USD-LIBOR-5.30% 15/09/2011 15/09/2013BBA 6M1,498,000.00 USD USD-LIBOR-1.80% 15/09/2011 15/09/2013BBA 6M1,650,000.00 SGDABS SGD SWAP 6M 3.13% 31/12/2010 31/12/20201,846,760.00 USD USD-LIBOR-1.20% 11/10/2011 11/10/2016BBA 6M2,014,332.96 USD LIBOR USD 6M 5.15% 06/12/2010 06/12/20162,200,000.00 USD USD-LIBOR-6.20% 15/09/2011 15/09/2015BBA 6M2,200,000.00 USD USD-LIBOR-6.20% 15/09/2011 15/09/2015BBA 6M2,221,000.00 USD USD LIBORBBA 6M1.58% 16/03/2012 16/03/2016644
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Global Emerging Debt (segue)Valore nominale Valuta Tasso passivo Tasso attivo (su Data di inizio deibase semestrale) flussi di interessiData discadenza2,500,000.00 USD USD-LIBOR-5.70% 15/09/2011 15/09/2014BBA 6M2,787,300.00 USD USD-LIBOR-1.30% 11/10/2011 11/10/2016BBA 6M3,190,000.00 SGDABS SGD SWAP 6M 3.07% 29/12/2010 29/12/20203,212,979.00 USD 2.34% USD LIBOR 3M 31/01/2013 31/01/20233,735,000.00 USD USD-LIBOR-3.75% 04/08/2011 04/08/2012BBA 6M3,735,000.00 USD USD-LIBOR-4.88% 04/08/2011 04/08/2013BBA 6M3,839,000.00 USD USD LIBOR1.70% 16/03/2012 16/03/2017BBA 6M3,920,000.00 SGD 1.97% SIBOR 6M 11/11/2011 11/11/20214,200,000.00 USD USD-LIBOR-5.70% 15/09/2011 15/09/2014BBA 6M4,200,000.00 USD USD-LIBOR-5.70% 15/09/2011 15/09/2014BBA 6M4,300,000.00 USD LIBOR USD 6M 4.85% 03/03/2011 03/03/20165,209,900.00 SGD 1.89% SIBOR 6M 10/02/2012 10/02/20226,369,840.00 SGD 1.86% SIBOR 6M 10/02/2012 10/02/20226,908,646.00 AUD 4.69% AUD BB 6M 08/02/2012 08/02/20227,840,000.00 AUD 5.67% AUD BB 6M 02/11/2016 02/11/202110,000,000.00 INRIndia National Stock7.29% 13/05/2008 13/05/2013Exchange NSEInterbank Offer Rate10,000,000.00 SGD 2.59% SIBOR 6M 07/07/2010 07/07/202011,847,858.00 USD USD LIBOR 3M 1.48% 31/01/2013 31/01/201812,050,000.00 SGD 2.38% SIBOR 6M 17/08/2010 20/08/202012,050,000.00 SGD 2.30% SIBOR 6M 24/08/2010 24/08/202012,484,100.00 SGD SIBOR 6M 1.07% 10/02/2012 10/02/201713,440,000.00 AUD 5.37% AUD BB 6M 11/10/2016 11/10/202113,545,950.00 SGD 2.38% SIBOR 6M 02/04/2015 02/04/201915,000,000.00 SGD 1.30% SGD-SOR-Reuters 18/05/2012 20/05/20136M 6M15,060,836.00 USD 0.67% USD LIBOR 3M 31/01/2013 31/01/201515,294,400.00 AUD 5.15% AUD BB 6M 07/02/2017 07/02/202215,840,000.00 AUD 5.28% AUD BB 6M 21/02/2017 21/02/202216,667,326.00 HKD HKAB Hong Kong2.01% 28/01/2013 28/01/2023Dollar Hibor Fixings3 Month19,272,729.00 HKD HKAB Hong Kong1.86% 01/02/2013 01/02/2023Dollar Hibor Fixings3 Month19,954,900.00 SGD SIBOR 6M 1.05% 10/02/2012 10/02/201719,954,900.00 SGD SIBOR 6M 1.04% 10/02/2012 10/02/201721,000,000.00 ZAR 8.48% JIBAR 3M 12/12/2008 12/12/201821,000,000.00 ZAR JIBAR 3M 7.95% 15/12/2008 15/12/201821,085,171.00 HKD HKAB Hong Kong1.87% 01/02/2013 01/02/2023Dollar Hibor Fixings3 Month22,711,258.00 HKD HKAB Hong Kong1.98% 28/01/2013 28/01/2023Dollar Hibor Fixings3 Month24,081,600.00 HKD HKAB Hong Kong1.77% 07/02/2012 07/02/2022Dollar Hibor Fixings3 Month24,378,400.00 SGD 0.48% SIBOR 6M 10/02/2012 10/02/201424,476,700.00 SGD SIBOR 6M 1.04% 10/02/2012 10/02/201724,575,000.00 SGD SIBOR 6M 1.05% 10/02/2012 10/02/2017645
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Global Emerging Debt (segue)Valore nominale Valuta Tasso passivo Tasso attivo (su Data di inizio deibase semestrale) flussi di interessiData discadenza25,270,000.00 MYR MYR-KLIBOR-4.01% 11/05/2011 11/05/2016BNM 3M25,503,016.00 HKD HKAB Hong Kong2.00% 28/01/2013 28/01/2023Dollar Hibor Fixings3 Month25,746,000.00 CNY CNY-3.95% 27/10/2011 27/10/2016CNREPOFIX=CFXS-Reuters25,746,000.00 CNY 3.54% CNY- 27/10/2011 27/10/2016CNREPOFIX=CFXS-Reuters25,754,600.00 MYR Malaysia Interbank3.61% 26/03/2012 26/03/2017Offered Rate Fixing3 Month26,344,400.00 MYR Malaysia Interbank3.64% 27/03/2012 27/03/2017Offered Rate Fixing3 Month26,625,000.00 SGD SIBOR 6M 0.81% 24/08/2010 24/08/201226,625,000.00 SGD SIBOR 6M 0.80% 24/08/2010 24/08/201228,153,000.00 ZAR 6.59% JIBAR 3M 27/10/2011 27/10/201629,040,900.00 AUD AUD BB 6M 3.94% 11/02/2013 11/02/201529,883,200.00 SGD 1.87% SIBOR 6M 10/02/2012 10/02/202230,200,700.00 AUD AUD BB 6M 3.94% 11/02/2013 11/02/201530,590,960.00 SGD 0.48% SIBOR 6M 10/02/2012 10/02/201430,866,200.00 SGD 0.50% SIBOR 6M 14/02/2012 14/02/201433,937,084.00 HKD HKAB Hong Kong1.97% 28/01/2013 28/01/2023Dollar Hibor Fixings3 Month34,840,000.00 THB Bloomberg Thailand3.16% 26/08/2010 26/08/20206 Month Fixing Rate37,000,000.00 SGD 1.17% SGD-SOR- 04/04/2012 04/04/2013Reuters 6M40,216,000.00 CNY Fixing Repo 7D 0.04% 02/12/2010 02/12/201340,747,500.00 CNY Fixing Repo 7D 4.31% 29/10/2012 30/10/201743,075,500.00 CNY Fixing Repo 7D 0.04% 29/10/2012 30/10/201743,968,500.00 CNY Fixing Repo 7D 0.04% 29/10/2012 30/10/201744,388,063.00 SGD SIBOR 6M 0.74% 07/01/2013 07/01/201449,150,000.00 SGD SIBOR 6M 1.05% 10/02/2012 10/02/201749,347,500.00 HKD HKAB Hong Kong1.74% 07/02/2012 07/02/2022Dollar Hibor Fixings3 Month49,519,501.00 HKD HKAB Hong Kong2.67% 10/02/2017 10/02/2022Dollar Hibor Fixings3 Month51,308,100.00 CNY 3.42% CNY- 21/10/2011 21/10/2016CNREPOFIX=CFXS-Reuters51,308,100.00 CNY CNY-3.76% 21/10/2011 21/10/2016CNREPOFIX=CFXS-Reuters51,492,000.00 CNY CNY-3.76% 09/11/2011 09/11/2016CNREPOFIX=CFXS-Reuters51,492,000.00 CNY 3.29% CNY- 09/11/2011 09/11/2016CNREPOFIX=CFXS-Reuters51,507,699.00 HKD HKAB Hong KongDollar Hibor Fixings3 Month2.68% 10/02/2017 10/02/2022646
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Global Emerging Debt (segue)Valore nominale Valuta Tasso passivo Tasso attivo (su Data di inizio deibase semestrale) flussi di interessiData discadenza51,509,200.00 MYR Malaysia Interbank3.61% 26/03/2012 26/03/2017Offered Rate Fixing3 Month53,685,000.00 CNY 4.15% CNY- 13/07/2011 13/07/2016CNREPOFIX=CFXS-Reuters55,000,000.00 SGD SIBOR 6M 1.85% 20/10/2009 20/10/201257,637,847.00 AUD AUD BB 6M 3.88% 08/05/2012 08/05/201357,758,190.00 SGD SIBOR 6M 0.80% 19/03/2013 19/03/201462,184,500.00 CNY 0.33% EUR OIS EONIA 06/02/2012 06/02/201462,184,500.00 CNY 2.90% CNY- 06/02/2012 06/02/2014CNREPOFIX=CFXS-Reuters62,184,500.00 CNY 2.91% CNY- 06/02/2012 06/02/2014CNREPOFIX=CFXS-Reuters63,857,945.00 HKD 1.37% HKAB Hong Kong 28/01/2013 28/01/2018Dollar Hibor Fixings3 Month65,926,000.00 CNY 3.69% KRW 3 Month 29/11/2010 29/11/2013Certificate ofDeposit67,568,000.00 SGD SIBOR 6M 0.71% 26/11/2012 26/11/201367,568,000.00 SGD SIBOR 6M 0.71% 26/11/2012 26/11/201367,720,000.00 CNY 3.81% CNY- 10/06/2011 10/06/2016CNREPOFIX=CFXS-Reuters68,700,000.00 SGD SIBOR 6M 0.69% 02/11/2012 02/11/201368,700,000.00 SGD SIBOR 6M 0.71% 02/11/2012 02/11/201369,582,500.00 CNY CNY-3.18% 07/03/2012 07/03/2014CNREPOFIX=CFXS-Reuters69,582,500.00 CNY CNY-3.18% 07/03/2012 07/03/2014CNREPOFIX=CFXS-Reuters69,890,000.00 SGD SIBOR 6M 0.81% 24/08/2010 24/08/201269,890,000.00 SGD SIBOR 6M 0.86% 17/08/2010 20/08/201270,653,000.00 CNY CNY-3.18% 07/03/2012 07/03/2014CNREPOFIX=CFXS-Reuters70,653,000.00 CNY CNY-3.18% 07/03/2012 07/03/2014CNREPOFIX=CFXS-Reuters71,087,000.00 SGD SIBOR 6M 0.77% 18/03/2013 18/03/201471,960,000.00 THB Bloomberg Thailand3.27% 24/08/2010 24/08/20206 Month Fixing Rate72,197,730.00 SGD SIBOR 6M 0.81% 19/03/2013 19/03/201473,591,662.00 HKD 1.27% HKAB Hong Kong 01/02/2013 01/02/2018Dollar Hibor Fixings3 Month75,898,600.00 HKD 1.24% HKAB Hong Kong 15/11/2011 15/11/2016Dollar Hibor Fixings3 Month75,898,600.00 HKD 1.22% BBA LIBOR USD 6 15/11/2011 15/11/2016Month76,640,000.00 CNY 2.53% CNY-CNREPOFIX=CFXS-Reuters06/12/2011 06/12/2013647
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Global Emerging Debt (segue)Valore nominale Valuta Tasso passivo Tasso attivo (su Data di inizio deibase semestrale) flussi di interessiData discadenza78,316,348.00 HKD HKAB Hong Kong0.67% 28/01/2013 28/01/2015Dollar Hibor Fixings3 Month79,922,838.00 HKD 1.28% HKAB Hong Kong 01/02/2013 01/02/2018Dollar Hibor Fixings3 Month81,732,000.00 HKD HKAB Hong Kong1.94% 10/01/2012 10/01/2022Dollar Hibor Fixings3 Month85,914,200.00 SGD 0.47% SIBOR 6M 10/02/2012 10/02/201486,341,404.00 HKD 1.35% HKAB Hong Kong 28/01/2013 28/01/2018Dollar Hibor Fixings3 Month86,610,900.00 HKD HKAB Hong Kong1.95% 09/01/2012 09/01/2022Dollar Hibor Fixings3 Month86,818,600.00 HKD HKAB Hong Kong1.92% 09/01/2012 09/01/2022Dollar Hibor Fixings3 Month87,722,000.00 CNY CNY-3.94% 15/11/2011 15/11/2013CNREPOFIX=CFXS-Reuters87,722,000.00 CNY CNY-3.95% 15/11/2011 15/11/2013CNREPOFIX=CFXS-Reuters90,261,237.00 HKD HKAB Hong Kong0.64% 01/02/2013 01/02/2015Dollar Hibor Fixings3 Month93,884,000.00 CNY 2.53% CNY- 05/12/2011 05/12/2013CNREPOFIX=CFXS-Reuters95,800,000.00 CNY 4.33% CNY- 08/03/2012 08/09/2013CNREPOFIX=CFXS-Reuters96,389,350.00 HKD 1.37% HKAB Hong Kong 28/01/2013 28/01/2018Dollar Hibor Fixings3 Month97,794,000.00 CNY 3.92% Fixing Repo 7D 29/10/2012 29/10/201498,397,463.00 HKD HKAB Hong Kong0.64% 01/02/2013 01/02/2015Dollar Hibor Fixings3 Month100,815,000.00 CNY 3.895% Fixing Repo 7D 29/10/2012 29/10/2014103,840,500.00 CNY 3.87% Fixing Repo 7D 29/10/2012 29/10/2014105,539,000.00 CNY Fixing Repo 7D 0.03% 26/11/2010 26/11/2012106,001,296.00 HKD HKAB Hong Kong0.65% 28/01/2013 28/01/2015Dollar Hibor Fixings3 Month106,792,000.00 CNY CNY-3.98% 15/11/2011 15/11/2013CNREPOFIX=CFXS-Reuters106,792,000.00 CNY CNY-3.95% 15/11/2011 15/11/2013CNREPOFIX=CFXS-Reuters106,792,000.00 CNY CNY-3.97% 15/11/2011 15/11/2013CNREPOFIX=CFXS-Reuters111,000,000.00 CNY China Fixing RepoRates 7 Day2.75% 18/08/2010 18/08/2015648
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Global Emerging Debt (segue)Valore nominale Valuta Tasso passivo Tasso attivo (su Data di inizio deibase semestrale) flussi di interessiData discadenza114,960,000.00 CNY CNY-3.48% 05/12/2011 05/12/2013CNREPOFIX=CFXS-Reuters114,960,000.00 CNY CNY-3.45% 05/12/2011 05/12/2013CNREPOFIX=CFXS-Reuters115,300,000.00 CNY 3.00% Fixing Repo 7D 21/10/2011 21/10/2012117,900,000.00 CNY 2.99% Fixing Repo 7D 21/10/2011 21/10/2012118,076,955.00 HKD 0.67% HKAB Hong Kong 28/01/2013 28/01/2015Dollar Hibor Fixings3 Month118,400,000.00 MXN 6.37% MXN-TIIE-Banxico 06/06/2011 30/05/2016118,400,000.00 MXN 6.40% MXN-TIIE-Banxico 06/06/2011 30/05/2016118,400,000.00 MXN 6.40% MXN-TIIE-Banxico 06/06/2011 30/05/2016118,462,052.00 MXN 6.44% MXN-TIIE-Banxico 07/06/2011 31/05/2016118,462,052.00 MXN 6.46% MXN-TIIE-Banxico 07/06/2011 31/05/2016118,556,000.00 SGD 1.82% SGD-SOR- 20/05/2013 20/05/2014Reuters 6M124,000,000.00 CNY 2.94% Fixing Repo 7D 24/10/2011 24/10/2012124,717,800.00 CNY 2.95% CNY- 16/11/2011 16/11/2013CNREPOFIX=CFXS-Reuters124,717,800.00 CNY 2.96% CNY- 16/11/2011 16/11/2013CNREPOFIX=CFXS-Reuters125,000,000.00 INR 9.82%India National Stock 26/06/2008 26/06/2013Exchange NSEInterbank Offer Rate125,000,000.00 INRIndia National Stock7.80% 28/05/2008 28/05/2013Exchange NSEInterbank Offer Rate125,306,400.00 CNY CNY-2.85% 01/02/2012 05/12/2013CNREPOFIX=CFXS-Reuters126,800,000.00 TWD TDCC Secondary2.04% 28/10/2015 28/10/2020Market Fixing90127,000,000.00 CNY 2.97% Fixing Repo 7D 21/10/2011 21/10/2012128,080,000.00 THB 2.72% Bloomberg Thailand 26/08/2010 26/08/20156 Month Fixing Rate128,500,000.00 CNY 3.69% Fixing Repo 7D 24/10/2011 24/10/2013128,519,135.00 HKD 1.32% HKAB Hong Kong 28/01/2013 28/01/2018Dollar Hibor Fixings3 Month130,222,000.00 SGD SGD-SOR-0.55% 18/11/2011 18/05/2012Reuters 6M131,019,000.00 CNY Fixing Repo 7D 2.74% 03/11/2010 03/11/2012142,376,500.00 CNY 3.17% CNY- 07/03/2012 07/03/2014CNREPOFIX=CFXS-Reuters142,376,500.00 CNY 3.16% CNY- 07/03/2012 07/03/2014CNREPOFIX=CFXS-Reuters150,406,000.00 CNY CNY-3.45% 06/12/2011 06/12/2013CNREPOFIX=CFXS-Reuters154,440,000.00 THB Bloomberg Thailand6 Month Fixing Rate2.08% 26/08/2010 26/08/2012649
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Global Emerging Debt (segue)Valore nominale Valuta Tasso passivo Tasso attivo (su Data di inizio deibase semestrale) flussi di interessiData discadenza154,707,000.00 HKD 1.23% HKAB Hong Kong 10/01/2012 10/01/2017Dollar Hibor Fixings3 Month157,200,000.00 THB 2.81% Bloomberg Thailand 20/09/2010 20/09/20156 Month Fixing Rate157,435,941.00 HKD HKAB Hong Kong0.62% 28/01/2013 28/01/2015Dollar Hibor Fixings3 Month164,706,100.00 HKD 1.22% HKAB Hong Kong 09/01/2012 09/01/2017Dollar Hibor Fixings3 Month165,121,500.00 HKD 1.27% HKAB Hong Kong 09/01/2012 09/01/2017Dollar Hibor Fixings3 Month176,200,000.00 ZAR 6.63% JIBAR 3M 11/11/2011 11/11/2016178,540,000.00 ZAR 6.51% JIBAR 3M 07/11/2011 07/11/2016207,095,000.00 CNY Fixing Repo 7D 0.04% 28/11/2011 26/11/2012224,172,000.00 CNY 4.49% CNY- 08/03/2012 08/03/2013CNREPOFIX=CFXS-Reuters233,318,000.00 SGD SGD-SOR-0.56% 18/11/2011 18/05/2012Reuters 6M234,077,000.00 SGD SGD-SOR-0.51% 04/11/2011 04/05/2012Reuters 6M241,400,000.00 TWD TWD 2nd CP 90D 1.78% 28/10/2012 28/10/2017266,400,000.00 CNY 2.24% China Fixing Repo 20/08/2010 20/08/2012Rates 7 Day266,400,000.00 CNY 2.22% China Fixing Repo 18/08/2010 18/08/2012Rates 7 Day267,376,000.00 THB 3.71% Bloomberg Thailand 29/03/2012 29/03/20176 Month Fixing Rate277,860,000.00 THB 2.84% Bloomberg Thailand 24/08/2010 24/08/20156 Month Fixing Rate295,900,000.00 TWD Bloomberg Thailand2.09% 28/10/2015 28/10/20206 Month Fixing Rate303,502,000.00 SGD SGD-SOR-0.54% 18/11/2011 18/05/2012Reuters 6M304,800,000.00 THB Bloomberg Thailand2.78% 20/09/2010 20/09/20156 Month Fixing Rate310,500,000.00 THB Bloomberg Thailand2.85% 21/09/2010 21/09/20156 Month Fixing Rate312,400,000.00 THB Bloomberg Thailand2.79% 21/09/2010 21/09/20156 Month Fixing Rate325,000,000.00 THB 2.78% Bloomberg Thailand 22/09/2011 22/09/20136 Month Fixing Rate356,900,000.00 TWD TWD 2nd CP 90D 2.06% 28/10/2015 28/10/2020376,800,000.00 THB 1.97% Bloomberg Thailand 20/09/2010 20/09/20126 Month Fixing Rate398,520,000.00 THB Bloomberg Thailand2.18% 24/08/2010 24/08/20126 Month Fixing Rate413,000,000.00 MXN 4.96% MXN-TIIE-Banxico 09/08/2011 06/08/2013429,180,000.00 INR 7.15% INR-MIBOR-OIS- 03/10/2011 03/10/2016COMPOUND491,986,000.00 INR 4.80% LIBOR USD 6M 03/03/2011 03/03/2013494,160,000.00 INR 5.00% LIBOR USD 6M 06/06/2011 06/06/2013511,160,000.00 THB 3.68% Bloomberg Thailand 28/03/2012 28/03/20176 Month Fixing Rate553,884,000.00 EUR 0.33% EUR OIS EONIA 06/02/2012 19/12/2012587,860,000.00 MXN 4.86% MXN-TIIE-Banxico 11/08/2011 08/08/2013650
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Global Emerging Debt (segue)Valore nominale Valuta Tasso passivo Tasso attivo (su Data di inizio deibase semestrale) flussi di interessiData discadenza588,000,000.00 MXN 4.95% MXN-TIIE-Banxico 09/08/2011 06/08/2013591,800,000.00 TWD 1.51% TWD 2nd CP 90D 28/10/2012 28/10/2014599,630,000.00 TWD Bloomberg Taiwan1.05% 09/02/2012 09/02/2016SecondaryCommercial Papers90 Days Fixing599,630,000.00 TWD Bloomberg Taiwan1.05% 09/02/2012 09/02/2016SecondaryCommercial Papers90 Days Fixing661,100,000.00 TWD TDCC Secondary1.63% 23/05/2011 23/05/2016Market Fixing90670,860,000.00 INRIndia National Stock7.68% 13/03/2012 13/03/2017Exchange NSEInterbank Offer Rate688,654,000.00 INRIndia National Stock7.75% 15/03/2012 15/03/2017Exchange NSEInterbank Offer Rate728,000,000.00 TWD 2.03% Bloomberg Thailand 28/10/2015 30/10/20176 Month Fixing Rate729,600,000.00 THB 1.97% Bloomberg Thailand 20/09/2010 20/09/20126 Month Fixing Rate864,200,000.00 TWD 2.00% TWD 2nd CP 90D 28/10/2015 28/10/2017942,300,000.00 TWD Bloomberg Taiwan1.37% 21/09/2010 21/09/2015SecondaryCommercial Papers90 Days Fixing1,047,000,000.00 INRIndia National Stock6.92% 31/12/2009 31/12/2014Exchange NSEInterbank Offer Rate1,191,700,000.00 THB 2.94% Bloomberg Thailand 25/10/2012 25/10/20136 Month Fixing Rate1,512,650,000.00 THB 3.65% THB-THBFIX- 26/04/2012 26/04/2013Reuters 6M2,143,900,000.00 INRIndia National Stock8.31% 13/02/2012 18/11/2012Exchange NSEInterbank Offer Rate2,143,900,000.00 INR 8.11India National Stock 18/11/2011 18/11/2012Exchange NSEInterbank Offer Rate2,143,900,000.00 INR 8.1India National Stock 18/11/2011 18/11/2012Exchange NSEInterbank Offer Rate2,265,000,000.00 INR INR-MIBOR-OIS-7.99% 11/07/2012 11/07/2013COMPOUND2,313,800,000.00 TWD 0.90% Bloomberg Taiwan 21/09/2010 21/09/2012SecondaryCommercial Papers90 Days Fixing2,806,560,000.00 INR 8.25India National Stock 18/11/2011 18/08/2012Exchange NSEInterbank Offer Rate3,019,930,000.00 INR 7.54%India National Stock 13/03/2013 13/03/2014Exchange NSEInterbank Offer Rate3,019,930,000.00 INR 7.55%India National StockExchange NSEInterbank Offer Rate13/03/2013 13/03/2014651
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Global Emerging Debt (segue)Valore nominale Valuta Tasso passivo Tasso attivo (su Data di inizio deibase semestrale) flussi di interessiData discadenza3,578,000,000.00 KRW 3.25% KRW 3 Month 17/02/2012 17/02/2022Certificate ofDeposit5,022,546,170.00 KRW 3.57% KRW 3 Month 07/02/2012 07/02/2022Certificate ofDeposit6,129,732,000.00 KRW 3.96% KRW-CD-KSDA- 16/08/2011 16/08/2021Bloomberg6,897,000,000.00 KRW KRW CD 3 MO 4.12% 15/06/2011 15/06/20169,211,816,514.00 KRW 3.93% KRW-CD-KSDA- 20/06/2011 19/06/2021Bloomberg9,211,817,000.00 KRW 3.97% KRW-CD-KSDA- 15/08/2011 15/08/2021Bloomberg10,080,000,000.00 KRW 3.93% KRW CD 3 MO 16/06/2011 16/06/201610,659,053,830.00 KRW 3.58% KRW 3 Month 07/02/2012 07/02/2022Certificate ofDeposit11,474,000,000.00 KRW 3.87% KRW-CD-KSDA- 10/06/2011 10/06/2016Bloomberg13,398,300,000.00 KRW KRW 3 Month3.82% 06/12/2010 06/12/2014Certificate ofDeposit13,643,800,000.00 KRW KRW 3 Month3.83% 06/12/2010 06/12/2014Certificate ofDeposit15,536,000,000.00 KRW 3.62% KRW-CD-KSDA- 18/03/2016 18/03/2021Bloomberg15,536,000,000.00 KRW KRW CD 3 MO 4.86% 18/03/2016 18/03/202116,452,000,000.00 KRW KRW-CD-KSDA-3.42% 17/01/2012 17/01/2016Bloomberg17,183,200,000.00 KRW KRW-CD-KSDA-3.42% 17/01/2012 17/01/2016Bloomberg21,946,000,000.00 KRW KRW-CD-KSDA-4.10% 02/05/2011 02/05/2016Bloomberg22,083,900,000.00 KRW KRW-CD-KSDA-4.19% 13/05/2011 13/05/2016Bloomberg22,850,000,000.00 KRW KRW-CD-KSDA-3.43% 17/01/2012 17/01/2016Bloomberg24,288,248,000.00 IDR 6.20% USD-LIBOR- 15/04/2011 15/04/2013BBA 6M24,393,030,000.00 IDR 6.95% USD-LIBOR- 07/06/2011 07/06/2015BBA 6M26,776,720,000.00 IDR 6.10% USD-LIBOR- 15/04/2011 15/04/2013BBA 6M28,516,800,000.00 KRW KRW-CD-KSDA-3.43% 17/01/2012 17/01/2016Bloomberg30,758,762,000.00 IDR 6.60% USD-LIBOR- 15/04/2011 15/04/2014BBA 6M31,973,000,000.00 KRW KRW-CD-KSDA-4.16% 31/03/2011 31/03/2016Bloomberg32,125,500,000.00 KRW 3.56% KRW CD 3 MO 15/06/2011 15/06/201232,504,166,000.00 IDR 5.88% USD-LIBOR- 15/06/2011 17/06/2013BBA 6M36,415,548,000.00 IDR 6.40% USD-LIBOR- 15/04/2011 15/04/2014BBA 6M36,415,548,000.00 IDR 6.55% USD-LIBOR- 15/04/2011 15/04/2014BBA 6M36,415,548,000.00 IDR 6.45% USD-LIBOR-BBA 6M15/04/2011 15/04/2014652
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Global Emerging Debt (segue)Valore nominale Valuta Tasso passivo Tasso attivo (su Data di inizio deibase semestrale) flussi di interessiData discadenza36,415,548,000.00 IDR 6.05% USD-LIBOR- 15/04/2011 15/04/2013BBA 6M36,423,960,000.00 IDR 6.45% USD-LIBOR- 15/04/2011 15/04/2014BBA 6M36,432,372,000.00 IDR 6.10% USD-LIBOR- 15/04/2011 15/04/2013BBA 6M39,047,625,000.00 IDR 5.80% USD-LIBOR- 07/06/2011 07/06/2013BBA 6M39,050,870,000.00 KRW KRW 3 Month3.39% 17/01/2012 17/01/2014Certificate ofDeposit40,000,000,000.00 KRW KRW 3 Month3.58% 06/04/2010 06/04/2012Certificate ofDeposit53,358,536,000.00 IDR 6.80% USD-LIBOR- 16/06/2011 16/06/2015BBA 6M64,894,000,000.00 KRW 3.43% KRW-CD-KSDA- 17/01/2012 17/01/2013Bloomberg65,808,000,000.00 KRW 3.41% KRW-CD-KSDA- 17/01/2012 17/01/2013Bloomberg75,473,000,000.00 KRW 3.88% KRW CD 3 MO 31/03/2011 31/03/201378,101,730,000.00 KRW KRW 3 Month3.38% 17/01/2012 17/01/2014Certificate ofDeposit86,830,000,000.00 KRW 3.43% KRW-CD-KSDA- 17/01/2012 17/01/2013Bloomberg108,948,800,000.00 KRW KRW-CD-KSDA-Bloomberg3.43% 17/01/2012 17/01/2013La minusvalenza netta non realizzata su questi swap su tassi d’interesse ammontava al31 marzo 2012 USD 507,307.28 e compare nello stato patrimoniale.<strong>Pictet</strong> - CHF BondsValore nominale Valuta Tasso passivo Tasso attivo (su Data di inizio dei Data di scadenzabase semestrale) flussi di interessi10,836,539.09 CHF CHF LIBOR 6M 1.15% 27/03/2012 27/03/202218,963,943.41 CHF 0.10% CHF-TOIS-OIS- 05/12/2011 05/12/2013COMPOUND20,770,033.26 USD USD LIBOR 3M 0.65% 05/12/2011 05/12/2013La minusvalenza netta non realizzata su questi swap su tassi d’interesse ammontava al31 marzo 2012 CHF 36,458.38 e compare nello stato patrimoniale.<strong>Pictet</strong> - EUR Inflation Linked BondsValore nominale Valuta Tasso passivo Tasso attivo (subase semestrale)18,000,000.00 EUR 1.78% EUREURIBOR 6MData di inizio dei Data di scadenzaflussi di interessi10/09/2012 10/09/2017La plusvalenza netta non realizzata su questo contratto di swap su tassi d’interesseammontava al al 31 marzo 2012 EUR 60,363.00 e compare nello stato patrimoniale.653
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Emerging Local Currency DebtValore nominale Valuta Tasso passivo Tasso attivo (su Data di inizio deibase semestrale) flussi di interessiData discadenza4,693,761.72 PLN 4.87% WIBO 6M 26/03/2009 26/03/20145,392,832.62 PLN 4.97% WIBO 6M 04/05/2009 05/05/20145,471,727.76 USD USD LIBOR1.58% 16/03/2012 16/03/2016BBA 6M5,692,434.43 USD USD-LIBOR-5.70% 15/09/2011 15/09/2014BBA 6M5,757,867.47 USD USD-LIBOR-1.20% 11/10/2011 11/10/2016BBA 6M5,992,036.24 USD USD LIBOR5.45% 21/02/2012 21/02/2019BBA 6M5,992,036.24 USD USD LIBOR5.65% 21/02/2012 21/02/2022BBA 6M6,033,877.00 USD LIBOR USD 6M 5.15% 06/12/2010 06/12/20167,217,407.66 USD USD-LIBOR-3.10% 15/09/2011 15/09/2014BBA 6M7,493,041.32 USD USD-LIBOR-3.10% 20/09/2011 20/09/2014BBA 6M7,493,041.32 USD USD-LIBOR-3.20% 20/09/2011 20/09/2014BBA 6M7,493,041.32 USD USD-LIBOR-3.00% 15/09/2011 15/09/2014BBA 6M7,493,041.32 USD USD-LIBOR-3.20% 22/09/2011 22/09/2014BBA 6M7,493,041.32 USD USD-LIBOR-3.20% 26/09/2011 26/09/2014BBA 6M7,493,041.32 USD USD-LIBOR-2.90% 15/09/2011 15/09/2014BBA 6M7,493,041.32 USD USD-LIBOR-3.00% 15/09/2011 15/09/2014BBA 6M7,493,041.32 USD USD-LIBOR-2.00% 15/09/2011 15/09/2013BBA 6M7,493,041.32 USD USD-LIBOR-3.00% 20/09/2011 20/09/2014BBA 6M7,929,461.30 USD USD-LIBOR-4.90% 14/09/2011 14/09/2013BBA 6M8,690,350.03 USD USD-LIBOR-1.30% 11/10/2011 11/10/2016BBA 6M8,999,685.91 USD 2.34% USD LIBOR 3M 31/01/2013 31/01/20239,097,908.36 USD USD-LIBOR-4.90% 14/09/2011 14/09/2013BBA 6M9,187,788.91 USD USD-LIBOR-5.30% 15/09/2011 15/09/2013BBA 6M9,187,788.91 USD USD-LIBOR-5.30% 15/09/2011 15/09/2013BBA 6M9,227,735.82 USD USD-LIBOR-4.80% 14/09/2011 14/09/2013BBA 6M9,227,735.82 USD USD-LIBOR-4.85% 14/09/2011 14/09/2013BBA 6M9,227,735.82 USD USD-LIBOR-5.00% 14/09/2011 14/09/2013BBA 6M9,227,735.82 USD USD-LIBOR-4.85% 14/09/2011 16/09/2013BBA 6M9,239,719.89 USD USD LIBOR1.70% 16/03/2012 16/03/2017BBA 6M9,437,457.08 USD USD-LIBOR-6.20% 15/09/2011 15/09/2015BBA 6M9,437,457.08 USD USD-LIBOR-BBA 6M6.20% 15/09/2011 15/09/2015654
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Emerging Local Currency Debt (segue)Valore nominale Valuta Tasso passivo Tasso attivo (su Data di inizio deibase semestrale) flussi di interessiData discadenza9,487,390.72 USD USD-LIBOR-5.70% 15/09/2011 15/09/2014BBA 6M9,487,390.72 USD USD-LIBOR-5.70% 15/09/2011 15/09/2014BBA 6M10,455,070.62 SGDABS SGD SWAP 6M 3.13% 31/12/2010 31/12/202012,009,039.31 USD USD-LIBOR-4.88% 04/08/2011 04/08/2013BBA 6M12,009,039.31 USD USD-LIBOR-3.75% 04/08/2011 04/08/2012BBA 6M12,982,745.19 USD LIBOR USD 6M 4.85% 03/03/2011 03/03/201614,986,082.65 USD USD-LIBOR-1.80% 15/09/2011 15/09/2013BBA 6M15,111,416.07 SGD 1.89% SIBOR 6M 10/02/2012 10/02/202218,475,844.55 SGD 1.86% SIBOR 6M 10/02/2012 10/02/202219,932,215.95 AUD 4.69% AUD BB 6M 08/02/2012 08/02/202220,213,135.60 SGDABS SGD SWAP 6M 3.07% 29/12/2010 29/12/202023,888,251.16 SGD 1.97% SIBOR 6M 11/11/2011 11/11/202125,283,396.93 AUD 5.67% AUD BB 6M 02/11/2016 02/11/202127,962,835.80 SGD SIBOR 6M 1.85% 20/10/2009 20/10/201229,960,181.22 SGD 2.59% SIBOR 6M 07/07/2010 07/07/202033,103,952.97 SGD 2.38% SIBOR 6M 02/04/2015 02/04/201933,186,342.47 USD USD LIBOR 3M 1.48% 31/01/2013 31/01/201836,210,374.36 SGD SIBOR 6M 1.07% 10/02/2012 10/02/201738,448,899.23 HKD HKAB Hong Kong1.66% 30/01/2012 30/01/2021Dollar Hibor Fixings3 Month38,648,633.77 SGD 2.30% SIBOR 6M 24/08/2010 24/08/202038,648,633.77 SGD 2.38% SIBOR 6M 17/08/2010 20/08/202038,948,235.58 SGD SIBOR 6M 2.31% 31/08/2010 31/08/202042,186,028.37 USD 0.67% USD LIBOR 3M 31/01/2013 31/01/201542,942,926.41 THB Bloomberg Thailand4.95% 15/08/2008 15/08/20136 Month Fixing Rate43,342,395.50 AUD 5.37% AUD BB 6M 11/10/2016 11/10/202144,126,053.97 AUD 5.15% AUD BB 6M 07/02/2017 07/02/202244,892,335.54 ZAR 6.59% JIBAR 3M 27/10/2011 27/10/201644,940,271.83 ZAR JIBAR 3M 7.95% 15/12/2008 15/12/201844,940,271.83 ZAR 8.48% JIBAR 3M 12/12/2008 12/12/201844,940,271.83 HKD HKAB Hong Kong1.59% 02/02/2012 02/02/2021Dollar Hibor Fixings3 Month44,940,271.83 HKD HKAB Hong Kong1.59% 02/02/2012 02/02/2021Dollar Hibor Fixings3 Month45,475,560.40 AUD 5.28% AUD BB 6M 21/02/2017 21/02/202246,169,340.33 SGD SIBOR 6M 0.74% 07/01/2013 07/01/201446,685,871.83 HKD HKAB Hong Kong2.01% 28/01/2013 28/01/2023Dollar Hibor Fixings3 Month47,936,289.95 MYR Malaysia Interbank3.80% 12/11/2009 12/11/2014Offered Rate Fixing3 Month53,983,717.58 HKD HKAB Hong Kong1.86% 01/02/2013 01/02/2023Dollar Hibor Fixings3 Month54,926,998.90 SGD 1.30% SGD-SOR-Reuters 18/05/2012 20/05/20136M 6M57,879,574.76 SGD SIBOR 6M 1.05% 10/02/2012 10/02/201757,879,574.76 SGD SIBOR 6M 1.04% 10/02/2012 10/02/2017655
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Emerging Local Currency Debt (segue)Valore nominale Valuta Tasso passivo Tasso attivo (su Data di inizio deibase semestrale) flussi di interessiData discadenza59,060,440.32 HKD HKAB Hong Kong1.87% 01/02/2013 01/02/2023Dollar Hibor Fixings3 Month63,615,181.81 HKD HKAB Hong Kong1.98% 28/01/2013 28/01/2023Dollar Hibor Fixings3 Month69,478,059.72 HKD HKAB Hong Kong1.77% 07/02/2012 07/02/2022Dollar Hibor Fixings3 Month69,707,354.97 SGD SIBOR 6M 0.73% 07/01/2013 07/01/201470,710,022.37 SGD 0.48% SIBOR 6M 10/02/2012 10/02/201470,995,143.43 SGD SIBOR 6M 1.04% 10/02/2012 10/02/201771,280,264.48 SGD SIBOR 6M 1.05% 10/02/2012 10/02/201771,435,008.82 HKD HKAB Hong Kong2.00% 28/01/2013 28/01/2023Dollar Hibor Fixings3 Month72,403,771.28 HKD HKAB Hong Kong1.58% 02/02/2012 02/02/2021Dollar Hibor Fixings3 Month74,701,717.18 MYR Malaysia Interbank3.61% 26/03/2012 26/03/2017Offered Rate Fixing3 Month76,412,443.53 MYR Malaysia Interbank3.64% 27/03/2012 27/03/2017Offered Rate Fixing3 Month78,226,033.16 MYR MYR-KLIBOR-4.01% 11/05/2011 11/05/2016BNM 3M81,707,406.22 CNY CNY-3.95% 27/10/2011 27/10/2016CNREPOFIX=CFXS-Reuters81,707,406.22 CNY 3.54% CNY- 27/10/2011 27/10/2016CNREPOFIX=CFXS-Reuters83,786,443.06 AUD AUD BB 6M 3.94% 11/02/2013 11/02/201586,676,801.61 SGD 1.87% SIBOR 6M 10/02/2012 10/02/202287,132,196.37 AUD AUD BB 6M 3.94% 11/02/2013 11/02/201588,407,501.41 SGD SIBOR 6M 0.81% 24/08/2010 24/08/201288,407,501.41 SGD SIBOR 6M 0.80% 24/08/2010 24/08/201288,729,673.23 SGD 0.48% SIBOR 6M 10/02/2012 10/02/201489,528,012.19 SGD 0.50% SIBOR 6M 14/02/2012 14/02/201495,059,184.95 HKD HKAB Hong Kong1.97% 28/01/2013 28/01/2023Dollar Hibor Fixings3 Month99,867,270.73 THB Bloomberg Thailand6.68% 02/07/2008 02/07/20186 Month Fixing Rate110,852,670.51 SGD 1.17% SGD-SOR- 04/04/2012 04/04/2013Reuters 6M112,051,077.76 THB Bloomberg Thailand3.16% 26/08/2010 26/08/20206 Month Fixing Rate124,834,088.41 ZAR 8.52% South Africa 23/03/2010 23/03/2020JohannesburgInterbank AgreedRate 3 Month125,872,708.03 CNY Fixing Repo 7D 0.04% 02/12/2010 02/12/2013126,332,097.47 HKD HKAB Hong KongDollar Hibor Fixings3 Month1.56% 30/01/2012 30/01/2020656
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Emerging Local Currency Debt (segue)Valore nominale Valuta Tasso passivo Tasso attivo (su Data di inizio deibase semestrale) flussi di interessiData discadenza126,332,097.47 HKD 1.51% HKAB Hong Kong 31/01/2012 31/01/2020Dollar Hibor Fixings3 Month126,332,097.47 HKD HKAB Hong Kong1.50% 31/01/2012 31/01/2020Dollar Hibor Fixings3 Month131,472,765.23 CNY Fixing Repo 7D 4.31% 29/10/2012 30/10/2017138,982,284.66 CNY Fixing Repo 7D 0.04% 29/10/2012 30/10/2017141,892,416.93 CNY Fixing Repo 7D 0.04% 29/10/2012 30/10/2017142,262,475.10 SGD SIBOR 6M 0.80% 19/03/2013 19/03/2014142,372,978.23 HKD HKAB Hong Kong1.74% 07/02/2012 07/02/2022Dollar Hibor Fixings3 Month142,560,528.97 SGD SIBOR 6M 1.05% 10/02/2012 10/02/2017143,641,669.07 HKD HKAB Hong Kong2.67% 10/02/2017 10/02/2022Dollar Hibor Fixings3 Month143,808,869.85 CNY 4.07% CNY- 05/08/2011 05/08/2016CNREPOFIX=CFXS-Reuters143,808,869.85 CNY 4.08% CNY- 05/08/2011 05/08/2016CNREPOFIX=CFXS-Reuters149,403,434.36 MYR Malaysia Interbank3.61% 26/03/2012 26/03/2017Offered Rate Fixing3 Month149,408,850.16 HKD HKAB Hong Kong2.68% 10/02/2017 10/02/2022Dollar Hibor Fixings3 Month149,800,906.10 THB Bloomberg Thailand3.39% 12/06/2009 12/06/20136 Month Fixing Rate162,831,188.11 CNY CNY-3.76% 21/10/2011 21/10/2016CNREPOFIX=CFXS-Reuters162,831,188.11 CNY 3.42% CNY- 21/10/2011 21/10/2016CNREPOFIX=CFXS-Reuters163,414,812.44 CNY 3.29% CNY- 09/11/2011 09/11/2016CNREPOFIX=CFXS-Reuters163,414,812.44 CNY CNY-3.76% 09/11/2011 09/11/2016CNREPOFIX=CFXS-Reuters166,291,631.98 AUD AUD BB 6M 3.88% 08/05/2012 08/05/2013170,562,912.21 SGD SIBOR 6M 0.71% 26/11/2012 26/11/2013170,562,912.21 SGD SIBOR 6M 0.71% 26/11/2012 26/11/2013173,536,360.33 CNY 4.15% CNY- 13/07/2011 13/07/2016CNREPOFIX=CFXS-Reuters175,092,292.41 SGD SIBOR 6M 0.77% 18/03/2013 18/03/2014177,828,106.36 SGD SIBOR 6M 0.81% 19/03/2013 19/03/2014178,868,762.26 HKD 1.37% HKAB Hong Kong 28/01/2013 28/01/2018Dollar Hibor Fixings3 Month179,761,087.31 THB Bloomberg Thailand5.70% 20/06/2008 20/06/20136 Month Fixing Rate180,005,762.13 CNY CNY-CNREPOFIX=CFXS-Reuters3.18% 07/03/2012 07/03/2014657
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Emerging Local Currency Debt (segue)Valore nominale Valuta Tasso passivo Tasso attivo (su Data di inizio deibase semestrale) flussi di interessiData discadenza180,005,762.13 CNY CNY-3.18% 07/03/2012 07/03/2014CNREPOFIX=CFXS-Reuters182,775,081.54 CNY CNY-3.18% 07/03/2012 07/03/2014CNREPOFIX=CFXS-Reuters182,775,081.54 CNY CNY-3.18% 07/03/2012 07/03/2014CNREPOFIX=CFXS-Reuters199,734,541.46 THB Bloomberg Thailand5.75% 20/06/2008 20/06/20136 Month Fixing Rate206,133,312.13 HKD 1.27% HKAB Hong Kong 01/02/2013 01/02/2018Dollar Hibor Fixings3 Month208,771,530.79 CNY 3.69% KRW 3 Month 29/11/2010 29/11/2013Certificate ofDeposit210,405,359.34 CNY 3.81% CNY- 10/06/2011 10/06/2016CNREPOFIX=CFXS-Reuters216,956,457.56 BRL BRL-CDI 10.51% 14/03/2012 02/01/2017219,367,350.34 HKD HKAB Hong Kong0.67% 28/01/2013 28/01/2015Dollar Hibor Fixings3 Month220,319,682.64 SGD SIBOR 6M 0.71% 02/11/2012 02/11/2013220,319,682.64 SGD SIBOR 6M 0.69% 02/11/2012 02/11/2013220,500,941.74 HKD HKAB Hong Kong1.94% 10/01/2012 10/01/2022Dollar Hibor Fixings3 Month223,867,192.80 HKD 1.28% HKAB Hong Kong 01/02/2013 01/02/2018Dollar Hibor Fixings3 Month224,162,075.88 SGD SIBOR 6M 0.81% 24/08/2010 24/08/2012224,162,075.88 SGD SIBOR 6M 0.86% 17/08/2010 20/08/2012230,613,102.10 HKD 1.22% BBA LIBOR USD 6 15/11/2011 15/11/2016Month230,613,102.10 HKD 1.24% HKAB Hong Kong 15/11/2011 15/11/2016Dollar Hibor Fixings3 Month231,172,758.29 CNY 2.53% CNY- 06/12/2011 06/12/2013CNREPOFIX=CFXS-Reuters231,392,466.28 THB Bloomberg Thailand3.27% 24/08/2010 24/08/20206 Month Fixing Rate231,835,777.10 HKD HKAB Hong Kong1.95% 09/01/2012 09/01/2022Dollar Hibor Fixings3 Month232,391,738.19 HKD HKAB Hong Kong1.92% 09/01/2012 09/01/2022Dollar Hibor Fixings3 Month236,785,298.90 INRIndia National Stock7.29% 13/05/2008 13/05/2013Exchange NSEInterbank Offer Rate241,845,866.12 HKD 1.35% HKAB Hong Kong 28/01/2013 28/01/2018Dollar Hibor Fixings3 Month249,195,804.63 SGD 0.47% SIBOR 6M 10/02/2012 10/02/2014658
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Emerging Local Currency Debt (segue)Valore nominale Valuta Tasso passivo Tasso attivo (su Data di inizio deibase semestrale) flussi di interessiData discadenza252,825,483.59 HKD HKAB Hong Kong0.64% 01/02/2013 01/02/2015Dollar Hibor Fixings3 Month256,658,885.78 THB Bloomberg Thailand4.94% 15/08/2008 15/08/20136 Month Fixing Rate266,537,756.20 CNY CNY-3.95% 15/11/2011 15/11/2013CNREPOFIX=CFXS-Reuters266,537,756.20 CNY CNY-3.94% 15/11/2011 15/11/2013CNREPOFIX=CFXS-Reuters269,990,585.19 HKD 1.37% HKAB Hong Kong 28/01/2013 28/01/2018Dollar Hibor Fixings3 Month272,637,649.09 CNY 3.13% CNY- 03/02/2012 03/02/2017CNREPOFIX=CFXS-Reuters275,615,388.51 HKD HKAB Hong Kong0.64% 01/02/2013 01/02/2015Dollar Hibor Fixings3 Month283,186,628.90 CNY 2.53% CNY- 05/12/2011 05/12/2013CNREPOFIX=CFXS-Reuters286,619,067.00 THB Bloomberg Thailand5.25% 05/08/2008 06/08/20186 Month Fixing Rate286,824,793.57 CNY 0.33% EUR OIS EONIA 06/02/2012 06/02/2014286,824,793.57 CNY 2.90% CNY- 06/02/2012 06/02/2014CNREPOFIX=CFXS-Reuters286,824,793.57 CNY 2.91% CNY- 06/02/2012 06/02/2014CNREPOFIX=CFXS-Reuters289,015,881.49 CNY 4.33% CNY- 08/03/2012 08/09/2013CNREPOFIX=CFXS-Reuters296,914,046.38 HKD HKAB Hong Kong0.65% 28/01/2013 28/01/2015Dollar Hibor Fixings3 Month315,534,636.56 CNY 3.92% Fixing Repo 7D 29/10/2012 29/10/2014324,480,746.67 CNY CNY-3.97% 15/11/2011 15/11/2013CNREPOFIX=CFXS-Reuters324,480,746.67 CNY CNY-3.98% 15/11/2011 15/11/2013CNREPOFIX=CFXS-Reuters324,480,746.67 CNY CNY-3.95% 15/11/2011 15/11/2013CNREPOFIX=CFXS-Reuters325,277,687.49 CNY 3.895% Fixing Repo 7D 29/10/2012 29/10/2014330,738,466.81 HKD 0.67% HKAB Hong Kong 28/01/2013 28/01/2015Dollar Hibor Fixings3 Month333,626,591.33 CNY Fixing Repo 7D 0.03% 26/11/2010 26/11/2012335,107,622.95 CNY 3.87% Fixing Repo 7D 29/10/2012 29/10/2014346,759,137.43 CNY CNY-CNREPOFIX=CFXS-Reuters3.48% 05/12/2011 05/12/2013659
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Emerging Local Currency Debt (segue)Valore nominale Valuta Tasso passivo Tasso attivo (su Data di inizio deibase semestrale) flussi di interessiData discadenza346,759,137.43 CNY CNY-3.45% 05/12/2011 05/12/2013CNREPOFIX=CFXS-Reuters355,727,218.34 CNY China Fixing Repo2.75% 18/08/2010 18/08/2015Rates 7 Day359,987,446.26 HKD 1.32% HKAB Hong Kong 28/01/2013 28/01/2018Dollar Hibor Fixings3 Month367,927,004.13 SGD 1.82% SGD-SOR- 20/05/2013 20/05/2014Reuters 6M368,319,482.51 CNY 3.17% CNY- 07/03/2012 07/03/2014CNREPOFIX=CFXS-Reuters368,319,482.51 CNY 3.16% CNY- 07/03/2012 07/03/2014CNREPOFIX=CFXS-Reuters370,077,253.33 MXN 6.44% MXN-TIIE-Banxico 07/06/2011 31/05/2016370,077,253.33 MXN 6.46% MXN-TIIE-Banxico 07/06/2011 31/05/2016370,158,038.96 MXN 6.40% MXN-TIIE-Banxico 06/06/2011 30/05/2016370,158,038.96 MXN 6.37% MXN-TIIE-Banxico 06/06/2011 30/05/2016377,967,459.80 CNY CNY-2.85% 01/02/2012 05/12/2013CNREPOFIX=CFXS-Reuters378,947,157.72 CNY 2.96% CNY- 16/11/2011 16/11/2013CNREPOFIX=CFXS-Reuters378,947,157.72 CNY 2.95% CNY- 16/11/2011 16/11/2013CNREPOFIX=CFXS-Reuters387,784,612.24 CNY 3.00% Fixing Repo 7D 21/10/2011 21/10/2012396,473,064.80 CNY 2.99% Fixing Repo 7D 21/10/2011 21/10/2012404,130,887.12 SGD SGD-SOR-0.55% 18/11/2011 18/05/2012Reuters 6M407,533,365.03 TWD TDCC Secondary2.04% 28/10/2015 28/10/2020Market Fixing90411,852,624.49 THB 2.72% Bloomberg Thailand 26/08/2010 26/08/20156 Month Fixing Rate417,376,782.57 HKD 1.23% HKAB Hong Kong 10/01/2012 10/01/2017Dollar Hibor Fixings3 Month421,739,484.29 CNY 2.94% Fixing Repo 7D 24/10/2011 24/10/2012421,978,167.07 CNY Fixing Repo 7D 2.74% 03/11/2010 03/11/2012426,982,516.01 CNY 2.97% Fixing Repo 7D 21/10/2011 21/10/2012428,430,591.43 THB 5.04% Bloomberg Thailand 06/05/2008 06/05/20186 Month Fixing Rate437,019,176.71 CNY 3.69% Fixing Repo 7D 24/10/2011 24/10/2013440,877,149.25 HKD 1.22% HKAB Hong Kong 09/01/2012 09/01/2017Dollar Hibor Fixings3 Month440,984,621.41 HKD HKAB Hong Kong0.62% 28/01/2013 28/01/2015Dollar Hibor Fixings3 Month441,989,071.44 HKD 1.27% HKAB Hong Kong 09/01/2012 09/01/2017Dollar Hibor Fixings3 Month453,676,538.14 CNY CNY-CNREPOFIX=CFXS-Reuters3.45% 06/12/2011 06/12/2013660
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Emerging Local Currency Debt (segue)Valore nominale Valuta Tasso passivo Tasso attivo (su Data di inizio deibase semestrale) flussi di interessiData discadenza466,380,154.31 INRIndia National Stock7.80% 28/05/2008 28/05/2013Exchange NSEInterbank Offer Rate496,659,910.79 THB Bloomberg Thailand2.08% 26/08/2010 26/08/20126 Month Fixing Rate505,228,522.62 THB 2.81% Bloomberg Thailand 20/09/2010 20/09/20156 Month Fixing Rate527,998,260.35 ZAR 6.63% JIBAR 3M 11/11/2011 11/11/2016534,419,725.86 ZAR 6.51% JIBAR 3M 07/11/2011 07/11/2016654,666,910.53 CNY Fixing Repo 7D 0.04% 28/11/2011 26/11/2012659,123,986.82 CNY CNY-3.06% 02/02/2012 03/02/2014CNREPOFIX=CFXS-Reuters676,101,422.84 INR 9.82%India National Stock 26/06/2008 26/06/2013Exchange NSEInterbank Offer Rate676,297,162.69 CNY 4.49% CNY- 08/03/2012 08/03/2013CNREPOFIX=CFXS-Reuters724,079,657.05 SGD SGD-SOR-0.56% 18/11/2011 18/05/2012Reuters 6M726,434,527.29 SGD SGD-SOR-0.51% 04/11/2011 04/05/2012Reuters 6M762,586,479.29 MXN 6.42% MXN-TIIE-Banxico 14/06/2011 07/06/2016775,529,277.58 THB 3.71% Bloomberg Thailand 29/03/2012 29/03/20176 Month Fixing Rate775,768,959.03 TWD TWD 2nd CP 90D 1.78% 28/10/2012 28/10/2017808,305,715.83 CNY CNY-3.10 01/02/2012 01/02/2013CNREPOFIX=CFXS-Reuters853,745,324.02 CNY 2.22% China Fixing Repo 18/08/2010 18/08/2012Rates 7 Day853,745,324.02 CNY 2.24% China Fixing Repo 20/08/2010 20/08/2012Rates 7 Day892,813,400.33 THB 4.53% Bloomberg Thailand 06/05/2008 06/05/20136 Month Fixing Rate893,572,391.58 THB 2.84% Bloomberg Thailand 24/08/2010 24/08/20156 Month Fixing Rate941,895,167.87 SGD SGD-SOR-0.54% 18/11/2011 18/05/2012Reuters 6M950,836,284.62 TWD Bloomberg Thailand2.09% 28/10/2015 28/10/20206 Month Fixing Rate979,797,793.13 THB Bloomberg Thailand2.78% 20/09/2010 20/09/20156 Month Fixing Rate994,837,804.10 CNY CNY-3.11 01/02/2012 01/02/2013CNREPOFIX=CFXS-Reuters998,472,972.76 THB Bloomberg Thailand2.85% 21/09/2010 21/09/20156 Month Fixing Rate1,004,564,876.27 THB Bloomberg Thailand2.79% 21/09/2010 21/09/20156 Month Fixing Rate1,031,628,906.64 INRIndia National Stock6.92% 31/12/2009 31/12/2014Exchange NSEInterbank Offer Rate1,091,549,269.08 THB 2.78% Bloomberg Thailand 22/09/2011 22/09/20136 Month Fixing Rate1,147,075,471.60 TWD TWD 2nd CP 90D 2.06% 28/10/2015 28/10/20201,211,489,861.23 THB 1.97% Bloomberg Thailand6 Month Fixing Rate20/09/2010 20/09/2012661
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Emerging Local Currency Debt (segue)Valore nominale Valuta Tasso passivo Tasso attivo (su Data di inizio deibase semestrale) flussi di interessiData discadenza1,281,596,685.28 THB Bloomberg Thailand2.18% 24/08/2010 24/08/20126 Month Fixing Rate1,298,274,519.49 CNY CNY-3.21% 02/02/2012 04/02/2013CNREPOFIX=CFXS-Reuters1,384,829,483.03 INR 7.15% INR-MIBOR-OIS- 03/10/2011 03/10/2016COMPOUND1,469,407,074.61 INR 4.80% LIBOR USD 6M 03/03/2011 03/03/20131,479,533,615.86 MXN 6.36% MXN-TIIE-Banxico 02/06/2011 26/05/20161,482,629,501.26 THB 3.68% Bloomberg Thailand 28/03/2012 28/03/20176 Month Fixing Rate1,482,829,235.80 INR 5.00% LIBOR USD 6M 06/06/2011 06/06/20131,593,516,126.64 EUR 0.33% EUR OIS EONIA 06/02/2012 19/12/20121,613,455,625.91 MXN 4.96% MXN-TIIE-Banxico 09/08/2011 06/08/20131,696,212,637.15 INRIndia National Stock7.75% 15/03/2012 15/03/2017Exchange NSEInterbank Offer Rate1,714,970,706.61 INRIndia National Stock7.68% 13/03/2012 13/03/2017Exchange NSEInterbank Offer Rate1,739,238,453.40 TWD Bloomberg Taiwan1.05% 09/02/2012 09/02/2016SecondaryCommercial Papers90 Days Fixing1,739,238,453.40 TWD Bloomberg Taiwan1.05% 09/02/2012 09/02/2016SecondaryCommercial Papers90 Days Fixing1,879,002,698.78 MXN 4.95% MXN-TIIE-Banxico 09/08/2011 06/08/20131,879,142,512.96 MXN 4.86% MXN-TIIE-Banxico 11/08/2011 08/08/20131,901,772,436.51 TWD 1.51% TWD 2nd CP 90D 28/10/2012 28/10/20141,953,164,134.03 TWD TDCC Secondary1.63% 23/05/2011 23/05/2016Market Fixing902,339,490,684.12 TWD 2.03% Bloomberg Thailand 28/10/2015 30/10/20176 Month Fixing Rate2,345,682,454.91 THB 1.97% Bloomberg Thailand 20/09/2010 20/09/20126 Month Fixing Rate2,777,109,064.46 TWD 2.00% TWD 2nd CP 90D 28/10/2015 28/10/20173,089,693,621.84 TWD Bloomberg Taiwan1.37% 21/09/2010 21/09/2015SecondaryCommercial Papers90 Days Fixing3,781,873,675.27 THB 2.94% Bloomberg Thailand 25/10/2012 25/10/20136 Month Fixing Rate4,681,398,156.19 THB 3.65% THB-THBFIX- 26/04/2012 26/04/2013Reuters 6M6,293,535,534.13 INR 8.11India National Stock 18/11/2011 18/11/2012Exchange NSEInterbank Offer Rate6,293,535,534.13 INRIndia National Stock8.31% 13/02/2012 18/11/2012Exchange NSEInterbank Offer Rate6,293,535,534.13 INR 8.1India National Stock 18/11/2011 18/11/2012Exchange NSEInterbank Offer Rate7,349,232,453.02 INR INR-MIBOR-OIS-COMPOUND7.99% 11/07/2012 11/07/2013662
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Emerging Local Currency Debt (segue)Valore nominale Valuta Tasso passivo Tasso attivo (su Data di inizio deibase semestrale) flussi di interessiData discadenza7,586,816,690.09 TWD 0.90% Bloomberg Taiwan 21/09/2010 21/09/2012SecondaryCommercial Papers90 Days Fixing7,720,099,549.60 INR 7.54%India National Stock 13/03/2013 13/03/2014Exchange NSEInterbank Offer Rate7,720,099,549.60 INR 7.55%India National Stock 13/03/2013 13/03/2014Exchange NSEInterbank Offer Rate8,238,810,153.78 INR 8.25India National Stock 18/11/2011 18/08/2012Exchange NSEInterbank Offer Rate10,184,464,269.05 KRW 3.25% KRW 3 Month 17/02/2012 17/02/2022Certificate ofDeposit14,490,607,230.69 KRW 3.57% KRW 3 Month 07/02/2012 07/02/2022Certificate ofDeposit15,099,931,334.38 KRW 3.93% KRW CD 3 MO 16/06/2011 16/06/201619,267,633,222.06 KRW 3.96% KRW-CD-KSDA- 16/08/2011 16/08/2021Bloomberg21,631,250,840.12 KRW KRW CD 3 MO 4.12% 15/06/2011 15/06/201626,604,640,922.47 IDR 7.40% LIBOR USD 6M 21/02/2011 21/02/201327,737,173,222.78 IDR 5.80% USD LIBOR 24/01/2012 24/01/2022BBA 6M28,102,649,983.42 IDR 8.70% LIBOR USD 6M 22/02/2012 22/02/201328,955,571,402.46 KRW 3.97% KRW-CD-KSDA- 15/08/2011 15/08/2021Bloomberg28,955,571,448.39 KRW 3.93% KRW-CD-KSDA- 20/06/2011 19/06/2021Bloomberg30,752,562,029.94 KRW 3.58% KRW 3 Month 07/02/2012 07/02/2022Certificate ofDeposit35,650,618,305.20 KRW 3.87% KRW-CD-KSDA- 10/06/2011 10/06/2016Bloomberg42,633,337,874.64 IDR 7.00% USD-LIBOR- 03/06/2011 03/06/2015BBA 6M43,503,681,139.05 KRW KRW 3 Month3.82% 06/12/2010 06/12/2014Certificate ofDeposit44,300,721,826.75 KRW KRW 3 Month3.83% 06/12/2010 06/12/2014Certificate ofDeposit45,439,608,182.15 IDR 5.35% USD LIBOR 06/03/2012 06/03/2019BBA 6M46,354,392,382.04 KRW 3.62% KRW-CD-KSDA- 18/03/2016 18/03/2021Bloomberg46,354,392,382.04 KRW KRW CD 3 MO 4.86% 18/03/2016 18/03/202152,436,084,468.13 IDR 5.55% USD LIBOR 01/02/2012 01/02/2022BBA 6M52,750,891,072.29 KRW KRW-CD-KSDA-3.42% 17/01/2012 17/01/2016Bloomberg54,766,334,433.70 IDR 6.20% USD-LIBOR- 15/04/2011 15/04/2013BBA 6M54,863,058,881.42 IDR 5.90% USD LIBOR 25/01/2012 25/01/2019BBA 6M54,863,058,881.42 IDR 6.20% USD LIBORBBA 6M25/01/2012 25/01/2022663
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Emerging Local Currency Debt (segue)Valore nominale Valuta Tasso passivo Tasso attivo (su Data di inizio deibase semestrale) flussi di interessiData discadenza55,095,375,119.95 KRW KRW-CD-KSDA-3.42% 17/01/2012 17/01/2016Bloomberg55,382,653,310.93 IDR 5.90% USD LIBOR 24/01/2012 24/01/2022BBA 6M55,980,598,607.70 IDR 7.10% USD-LIBOR- 03/06/2011 03/06/2015BBA 6M59,860,442,075.56 IDR 5.30% USD LIBOR 02/02/2012 02/02/2019BBA 6M59,860,442,075.56 IDR 5.30% USD LIBOR 02/02/2012 02/02/2019BBA 6M59,920,362,438.00 KRW KRW 3 Month3.58% 06/04/2010 06/04/2012Certificate ofDeposit60,268,117,252.12 IDR 6.55% USD-LIBOR- 04/04/2011 04/04/2013BBA 6M60,383,866,414.91 IDR 6.10% USD-LIBOR- 15/04/2011 15/04/2013BBA 6M66,980,678,876.80 KRW KRW-CD-KSDA-4.19% 13/05/2011 13/05/2016Bloomberg68,795,566,787.78 KRW KRW-CD-KSDA-4.10% 02/05/2011 02/05/2016Bloomberg69,359,732,978.89 IDR 6.60% USD-LIBOR- 15/04/2011 15/04/2014BBA 6M72,723,961,727.97 IDR 6.80% USD-LIBOR- 16/06/2011 16/06/2015BBA 6M73,265,126,489.30 KRW KRW-CD-KSDA-3.43% 17/01/2012 17/01/2016Bloomberg76,303,907,776.52 IDR 6.95% USD-LIBOR- 07/06/2011 07/06/2015BBA 6M79,956,932,699.10 KRW KRW 3 Month3.39% 17/01/2012 17/01/2014Certificate ofDeposit82,107,242,814.93 IDR 6.05% USD-LIBOR- 15/04/2011 15/04/2013BBA 6M82,107,242,814.93 IDR 6.45% USD-LIBOR- 15/04/2011 15/04/2014BBA 6M82,107,242,814.93 IDR 6.55% USD-LIBOR- 15/04/2011 15/04/2014BBA 6M82,107,242,814.93 IDR 6.40% USD-LIBOR- 15/04/2011 15/04/2014BBA 6M82,126,209,606.99 IDR 6.45% USD-LIBOR- 15/04/2011 15/04/2014BBA 6M82,145,176,399.05 IDR 6.10% USD-LIBOR- 15/04/2011 15/04/2013BBA 6M87,432,682,004.05 IDR 6.90% LIBOR USD 6M 24/03/2011 24/03/201388,432,468,231.42 IDR 7.10% LIBOR USD 6M 22/02/2011 22/02/201388,452,441,685.56 IDR 7.20% LIBOR USD 6M 22/02/2011 22/02/201390,130,211,833.83 IDR 5.55% USD LIBOR 27/01/2012 27/01/2019BBA 6M91,434,877,858.64 KRW KRW-CD-KSDA-3.43% 17/01/2012 17/01/2016Bloomberg96,156,202,949.67 KRW KRW-CD-KSDA-4.16% 31/03/2011 31/03/2016Bloomberg100,756,089,439.50 KRW 3.56% KRW CD 3 MO 15/06/2011 15/06/2012101,765,777,506.76 IDR 5.88% USD-LIBOR- 15/06/2011 17/06/2013BBA 6M109,582,358,826.61 IDR 6.90% LIBOR USD 6M 24/03/2011 24/03/2013109,601,233,740.78 IDR 6.90% LIBOR USD 6M 24/03/2011 24/03/2013109,601,233,740.78 IDR 6.90% LIBOR USD 6M 24/03/2011 24/03/2013664
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Emerging Local Currency Debt (segue)Valore nominale Valuta Tasso passivo Tasso attivo (su Data di inizio deibase semestrale) flussi di interessiData discadenza109,626,400,293.01 IDR 6.90% LIBOR USD 6M 24/03/2011 24/03/20137,892.83 IDR 6.90% LIBOR USD 6M 24/03/2011 24/03/2013122,169,784,423.69 IDR 5.80% USD-LIBOR- 07/06/2011 07/06/2013BBA 6M130,147,027,215.34 IDR 6.30% USD-LIBOR- 05/04/2011 05/04/2013BBA 6M135,944,322,281.21 IDR 6.85% USD LIBOR 08/12/2011 08/12/2018BBA 6M159,913,865,398.20 KRW KRW 3 Month3.38% 17/01/2012 17/01/2014Certificate ofDeposit170,014,041,690.75 IDR 7.55% USD-LIBOR- 10/06/2011 10/06/2016BBA 6M171,611,918,022.43 IDR 7.70% USD-LIBOR- 20/06/2011 20/06/2016BBA 6M208,072,959,229.60 KRW 3.43% KRW-CD-KSDA- 17/01/2012 17/01/2013Bloomberg211,003,564,289.17 KRW 3.41% KRW-CD-KSDA- 17/01/2012 17/01/2013Bloomberg226,982,327,605.97 KRW 3.88% KRW CD 3 MO 31/03/2011 31/03/2013278,407,480,659.33 KRW 3.43% KRW-CD-KSDA- 17/01/2012 17/01/2013Bloomberg349,328,123,100.97 KRW KRW-CD-KSDA-Bloomberg3.43% 17/01/2012 17/01/2013La minusvalenza netta non realizzata su questi swap su tassi d’interesse ammontava al31 marzo 2012 USD 6,776,052.62 e compare nello stato patrimoniale.<strong>Pictet</strong> - Asian Local Currency DebtValore nominale Valuta Tasso passivo Tasso attivo (su Data di inizio deibase semestrale) flussi di interessiData discadenza700,000.00 USD USD-LIBOR-5.70% 15/09/2011 15/09/2014BBA 6M1,200,000.00 USD USD-LIBOR-5.70% 15/09/2011 15/09/2014BBA 6M1,200,000.00 USD USD-LIBOR-5.70% 15/09/2011 15/09/2014BBA 6M1,262,360.00 USD BBA LIBOR USD 67.90% 15/10/2008 15/10/2018Month1,673,000.00 USD USD-LIBOR-3.10% 15/09/2011 15/09/2014BBA 6M1,737,000.00 USD USD-LIBOR-3.00% 15/09/2011 15/09/2014BBA 6M1,737,000.00 USD USD-LIBOR-3.00% 15/09/2011 15/09/2014BBA 6M1,737,000.00 USD USD-LIBOR-3.00% 20/09/2011 20/09/2014BBA 6M1,737,000.00 USD USD-LIBOR-2.00% 15/09/2011 15/09/2013BBA 6M1,737,000.00 USD USD-LIBOR-3.20% 22/09/2011 22/09/2014BBA 6M1,737,000.00 USD USD-LIBOR-2.90% 15/09/2011 15/09/2014BBA 6M1,737,000.00 USD USD-LIBOR-3.10% 20/09/2011 20/09/2014BBA 6M1,737,000.00 USD USD-LIBOR-BBA 6M3.20% 26/09/2011 26/09/2014665
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Asian Local Currency Debt (segue)Valore nominale Valuta Tasso passivo Tasso attivo (su Data di inizio deibase semestrale) flussi di interessiData discadenza1,737,000.00 USD USD-LIBOR-3.20% 20/09/2011 20/09/2014BBA 6M1,754,591.18 USD BBA LIBOR USD 64.00% 22/09/2008 22/09/2013Month2,000,000.00 USD USD LIBOR5.45% 21/02/2012 21/02/2019BBA 6M2,000,000.00 USD USD LIBOR5.65% 21/02/2012 21/02/2022BBA 6M2,191,380.00 USD BBA LIBOR USD 62.30% 16/07/2008 16/07/2013Month2,199,413.00 USD BBA LIBOR USD 62.40% 24/07/2008 24/07/2013Month2,240,645.00 USD BBA LIBOR USD 68.67% 23/07/2008 23/07/2013Month2,273,000.00 USD USD LIBOR1.58% 16/03/2012 16/03/2016BBA 6M2,326,120.00 USD USD-LIBOR-1.20% 11/10/2011 11/10/2016BBA 6M2,486,616.00 USD BBA LIBOR USD 62.15% 15/07/2008 15/07/2013Month2,881,034.00 SGDABS SGD SWAP 6M 3.13% 31/12/2010 31/12/20203,000,000.00 SGD 2.06% SIBOR 6M 14/01/2009 14/01/20143,300,000.00 USD USD-LIBOR-6.20% 15/09/2011 15/09/2015BBA 6M3,300,000.00 USD USD-LIBOR-6.20% 15/09/2011 15/09/2015BBA 6M3,474,000.00 USD USD-LIBOR-1.80% 15/09/2011 15/09/2013BBA 6M3,510,800.00 USD USD-LIBOR-1.30% 11/10/2011 11/10/2016BBA 6M3,730,449.00 USD 2.34% USD LIBOR 3M 31/01/2013 31/01/20233,864,000.00 USD USD LIBOR1.70% 16/03/2012 16/03/2017BBA 6M4,200,000.00 USD USD-LIBOR-4.90% 14/09/2011 14/09/2013BBA 6M4,240,000.00 USD USD-LIBOR-4.88% 04/08/2011 04/08/2013BBA 6M4,240,000.00 USD USD-LIBOR-3.75% 04/08/2011 04/08/2012BBA 6M4,585,052.73 USD BBA LIBOR USD 68.10% 04/06/2008 04/06/2013Month4,810,000.00 USD USD-LIBOR-4.90% 14/09/2011 14/09/2013BBA 6M4,850,000.00 USD USD-LIBOR-5.30% 15/09/2011 15/09/2013BBA 6M4,850,000.00 USD USD-LIBOR-5.30% 15/09/2011 15/09/2013BBA 6M4,870,000.00 USD USD-LIBOR-4.80% 14/09/2011 14/09/2013BBA 6M4,870,000.00 USD USD-LIBOR-4.85% 14/09/2011 16/09/2013BBA 6M4,870,000.00 USD USD-LIBOR-5.00% 14/09/2011 14/09/2013BBA 6M4,870,000.00 USD USD-LIBOR-4.85% 14/09/2011 14/09/2013BBA 6M5,000,000.00 USD USD-LIBOR-1.30% 11/10/2011 11/10/2017BBA 6M5,000,000.00 USD USD-LIBOR-BBA 6M1.25% 31/08/2011 31/08/2013666
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Asian Local Currency Debt (segue)Valore nominale Valuta Tasso passivo Tasso attivo (su Data di inizio deibase semestrale) flussi di interessiData discadenza5,000,000.00 CNY CNY-4.12% 23/07/2008 23/07/2013CNREPOFIX=CFXS-Reuters5,570,000.00 SGDABS SGD SWAP 6M 3.07% 29/12/2010 29/12/20206,000,000.00 HKD 3.21% HKAB Hong Kong 20/08/2009 20/08/2019Dollar Hibor Fixings3 Month6,084,400.00 SGD 1.89% SIBOR 6M 10/02/2012 10/02/20226,990,000.00 SGD 1.97% SIBOR 6M 11/11/2011 11/11/20217,000,000.00 SGD SIBOR 6M 1.85% 20/10/2009 20/10/20127,000,000.00 HKD 2.31% HKAB Hong Kong 09/02/2009 11/02/2019Dollar Hibor Fixings3 Month7,048,511.57 USD LIBOR USD 6M 5.15% 06/12/2010 06/12/20167,439,040.00 SGD 1.86% SIBOR 6M 10/02/2012 10/02/20228,036,297.00 AUD 4.69% AUD BB 6M 08/02/2012 08/02/20228,715,000.00 AUD 5.67% AUD BB 6M 02/11/2016 02/11/202110,000,000.00 SGD 2.59% SIBOR 6M 07/07/2010 07/07/202010,400,000.00 INRIndia National Stock7.29% 13/05/2008 13/05/2013Exchange NSEInterbank Offer Rate12,000,000.00 MYR Malaysia Interbank3.80% 12/11/2009 12/11/2014Offered Rate Fixing3 Month12,850,000.00 SGD 2.30% SIBOR 6M 24/08/2010 24/08/202012,850,000.00 SGD 2.38% SIBOR 6M 17/08/2010 20/08/202013,200,000.00 SGD SIBOR 6M 2.31% 31/08/2010 31/08/202013,642,750.00 SGD 2.38% SIBOR 6M 02/04/2015 02/04/201913,756,032.00 USD USD LIBOR 3M 1.48% 31/01/2013 31/01/201814,579,600.00 SGD SIBOR 6M 1.07% 10/02/2012 10/02/201714,940,000.00 AUD 5.37% AUD BB 6M 11/10/2016 11/10/202115,000,000.00 USD 1.31% USD LIBOR 3M 26/03/2012 26/03/201515,000,000.00 USD USD LIBOR 3M 1.32% 22/03/2012 22/03/201515,200,000.00 USD LIBOR USD 6M 4.85% 03/03/2011 03/03/201617,486,481.00 USD 0.67% USD LIBOR 3M 31/01/2013 31/01/201517,790,800.00 AUD 5.15% AUD BB 6M 07/02/2017 07/02/202218,400,000.00 AUD 5.28% AUD BB 6M 21/02/2017 21/02/202218,951,000.00 CNY 1.15% USD LIBOR 3M 21/03/2012 21/03/201419,351,705.00 HKD HKAB Hong Kong2.01% 28/01/2013 28/01/2023Dollar Hibor Fixings3 Month20,000,000.00 THB Bloomberg Thailand4.95% 15/08/2008 15/08/20136 Month Fixing Rate20,000,000.00 THB Bloomberg Thailand2.74% 25/02/2009 25/02/20146 Month Fixing Rate22,376,727.00 HKD HKAB Hong Kong1.86% 01/02/2013 01/02/2023Dollar Hibor Fixings3 Month23,304,400.00 SGD SIBOR 6M 1.05% 10/02/2012 10/02/201723,304,400.00 SGD SIBOR 6M 1.04% 10/02/2012 10/02/201724,481,073.00 HKD HKAB Hong Kong1.87% 01/02/2013 01/02/2023Dollar Hibor Fixings3 Month25,000,000.00 SGD 1.45% SGD-SOR-Reuters 03/08/2011 03/08/20166M 6M26,369,054.00 HKD HKAB Hong KongDollar Hibor Fixings3 Month1.98% 28/01/2013 28/01/2023667
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Asian Local Currency Debt (segue)Valore nominale Valuta Tasso passivo Tasso attivo (su Data di inizio deibase semestrale) flussi di interessiData discadenza27,950,000.00 MYR MYR-KLIBOR-4.01% 11/05/2011 11/05/2016BNM 3M28,000,000.00 SGD 0.96% SGD-SOR- 15/08/2011 15/08/2016Reuters 6M28,000,000.00 SGD 2.00% ABS SGD SWAP 6M 18/05/2011 18/05/201628,012,200.00 HKD HKAB Hong Kong1.77% 07/02/2012 07/02/2022Dollar Hibor Fixings3 Month28,470,400.00 SGD 0.48% SIBOR 6M 10/02/2012 10/02/201428,585,200.00 SGD SIBOR 6M 1.04% 10/02/2012 10/02/201728,700,000.00 SGD SIBOR 6M 1.05% 10/02/2012 10/02/201729,610,441.00 HKD HKAB Hong Kong2.00% 28/01/2013 28/01/2023Dollar Hibor Fixings3 Month30,000,000.00 HKD 2.91% HKAB Hong Kong 25/01/2008 25/01/2013Dollar Hibor Fixings3 Month30,000,000.00 TWD 1.92% Bloomberg Taiwan 06/10/2009 06/10/2019SecondaryCommercial Papers90 Days Fixing30,077,600.00 MYR Malaysia Interbank3.61% 26/03/2012 26/03/2017Offered Rate Fixing3 Month30,766,400.00 MYR Malaysia Interbank3.64% 27/03/2012 27/03/2017Offered Rate Fixing3 Month32,046,000.00 CNY CNY-3.95% 27/10/2011 27/10/2016CNREPOFIX=CFXS-Reuters32,046,000.00 CNY 3.54% CNY- 27/10/2011 27/10/2016CNREPOFIX=CFXS-Reuters33,781,100.00 AUD AUD BB 6M 3.94% 11/02/2013 11/02/201534,899,200.00 SGD 1.87% SIBOR 6M 10/02/2012 10/02/202235,000,000.00 TWD 1.39% Bloomberg Taiwan 24/03/2009 24/03/2014SecondaryCommercial Papers90 Days Fixing35,000,000.00 SGD 1.32% SIBOR 6M 12/04/2010 12/04/201235,130,100.00 AUD AUD BB 6M 3.94% 11/02/2013 11/02/201535,725,760.00 SGD 0.48% SIBOR 6M 10/02/2012 10/02/201436,047,200.00 SGD 0.50% SIBOR 6M 14/02/2012 14/02/201437,000,000.00 THB 6.05% Bloomberg Thailand 21/07/2006 21/07/20166 Month Fixing Rate37,000,000.00 THB Bloomberg Thailand3.16% 26/08/2010 26/08/20206 Month Fixing Rate38,500,000.00 HKD HKAB Hong Kong1.66% 30/01/2012 30/01/2021Dollar Hibor Fixings3 Month39,402,870.00 HKD HKAB Hong Kong1.97% 28/01/2013 28/01/2023Dollar Hibor Fixings3 Month40,000,000.00 CNY CNY-4.10% 05/06/2008 05/06/2013CNREPOFIX=CFXS-Reuters40,000,000.00 HKD 2.74% HKD-HIBOR-HKAB 27/07/2011 27/07/2021668
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Asian Local Currency Debt (segue)Valore nominale Valuta Tasso passivo Tasso attivo (su Data di inizio deibase semestrale) flussi di interessiData discadenza40,000,000.00 INRIndia National Stock5.95% 03/12/2008 03/12/2018Exchange NSEInterbank Offer Rate41,000,000.00 TWD Bloomberg Taiwan3.12% 18/06/2008 18/06/2013SecondaryCommercial Papers90 Days Fixing42,000,000.00 SGD 1.17% SGD-SOR- 04/04/2012 04/04/2013Reuters 6M43,000,000.00 THB 4.84% Bloomberg Thailand 18/03/2008 18/03/20186 Month Fixing Rate45,000,000.00 HKD HKAB Hong Kong1.59% 02/02/2012 02/02/2021Dollar Hibor Fixings3 Month45,000,000.00 HKD HKAB Hong Kong1.59% 02/02/2012 02/02/2021Dollar Hibor Fixings3 Month45,360,000.00 CNY Fixing Repo 7D 4.31% 29/10/2012 30/10/201746,000,000.00 CNY 4.63% China Fixing Repo 12/06/2007 12/06/2012Rates 7 Day47,940,000.00 CNY Fixing Repo 7D 0.04% 29/10/2012 30/10/201748,500,000.00 THB 4.60% Bloomberg Thailand 29/01/2008 29/01/20186 Month Fixing Rate48,950,500.00 CNY Fixing Repo 7D 0.04% 29/10/2012 30/10/201750,000,000.00 CNY 3.90% CNY- 05/02/2010 05/02/2015CNREPOFIX=CFXS-Reuters50,000,000.00 HKD 2.68% HKD-HIBOR-HKAB 01/08/2011 01/08/202150,000,000.00 CNY 3.95% CNY- 22/01/2010 22/01/2015CNREPOFIX=CFXS-Reuters50,000,000.00 HKD 2.66% HKAB Hong Kong 30/06/2010 30/06/2020Dollar Hibor Fixings3 Month57,400,000.00 SGD SIBOR 6M 1.05% 10/02/2012 10/02/201757,402,100.00 HKD HKAB Hong Kong1.74% 07/02/2012 07/02/2022Dollar Hibor Fixings3 Month57,841,244.00 HKD HKAB Hong Kong2.67% 10/02/2017 10/02/2022Dollar Hibor Fixings3 Month59,093,130.00 SGD SIBOR 6M 0.80% 19/03/2013 19/03/201459,813,000.00 CNY Fixing Repo 7D 0.03% 26/11/2010 26/11/201260,000,000.00 INRIndia National Stock6.23% 20/11/2008 20/11/2018Exchange NSEInterbank Offer Rate60,000,000.00 TWD 2.15% Bloomberg Taiwan 06/12/2006 06/12/2016SecondaryCommercial Papers90 Days Fixing60,155,200.00 MYR Malaysia Interbank3.61% 26/03/2012 26/03/2017Offered Rate Fixing3 Month60,163,556.00 HKD HKAB Hong Kong2.68% 10/02/2017 10/02/2022Dollar Hibor Fixings3 Month60,700,000.00 CNY BBA LIBOR USD 6Month0.45% 24/03/2008 24/03/2013669
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Asian Local Currency Debt (segue)Valore nominale Valuta Tasso passivo Tasso attivo (su Data di inizio deibase semestrale) flussi di interessiData discadenza61,692,000.00 CNY 4.15% CNY- 13/07/2011 13/07/2016CNREPOFIX=CFXS-Reuters63,863,100.00 CNY 3.42% CNY- 21/10/2011 21/10/2016CNREPOFIX=CFXS-Reuters63,863,100.00 CNY CNY-3.76% 21/10/2011 21/10/2016CNREPOFIX=CFXS-Reuters64,092,000.00 CNY 3.29% CNY- 09/11/2011 09/11/2016CNREPOFIX=CFXS-Reuters64,092,000.00 CNY CNY-3.76% 09/11/2011 09/11/2016CNREPOFIX=CFXS-Reuters65,000,000.00 THB Bloomberg Thailand5.25% 05/08/2008 06/08/20186 Month Fixing Rate65,000,000.00 THB Bloomberg Thailand4.94% 15/08/2008 15/08/20136 Month Fixing Rate65,000,000.00 CNY 3.17% CNY- 07/03/2012 07/03/2014CNREPOFIX=CFXS-Reuters65,000,000.00 HKD 2.89% HKAB Hong Kong 19/05/2010 19/05/2020Dollar Hibor Fixings3 Month65,000,000.00 HKD 3.20% HKD-HIBOR-HKAB 19/04/2011 06/04/202166,000,000.00 CNY CNY-4.38% 07/03/2012 07/03/2014CNREPOFIX=CFXS-Reuters67,045,676.00 AUD AUD BB 6M 3.88% 08/05/2012 08/05/201368,744,000.00 CNY Fixing Repo 7D 0.04% 02/12/2010 02/12/201370,000,000.00 HKD 2.36% HKAB Hong Kong 31/08/2010 31/08/2020Dollar Hibor Fixings3 Month72,730,000.00 SGD SIBOR 6M 0.77% 18/03/2013 18/03/201473,866,410.00 SGD SIBOR 6M 0.81% 19/03/2013 19/03/201474,142,679.00 HKD 1.37% HKAB Hong Kong 28/01/2013 28/01/2018Dollar Hibor Fixings3 Month74,295,000.00 CNY CNY-3.18% 07/03/2012 07/03/2014CNREPOFIX=CFXS-Reuters74,295,000.00 CNY CNY-3.18% 07/03/2012 07/03/2014CNREPOFIX=CFXS-Reuters74,530,000.00 SGD SIBOR 6M 0.81% 24/08/2010 24/08/201274,530,000.00 SGD SIBOR 6M 0.86% 17/08/2010 20/08/201274,540,000.00 CNY 3.81% CNY- 10/06/2011 10/06/2016CNREPOFIX=CFXS-Reuters75,000,000.00 PHP 5.42% BBA LIBOR USD 6 24/01/2008 24/01/2018Month75,025,000.00 CNY 3.69% KRW 3 Month 29/11/2010 29/11/2013Certificate ofDeposit75,438,000.00 CNY CNY-CNREPOFIX=CFXS-Reuters3.18% 07/03/2012 07/03/2014670
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Asian Local Currency Debt (segue)Valore nominale Valuta Tasso passivo Tasso attivo (su Data di inizio deibase semestrale) flussi di interessiData discadenza75,438,000.00 CNY CNY-3.18% 07/03/2012 07/03/2014CNREPOFIX=CFXS-Reuters76,400,000.00 THB Bloomberg Thailand3.27% 24/08/2010 24/08/20206 Month Fixing Rate80,000,000.00 INR 7.33%India National Stock 12/12/2006 12/12/2016Exchange NSEInterbank Offer Rate84,637,500.00 SGD SIBOR 6M 0.69% 02/11/2012 02/11/201384,637,500.00 SGD SIBOR 6M 0.71% 02/11/2012 02/11/201385,444,075.00 HKD 1.27% HKAB Hong Kong 01/02/2013 01/02/2018Dollar Hibor Fixings3 Month89,642,400.00 SGD SIBOR 6M 0.71% 26/11/2012 26/11/201389,642,400.00 SGD SIBOR 6M 0.71% 26/11/2012 26/11/201390,067,400.00 HKD 1.24% HKAB Hong Kong 15/11/2011 15/11/2016Dollar Hibor Fixings3 Month90,067,400.00 HKD 1.22% BBA LIBOR USD 6 15/11/2011 15/11/2016Month90,760,000.00 CNY 2.53% CNY- 06/12/2011 06/12/2013CNREPOFIX=CFXS-Reuters90,929,700.00 HKD HKAB Hong Kong0.67% 28/01/2013 28/01/2015Dollar Hibor Fixings3 Month92,316,000.00 HKD HKAB Hong Kong1.94% 10/01/2012 10/01/2022Dollar Hibor Fixings3 Month92,794,925.00 HKD 1.28% HKAB Hong Kong 01/02/2013 01/02/2018Dollar Hibor Fixings3 Month94,770,000.00 CNY 1.31% USD LIBOR 3M 26/03/2012 26/03/201394,867,500.00 CNY 1.23% USD LIBOR 3M 22/03/2012 22/03/201395,000,000.00 INR 7.54%India National Stock 28/06/2006 28/06/2016Exchange NSEInterbank Offer Rate97,035,900.00 HKD HKAB Hong Kong1.95% 09/01/2012 09/01/2022Dollar Hibor Fixings3 Month97,268,600.00 HKD HKAB Hong Kong1.92% 09/01/2012 09/01/2022Dollar Hibor Fixings3 Month100,000,000.00 TWD 2.77% Bloomberg Taiwan 12/03/2008 12/03/2018SecondaryCommercial Papers90 Days Fixing100,000,000.00 TWD Bloomberg Taiwan2.91% 15/07/2008 16/07/2018SecondaryCommercial Papers90 Days Fixing100,247,244.00 HKD 1.35% HKAB Hong Kong 28/01/2013 28/01/2018Dollar Hibor Fixings3 Month100,335,200.00 SGD 0.47% SIBOR 6M 10/02/2012 10/02/2014104,098,000.00 CNY CNY-CNREPOFIX=CFXS-Reuters3.94% 15/11/2011 15/11/2013671
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Asian Local Currency Debt (segue)Valore nominale Valuta Tasso passivo Tasso attivo (su Data di inizio deibase semestrale) flussi di interessiData discadenza104,098,000.00 CNY CNY-3.95% 15/11/2011 15/11/2013CNREPOFIX=CFXS-Reuters104,798,392.00 HKD HKAB Hong Kong0.64% 01/02/2013 01/02/2015Dollar Hibor Fixings3 Month108,864,000.00 CNY 3.92% Fixing Repo 7D 29/10/2012 29/10/2014110,000,000.00 INR 6.71%India National Stock 18/01/2008 18/01/2013Exchange NSEInterbank Offer Rate111,181,000.00 CNY 2.53% CNY- 05/12/2011 05/12/2013CNREPOFIX=CFXS-Reuters111,913,478.00 HKD 1.37% HKAB Hong Kong 28/01/2013 28/01/2018Dollar Hibor Fixings3 Month112,200,000.00 CNY 3.895% Fixing Repo 7D 29/10/2012 29/10/2014113,400,000.00 CNY 4.33% CNY- 08/03/2012 08/09/2013CNREPOFIX=CFXS-Reuters114,245,008.00 HKD HKAB Hong Kong0.64% 01/02/2013 01/02/2015Dollar Hibor Fixings3 Month115,606,500.00 CNY 3.87% Fixing Repo 7D 29/10/2012 29/10/2014116,000,000.00 TWD 1.72% Bloomberg Taiwan 19/08/2009 19/08/2014SecondaryCommercial Papers90 Days Fixing117,368,000.00 CNY Fixing Repo 7D 0.04% 28/11/2011 26/11/2012118,200,000.00 CNY China Fixing Repo2.75% 18/08/2010 18/08/2015Rates 7 Day120,000,000.00 SGD 1.30% SGD-SOR-Reuters 18/05/2012 20/05/20136M 6M123,073,490.00 HKD HKAB Hong Kong0.65% 28/01/2013 28/01/2015Dollar Hibor Fixings3 Month126,500,000.00 HKD 1.51% HKAB Hong Kong 31/01/2012 31/01/2020Dollar Hibor Fixings3 Month126,500,000.00 HKD HKAB Hong Kong1.50% 31/01/2012 31/01/2020Dollar Hibor Fixings3 Month126,500,000.00 HKD HKAB Hong Kong1.56% 30/01/2012 30/01/2020Dollar Hibor Fixings3 Month126,728,000.00 CNY CNY-3.98% 15/11/2011 15/11/2013CNREPOFIX=CFXS-Reuters126,728,000.00 CNY CNY-3.97% 15/11/2011 15/11/2013CNREPOFIX=CFXS-Reuters126,728,000.00 CNY CNY-3.95% 15/11/2011 15/11/2013CNREPOFIX=CFXS-Reuters132,100,000.00 CNY 3.00% Fixing Repo 7D 21/10/2011 21/10/2012135,000,000.00 HKD 1.21% HKD-HIBOR-HKAB 11/08/2011 11/08/2016135,100,000.00 CNY 2.99% Fixing Repo 7D 21/10/2011 21/10/2012136,000,000.00 THB 2.72% Bloomberg Thailand6 Month Fixing Rate26/08/2010 26/08/2015672
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Asian Local Currency Debt (segue)Valore nominale Valuta Tasso passivo Tasso attivo (su Data di inizio deibase semestrale) flussi di interessiData discadenza136,000,000.00 CNY 2.79% CNY- 19/12/2011 19/12/2016CNREPOFIX=CFXS-Reuters136,076,000.00 SGD 1.82% SGD-SOR- 20/05/2013 20/05/2014Reuters 6M136,140,000.00 CNY CNY-3.45% 05/12/2011 05/12/2013CNREPOFIX=CFXS-Reuters136,140,000.00 CNY CNY-3.48% 05/12/2011 05/12/2013CNREPOFIX=CFXS-Reuters137,094,010.00 HKD 0.67% HKAB Hong Kong 28/01/2013 28/01/2015Dollar Hibor Fixings3 Month138,814,309.00 SGD SIBOR 6M 0.74% 07/01/2013 07/01/2014140,125,000.00 TWD TDCC Secondary2.04% 28/10/2015 28/10/2020Market Fixing90143,700,000.00 CNY 2.94% Fixing Repo 7D 24/10/2011 24/10/2012145,450,000.00 CNY 2.97% Fixing Repo 7D 21/10/2011 21/10/2012146,442,000.00 CNY Fixing Repo 7D 2.74% 03/11/2010 03/11/2012148,000,200.00 CNY 2.95% CNY- 16/11/2011 16/11/2013CNREPOFIX=CFXS-Reuters148,000,200.00 CNY 2.96% CNY- 16/11/2011 16/11/2013CNREPOFIX=CFXS-Reuters148,392,600.00 CNY CNY-2.85% 01/02/2012 05/12/2013CNREPOFIX=CFXS-Reuters148,900,000.00 CNY 3.69% Fixing Repo 7D 24/10/2011 24/10/2013149,217,970.00 HKD 1.32% HKAB Hong Kong 28/01/2013 28/01/2018Dollar Hibor Fixings3 Month149,466,000.00 SGD SGD-SOR-0.55% 18/11/2011 18/05/2012Reuters 6M150,000,000.00 INRIndia National Stock9.48% 26/08/2008 26/08/2013Exchange NSEInterbank Offer Rate152,019,000.00 CNY 3.17% CNY- 07/03/2012 07/03/2014CNREPOFIX=CFXS-Reuters152,019,000.00 CNY 3.16% CNY- 07/03/2012 07/03/2014CNREPOFIX=CFXS-Reuters164,000,000.00 THB Bloomberg Thailand2.08% 26/08/2010 26/08/20126 Month Fixing Rate166,900,000.00 THB 2.81% Bloomberg Thailand 20/09/2010 20/09/20156 Month Fixing Rate170,000,000.00 INRIndia National Stock7.80% 28/05/2008 28/05/2013Exchange NSEInterbank Offer Rate174,741,000.00 HKD 1.23% HKAB Hong Kong 10/01/2012 10/01/2017Dollar Hibor Fixings3 Month178,116,500.00 CNY CNY-CNREPOFIX=CFXS-Reuters3.45% 06/12/2011 06/12/2013673
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Asian Local Currency Debt (segue)Valore nominale Valuta Tasso passivo Tasso attivo (su Data di inizio deibase semestrale) flussi di interessiData discadenza182,792,013.00 HKD HKAB Hong Kong0.62% 28/01/2013 28/01/2015Dollar Hibor Fixings3 Month184,531,100.00 HKD 1.22% HKAB Hong Kong 09/01/2012 09/01/2017Dollar Hibor Fixings3 Month184,996,500.00 HKD 1.27% HKAB Hong Kong 09/01/2012 09/01/2017Dollar Hibor Fixings3 Month198,000,000.00 PHP 5.70% BBA LIBOR USD 6 17/03/2008 17/03/2013Month200,000,000.00 CNY 2.51% CNY- 09/06/2010 11/06/2012CNREPOFIX=CFXS-Reuters200,000,000.00 CNY 2.59% China Fixing Repo 25/06/2010 25/06/2012Rates 7 Day200,000,000.00 CNY Fixing Repo 7D 3.32% 27/12/2010 27/12/2012213,500,000.00 INRIndia National Stock6.92% 31/12/2009 31/12/2014Exchange NSEInterbank Offer Rate216,000,000.00 CNY 4.08% CNY- 05/08/2011 05/08/2016CNREPOFIX=CFXS-Reuters216,000,000.00 CNY 4.07% CNY- 05/08/2011 05/08/2016CNREPOFIX=CFXS-Reuters230,000,000.00 INR 7.45%India National Stock 04/01/2007 04/01/2017Exchange NSEInterbank Offer Rate250,000,000.00 CNY 2.56% CNY- 04/06/2010 04/06/2012CNREPOFIX=CFXS-Reuters265,356,000.00 CNY 4.49% CNY- 08/03/2012 08/03/2013CNREPOFIX=CFXS-Reuters266,800,000.00 TWD TWD 2nd CP 90D 1.78% 28/10/2012 28/10/2017267,798,000.00 SGD SGD-SOR-0.56% 18/11/2011 18/05/2012Reuters 6M268,668,000.00 SGD SGD-SOR-0.51% 04/11/2011 04/05/2012Reuters 6M283,680,000.00 CNY 2.22% China Fixing Repo 18/08/2010 18/08/2012Rates 7 Day283,680,000.00 CNY 2.24% China Fixing Repo 20/08/2010 20/08/2012Rates 7 Day295,060,000.00 THB 2.84% Bloomberg Thailand 24/08/2010 24/08/20156 Month Fixing Rate312,256,000.00 THB 3.71% Bloomberg Thailand 29/03/2012 29/03/20176 Month Fixing Rate323,600,000.00 THB Bloomberg Thailand2.78% 20/09/2010 20/09/20156 Month Fixing Rate325,000,000.00 CNY CNY-3.28% 21/03/2012 21/03/2014CNREPOFIX=CFXS-Reuters325,000,000.00 CNY CNY-3.27% 21/03/2012 21/03/2014CNREPOFIX=CFXS-Reuters327,000,000.00 TWD Bloomberg Thailand6 Month Fixing Rate2.09% 28/10/2015 28/10/2020674
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Asian Local Currency Debt (segue)Valore nominale Valuta Tasso passivo Tasso attivo (su Data di inizio deibase semestrale) flussi di interessiData discadenza329,700,000.00 THB Bloomberg Thailand2.85% 21/09/2010 21/09/20156 Month Fixing Rate331,700,000.00 THB Bloomberg Thailand2.79% 21/09/2010 21/09/20156 Month Fixing Rate340,000,000.00 CNY CNY-3.20% 16/03/2012 16/03/2014CNREPOFIX=CFXS-Reuters348,353,000.00 SGD SGD-SOR-0.54% 18/11/2011 18/05/2012Reuters 6M373,120,000.00 TWD TDCC Secondary1.63% 23/05/2011 23/05/2016Market Fixing90394,500,000.00 TWD TWD 2nd CP 90D 2.06% 28/10/2015 28/10/2020400,100,000.00 THB 1.97% Bloomberg Thailand 20/09/2010 20/09/20126 Month Fixing Rate423,200,000.00 THB Bloomberg Thailand2.18% 24/08/2010 24/08/20126 Month Fixing Rate464,957,500.00 CNY 2.90% CNY- 06/02/2012 06/02/2014CNREPOFIX=CFXS-Reuters464,957,500.00 CNY 0.33% EUR OIS EONIA 06/02/2012 06/02/2014464,957,500.00 CNY 2.91% CNY- 06/02/2012 06/02/2014CNREPOFIX=CFXS-Reuters477,710,000.00 INR 7.15% INR-MIBOR-OIS- 03/10/2011 03/10/2016COMPOUND490,620,000.00 CNY CNY-3.10 01/02/2012 01/02/2013CNREPOFIX=CFXS-Reuters528,000,000.00 TWD TWD 2nd CP 90D 1.08% 03/01/2012 03/01/2017528,000,000.00 TWD TWD 2nd CP 90D 1.09% 03/01/2012 03/01/2017562,000,000.00 THB 2.78% Bloomberg Thailand 22/09/2011 22/09/20136 Month Fixing Rate596,960,000.00 THB 3.68% Bloomberg Thailand 28/03/2012 28/03/20176 Month Fixing Rate603,840,000.00 CNY CNY-3.11 01/02/2012 01/02/2013CNREPOFIX=CFXS-Reuters642,704,000.00 EUR 0.33% EUR OIS EONIA 06/02/2012 19/12/2012653,900,000.00 TWD 1.51% TWD 2nd CP 90D 28/10/2012 28/10/2014700,000,000.00 KRW 5.47% KRW 3 Month 17/01/2008 17/01/2018Certificate ofDeposit700,280,000.00 TWD Bloomberg Taiwan1.05% 09/02/2012 09/02/2016SecondaryCommercial Papers90 Days Fixing700,280,000.00 TWD Bloomberg Taiwan1.05% 09/02/2012 09/02/2016SecondaryCommercial Papers90 Days Fixing704,570,000.00 INRIndia National Stock7.75% 15/03/2012 15/03/2017Exchange NSEInterbank Offer Rate712,780,000.00 INRIndia National Stock7.68% 13/03/2012 13/03/2017Exchange NSEInterbank Offer Rate750,000,000.00 INRIndia National StockExchange NSEInterbank Offer Rate7.39% 16/01/2012 16/01/2017675
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Asian Local Currency Debt (segue)Valore nominale Valuta Tasso passivo Tasso attivo (su Data di inizio deibase semestrale) flussi di interessiData discadenza774,600,000.00 THB 1.97% Bloomberg Thailand 20/09/2010 20/09/20126 Month Fixing Rate804,400,000.00 TWD 2.03% Bloomberg Thailand 28/10/2015 30/10/20176 Month Fixing Rate955,000,000.00 TWD 2.00% TWD 2nd CP 90D 28/10/2015 28/10/20171,054,500,000.00 TWD Bloomberg Taiwan1.37% 21/09/2010 21/09/2015SecondaryCommercial Papers90 Days Fixing1,100,000,000.00 KRW KRW 3 Month5.35% 14/07/2008 14/07/2018Certificate ofDeposit1,483,300,000.00 THB 2.94% Bloomberg Thailand 25/10/2012 25/10/20136 Month Fixing Rate1,500,000,000.00 KRW 4.94% KRW 3 Month 12/03/2008 12/03/2013Certificate ofDeposit1,660,000,000.00 KRW KRW 3 Month5.52% 15/07/2008 16/07/2018Certificate ofDeposit1,673,000,000.00 THB 3.65% THB-THBFIX- 26/04/2012 26/04/2013Reuters 6M1,715,054,000.00 INR 4.80% LIBOR USD 6M 03/03/2011 03/03/20131,733,040,000.00 INR 5.00% LIBOR USD 6M 06/06/2011 06/06/20132,523,400,000.00 INR 8.1India National Stock 18/11/2011 18/11/2012Exchange NSEInterbank Offer Rate2,523,400,000.00 INRIndia National Stock8.31% 13/02/2012 18/11/2012Exchange NSEInterbank Offer Rate2,523,400,000.00 INR 8.11India National Stock 18/11/2011 18/11/2012Exchange NSEInterbank Offer Rate2,540,000,000.00 INR INR-MIBOR-OIS-7.99% 11/07/2012 11/07/2013COMPOUND2,589,300,000.00 TWD 0.90% Bloomberg Taiwan 21/09/2010 21/09/2012SecondaryCommercial Papers90 Days Fixing3,208,680,000.00 INR 7.54%India National Stock 13/03/2013 13/03/2014Exchange NSEInterbank Offer Rate3,208,680,000.00 INR 7.55%India National Stock 13/03/2013 13/03/2014Exchange NSEInterbank Offer Rate3,303,360,000.00 INR 8.25India National Stock 18/11/2011 18/08/2012Exchange NSEInterbank Offer Rate4,315,000,000.00 IDR 7.10% USD-LIBOR- 03/06/2011 03/06/2015BBA 6M4,400,000,000.00 KRW 5.19% KRW 3 Month 25/02/2008 26/02/2018Certificate ofDeposit5,842,341,920.00 KRW 3.57% KRW 3 Month 07/02/2012 07/02/2022Certificate ofDeposit6,224,000,000.00 KRW 3.25% KRW 3 MonthCertificate ofDeposit17/02/2012 17/02/2022676
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Asian Local Currency Debt (segue)Valore nominale Valuta Tasso passivo Tasso attivo (su Data di inizio deibase semestrale) flussi di interessiData discadenza6,894,952,000.00 IDR 6.20% USD-LIBOR- 15/04/2011 15/04/2013BBA 6M7,603,480,000.00 IDR 6.10% USD-LIBOR- 15/04/2011 15/04/2013BBA 6M8,166,200,000.00 KRW KRW CD 3 MO 4.12% 15/06/2011 15/06/20168,739,958,000.00 IDR 6.60% USD-LIBOR- 15/04/2011 15/04/2014BBA 6M10,079,699,000.00 KRW 3.96% KRW-CD-KSDA- 16/08/2011 16/08/2021Bloomberg10,346,310,000.00 IDR 6.45% USD-LIBOR- 15/04/2011 15/04/2014BBA 6M10,346,310,000.00 IDR 6.40% USD-LIBOR- 15/04/2011 15/04/2014BBA 6M10,346,310,000.00 IDR 6.05% USD-LIBOR- 15/04/2011 15/04/2013BBA 6M10,346,310,000.00 IDR 6.55% USD-LIBOR- 15/04/2011 15/04/2014BBA 6M10,348,700,000.00 IDR 6.45% USD-LIBOR- 15/04/2011 15/04/2014BBA 6M10,351,090,000.00 IDR 6.10% USD-LIBOR- 15/04/2011 15/04/2013BBA 6M10,564,225,000.00 IDR 5.55% USD LIBOR 01/02/2012 01/02/2022BBA 6M12,060,000,000.00 IDR 5.30% USD LIBOR 02/02/2012 02/02/2019BBA 6M12,060,000,000.00 IDR 5.30% USD LIBOR 02/02/2012 02/02/2019BBA 6M12,398,858,080.00 KRW 3.58% KRW 3 Month 07/02/2012 07/02/2022Certificate ofDeposit12,629,000,000.00 KRW 3.87% KRW-CD-KSDA- 10/06/2011 10/06/2016Bloomberg14,785,700,000.00 KRW KRW 3 Month3.82% 06/12/2010 06/12/2014Certificate ofDeposit15,056,600,000.00 KRW KRW 3 Month3.83% 06/12/2010 06/12/2014Certificate ofDeposit15,147,862,000.00 KRW 3.97% KRW-CD-KSDA- 15/08/2011 15/08/2021Bloomberg15,147,862,385.00 KRW 3.93% KRW-CD-KSDA- 20/06/2011 19/06/2021Bloomberg16,647,784,000.00 IDR 6.90% LIBOR USD 6M 24/03/2011 24/03/201317,460,300,000.00 IDR 5.80% USD LIBOR 24/01/2012 24/01/2022BBA 6M17,800,000,000.00 KRW KRW CD 3 MO 4.86% 18/03/2016 18/03/202117,800,000,000.00 KRW 3.62% KRW-CD-KSDA- 18/03/2016 18/03/2021Bloomberg18,200,000,000.00 IDR 5.35% USD LIBOR 06/03/2012 06/03/2019BBA 6M18,375,000,000.00 KRW KRW-CD-KSDA-4.16% 31/03/2011 31/03/2016Bloomberg20,475,000,000.00 KRW KRW-CD-KSDA-3.42% 17/01/2012 17/01/2016Bloomberg20,869,500,000.00 IDR 6.90% LIBOR USD 6M 24/03/2011 24/03/201320,873,100,000.00 IDR 6.90% LIBOR USD 6M 24/03/2011 24/03/201320,873,100,000.00 IDR 6.90% LIBOR USD 6M 24/03/2011 24/03/201320,877,900,000.00 IDR 6.90% LIBOR USD 6M 24/03/2011 24/03/201320,889,900,000.00 IDR 6.90% LIBOR USD 6M 24/03/2011 24/03/2013677
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Asian Local Currency Debt (segue)Valore nominale Valuta Tasso passivo Tasso attivo (su Data di inizio deibase semestrale) flussi di interessiData discadenza21,385,000,000.00 KRW KRW-CD-KSDA-3.42% 17/01/2012 17/01/2016Bloomberg24,031,320,000.00 IDR 6.55% USD-LIBOR- 04/04/2011 04/04/2013BBA 6M25,183,000,000.00 KRW KRW-CD-KSDA-4.10% 02/05/2011 02/05/2016Bloomberg25,200,000,000.00 KRW 3.93% KRW CD 3 MO 16/06/2011 16/06/201625,519,200,000.00 KRW KRW-CD-KSDA-4.19% 13/05/2011 13/05/2016Bloomberg26,842,575,000.00 IDR 6.95% USD-LIBOR- 07/06/2011 07/06/2015BBA 6M28,437,500,000.00 KRW KRW-CD-KSDA-3.43% 17/01/2012 17/01/2016Bloomberg34,535,800,000.00 IDR 5.90% USD LIBOR 25/01/2012 25/01/2019BBA 6M34,535,800,000.00 IDR 6.20% USD LIBOR 25/01/2012 25/01/2022BBA 6M34,862,880,000.00 IDR 5.90% USD LIBOR 24/01/2012 24/01/2022BBA 6M35,490,000,000.00 KRW KRW-CD-KSDA-3.43% 17/01/2012 17/01/2016Bloomberg35,842,524,000.00 IDR 5.88% USD-LIBOR- 15/06/2011 17/06/2013BBA 6M38,037,300,000.00 KRW 3.56% KRW CD 3 MO 15/06/2011 15/06/201242,982,260,000.00 IDR 5.80% USD-LIBOR- 07/06/2011 07/06/2013BBA 6M43,375,000,000.00 KRW 3.88% KRW CD 3 MO 31/03/2011 31/03/201343,636,032,000.00 IDR 6.80% USD-LIBOR- 16/06/2011 16/06/2015BBA 6M62,160,000,000.00 IDR 7.40% LIBOR USD 6M 21/02/2011 21/02/201365,660,000,000.00 IDR 8.70% LIBOR USD 6M 22/02/2012 22/02/201380,762,500,000.00 KRW 3.43% KRW-CD-KSDA- 17/01/2012 17/01/2013Bloomberg81,900,000,000.00 KRW 3.41% KRW-CD-KSDA- 17/01/2012 17/01/2013Bloomberg88,500,000,000.00 IDR 7.20% LIBOR USD 6M 22/02/2011 22/02/201388,650,000,000.00 IDR 7.35% LIBOR USD 6M 22/02/2011 22/02/201393,500,000,000.00 IDR 8.35% LIBOR USD 6M 23/02/2012 23/02/2013108,062,500,000.00 KRW 3.43% KRW-CD-KSDA- 17/01/2012 17/01/2013Bloomberg132,900,000,000.00 IDR 7.15% LIBOR USD 6M 22/02/2011 22/02/2013135,590,000,000.00 KRW KRW-CD-KSDA-Bloomberg3.43% 17/01/2012 17/01/2013La plusvalenza netta non realizzata su questi contratti di swap su tassi d’interesseammontava al al 31 marzo 2012 USD 1,281,718.90 e compare nello stato patrimoniale.<strong>Pictet</strong> - Latin American Local Currency DebtValore nominale Valuta Tasso passivo Tasso attivo (su Data di inizio dei Data di scadenzabase semestrale) flussi di interessi2,800,000.00 MXN 9.24% Mexico Interbank 04/12/2008 22/11/2018TIIE 28 Day3,632,799.00 BRL 10.74% BRL-CDI 26/01/2012 02/01/20178,500,000.00 MXN 7.86% Mexico Interbank 05/02/2008 29/01/2013TIIE 28 Day9,490,013.00 BRL 10.34% BRL-CDI 18/01/2012 02/01/20149,854,100.00 BRL 9.88% BRL-CDI 01/02/2012 02/01/2014678
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Latin American Local Currency Debt (segue)Valore nominale Valuta Tasso passivo Tasso attivo (su Data di inizio dei Data di scadenzabase semestrale) flussi di interessi12,055,008.00 BRL BRL-CDI 12.47% 06/06/2011 02/01/201312,863,830.00 BRL 10.37% BRL-CDI 13/01/2012 02/01/201414,057,620.43 BRL BRL-CDI 12.60% 14/04/2011 02/01/201425,059,029.00 BRL BRL-CDI 10.51% 14/03/2012 02/01/201728,504,746.00 BRL 9.59% BRL-CDI 01/03/2012 02/01/201434,075,000.00 MXN 6.40% MXN-TIIE- 06/06/2011 30/05/2016Banxico34,075,000.00 MXN 6.38% MXN-TIIE- 06/06/2011 30/05/2016Banxico34,075,000.00 MXN 6.40% MXN-TIIE- 06/06/2011 30/05/2016Banxico34,075,000.00 MXN 6.37% MXN-TIIE- 06/06/2011 30/05/2016Banxico34,092,858.00 MXN 6.44% MXN-TIIE- 07/06/2011 31/05/2016Banxico34,092,858.00 MXN 6.46% MXN-TIIE- 07/06/2011 31/05/2016Banxico46,774,788.00 BRL 9.53% BRL-CDI 05/03/2012 02/01/201492,430,000.00 MXN 4.63% Mexico Interbank 08/11/2011 05/11/2013TIIE 28 Day114,900,000.00 MXN 4.96% MXN-TIIE- 09/08/2011 06/08/2013Banxico136,300,000.00 MXN 6.36% MXN-TIIE- 02/06/2011 26/05/2016Banxico177,650,000.00 MXN 4.86% MXN-TIIE- 11/08/2011 08/08/2013Banxico177,700,000.00 MXN 4.95% MXN-TIIE-Banxico09/08/2011 06/08/2013La plusvalenza netta non realizzata su questi contratti di swap su tassi d’interesseammontava al al 31 marzo 2012 USD 1,891,997.53 e compare nello stato patrimoniale.<strong>Pictet</strong> - Global Bonds FundamentalValore nominale Valuta Tasso passivo Tasso attivo (su basesemestrale)7,835,000.00 CNY 2.94% CNY-CNREPOFIX=CFXS-Reuters421,000,000.00 KRW 3.42% KRW 3 MonthCertificate of DepositData di inizio dei Data di scadenzaflussi di interessi01/02/2012 01/02/201731/01/2012 31/01/2017La minusvalenza netta non realizzata su questi swap su tassi d’interesse ammontava al31 marzo 2012 EUR 17,453.15 e compare nello stato patrimoniale.<strong>Pictet</strong> - Japanese Equity OpportunitiesValore nominale Valuta Tasso passivo Tasso attivo (su Data di inizio dei Data di scadenzabase semestrale) flussi di interessi378,154,752.73 JPY JPY LIBOR 3M JPY LIBOR 3M 16/10/2007 16/07/2012La plusvalenza netta non realizzata su questo contratto di swap su tassi d’interesseammontava al al 31 marzo 2012 JPY 378,154,752.73 e compare nello stato patrimoniale.679
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - PiclifeValore nominale Valuta Tasso passivoTasso attivo (su base Data di inizio deisemestrale) flussi di interessiData discadenza149.86 PLN 4.87% WIBO 6M 26/03/2009 26/03/2014172.18 PLN 4.97% WIBO 6M 04/05/2009 05/05/2014174.70 USD USD LIBOR1.58% 16/03/2012 16/03/2016BBA 6M181.75 USD USD-LIBOR-5.70% 15/09/2011 15/09/2014BBA 6M183.84 USD USD-LIBOR-1.20% 11/10/2011 11/10/2016BBA 6M191.31 USD USD LIBOR5.45% 21/02/2012 21/02/2019BBA 6M191.31 USD USD LIBOR5.65% 21/02/2012 21/02/2022BBA 6M192.65 USD LIBOR USD 6M 5.15% 06/12/2010 06/12/2016230.44 USD USD-LIBOR-3.10% 15/09/2011 15/09/2014BBA 6M239.24 USD USD-LIBOR-2.90% 15/09/2011 15/09/2014BBA 6M239.24 USD USD-LIBOR-3.20% 26/09/2011 26/09/2014BBA 6M239.24 USD USD-LIBOR-3.20% 22/09/2011 22/09/2014BBA 6M239.24 USD USD-LIBOR-3.00% 20/09/2011 20/09/2014BBA 6M239.24 USD USD-LIBOR-3.10% 20/09/2011 20/09/2014BBA 6M239.24 USD USD-LIBOR-3.20% 20/09/2011 20/09/2014BBA 6M239.24 USD USD-LIBOR-2.00% 15/09/2011 15/09/2013BBA 6M239.24 USD USD-LIBOR-3.00% 15/09/2011 15/09/2014BBA 6M239.24 USD USD-LIBOR-3.00% 15/09/2011 15/09/2014BBA 6M253.17 USD USD-LIBOR-4.90% 14/09/2011 14/09/2013BBA 6M277.46 USD USD-LIBOR-1.30% 11/10/2011 11/10/2016BBA 6M287.34 USD 2.34% USD LIBOR 3M 31/01/2013 31/01/2023290.48 USD USD-LIBOR-4.90% 14/09/2011 14/09/2013BBA 6M293.35 USD USD-LIBOR-5.30% 15/09/2011 15/09/2013BBA 6M293.35 USD USD-LIBOR-5.30% 15/09/2011 15/09/2013BBA 6M294.62 USD USD-LIBOR-5.00% 14/09/2011 14/09/2013BBA 6M294.62 USD USD-LIBOR-4.80% 14/09/2011 14/09/2013BBA 6M294.62 USD USD-LIBOR-4.85% 14/09/2011 14/09/2013BBA 6M294.62 USD USD-LIBOR-4.85% 14/09/2011 16/09/2013BBA 6M295.00 USD USD LIBOR1.70% 16/03/2012 16/03/2017BBA 6M301.32 USD USD-LIBOR-6.20% 15/09/2011 15/09/2015BBA 6M301.32 USD USD-LIBOR-BBA 6M6.20% 15/09/2011 15/09/2015680
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Piclife (segue)Valore nominale Valuta Tasso passivoTasso attivo (su base Data di inizio deisemestrale) flussi di interessiData discadenza302.91 USD USD-LIBOR-5.70% 15/09/2011 15/09/2014BBA 6M302.91 USD USD-LIBOR-5.70% 15/09/2011 15/09/2014BBA 6M333.81 SGD ABS SGD SWAP 6M 3.13% 31/12/2010 31/12/2020383.42 USD USD-LIBOR-4.88% 04/08/2011 04/08/2013BBA 6M383.42 USD USD-LIBOR-3.75% 04/08/2011 04/08/2012BBA 6M414.51 USD LIBOR USD 6M 4.85% 03/03/2011 03/03/2016478.47 USD USD-LIBOR-1.80% 15/09/2011 15/09/2013BBA 6M482.47 SGD 1.89% SIBOR 6M 10/02/2012 10/02/2022589.89 SGD 1.86% SIBOR 6M 10/02/2012 10/02/2022636.39 AUD 4.69% AUD BB 6M 08/02/2012 08/02/2022645.36 SGD ABS SGD SWAP 6M 3.07% 29/12/2010 29/12/2020762.70 SGD 1.97% SIBOR 6M 11/11/2011 11/11/2021807.24 AUD 5.67% AUD BB 6M 02/11/2016 02/11/2021892.79 SGD SIBOR 6M 1.85% 20/10/2009 20/10/2012956.56 SGD 2.59% SIBOR 6M 07/07/2010 07/07/20201,056.94 SGD 2.38% SIBOR 6M 02/04/2015 02/04/20191,059.57 USD USD LIBOR 3M 1.48% 31/01/2013 31/01/20181,156.12 SGD SIBOR 6M 1.07% 10/02/2012 10/02/20171,227.59 HKD HKAB Hong Kong1.66% 30/01/2012 30/01/2021Dollar Hibor Fixings3 Month1,233.96 SGD 2.30% SIBOR 6M 24/08/2010 24/08/20201,233.96 SGD 2.38% SIBOR 6M 17/08/2010 20/08/20201,243.53 SGD SIBOR 6M 2.31% 31/08/2010 31/08/20201,346.91 USD 0.67% USD LIBOR 3M 31/01/2013 31/01/20151,371.07 THB Bloomberg Thailand4.95% 15/08/2008 15/08/20136 Month Fixing Rate1,383.83 AUD 5.37% AUD BB 6M 11/10/2016 11/10/20211,408.85 AUD 5.15% AUD BB 6M 07/02/2017 07/02/20221,433.31 ZAR 6.59% JIBAR 3M 27/10/2011 27/10/20161,434.84 ZAR JIBAR 3M 7.95% 15/12/2008 15/12/20181,434.84 HKD HKAB Hong Kong1.59% 02/02/2012 02/02/2021Dollar Hibor Fixings3 Month1,434.84 ZAR 8.48% JIBAR 3M 12/12/2008 12/12/20181,434.84 HKD HKAB Hong Kong1.59% 02/02/2012 02/02/2021Dollar Hibor Fixings3 Month1,451.93 AUD 5.28% AUD BB 6M 21/02/2017 21/02/20221,474.08 SGD SIBOR 6M 0.74% 07/01/2013 07/01/20141,490.58 HKD HKAB Hong Kong2.01% 28/01/2013 28/01/2023Dollar Hibor Fixings3 Month1,530.50 MYR Malaysia Interbank3.80% 12/11/2009 12/11/2014Offered Rate Fixing3 Month1,723.58 HKD HKAB Hong Kong1.86% 01/02/2013 01/02/2023Dollar Hibor Fixings3 Month1,753.70 SGD 1.30% SGD-SOR-Reuters 18/05/2012 20/05/20136M 6M1,847.97 SGD SIBOR 6M 1.04% 10/02/2012 10/02/20171,847.97 SGD SIBOR 6M 1.05% 10/02/2012 10/02/2017681
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Piclife (segue)Valore nominale Valuta Tasso passivoTasso attivo (su base Data di inizio deisemestrale) flussi di interessiData discadenza1,885.67 HKD HKAB Hong Kong1.87% 01/02/2013 01/02/2023Dollar Hibor Fixings3 Month2,031.09 HKD HKAB Hong Kong1.98% 28/01/2013 28/01/2023Dollar Hibor Fixings3 Month2,218.28 HKD HKAB Hong Kong1.77% 07/02/2012 07/02/2022Dollar Hibor Fixings3 Month2,225.60 SGD SIBOR 6M 0.73% 07/01/2013 07/01/20142,257.61 SGD 0.48% SIBOR 6M 10/02/2012 10/02/20142,266.72 SGD SIBOR 6M 1.04% 10/02/2012 10/02/20172,275.82 SGD SIBOR 6M 1.05% 10/02/2012 10/02/20172,280.76 HKD HKAB Hong Kong2.00% 28/01/2013 28/01/2023Dollar Hibor Fixings3 Month2,311.69 HKD HKAB Hong Kong1.58% 02/02/2012 02/02/2021Dollar Hibor Fixings3 Month2,385.06 MYR Malaysia Interbank3.61% 26/03/2012 26/03/2017Offered Rate Fixing3 Month2,439.68 MYR Malaysia Interbank3.64% 27/03/2012 27/03/2017Offered Rate Fixing3 Month2,497.58 MYR MYR-KLIBOR-4.01% 11/05/2011 11/05/2016BNM 3M2,608.74 CNY CNY-3.95% 27/10/2011 27/10/2016CNREPOFIX=CFXS-Reuters2,608.74 CNY 3.54% CNY- 27/10/2011 27/10/2016CNREPOFIX=CFXS-Reuters2,675.11 AUD AUD BB 6M 3.94% 11/02/2013 11/02/20152,767.40 SGD 1.87% SIBOR 6M 10/02/2012 10/02/20222,781.94 AUD AUD BB 6M 3.94% 11/02/2013 11/02/20152,822.66 SGD SIBOR 6M 0.80% 24/08/2010 24/08/20122,822.66 SGD SIBOR 6M 0.81% 24/08/2010 24/08/20122,832.94 SGD 0.48% SIBOR 6M 10/02/2012 10/02/20142,858.43 SGD 0.50% SIBOR 6M 14/02/2012 14/02/20143,035.03 HKD HKAB Hong Kong1.97% 28/01/2013 28/01/2023Dollar Hibor Fixings3 Month3,188.54 THB Bloomberg Thailand6.68% 02/07/2008 02/07/20186 Month Fixing Rate3,539.28 SGD 1.17% SGD-SOR- 04/04/2012 04/04/2013Reuters 6M3,577.54 THB Bloomberg Thailand3.16% 26/08/2010 26/08/20206 Month Fixing Rate3,985.68 ZAR 8.52% South Africa 23/03/2010 23/03/2020JohannesburgInterbank AgreedRate 3 Month4,018.84 CNY Fixing Repo 7D 0.04% 02/12/2010 02/12/20134,033.50 HKD 1.51% HKAB Hong KongDollar Hibor Fixings3 Month31/01/2012 31/01/2020682
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Piclife (segue)Valore nominale Valuta Tasso passivoTasso attivo (su base Data di inizio deisemestrale) flussi di interessiData discadenza4,033.50 HKD HKAB Hong Kong1.50% 31/01/2012 31/01/2020Dollar Hibor Fixings3 Month4,033.50 HKD HKAB Hong Kong1.56% 30/01/2012 30/01/2020Dollar Hibor Fixings3 Month4,197.63 CNY Fixing Repo 7D 4.31% 29/10/2012 30/10/20174,437.40 CNY Fixing Repo 7D 0.04% 29/10/2012 30/10/20174,530.31 CNY Fixing Repo 7D 0.04% 29/10/2012 30/10/20174,542.12 SGD SIBOR 6M 0.80% 19/03/2013 19/03/20144,545.65 HKD HKAB Hong Kong1.74% 07/02/2012 07/02/2022Dollar Hibor Fixings3 Month4,551.64 SGD SIBOR 6M 1.05% 10/02/2012 10/02/20174,586.16 HKD HKAB Hong Kong2.67% 10/02/2017 10/02/2022Dollar Hibor Fixings3 Month4,591.50 CNY 4.07% CNY- 05/08/2011 05/08/2016CNREPOFIX=CFXS-Reuters4,591.50 CNY 4.08% CNY- 05/08/2011 05/08/2016CNREPOFIX=CFXS-Reuters4,770.12 MYR Malaysia Interbank3.61% 26/03/2012 26/03/2017Offered Rate Fixing3 Month4,770.29 HKD HKAB Hong Kong2.68% 10/02/2017 10/02/2022Dollar Hibor Fixings3 Month4,782.81 THB Bloomberg Thailand3.39% 12/06/2009 12/06/20136 Month Fixing Rate5,198.84 CNY CNY-3.76% 21/10/2011 21/10/2016CNREPOFIX=CFXS-Reuters5,198.84 CNY 3.42% CNY-CNREPOFIX=CFXS-21/10/2011 21/10/20165,217.47 CNY CNY-CNREPOFIX=CFXS-Reuters5,217.47 CNY 3.29% CNY-CNREPOFIX=CFXS-ReutersReuters3.76% 09/11/2011 09/11/201609/11/2011 09/11/20165,309.32 AUD AUD BB 6M 3.88% 08/05/2012 08/05/20135,445.69 SGD SIBOR 6M 0.71% 26/11/2012 26/11/20135,445.69 SGD SIBOR 6M 0.71% 26/11/2012 26/11/20135,540.63 CNY 4.15% CNY-CNREPOFIX=CFXS-Reuters13/07/2011 13/07/20165,590.31 SGD SIBOR 6M 0.77% 18/03/2013 18/03/20145,677.66 SGD SIBOR 6M 0.81% 19/03/2013 19/03/20145,710.88 HKD 1.37% HKAB Hong KongDollar Hibor Fixings3 Month28/01/2013 28/01/20185,739.37 THB Bloomberg Thailand6 Month Fixing Rate5,747.18 CNY CNY-CNREPOFIX=CFXS-Reuters5.70% 20/06/2008 20/06/20133.18% 07/03/2012 07/03/2014683
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Piclife (segue)Valore nominale Valuta Tasso passivoTasso attivo (su base Data di inizio deisemestrale) flussi di interessiData discadenza5,747.18 CNY CNY-3.18% 07/03/2012 07/03/2014CNREPOFIX=CFXS-Reuters5,835.60 CNY CNY-3.18% 07/03/2012 07/03/2014CNREPOFIX=CFXS-Reuters5,835.60 CNY CNY-3.18% 07/03/2012 07/03/2014CNREPOFIX=CFXS-Reuters6,377.08 THB Bloomberg Thailand5.75% 20/06/2008 20/06/20136 Month Fixing Rate6,581.38 HKD 1.27% HKAB Hong Kong 01/02/2013 01/02/2018Dollar Hibor Fixings3 Month6,665.61 CNY 3.69% KRW 3 Month 29/11/2010 29/11/2013Certificate ofDeposit6,717.78 CNY 3.81% CNY- 10/06/2011 10/06/2016CNREPOFIX=CFXS-Reuters6,926.94 BRL BRL-CDI 10.51% 14/03/2012 02/01/20177,003.91 HKD HKAB Hong Kong0.67% 28/01/2013 28/01/2015Dollar Hibor Fixings3 Month7,034.32 SGD SIBOR 6M 0.71% 02/11/2012 02/11/20137,034.32 SGD SIBOR 6M 0.69% 02/11/2012 02/11/20137,040.11 HKD HKAB Hong Kong1.94% 10/01/2012 10/01/2022Dollar Hibor Fixings3 Month7,147.58 HKD 1.28% HKAB Hong Kong 01/02/2013 01/02/2018Dollar Hibor Fixings3 Month7,157.00 SGD SIBOR 6M 0.81% 24/08/2010 24/08/20127,157.00 SGD SIBOR 6M 0.86% 17/08/2010 20/08/20127,362.96 HKD 1.24% HKAB Hong Kong 15/11/2011 15/11/2016Dollar Hibor Fixings3 Month7,362.96 HKD 1.22% BBA LIBOR USD 6 15/11/2011 15/11/2016Month7,380.83 CNY 2.53% CNY- 06/12/2011 06/12/2013CNREPOFIX=CFXS-Reuters7,387.85 THB Bloomberg Thailand3.27% 24/08/2010 24/08/20206 Month Fixing Rate7,402.00 HKD HKAB Hong Kong1.95% 09/01/2012 09/01/2022Dollar Hibor Fixings3 Month7,419.75 HKD HKAB Hong Kong1.92% 09/01/2012 09/01/2022Dollar Hibor Fixings3 Month7,560.03 INRIndia National Stock7.29% 13/05/2008 13/05/2013Exchange NSEInterbank Offer Rate7,721.60 HKD 1.35% HKAB Hong Kong 28/01/2013 28/01/2018Dollar Hibor Fixings3 Month7,956.27 SGD 0.47% SIBOR 6M 10/02/2012 10/02/2014684
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Piclife (segue)Valore nominale Valuta Tasso passivoTasso attivo (su base Data di inizio deisemestrale) flussi di interessiData discadenza8,072.16 HKD HKAB Hong Kong0.64% 01/02/2013 01/02/2015Dollar Hibor Fixings3 Month8,194.55 THB Bloomberg Thailand4.94% 15/08/2008 15/08/20136 Month Fixing Rate8,509.96 CNY CNY-3.95% 15/11/2011 15/11/2013CNREPOFIX=CFXS-Reuters8,509.96 CNY CNY-3.94% 15/11/2011 15/11/2013CNREPOFIX=CFXS-Reuters8,620.20 HKD 1.37% HKAB Hong Kong 28/01/2013 28/01/2018Dollar Hibor Fixings3 Month8,704.71 CNY 3.13% CNY-CNREPOFIX=CFXS-03/02/2012 03/02/20178,799.79 HKD HKAB Hong KongDollar Hibor Fixings3 Month9,041.52 CNY 2.53% CNY-CNREPOFIX=CFXS-ReutersReuters0.64% 01/02/2013 01/02/201505/12/2011 05/12/20139,151.11 THB Bloomberg Thailand5.25% 05/08/2008 06/08/20186 Month Fixing Rate9,157.68 CNY 0.33% EUR OIS EONIA 06/02/2012 06/02/20149,157.68 CNY 2.90% CNY-CNREPOFIX=CFXS-Reuters06/02/2012 06/02/20149,157.68 CNY 2.91% CNY-CNREPOFIX=CFXS-Reuters9,227.63 CNY 4.33% CNY-CNREPOFIX=CFXS-Reuters9,479.81 HKD HKAB Hong KongDollar Hibor Fixings3 Month06/02/2012 06/02/201408/03/2012 08/09/20130.65% 28/01/2013 28/01/201510,074.32 CNY 3.92% Fixing Repo 7D 29/10/2012 29/10/201410,359.95 CNY CNY-CNREPOFIX=CFXS-Reuters3.95% 15/11/2011 15/11/201310,359.95 CNY CNY-CNREPOFIX=CFXS-Reuters10,359.95 CNY CNY-CNREPOFIX=CFXS-Reuters3.97% 15/11/2011 15/11/20133.98% 15/11/2011 15/11/201310,385.39 CNY 3.895% Fixing Repo 7D 29/10/2012 29/10/201410,559.74 HKD 0.67% HKAB Hong KongDollar Hibor Fixings3 Month28/01/2013 28/01/201510,651.96 CNY Fixing Repo 7D 0.03% 26/11/2010 26/11/201210,699.24 CNY 3.87% Fixing Repo 7D 29/10/2012 29/10/201411,071.25 CNY CNY-CNREPOFIX=CFXS-Reuters3.48% 05/12/2011 05/12/2013685
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Piclife (segue)Valore nominale Valuta Tasso passivoTasso attivo (su base Data di inizio deisemestrale) flussi di interessiData discadenza11,071.25 CNY CNY-3.45% 05/12/2011 05/12/2013CNREPOFIX=CFXS-Reuters11,357.58 CNY China Fixing Repo2.75% 18/08/2010 18/08/2015Rates 7 Day11,493.60 HKD 1.32% HKAB Hong Kong 28/01/2013 28/01/2018Dollar Hibor Fixings3 Month11,747.09 SGD 1.82% SGD-SOR- 20/05/2013 20/05/2014Reuters 6M11,759.62 CNY 3.16% CNY- 07/03/2012 07/03/2014CNREPOFIX=CFXS-Reuters11,759.62 CNY 3.17% CNY- 07/03/2012 07/03/2014CNREPOFIX=CFXS-Reuters11,815.74 MXN 6.44% MXN-TIIE-Banxico 07/06/2011 31/05/201611,815.74 MXN 6.46% MXN-TIIE-Banxico 07/06/2011 31/05/201611,818.32 MXN 6.37% MXN-TIIE-Banxico 06/06/2011 30/05/201611,818.32 MXN 6.40% MXN-TIIE-Banxico 06/06/2011 30/05/201612,067.66 CNY CNY-2.85% 01/02/2012 05/12/2013CNREPOFIX=CFXS-Reuters12,098.94 CNY 2.96% CNY- 16/11/2011 16/11/2013CNREPOFIX=CFXS-Reuters12,098.94 CNY 2.95% CNY- 16/11/2011 16/11/2013CNREPOFIX=CFXS-Reuters12,381.10 CNY 3.00% Fixing Repo 7D 21/10/2011 21/10/201212,658.50 CNY 2.99% Fixing Repo 7D 21/10/2011 21/10/201212,903.00 SGD SGD-SOR-0.55% 18/11/2011 18/05/2012Reuters 6M13,011.63 TWD TDCC Secondary2.04% 28/10/2015 28/10/2020Market Fixing9013,149.54 THB 2.72% Bloomberg Thailand 26/08/2010 26/08/20156 Month Fixing Rate13,325.91 HKD 1.23% HKAB Hong Kong 10/01/2012 10/01/2017Dollar Hibor Fixings3 Month13,465.20 CNY 2.94% Fixing Repo 7D 24/10/2011 24/10/201213,472.83 CNY Fixing Repo 7D 2.74% 03/11/2010 03/11/201213,632.60 CNY 2.97% Fixing Repo 7D 21/10/2011 21/10/201213,678.84 THB 5.04% Bloomberg Thailand 06/05/2008 06/05/20186 Month Fixing Rate13,953.05 CNY 3.69% Fixing Repo 7D 24/10/2011 24/10/201314,076.23 HKD 1.22% HKAB Hong Kong 09/01/2012 09/01/2017Dollar Hibor Fixings3 Month14,079.66 HKD HKAB Hong Kong0.62% 28/01/2013 28/01/2015Dollar Hibor Fixings3 Month14,111.73 HKD 1.27% HKAB Hong Kong 09/01/2012 09/01/2017Dollar Hibor Fixings3 Month14,484.88 CNY CNY-CNREPOFIX=CFXS-Reuters3.45% 06/12/2011 06/12/2013686
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Piclife (segue)Valore nominale Valuta Tasso passivoTasso attivo (su base Data di inizio deisemestrale) flussi di interessiData discadenza14,890.48 INRIndia National Stock7.80% 28/05/2008 28/05/2013Exchange NSEInterbank Offer Rate15,857.25 THB Bloomberg Thailand2.08% 26/08/2010 26/08/20126 Month Fixing Rate16,130.82 THB 2.81% Bloomberg Thailand 20/09/2010 20/09/20156 Month Fixing Rate16,857.81 ZAR 6.63% JIBAR 3M 11/11/2011 11/11/201617,062.83 ZAR 6.51% JIBAR 3M 07/11/2011 07/11/201620,902.06 CNY Fixing Repo 7D 0.04% 28/11/2011 26/11/201221,044.36 CNY CNY-3.06% 02/02/2012 03/02/2014CNREPOFIX=CFXS-Reuters21,586.42 INR 9.82% India National Stock 26/06/2008 26/06/2013Exchange NSEInterbank Offer Rate21,592.67 CNY 4.49% CNY- 08/03/2012 08/03/2013CNREPOFIX=CFXS-Reuters23,118.25 SGD SGD-SOR-0.56% 18/11/2011 18/05/2012Reuters 6M23,193.44 SGD SGD-SOR-0.51% 04/11/2011 04/05/2012Reuters 6M24,347.69 MXN 6.42% MXN-TIIE-Banxico 14/06/2011 07/06/201624,760.93 THB 3.71% Bloomberg Thailand 29/03/2012 29/03/20176 Month Fixing Rate24,768.58 TWD TWD 2nd CP 90D 1.78% 28/10/2012 28/10/201725,807.41 CNY CNY-3.10 01/02/2012 01/02/2013CNREPOFIX=CFXS-Reuters27,258.19 CNY 2.24% China Fixing Repo 20/08/2010 20/08/2012Rates 7 Day27,258.19 CNY 2.22% China Fixing Repo 18/08/2010 18/08/2012Rates 7 Day28,505.55 THB 4.53% Bloomberg Thailand 06/05/2008 06/05/20136 Month Fixing Rate28,529.78 THB 2.84% Bloomberg Thailand 24/08/2010 24/08/20156 Month Fixing Rate30,072.62 SGD SGD-SOR-0.54% 18/11/2011 18/05/2012Reuters 6M30,358.09 TWD Bloomberg Thailand2.09% 28/10/2015 28/10/20206 Month Fixing Rate31,282.77 THB Bloomberg Thailand2.78% 20/09/2010 20/09/20156 Month Fixing Rate31,762.96 CNY CNY-3.11 01/02/2012 01/02/2013CNREPOFIX=CFXS-Reuters31,879.02 THB Bloomberg Thailand2.85% 21/09/2010 21/09/20156 Month Fixing Rate32,073.52 THB Bloomberg Thailand2.79% 21/09/2010 21/09/20156 Month Fixing Rate32,937.62 INRIndia National Stock6.92% 31/12/2009 31/12/2014Exchange NSEInterbank Offer Rate34,850.74 THB 2.78% Bloomberg Thailand 22/09/2011 22/09/20136 Month Fixing Rate36,623.57 TWD TWD 2nd CP 90D 2.06% 28/10/2015 28/10/202038,680.18 THB 1.97% Bloomberg Thailand6 Month Fixing Rate20/09/2010 20/09/2012687
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Piclife (segue)Valore nominale Valuta Tasso passivoTasso attivo (su base Data di inizio deisemestrale) flussi di interessiData discadenza40,918.53 THB Bloomberg Thailand2.18% 24/08/2010 24/08/20126 Month Fixing Rate41,451.02 CNY CNY-3.21% 02/02/2012 04/02/2013CNREPOFIX=CFXS-Reuters44,214.53 INR 7.15% INR-MIBOR-OIS- 03/10/2011 03/10/2016COMPOUND46,914.90 INR 4.80% LIBOR USD 6M 03/03/2011 03/03/201347,238.22 MXN 6.36% MXN-TIIE-Banxico 02/06/2011 26/05/201647,337.06 THB 3.68% Bloomberg Thailand 28/03/2012 28/03/20176 Month Fixing Rate47,343.44 INR 5.00% LIBOR USD 6M 06/06/2011 06/06/201350,877.43 EUR 0.33% EUR OIS EONIA 06/02/2012 19/12/201251,514.05 MXN 4.96% MXN-TIIE-Banxico 09/08/2011 06/08/201354,156.30 INRIndia National Stock7.75% 15/03/2012 15/03/2017Exchange NSEInterbank Offer Rate54,755.20 INRIndia National Stock7.68% 13/03/2012 13/03/2017Exchange NSEInterbank Offer Rate55,530.02 TWD Bloomberg Taiwan1.05% 09/02/2012 09/02/2016SecondaryCommercial Papers90 Days Fixing55,530.02 TWD Bloomberg Taiwan1.05% 09/02/2012 09/02/2016SecondaryCommercial Papers90 Days Fixing59,992.38 MXN 4.95% MXN-TIIE-Banxico 09/08/2011 06/08/201359,996.84 MXN 4.86% MXN-TIIE-Banxico 11/08/2011 08/08/201360,719.37 TWD 1.51% TWD 2nd CP 90D 28/10/2012 28/10/201462,360.19 TWD TDCC Secondary1.63% 23/05/2011 23/05/2016Market Fixing9074,694.74 TWD 2.03% Bloomberg Thailand 28/10/2015 30/10/20176 Month Fixing Rate74,892.43 THB 1.97% Bloomberg Thailand 20/09/2010 20/09/20126 Month Fixing Rate88,666.92 TWD 2.00% TWD 2nd CP 90D 28/10/2015 28/10/201798,647.05 TWD Bloomberg Taiwan1.37% 21/09/2010 21/09/2015SecondaryCommercial Papers90 Days Fixing120,746.82 THB 2.94% Bloomberg Thailand 25/10/2012 25/10/20136 Month Fixing Rate149,466.64 THB 3.65% THB-THBFIX- 26/04/2012 26/04/2013Reuters 6M200,938.60 INR 8.11 India National Stock 18/11/2011 18/11/2012Exchange NSEInterbank Offer Rate200,938.60 INR 8.1 India National StockExchange NSE18/11/2011 18/11/2012200,938.60 INRIndia National StockExchange NSEInterbank Offer Rate234,644.66 INR INR-MIBOR-OIS-COMPOUNDInterbank Offer Rate8.31% 13/02/2012 18/11/20127.99% 11/07/2012 11/07/2013688
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Piclife (segue)Valore nominale Valuta Tasso passivoTasso attivo (su base Data di inizio deisemestrale) flussi di interessiData discadenza242,230.20 TWD 0.90% Bloomberg Taiwan 21/09/2010 21/09/2012SecondaryCommercial Papers90 Days Fixing246,485.62 INR 7.55% India National Stock 13/03/2013 13/03/2014Exchange NSEInterbank Offer Rate246,485.62 INR 7.54% India National Stock 13/03/2013 13/03/2014Exchange NSEInterbank Offer Rate263,046.90 INR 8.25 India National Stock 18/11/2011 18/08/2012Exchange NSEInterbank Offer Rate325,167.31 KRW 3.25% KRW 3 Month 17/02/2012 17/02/2022Certificate ofDeposit408,389.01 EUR 1.78% EUR EURIBOR 6M 10/09/2012 10/09/2017462,652.88 KRW 3.57% KRW 3 Month 07/02/2012 07/02/2022Certificate ofDeposit482,107.25 KRW 3.93% KRW CD 3 MO 16/06/2011 16/06/2016615,172.71 KRW 3.96% KRW-CD-KSDA- 16/08/2011 16/08/2021Bloomberg690,637.76 KRW KRW CD 3 MO 4.12% 15/06/2011 15/06/2016849,427.06 IDR 7.40% LIBOR USD 6M 21/02/2011 21/02/2013885,586.30 IDR 5.80% USD LIBOR 24/01/2012 24/01/2022BBA 6M897,255.16 IDR 8.70% LIBOR USD 6M 22/02/2012 22/02/2013924,487.04 KRW 3.97% KRW-CD-KSDA- 15/08/2011 15/08/2021Bloomberg924,487.04 KRW 3.93% KRW-CD-KSDA- 20/06/2011 19/06/2021Bloomberg981,860.96 KRW 3.58% KRW 3 Month 07/02/2012 07/02/2022Certificate ofDeposit1,138,245.01 KRW 3.87% KRW-CD-KSDA- 10/06/2011 10/06/2016Bloomberg1,163,452.42 CHF CHF LIBOR 6M 1.15% 27/03/2012 27/03/20221,361,187.73 IDR 7.00% USD-LIBOR- 03/06/2011 03/06/2015BBA 6M1,388,975.85 KRW KRW 3 Month3.82% 06/12/2010 06/12/2014Certificate ofDeposit1,414,423.59 KRW KRW 3 Month3.83% 06/12/2010 06/12/2014Certificate ofDeposit1,450,785.70 IDR 5.35% USD LIBOR 06/03/2012 06/03/2019BBA 6M1,479,992.73 KRW KRW CD 3 MO 4.86% 18/03/2016 18/03/20211,479,992.73 KRW 3.62% KRW-CD-KSDA- 18/03/2016 18/03/2021Bloomberg1,674,167.64 IDR 5.55% USD LIBOR 01/02/2012 01/02/2022BBA 6M1,684,218.71 KRW KRW-CD-KSDA-3.42% 17/01/2012 17/01/2016Bloomberg1,748,567.34 IDR 6.20% USD-LIBOR- 15/04/2011 15/04/2013BBA 6M1,751,655.54 IDR 6.20% USD LIBORBBA 6M25/01/2012 25/01/2022689
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Piclife (segue)Valore nominale Valuta Tasso passivoTasso attivo (su base Data di inizio deisemestrale) flussi di interessiData discadenza1,751,655.54 IDR 5.90% USD LIBOR 25/01/2012 25/01/2019BBA 6M1,759,072.88 KRW KRW-CD-KSDA-3.42% 17/01/2012 17/01/2016Bloomberg1,768,245.03 IDR 5.90% USD LIBOR 24/01/2012 24/01/2022BBA 6M1,787,336.10 IDR 7.10% USD-LIBOR- 03/06/2011 03/06/2015BBA 6M1,911,210.88 IDR 5.30% USD LIBOR 02/02/2012 02/02/2019BBA 6M1,911,210.88 IDR 5.30% USD LIBOR 02/02/2012 02/02/20191,913,124.00 KRW KRW 3 MonthCertificate ofDepositBBA 6M3.58% 06/04/2010 06/04/20121,924,227.04 IDR 6.55% USD-LIBOR- 04/04/2011 04/04/2013BBA 6M1,927,922.65 IDR 6.10% USD-LIBOR- 15/04/2011 15/04/2013BBA 6M2,036,041.73 CHF 0.10% CHF-TOIS-OIS- 05/12/2011 05/12/2013COMPOUND2,138,544.21 KRW KRW-CD-KSDA-4.19% 13/05/2011 13/05/2016Bloomberg2,196,489.55 KRW KRW-CD-KSDA-4.10% 02/05/2011 02/05/2016Bloomberg2,214,502.12 IDR 6.60% USD-LIBOR- 15/04/2011 15/04/2014BBA 6M2,229,950.47 USD USD LIBOR 3M 0.65% 05/12/2011 05/12/20132,321,914.47 IDR 6.80% USD-LIBOR- 16/06/2011 16/06/2015BBA 6M2,339,192.66 KRW KRW-CD-KSDA-3.43% 17/01/2012 17/01/2016Bloomberg2,436,214.19 IDR 6.95% USD-LIBOR- 07/06/2011 07/06/2015BBA 6M2,552,847.16 KRW KRW 3 MonthCertificate ofDeposit3.39% 17/01/2012 17/01/20142,621,501.78 IDR 6.45% USD-LIBOR- 15/04/2011 15/04/2014BBA 6M2,621,501.78 IDR 6.40% USD-LIBOR- 15/04/2011 15/04/2014BBA 6M2,621,501.78 IDR 6.05% USD-LIBOR- 15/04/2011 15/04/2013BBA 6M2,621,501.78 IDR 6.55% USD-LIBOR- 15/04/2011 15/04/2014BBA 6M2,622,107.35 IDR 6.45% USD-LIBOR- 15/04/2011 15/04/2014BBA 6M2,622,712.92 IDR 6.10% USD-LIBOR- 15/04/2011 15/04/2013BBA 6M2,791,531.22 IDR 6.90% LIBOR USD 6M 24/03/2011 24/03/20132,823,452.17 IDR 7.10% LIBOR USD 6M 22/02/2011 22/02/20132,824,089.88 IDR 7.20% LIBOR USD 6M 22/02/2011 22/02/20132,877,657.35 IDR 5.55% USD LIBOR 27/01/2012 27/01/2019BBA 6M2,919,312.44 KRW KRW-CD-KSDA-3.43% 17/01/2012 17/01/2016Bloomberg3,070,053.85 KRW KRW-CD-KSDA-4.16% 31/03/2011 31/03/2016Bloomberg3,216,918.01 KRW 3.56% KRW CD 3 MO 15/06/2011 15/06/2012690
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Piclife (segue)Valore nominale Valuta Tasso passivoTasso attivo (su base Data di inizio deisemestrale) flussi di interessiData discadenza3,249,155.10 IDR 5.88% USD-LIBOR- 15/06/2011 17/06/2013BBA 6M3,498,721.17 IDR 6.90% LIBOR USD 6M 24/03/2011 24/03/20133,499,323.81 IDR 6.90% LIBOR USD 6M 24/03/2011 24/03/20133,499,323.81 IDR 6.90% LIBOR USD 6M 24/03/2011 24/03/20133,500,127.32 IDR 6.90% LIBOR USD 6M 24/03/2011 24/03/20133,502,136.10 IDR 6.90% LIBOR USD 6M 24/03/2011 24/03/20133,900,609.70 IDR 5.80% USD-LIBOR- 07/06/2011 07/06/2013BBA 6M4,155,305.33 IDR 6.30% USD-LIBOR- 05/04/2011 05/04/2013BBA 6M4,340,400.08 IDR 6.85% USD LIBOR 08/12/2011 08/12/20185,105,694.31 KRW KRW 3 MonthCertificate ofDepositBBA 6M3.38% 17/01/2012 17/01/20145,428,170.50 IDR 7.55% USD-LIBOR- 10/06/2011 10/06/2016BBA 6M5,479,187.14 IDR 7.70% USD-LIBOR- 20/06/2011 20/06/2016BBA 6M6,643,307.15 KRW 3.43% KRW-CD-KSDA- 17/01/2012 17/01/2013Bloomberg6,736,874.85 KRW 3.41% KRW-CD-KSDA- 17/01/2012 17/01/2013Bloomberg7,247,041.25 KRW 3.88% KRW CD 3 MO 31/03/2011 31/03/20138,888,932.10 KRW 3.43% KRW-CD-KSDA- 17/01/2012 17/01/2013Bloomberg11,153,270.59 KRW KRW-CD-KSDA-Bloomberg3.43% 17/01/2012 17/01/2013La minusvalenza netta non realizzata su questi swap su tassi d’interesse ammontava al31 marzo 2012 CHF 2,459.38 e compare nello stato patrimoniale.<strong>Pictet</strong> - Global Flexible AllocationValore nominale Valuta Tasso passivo Tasso attivo (su Data di inizio dei Data di scadenzabase semestrale) flussi di interessi20,192.67 EUR EUR003M Index 1.78% 18/04/2011 30/03/2012La minusvalenza netta non realizzata su questi swap su tassi d’interesse ammontava al31 marzo 2012 EUR 0.22 e compare nello stato patrimoniale.Al 31 marzo 2012 la SICAV deteneva i seguenti total return swap:<strong>Pictet</strong> - EUR BondsDescrizioneData discadenzaValuta Nozionale Valutazione al31 marzo 2012(EUR)10% TRSFR47 (JPM) IDR 170228 17/02/2028 IDR 41,453,030.40 4,512.3311% TRSFR31 IDR (JPM) 151120 15/11/2020 IDR 47,930,066.40 5,419.9610% TRSFR28 (JPM)1405/190717 19/07/2017 IDR 6,477,036.00 651.0111% TRSFR31 IDR(BARC.)151120 15/11/2020 IDR 19,431,108.00 2,197.3410% TRS FF COLOMBIE(CITI) 10/24 25/07/2024 COP 21,244,678.08 11,522.178% TRS FF COLOMBIE (CITI)10/291015 29/10/2015 COP 38,862,216.00 17,776.0111% TRS FF COLOMBIE(CITI)10/270720 27/07/2020 COP 3,108,977.28 1,720.38691
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - EUR Bonds (segue)DescrizioneData discadenzaValuta Nozionale Valutazione al31 marzo 2012(EUR)6.9% TRS FF RUSSIE (CITI) 10/16 05/08/2016 RUB 971,555.40 24,739.166.88%TRS FF RUSSIE (JPM) 10/15 15/07/2015 RUB 1,165,866.48 30,016.336.88%TRS FF RUSSIE (CITI) 10/15 17/07/2015 RUB 1,088,142.05 28,015.24La plusvalenza netta non realizzata su questi contratti di Total return swap al31 marzo 2012, ammontava EUR 126,569.93 e compare nello stato patrimoniale.<strong>Pictet</strong> - Emerging Local Currency DebtDescrizioneData discadenzaValuta Nozionale Valutazione al31 marzo 2012(USD)10% TRSFR47 (JPM) IDR 170228 17/02/2028 IDR 31,957,526,633.60 4,618,665.9611% TRSFR31 IDR (JPM) 151120 15/11/2020 IDR 36,950,890,170.10 5,547,696.1810% TRSFR28 (JPM)1405/190717 19/07/2017 IDR 4,993,363,536.50 666,347.8711% TRSFR31 IDR(BARC.)151120 15/11/2020 IDR 14,980,090,609.50 2,249,121.0710% TRS FF COLOMBIE(CITI) 10/24 25/07/2024 COP 16,378,232,399.72 11,793,701.608% TRS FF COLOMBIE (CITI)10/291015 29/10/2015 COP 29,960,181,219.00 18,194,922.8011% TRS FF COLOMBIE(CITI)10/270720 27/07/2020 COP 2,396,814,497.52 1,760,927.336.9% TRS FF RUSSIE (CITI) 10/16 05/08/2016 RUB 749,004,530.48 25,322,177.346.88%TRS FF RUSSIE (JPM) 10/15 15/07/2015 RUB 898,805,436.57 30,723,709.426.88%TRS FF RUSSIE (CITI) 10/15 17/07/2015 RUB 838,885,074.13 28,675,462.12La plusvalenza netta non realizzata su questi contratti di Total return swap al31 marzo 2012, ammontava USD 129,552,731.69 e compare nello stato patrimoniale.<strong>Pictet</strong> - Asian Local Currency DebtDescrizioneData discadenzaValuta Nozionale Valutazione al31 marzo 2012(USD)10% TRSFR47 (JPM) IDR 170228 17/02/2028 IDR 13,000,000,000.00 1,882,887.139.50% TRS NDS PHP (DB) 210716 21/07/2016 PHP 107,500,000.00 3,146,558.55FR TRS NDS (DB LDN) 06/210716 21/07/2016 USD 2,041,785.38 2,043,993.3711% TRSFR31 IDR (UBS) 151120 15/11/2020 IDR 10,000,000,000.00 1,504,651.54FR TRS INDON.(UBS)151120 15/11/2020 USD 1,218,910.71 1,223,094.6211% TRSFR31 IDR (JPM) 151120 15/11/2020 IDR 3,000,000,000.00 451,371.4110% TRSFR28 (JPM)1405/190717 19/07/2017 IDR 8,000,000,000.00 1,069,880.71La plusvalenza netta non realizzata su questi contratti di Total return swap al31 marzo 2012, ammontava USD 4,788,261.35 e compare nello stato patrimoniale.692
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Japanese Equity OpportunitiesDescrizioneData discadenzaValuta Nozionale Valutazione al31 marzo 2012(JPY)TRS EQU.ISETAN MITSUKOSHI(ML)7/12 16/07/2012 JPY 94,599.91 91,951,114.10TRS EQUITY MITSUBISHI (ML) 07/12 16/07/2012 JPY 165,799.85 104,049,102.80TRS EQUITY NITTO DENKO (ML) 07/12 16/07/2012 JPY 13,999.99 46,689,956.38TRS EQUITY TOKYO GAS (ML) 07/12 16/07/2012 JPY 121,999.89 47,579,955.55TRS FIN. LONG (ML) R1610 07/12 16/07/2012 JPY 632,192,443.41 632,192,443.41TRS EQ. ODAKYU EL.RAIL.(ML) 07/12 16/07/2012 JPY 113,999.89 89,147,916.72TRS EQ.SWAP KURITA WATER(ML)07/12 16/07/2012 JPY 11,399.99 23,119,178.40EQ.SWAP TOHO GAS (ML) 07/12 16/07/2012 JPY 106,999.90 52,215,951.22EQ.SWAP SAKAI CHEM.IND.(ML) 07/12 16/07/2012 JPY 66,999.94 21,372,980.03EQ.SWAP TOKIO MARINE (ML) 07/12 16/07/2012 JPY 10,599.99 24,072,577.51TRS EQ. MISUMI GROUP (ML) 07/12 16/07/2012 JPY 25,399.98 51,130,152.23EQ.SWAP GLOBAL ONE REIT (ML)07/12 16/07/2012 JPY 87.00 47,936,955.22EQ.SWAP KAO (ML) 07/12 16/07/2012 JPY 22,499.98 48,869,954.35EQ.SWAP DAINIPPON SUMI.PH.(ML)07/12 16/07/2012 JPY 54,099.95 47,445,655.68EQ.SWAP TOYOTA MOTOR (ML) 07/12 16/07/2012 JPY 25,699.98 91,748,914.29EQ.SWAP SUMITOMO MITSUI (ML) 07/12 16/07/2012 JPY 16,199.98 44,112,558.79EQ.SWAP HONDA MOTOR (ML)07/12 16/07/2012 JPY 23,699.98 74,536,430.37EQ.SWAP INPEX (ML) 07/12 16/07/2012 JPY 49.00 27,390,974.41EQ.SWAP LION CORP (ML) 07/12 16/07/2012 JPY 186,999.83 88,637,917.19EQ.SWAP NITORO HLDGS (ML)07/12 16/07/2012 JPY 10,249.99 76,669,928.37EQ.SWAP NIKON (ML) 07/12 16/07/2012 JPY 9,499.99 23,863,977.71EQ.SWAP HOYA (ML) 07/12 16/07/2012 JPY 26,999.97 50,192,953.11EQ.SWAP AICA KOGYO (ML) 07/12 16/07/2012 JPY 41,999.96 49,895,953.39La minusvalenza netta non realizzata su tali contratti di Total return swap al 31 marzo 2012,ammontava JPY 344,585,112.09 e compare nello stato patrimoniale.<strong>Pictet</strong> - PiclifeDescrizioneData discadenzaValuta Nozionale Valutazione al31 marzo 2012(CHF)10% TRSFR47 (JPM) IDR 170228 17/02/2028 IDR 1,020,332.80 133.1011% TRSFR31 IDR (JPM) 151120 15/11/2020 IDR 1,179,759.80 159.8710% TRSFR28 (JPM)1405/190717 19/07/2017 IDR 159,427.00 19.2011% TRSFR31 IDR(BARC.)151120 15/11/2020 IDR 478,281.00 64.8210% TRS FF COLOMBIE(CITI) 10/24 25/07/2024 COP 522,920.56 339.878% TRS FF COLOMBIE (CITI)10/291015 29/10/2015 COP 956,562.00 524.3411% TRS FF COLOMBIE(CITI)10/270720 27/07/2020 COP 76,524.96 50.756.9% TRS FF RUSSIE (CITI) 10/16 05/08/2016 RUB 23,914.05 729.736.88%TRS FF RUSSIE (JPM) 10/15 15/07/2015 RUB 28,696.86 885.406.88%TRS FF RUSSIE (CITI) 10/15 17/07/2015 RUB 26,783.74 826.37La plusvalenza netta non realizzata su questi contratti di Total return swap al31 marzo 2012, ammontava CHF 3,733.45 e compare nello stato patrimoniale.693
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Absolute Return Global DiversifiedDescrizioneData discadenzaValuta Nozionale Valutazione al31 marzo 2012(EUR)TRS ORCADES OIL ER (RBS) 040512 04/05/2012 USD 14,060.63 10,443,730.44TRS GSCIPRE ER UNLD GAS(MS)1213 II 18/12/2013 USD 1,884.21 2,562,974.96TRS S&P GSCI IDX ER (MS) 181213 II 18/12/2013 USD 125,839.33 46,973,229.84TRS GSCIPRE ER SUGAR (MS) 181213 II 18/12/2013 USD 89,964.74 2,046,076.24TRS GSCIPRE ER SOYBEANS(MS)1213 II 18/12/2013 USD 18,743.46 5,198,416.07TRS GSCIPRE ER WTI (MS) 181213 II 18/12/2013 USD 31,116.69 15,140,789.60TRS GSCIPRE ER LIVE C.(MS)181213 II 18/12/2013 USD 7,829.60 2,026,922.59TRS GSCIPRE ER COPPER(MS) 181213 II 18/12/2013 USD 8,876.84 4,980,701.37TRS GGSCIPRE ER GAS OIL(MS)1213 II 18/12/2013 USD 7,000.29 4,013,148.96TRS GGSCIPRE ER BRENT(MS) 181213 II 18/12/2013 USD 13,360.83 9,306,389.25TRS GSCIPRE ER HEAT OIL(MS)1213 II 18/12/2013 USD 7,877.15 2,485,510.76TRS GSCI LI.ENE.OFF.C.(GSI)060812 I 06/08/2012 USD 179,297.66 45,801,323.07TRS GSCI LI.ENE.OFF.C(GSI)060812 II 06/08/2012 USD 29,204.47 7,460,238.84EQ.SWAP SMIMC (DB) 010612 01/06/2012 CHF 31,151.00 37,214,092.05EQ.SWAP MSDEE15G (JPM) 210812 21/08/2012 EUR 164,822.52 22,060,835.14EQ.SWAP MSCI GR.TR.USA EUR(JPM)0812 20/08/2012 EUR 170,985.98 21,511,745.96EQ.SWAP MSCI GR.TR.JAP.EUR(JPM)0812 20/08/2012 EUR 241,350.60 26,732,475.71EQU.SWAP MSCI WORLD IDX (DB) 190612 19/06/2012 EUR 72,793.00 89,571,058.57EQ.SWAP SMIMC (UBS) 111012 11/10/2012 CHF 2,500.00 2,986,588.881.2% RBS (ORCADES OIL ER) 040512 04/05/2012 USD 13,862,719.13 10,485,139.140.25% COMM.MS(COPPER) 181213 II 18/12/2013 USD 6,764,054.03 5,068,100.640.15% COMM.MS (SPGSCIP) 181213 II 18/12/2013 USD 64,692,689.27 48,461,096.300.25%COMM.MS(BRENT CRUDE) 181213 II 18/12/2013 USD 12,349,133.37 9,252,831.280.25% COMM.MS(SOYBEANS) 181213 II 18/12/2013 USD 6,758,119.84 5,063,654.330.25% COMM.MS(LIVE CATTLE)181213 II 18/12/2013 USD 2,906,520.57 2,177,767.750.25% COMM.MS(UNL.GASOLI.)181213 II 18/12/2013 USD 3,333,300.40 2,497,540.940.25% COMM.MS(WTI OIL) 181213 II 18/12/2013 USD 21,148,913.76 15,846,239.970.25% COMM.MS(HEAT.OIL) 181213 II 18/12/2013 USD 3,359,697.33 2,517,319.370.25% COMM.MS(GASOIL) 181213 II 18/12/2013 USD 5,295,908.32 3,968,063.560.25% COMM.MS(SUGAR) 181213 II 18/12/2013 USD 2,777,042.47 2,080,753.740.16% COMM.GSI(GSCI L.ENE.)060812 I 06/08/2012 USD 62,578,342.53 46,880,203.43FR 3M CHF L.+5B.SMIMC (DB) 010612 01/06/2012 CHF 7,858,899.36 6,523,140.18FR EURIBOR 3M-43BPS (JPM)12/200812 20/08/2012 EUR 26,347,280.14 26,363,855.22FR EURIBOR 3M-75BPS (JPM)12/200812 20/08/2012 EUR 20,896,196.44 20,903,459.96FR 3M EUR L-16B.MSDEE15G(JPM)210812 21/08/2012 EUR 22,258,951.82 22,282,374.91FR 3ML-55 BPS DBCGWEFE(DB)12/190612 19/06/2012 EUR 90,669,868.90 90,675,762.440.16% COMM.GSI(GSCI L.ENE)060812 II 06/08/2012 USD 10,240,000.00 7,670,316.34FR 3M CHF L.-75B.SMIMC(UBS) 111012 11/10/2012 CHF 3,492,512.00 2,894,012.42FR 3M CHF L. SMIMC(DB) 010612 01/06/2012 CHF 36,846,832.46 30,573,831.78La plusvalenza netta non realizzata su questi contratti di Total return swap al31 marzo 2012, ammontava EUR 414,201.28 e compare nello stato patrimoniale.<strong>Pictet</strong> - Absolute Return Global ConservativeDescrizioneData discadenzaValuta Nozionale Valutazione al31 marzo 2012(EUR)TRS ORCADES OIL ER (RBS) 040512 04/05/2012 USD 1,153.52 856,791.13TRS GSCIPRE ER UNLD GAS(MS)1213 II 18/12/2013 USD 154.58 210,263.39TRS S&P GSCI IDX ER (MS) 181213 II 18/12/2013 USD 10,323.71 3,853,627.50TRS GSCIPRE ER SUGAR (MS) 181213 II 18/12/2013 USD 7,380.60 167,857.64TRS GSCIPRE ER SOYBEANS(MS)1213 II 18/12/2013 USD 1,537.69 426,471.83TRS GSCIPRE ER WTI (MS) 181213 II 18/12/2013 USD 2,552.78 1,242,132.24694
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Absolute Return Global Conservative (segue)DescrizioneData discadenzaValuta Nozionale Valutazione al31 marzo 2012(EUR)TRS GSCIPRE ER LIVE C.(MS)181213 II 18/12/2013 USD 642.33 166,286.30TRS GSCIPRE ER COPPER(MS) 181213 II 18/12/2013 USD 728.25 408,610.77TRS GGSCIPRE ER GAS OIL(MS)1213 II 18/12/2013 USD 574.30 329,233.93TRS GGSCIPRE ER BRENT(MS) 181213 II 18/12/2013 USD 1,096.11 763,485.02TRS GSCIPRE ER HEAT OIL(MS)1213 II 18/12/2013 USD 646.23 203,908.33TRS GSCI LI.ENE.OFF.C.(GSI)060812 I 06/08/2012 USD 11,856.78 3,028,796.98TRS GSCI LI.ENE.OFF.C(GSI)060812 II 06/08/2012 USD 941.16 240,417.94EQ.SWAP SMIMC (DB) 010612 01/06/2012 CHF 3,820.00 4,563,507.81EQ.SWAP MSDEE15G (JPM) 210812 21/08/2012 EUR 16,594.48 2,221,104.64EQ.SWAP MSCI GR.TR.USA EUR(JPM)0812 20/08/2012 EUR 17,215.02 2,165,821.85EQ.SWAP MSCI GR.TR.JAP.EUR(JPM)0812 20/08/2012 EUR 24,299.40 2,691,449.59EQU.SWAP MSCI WORLD IDX (DB) 190612 19/06/2012 EUR 6,021.00 7,408,780.291.2% RBS (ORCADES OIL ER) 040512 04/05/2012 USD 1,137,280.87 860,188.250.25% COMM.MS(COPPER) 181213 II 18/12/2013 USD 554,914.89 415,780.900.15% COMM.MS (SPGSCIP) 181213 II 18/12/2013 USD 5,307,310.72 3,975,690.280.25%COMM.MS(BRENT CRUDE) 181213 II 18/12/2013 USD 1,013,108.11 759,091.190.25% COMM.MS(SOYBEANS) 181213 II 18/12/2013 USD 554,428.06 415,416.130.25% COMM.MS(LIVE CATTLE)181213 II 18/12/2013 USD 238,447.47 178,661.460.25% COMM.MS(UNL.GASOLI.)181213 II 18/12/2013 USD 273,459.97 204,895.270.25% COMM.MS(WTI OIL) 181213 II 18/12/2013 USD 1,735,031.55 1,300,006.540.25% COMM.MS(HEAT.OIL) 181213 II 18/12/2013 USD 275,625.54 206,517.860.25% COMM.MS(GASOIL) 181213 II 18/12/2013 USD 434,469.97 325,535.180.25% COMM.MS(SUGAR) 181213 II 18/12/2013 USD 227,825.24 170,702.540.16% COMM.GSI(GSCI L.ENE.)060812 I 06/08/2012 USD 4,138,245.23 3,100,142.48FR 3M CHF L.+5B.SMIMC (DB) 010612 01/06/2012 CHF 5,446,479.60 4,520,753.89FR EURIBOR 3M-43BPS (JPM)12/200812 20/08/2012 EUR 2,652,667.76 2,654,336.55FR EURIBOR 3M-75BPS (JPM)12/200812 20/08/2012 EUR 2,103,847.77 2,104,579.07FR 3M EUR L-16B.MSDEE15G(JPM)210812 21/08/2012 EUR 2,241,051.20 2,243,409.46FR 3ML-55 BPS DBCGWEFE(DB)12/190612 19/06/2012 EUR 7,499,667.29 7,500,154.770.16% COMM.GSI(GSCI L.ENE)060812 II 06/08/2012 USD 330,000.00 247,187.93La plusvalenza netta non realizzata su questi contratti di Total return swap al31 marzo 2012, ammontava EUR 45,237.89 e compare nello stato patrimoniale.<strong>Pictet</strong> - Convertible BondsDescrizioneData discadenzaValuta Nozionale Valutazione al31 marzo 2012(EUR)FR 1M CB SWAP EUR(UBS) 10/PERP 31/12/2049 EUR 24,632,338.46 24,632,338.46CB.SWAP PARPUB.5.25%(UBS)11/PERP 31/12/2049 EUR 11,950,000.00 9,829,853.71CB.SWAP CAP GEMINI 3.5%(UBS)12/PERP 31/12/2049 EUR 190,450.00 7,539,572.69CB.SWAP PUBLICIS 3.125%(UBS)12/PERP 31/12/2049 EUR 161,000.00 6,539,214.64La minusvalenza netta non realizzata su tali contratti di Total return swap al 31 marzo 2012,ammontava EUR 723,697.42 e compare nello stato patrimoniale.695
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)NOTA 13CREDIT DEFAULT SWAP (CDS)Un credit default swap (CDS) è un contratto finanziario in cui un soggetto (c.d."protection buyer") paga un premio a fronte dell'impegno della controparte (c.d."protection seller") di corrispondere un determinato importo se l'emittente diriferimento è soggetto a un rischio di credito previsto dal contratto.Il "protection buyer" acquisisce il diritto di vendere una determinata obbligazioneemessa dall'emittente di riferimento al suo valore nominale (o a un altro valore diriferimento o prezzo d'esercizio), al verificarsi di un rischio di credito. Il rischio dicredito copre generalmente il fallimento, l'insolvenza, l'amministrazionecontrollata/liquidazione giudiziaria, la ristrutturazione del debito o il mancatopagamento dei debiti maturati.Al 31 marzo 2012 erano in essere i seguenti credit default swap:<strong>Pictet</strong> - EUR Bondsin qualità di "protection buyer"Società: Federation of MalaysiaValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza12,176.83 USD 1.00% 20/09/2010 20/12/2015Società: Republic of IndonesiaValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza21,268.83 USD 1.00% 20/06/2010 20/09/201526,945.77 USD 1.00% 20/06/2010 20/09/201518,653.86 USD 1.00% 20/09/2010 20/12/20153,900.47 USD 1.00% 20/09/2010 20/12/201512,954.07 USD 1.00% 20/12/2010 20/03/201618,703.09 USD 1.00% 20/12/2010 20/03/201614,368.66 USD 1.00% 20/12/2010 20/03/201611,055.01 USD 1.00% 20/12/2010 20/03/201613,982.63 USD 1.00% 20/12/2010 20/03/20161,734.55 USD 1.00% 20/01/2011 20/03/201614,004.65 USD 1.00% 20/01/2011 20/03/201620,078.81 USD 1.00% 25/01/2012 20/03/201715,279.33 USD 1.00% 07/02/2012 20/03/201730,558.66 USD 1.00% 23/02/2012 20/03/2017696
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - EUR Bonds (segue)Società: Republic of KoreaValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza6,477.04 USD 1.00% 20/09/2010 20/12/201515,070.77 USD 1.00% 20/06/2011 20/09/201638,940.59 USD 1.00% 04/01/2012 20/03/201725,908.14 USD 1.00% 20/03/2012 20/06/201725,908.14 USD 1.00% 05/01/2012 20/03/201731,645.50 USD 1.00% 05/01/2012 20/03/201752,701.05 USD 1.00% 20/12/2011 20/03/201761,443.11 USD 1.00% 20/12/2011 20/03/201712,096.51 USD 1.00% 20/01/2012 20/03/201710,363.26 USD 1.00% 26/01/2012 20/03/201710,363.26 USD 1.00% 27/01/2012 20/03/201716,535.87 USD 1.00% 26/01/2012 20/03/201711,474.72 USD 1.00% 16/03/2012 20/06/201772,231.91 USD 1.00% 22/03/2012 20/06/201727,892.71 USD 1.00% 22/03/2012 20/06/2017Società: Republic of the PhilippinesValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza18,846.88 USD 1.00% 20/03/2011 20/06/201615,077.24 USD 1.00% 20/03/2011 20/06/201617,634.38 USD 1.00% 20/03/2011 20/06/20165,573.97 USD 1.00% 27/09/2011 20/12/2016Società: People's republic of ChinaValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza10,551.09 USD 1.00% 03/10/2011 20/12/201621,102.18 USD 1.00% 03/10/2011 20/12/2016Società: Cie Financière MichelinValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza431,523.50 EUR 1.00% 19/01/2012 20/03/2017Società: MARKIT ITRAXX SOVX S7 5Y 200622Valore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza132,131.53 USD 1.00% 26/03/2012 20/06/2017in qualità di "protection seller"Società: Bayerische Motoren Werke AGValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza606,829.92 EUR 1.00% 20/06/2011 20/09/2016Società: BNP ParibasValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza505,691.60 EUR 1.00% 19/11/2010 20/12/2015697
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - EUR Bonds (segue)Società: Continental AGValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza22,228.75 EUR 5.00% 14/09/2011 20/09/2012Società: Credit Agricole SAValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza505,691.60 EUR 1.00% 17/09/2010 20/12/2015Società: Credit Suisse Group AGValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza505,691.60 EUR 1.00% 13/09/2010 20/09/2015Società: Federation of MalaysiaValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza10,551.09 USD 1.00% 03/10/2011 20/12/20167,034.06 USD 1.00% 03/10/2011 20/12/201614,068.12 USD 1.00% 03/10/2011 20/12/2016Società: Fiat Industrial SpAValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza32,332.72 EUR 5.00% 14/09/2011 20/09/2016Società: Fiat SpAValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza10,103.98 EUR 5.00% 20/06/2011 20/09/2012Società: General Electric Capital CorpValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza404,553.28 EUR 1.00% 20/06/2011 20/09/2016Società: GIE GDF Suez AllianceValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza33,712.77 EUR 0.42% 25/07/2008 20/09/2013Società: North American Emerging MarketsValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza12,983.87 USD 5.00% 20/09/2010 20/12/201515,191.24 USD 5.00% 20/09/2010 20/12/201521,021.87 USD 5.00% 21/03/2011 20/06/201632,385.18 USD 5.00% 21/03/2011 20/06/201614,290.93 USD 5.00% 14/06/2011 20/06/2016Società: NXP BV / NXP Funding LLCValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza16,166.36 EUR 5.00% 29/03/2010 20/06/2015698
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - EUR Bonds (segue)Società: Portugal Telecom InternationalValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza22,228.75 EUR 5.00% 13/09/2011 20/09/2012Società: Republic of IndonesiaValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza12,954.07 USD 1.00% 25/01/2012 20/03/202212,954.07 USD 1.00% 09/02/2012 20/03/20226,577.57 USD 1.00% 04/07/2011 20/09/20219,937.07 USD 1.00% 25/08/2011 20/09/20165,573.97 USD 1.00% 27/09/2011 20/12/20163,342.15 USD 1.00% 10/10/2011 20/12/20166,048.26 USD 1.00% 20/01/2012 20/03/202215,763.81 USD 1.00% 20/01/2012 20/03/20229,501.16 USD 1.00% 20/01/2012 20/03/20227,322.94 USD 1.00% 26/01/2012 20/03/2017Società: Republic of the PhilippinesValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza29,852.01 USD 1.00% 14/09/2010 20/09/201523,396.35 USD 1.00% 14/09/2010 20/09/20156,477.04 USD 1.00% 09/02/2012 20/03/2022Società: Royal Dutch Shell PLCValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza404,553.28 EUR 1.00% 07/06/2011 20/06/2016Società: Socialist Republic of VietnamValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza10,790.74 USD 1.00% 14/02/2011 20/03/20162,454.80 USD 1.00% 04/03/2011 20/03/20165,181.63 USD 1.00% 20/11/2011 20/03/20175,181.63 USD 1.00% 26/01/2012 20/03/2017Società: People's republic of ChinaValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza25,908.14 USD 1.00% 05/01/2012 20/03/20173,024.13 USD 1.00% 20/12/2011 20/03/201739,982.74 USD 1.00% 20/12/2011 20/03/201728,632.39 USD 1.00% 20/12/2011 20/03/201722,708.49 USD 1.00% 20/01/2012 20/03/201736,958.62 USD 1.00% 20/01/2012 20/03/201715,120.64 USD 1.00% 19/01/2012 20/03/201715,120.64 USD 1.00% 20/01/2012 20/03/201710,363.26 USD 1.00% 26/01/2012 20/03/201712,345.23 USD 1.00% 20/12/2011 20/03/201711,474.72 USD 1.00% 16/03/2012 20/06/20175,737.36 USD 1.00% 19/03/2012 20/03/201772,231.91 USD 1.00% 22/03/2012 20/06/201727,892.71 USD 1.00% 22/03/2012 20/06/2017699
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - EUR Bonds (segue)Società: Tui AGValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza8,083.18 EUR 5.00% 03/10/2011 20/09/2012Società: ONO FINANCEValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza4,041.59 EUR 5.00% 03/10/2011 20/06/2012Società: INEOS GROUPValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza8,083.18 EUR 5.00% 20/09/2011 20/12/2012Società: AlcatelValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza24,249.54 EUR 5.00% 20/09/2011 20/12/2012Società: DEUTSCHE TELEKOMValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza416,352.75 EUR 1.00% 20/09/2011 20/12/2016Società: AIR LIQUIDEValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza269,702.19 EUR 1.00% 20/09/2011 20/12/2016Società: VIRGIN MEDIAValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza16,166.36 EUR 5.00% 20/09/2011 20/03/2017Società: GROHE HOLDINGValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza8,083.18 EUR 5.00% 20/09/2011 20/12/2012Società: CONVATECValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza16,166.36 EUR 5.00% 20/12/2011 20/03/2017Società: Sunrise communications AGValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza64,665.44 EUR 5.00% 20/12/2011 20/03/2017Società: Kabel Deutsheland GmbhValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza16,166.36 EUR 5.00% 20/12/2011 20/03/2017700
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - EUR Bonds (segue)Società: Kingdom of ThailandValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza6,048.26 USD 1.00% 20/01/2012 20/03/20176,091.00 USD 1.00% 25/01/2012 20/03/2017Società: Portugal telecom Intl Finance BVValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza24,249.54 EUR 5.00% 27/02/2012 20/03/2013Società: ITRAXX ASIA EX JAPAN S16 5YR 201218Valore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza15,279.33 USD 1.00% 23/02/2012 20/12/2016Società: ITRAXX ASIA EX JAPAN S16 5YR 201228Valore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza15,279.33 USD 1.00% 23/02/2012 20/12/2016Società: ITRAXX ASIA EX JAPAN S16 5YR 201238Valore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza15,279.33 USD 1.00% 23/02/2012 20/12/2016Società: OTE plcValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza16,166.36 EUR 5.00% 20/12/2011 20/12/201220,207.95 EUR 5.00% 20/12/2011 20/12/2012Società: Unitymedia GmbHValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza32,332.72 EUR 5.00% 19/03/2012 20/06/2017Società: ITRAXX EUR XOVER S17 5YR 200617Valore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza242,495.41 EUR 5.00% 20/03/2012 20/06/2017La minusvalenza netta non realizzata sull’insieme di questi contratti al 31 marzo 2012,ammontava EUR 20,739.62 e compare nello stato patrimoniale.<strong>Pictet</strong> - EUR Corporate Bondsin qualità di "protection buyer"Società: Cie Financière MichelinValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza12,334,278.94 EUR 1.00% 19/01/2012 20/03/2017701
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - EUR Corporate Bonds (segue)in qualità di "protection seller"Società: Bayerische Motoren Werke AGValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza17,345,079.76 EUR 1.00% 20/06/2011 20/09/2016Società: BNP ParibasValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza14,454,233.13 EUR 1.00% 19/11/2010 20/12/2015Società: Credit Agricole SAValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza14,454,233.13 EUR 1.00% 17/09/2010 20/12/2015Società: Credit Suisse Group AGValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza14,454,233.13 EUR 1.00% 13/09/2010 20/09/2015Società: General Electric Capital CorpValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza11,563,386.51 EUR 1.00% 20/06/2011 20/09/2016Società: GIE GDF Suez AllianceValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza963,615.54 EUR 0.42% 25/07/2008 20/09/2013Società: Royal Dutch Shell PLCValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza11,563,386.51 EUR 1.00% 07/06/2011 20/06/2016Società: DEUTSCHE TELEKOMValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza11,900,651.95 EUR 1.00% 20/09/2011 20/12/2016Società: AIR LIQUIDEValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza7,708,924.34 EUR 1.00% 20/09/2011 20/12/2016La minusvalenza netta non realizzata sull’insieme di questi contratti al 31 marzo 2012,ammontava EUR 366,835.23 e compare nello stato patrimoniale.702
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Global Emerging Debtin qualità di "protection buyer"Società: Federation of MalaysiaValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza600,000.00 USD 1.00% 20/09/2010 20/12/201510,000,000.00 USD 1.00% 30/09/2011 20/12/2016Società: Republic of IndonesiaValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza951,000.00 USD 1.00% 20/09/2010 20/12/20153,333,000.00 USD 1.00% 20/12/2010 20/03/20164,138,000.00 USD 1.00% 20/12/2010 20/03/20164,600,000.00 USD 1.00% 20/09/2010 20/12/20155,241,000.00 USD 1.00% 20/01/2011 20/03/20167,932,000.00 USD 1.00% 20/06/2010 20/09/20158,364,000.00 USD 1.00% 20/12/2010 20/03/201610,000,000.00 USD 1.00% 20/12/2010 20/03/201611,704,000.00 USD 1.00% 20/12/2010 20/03/201612,759,000.00 USD 1.00% 20/06/2010 20/09/201520,000,000.00 USD 1.00% 20/09/2010 20/09/20152,841,000.00 USD 1.00% 20/12/2010 20/03/20163,414,000.00 USD 1.00% 20/01/2011 20/03/201625,288,000.00 USD 1.00% 06/02/2012 20/03/201712,644,000.00 USD 1.00% 06/02/2012 20/12/201524,200,000.00 USD 1.00% 07/02/2012 20/03/20173,161,000.00 USD 1.00% 08/02/2012 20/03/201716,790,000.00 USD 1.00% 23/02/2012 20/03/2017Società: Republic of KoreaValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza6,000,000.00 USD 1.00% 26/01/2012 20/03/20176,000,000.00 USD 1.00% 27/01/2012 20/03/20177,262,000.00 USD 1.00% 20/06/2011 20/09/201622,360,500.00 USD 1.00% 04/01/2012 20/03/20179,000,000.00 USD 1.00% 05/01/2012 20/03/201712,694,000.00 USD 1.00% 05/01/2012 20/03/201729,471,000.00 USD 1.00% 20/12/2011 20/03/201735,065,500.00 USD 1.00% 20/12/2011 20/03/20176,706,000.00 USD 1.00% 20/01/2012 20/03/20179,295,000.00 USD 1.00% 26/01/2012 20/03/20177,388,000.00 USD 1.00% 16/03/2012 20/06/201712,700,000.00 USD 1.00% 22/03/2012 20/06/20178,890,000.00 USD 1.00% 22/03/2012 20/06/2017Società: Republic of the PhilippinesValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza3,867,000.00 USD 1.00% 20/03/2011 20/06/20164,523,000.00 USD 1.00% 20/03/2011 20/06/20164,834,000.00 USD 1.00% 20/03/2011 20/06/20169,624,465.00 USD 1.00% 27/09/2011 20/12/2016703
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Global Emerging Debt (segue)Società: People's republic of ChinaValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza5,220,000.00 USD 1.00% 03/10/2011 20/12/201610,440,000.00 USD 1.00% 03/10/2011 20/12/2016Società: MARKIT ITRAXX SOVX S7 5Y 200623Valore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza43,050,000.00 USD 1.00% 26/03/2012 20/06/2017in qualità di "protection seller"Società: China Development Bank CorpValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza5,000,000.00 USD 1.00% 10/09/2010 20/09/20155,000,000.00 USD 1.00% 08/12/2010 20/12/20156,000,000.00 USD 1.00% 14/12/2010 20/12/201510,000,000.00 USD 1.00% 07/12/2010 20/12/2015Società: Export-Import Bank of ChinaValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza5,000,000.00 USD 1.00% 10/09/2010 20/09/20155,000,000.00 USD 1.00% 08/12/2010 20/12/2015Società: Federation of MalaysiaValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza10,000,000.00 USD 1.00% 30/09/2011 20/12/20165,220,000.00 USD 1.00% 03/10/2011 20/12/20163,480,000.00 USD 1.00% 03/10/2011 20/12/20166,960,000.00 USD 1.00% 03/10/2011 20/12/201612,644,000.00 USD 1.00% 06/02/2012 20/03/2017Società: North American Emerging MarketsValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza3,121,000.00 USD 5.00% 20/09/2010 20/12/20155,063,000.00 USD 5.00% 14/06/2011 20/06/20168,323,000.00 USD 5.00% 20/09/2010 20/12/201513,826,000.00 USD 5.00% 21/03/2011 20/06/201615,000,000.00 USD 5.00% 21/03/2011 20/06/2016Società: Republic of IndonesiaValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza3,148,559.00 USD 1.00% 04/07/2011 20/09/20214,518,000.00 USD 1.00% 25/08/2011 20/09/20169,624,465.00 USD 1.00% 27/09/2011 20/12/20161,543,000.00 USD 1.00% 10/10/2011 20/12/20161,676,500.00 USD 1.00% 20/01/2012 20/03/20223,353,000.00 USD 1.00% 20/01/2012 20/03/20222,010,000.00 USD 1.00% 26/01/2012 20/03/2017704
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Global Emerging Debt (segue)Società: Republic of the PhilippinesValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza20,000,000.00 USD 1.00% 13/09/2010 20/09/201513,783,500.00 USD 1.00% 14/09/2010 20/09/201510,802,000.00 USD 1.00% 14/09/2010 20/09/2015-9,483,000.00 USD 1.00% 07/02/2012 20/03/201747,415,000.00 USD 1.00% 07/02/2012 20/03/20176,322,000.00 USD 1.00% 07/02/2012 20/03/20179,483,000.00 USD 1.00% 07/02/2012 20/03/2017Società: Socialist Republic of VietnamValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza3,000,000.00 USD 1.00% 20/11/2011 20/03/20173,000,000.00 USD 1.00% 26/01/2012 20/03/20171,670,000.00 USD 1.00% 14/02/2011 20/03/20161,895,000.00 USD 1.00% 04/03/2011 20/03/2016Società: People's republic of ChinaValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza6,000,000.00 USD 1.00% 26/01/2012 20/03/20179,000,000.00 USD 1.00% 05/01/2012 20/03/20171,676,500.00 USD 1.00% 20/12/2011 20/03/201723,447,000.00 USD 1.00% 20/12/2011 20/03/201716,001,000.00 USD 1.00% 20/12/2011 20/03/201712,590,000.00 USD 1.00% 20/01/2012 20/03/201721,770,500.00 USD 1.00% 20/01/2012 20/03/20178,382,500.00 USD 1.00% 19/01/2012 20/03/20178,382,500.00 USD 1.00% 20/01/2012 20/03/20176,590,000.00 USD 1.00% 20/12/2011 20/03/20177,388,000.00 USD 1.00% 16/03/2012 20/06/20173,694,000.00 USD 1.00% 19/03/2012 20/03/201712,700,000.00 USD 1.00% 22/03/2012 20/06/20178,890,000.00 USD 1.00% 22/03/2012 20/06/2017Società: Kingdom of ThailandValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza3,353,000.00 USD 1.00% 20/01/2012 20/03/201715,997,000.00 USD 1.00% 20/01/2012 20/03/20173,352,000.00 USD 1.00% 25/01/2012 20/03/2017Società: ITRAXX ASIA EX JAPAN S16 5YR 201219Valore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza8,395,000.00 USD 1.00% 23/02/2012 20/12/2016Società: ITRAXX ASIA EX JAPAN S16 5YR 201229Valore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza8,395,000.00 USD 1.00% 23/02/2012 20/12/2016705
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Global Emerging Debt (segue)Società: ITRAXX ASIA EX JAPAN S16 5YR 201239Valore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza8,395,000.00 USD 1.00% 23/02/2012 20/12/2016La minusvalenza netta non realizzata sull’insieme di questi contratti al 31 marzo 2012,ammontava USD 7,792,142.79 e compare nello stato patrimoniale.<strong>Pictet</strong> - EUR High Yieldin qualità di "protection seller"Società: Continental AGValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza2,725,505.05 EUR 5.00% 14/09/2011 20/09/2012Società: Fiat Industrial SpAValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza3,964,370.98 EUR 5.00% 14/09/2011 20/09/2016Società: Fiat SpAValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza1,238,865.93 EUR 5.00% 20/06/2011 20/09/2012Società: NXP BV / NXP Funding LLCValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza1,982,185.49 EUR 5.00% 29/03/2010 20/06/2015Società: Portugal Telecom InternationalValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza2,725,505.05 EUR 5.00% 13/09/2011 20/09/2012Società: Tui AGValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza991,092.75 EUR 5.00% 03/10/2011 20/09/2012Società: ONO FINANCEValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza495,546.37 EUR 5.00% 03/10/2011 20/06/2012Società: INEOS GROUPValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza991,092.75 EUR 5.00% 20/09/2011 20/12/2012706
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - EUR High Yield (segue)Società: AlcatelValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza2,973,278.24 EUR 5.00% 20/09/2011 20/12/2012Società: VIRGIN MEDIAValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza1,982,185.49 EUR 5.00% 20/09/2011 20/03/2017Società: GROHE HOLDINGValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza991,092.75 EUR 5.00% 20/09/2011 20/12/2012Società: CONVATECValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza1,982,185.49 EUR 5.00% 20/12/2011 20/03/2017Società: Sunrise communications AGValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza7,928,741.96 EUR 5.00% 20/12/2011 20/03/2017Società: Kabel Deutsheland GmbhValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza1,982,185.49 EUR 5.00% 20/12/2011 20/03/2017Società: Portugal telecom Intl Finance BVValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza2,973,278.24 EUR 5.00% 27/02/2012 20/03/2013Società: OTE plcValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza1,982,185.49 EUR 5.00% 20/12/2011 20/12/20122,477,731.86 EUR 5.00% 20/12/2011 20/12/2012Società: Unitymedia GmbHValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza3,964,370.98 EUR 5.00% 19/03/2012 20/06/2017Società: ITRAXX EUR XOVER S17 5YR 200617Valore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza29,732,782.36 EUR 5.00% 20/03/2012 20/06/2017La minusvalenza netta non realizzata sull’insieme di questi contratti al 31 marzo 2012,ammontava EUR 2,286,040.01 e compare nello stato patrimoniale.707
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Emerging Local Currency Debtin qualità di "protection buyer"Società: Federation of MalaysiaValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza9,387,523.45 USD 1.00% 20/09/2010 20/12/2015Società: Republic of IndonesiaValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza16,396,855.65 USD 1.00% 20/06/2010 20/09/201520,773,390.98 USD 1.00% 20/06/2010 20/09/201514,380,886.99 USD 1.00% 20/09/2010 20/12/20153,007,003.52 USD 1.00% 20/09/2010 20/12/20159,986,727.07 USD 1.00% 20/12/2010 20/03/201614,418,836.55 USD 1.00% 20/12/2010 20/03/201611,077,277.67 USD 1.00% 20/12/2010 20/03/20168,522,672.88 USD 1.00% 20/12/2010 20/03/201610,779,673.20 USD 1.00% 20/12/2010 20/03/20161,337,222.76 USD 1.00% 20/01/2011 20/03/201610,796,650.64 USD 1.00% 20/01/2011 20/03/201615,479,426.96 USD 1.00% 25/01/2012 20/03/201711,779,344.58 USD 1.00% 07/02/2012 20/03/201723,558,689.17 USD 1.00% 23/02/2012 20/03/2017Società: Republic of KoreaValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza4,993,363.54 USD 1.00% 20/09/2010 20/12/201511,618,558.28 USD 1.00% 20/06/2011 20/09/201630,020,600.92 USD 1.00% 04/01/2012 20/03/201719,973,454.15 USD 1.00% 20/03/2012 20/06/201719,973,454.15 USD 1.00% 05/01/2012 20/03/201724,396,575.57 USD 1.00% 05/01/2012 20/03/201740,629,001.75 USD 1.00% 20/12/2011 20/03/201747,368,544.52 USD 1.00% 20/12/2011 20/03/20179,325,605.74 USD 1.00% 20/01/2012 20/03/20177,989,381.66 USD 1.00% 26/01/2012 20/03/20177,989,381.66 USD 1.00% 27/01/2012 20/03/201712,748,057.11 USD 1.00% 26/01/2012 20/03/20178,846,242.84 USD 1.00% 16/03/2012 20/06/201755,685,990.16 USD 1.00% 22/03/2012 20/06/201721,503,420.73 USD 1.00% 22/03/2012 20/06/2017Società: Republic of the PhilippinesValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza14,529,689.22 USD 1.00% 20/03/2011 20/06/201611,623,551.64 USD 1.00% 20/03/2011 20/06/201613,594,931.56 USD 1.00% 20/03/2011 20/06/20164,297,158.83 USD 1.00% 27/09/2011 20/12/2016Società: People's republic of ChinaValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza8,134,189.20 USD 1.00% 03/10/2011 20/12/201616,268,378.40 USD 1.00% 03/10/2011 20/12/2016708
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Emerging Local Currency Debt (segue)Società: MARKIT ITRAXX SOVX S7 5Y 200621Valore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza101,864,616.14 USD 1.00% 26/03/2012 20/06/2017in qualità di "protection seller"Società: Federation of MalaysiaValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza8,134,189.20 USD 1.00% 03/10/2011 20/12/20165,422,792.80 USD 1.00% 03/10/2011 20/12/201610,845,585.60 USD 1.00% 03/10/2011 20/12/2016Società: North American Emerging MarketsValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza10,009,696.55 USD 5.00% 20/09/2010 20/12/201511,711,434.84 USD 5.00% 20/09/2010 20/12/201516,206,460.69 USD 5.00% 21/03/2011 20/06/201624,966,817.68 USD 5.00% 21/03/2011 20/06/201611,017,357.31 USD 5.00% 14/06/2011 20/06/2016Società: Republic of IndonesiaValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza9,986,727.07 USD 1.00% 25/01/2012 20/03/20229,986,727.07 USD 1.00% 09/02/2012 20/03/20225,070,865.53 USD 1.00% 04/07/2011 20/09/20217,660,818.34 USD 1.00% 25/08/2011 20/09/20164,297,158.83 USD 1.00% 27/09/2011 20/12/20162,576,575.58 USD 1.00% 10/10/2011 20/12/20164,662,802.87 USD 1.00% 20/01/2012 20/03/202212,152,848.18 USD 1.00% 20/01/2012 20/03/20227,324,764.97 USD 1.00% 20/01/2012 20/03/20225,645,496.81 USD 1.00% 26/01/2012 20/03/2017Società: Republic of the PhilippinesValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza23,013,913.20 USD 1.00% 14/09/2010 20/09/201518,037,027.77 USD 1.00% 14/09/2010 20/09/20154,993,363.54 USD 1.00% 09/02/2012 20/03/2022Società: Socialist Republic of VietnamValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza8,318,943.65 USD 1.00% 14/02/2011 20/03/20161,892,484.78 USD 1.00% 04/03/2011 20/03/20163,994,690.83 USD 1.00% 20/11/2011 20/03/20173,994,690.83 USD 1.00% 26/01/2012 20/03/2017709
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Emerging Local Currency Debt (segue)Società: People's republic of ChinaValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza19,973,454.15 USD 1.00% 05/01/2012 20/03/20172,331,401.44 USD 1.00% 20/12/2011 20/03/201730,824,033.11 USD 1.00% 20/12/2011 20/03/201722,073,662.85 USD 1.00% 20/12/2011 20/03/201717,506,732.56 USD 1.00% 20/01/2012 20/03/201728,492,631.68 USD 1.00% 20/01/2012 20/03/201711,657,007.18 USD 1.00% 19/01/2012 20/03/201711,657,007.18 USD 1.00% 20/01/2012 20/03/20177,989,381.66 USD 1.00% 26/01/2012 20/03/20179,517,350.90 USD 1.00% 20/12/2011 20/03/20178,846,242.84 USD 1.00% 16/03/2012 20/06/20174,423,121.42 USD 1.00% 19/03/2012 20/03/201755,685,990.16 USD 1.00% 22/03/2012 20/06/201721,503,420.73 USD 1.00% 22/03/2012 20/06/2017Società: Kingdom of ThailandValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza4,662,802.87 USD 1.00% 20/01/2012 20/03/20174,695,759.07 USD 1.00% 25/01/2012 20/03/2017Società: ITRAXX ASIA EX JAPAN S16 5YR 201217Valore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza11,779,344.58 USD 1.00% 23/02/2012 20/12/2016Società: ITRAXX ASIA EX JAPAN S16 5YR 201227Valore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza11,779,344.58 USD 1.00% 23/02/2012 20/12/2016Società: ITRAXX ASIA EX JAPAN S16 5YR 201237Valore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza11,779,344.58 USD 1.00% 23/02/2012 20/12/2016La plusvalenza netta non realizzata sull’insieme di questi contratti al 31 marzo 2012,ammontava USD 10,991,996.46 e compare nello stato patrimoniale.<strong>Pictet</strong> - Asian Local Currency Debtin qualità di "protection buyer"Società: BNP ParibasValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza3,700,000.00 EUR 1.00% 12/09/2011 20/12/2016710
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Asian Local Currency Debt (segue)Società: Republic of IndonesiaValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza1,038,000.00 USD 1.00% 20/09/2010 20/12/20151,667,000.00 USD 1.00% 20/12/2010 20/03/20162,328,000.00 USD 1.00% 20/12/2010 20/03/20162,948,000.00 USD 1.00% 20/01/2011 20/03/20165,000,000.00 USD 1.00% 20/09/2010 20/12/20155,000,000.00 USD 1.00% 20/12/2010 20/03/20165,579,327.00 USD 1.00% 20/06/2010 20/09/20156,267,000.00 USD 1.00% 20/06/2010 20/09/20156,698,000.00 USD 1.00% 20/12/2010 20/03/20167,204,000.00 USD 1.00% 20/12/2010 20/03/20161,365,000.00 USD 1.00% 20/12/2010 20/03/2016247,000.00 USD 1.00% 20/01/2011 20/03/201614,712,000.00 USD 1.00% 06/02/2012 20/03/20177,356,000.00 USD 1.00% 06/02/2012 20/12/20158,947,500.00 USD 1.00% 07/02/2012 20/03/201713,000,000.00 EUR 1.00% 08/02/2012 20/09/20161,839,000.00 USD 1.00% 08/02/2012 20/03/20179,505,000.00 USD 1.00% 23/02/2012 20/03/2017Società: Republic of KoreaValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza2,000,000.00 USD 2.50% 07/10/2008 20/12/20136,000,000.00 USD 1.00% 05/01/2012 20/03/20176,000,000.00 USD 1.00% 26/01/2012 20/03/20176,000,000.00 USD 1.00% 27/01/2012 20/03/20176,046,000.00 USD 1.00% 20/06/2011 20/09/201610,000,000.00 USD 1.00% 20/03/2012 20/06/201720,000,000.00 USD 1.00% 20/03/2012 20/06/201712,429,000.00 USD 1.00% 04/01/2012 20/03/20177,855,000.00 USD 1.00% 05/01/2012 20/03/201719,678,000.00 USD 1.00% 20/12/2011 20/03/201722,305,000.00 USD 1.00% 20/12/2011 20/03/20173,908,000.00 USD 1.00% 20/01/2012 20/03/20177,917,000.00 USD 1.00% 26/01/2012 20/03/20173,710,000.00 USD 1.00% 16/03/2012 20/06/20176,390,000.00 USD 1.00% 22/03/2012 20/06/20174,473,000.00 USD 1.00% 22/03/2012 20/06/2017Società: Republic of the PhilippinesValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza1,072,665.00 USD 1.00% 27/09/2011 20/12/20164,431,000.00 USD 1.00% 20/03/2011 20/06/20165,182,000.00 USD 1.00% 20/03/2011 20/06/20165,538,000.00 USD 1.00% 20/03/2011 20/06/2016Società: Woori Bank Co LtdValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza1,000,000.00 USD 1.35% 11/01/2008 20/03/2013711
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Asian Local Currency Debt (segue)Società: People's republic of ChinaValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza10,000,000.00 USD 1.00% 29/09/2011 20/12/201610,000,000.00 USD 1.00% 30/09/2011 20/12/20161,635,000.00 USD 1.00% 03/10/2011 20/12/20163,270,000.00 USD 1.00% 03/10/2011 20/12/2016in qualità di "protection seller"Società: China Development Bank CorpValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza4,000,000.00 USD 1.00% 14/12/2010 20/12/2015Società: Federation of MalaysiaValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza10,000,000.00 USD 1.00% 30/09/2011 20/12/20161,635,000.00 USD 1.00% 03/10/2011 20/12/20161,090,000.00 USD 1.00% 03/10/2011 20/12/20162,180,000.00 USD 1.00% 03/10/2011 20/12/20167,356,000.00 USD 1.00% 06/02/2012 20/03/2017Società: North American Emerging MarketsValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza1,856,000.00 USD 5.00% 20/09/2010 20/12/20153,875,000.00 USD 5.00% 14/06/2011 20/06/20164,950,000.00 USD 5.00% 20/09/2010 20/12/20159,887,000.00 USD 5.00% 21/03/2011 20/06/201610,000,000.00 USD 5.00% 21/03/2011 20/06/2016Società: Republic of IndonesiaValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza1,072,665.00 USD 1.00% 27/09/2011 20/12/20161,746,120.00 USD 1.00% 04/07/2011 20/09/20212,811,000.00 USD 1.00% 25/08/2011 20/09/2016877,000.00 USD 1.00% 10/10/2011 20/12/20161,954,000.00 USD 1.00% 20/01/2012 20/03/20224,454,000.00 USD 1.00% 20/01/2012 20/03/20225,977,000.00 USD 1.00% 20/01/2012 20/03/20222,309,000.00 USD 1.00% 26/01/2012 20/03/2017Società: Republic of the PhilippinesValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza5,000,000.00 USD 1.00% 09/02/2012 20/03/20227,830,900.00 USD 1.00% 14/09/2010 20/09/20156,137,000.00 USD 1.00% 14/09/2010 20/09/201527,585,000.00 USD 1.00% 07/02/2012 20/03/20173,678,000.00 USD 1.00% 07/02/2012 20/03/20175,517,000.00 USD 1.00% 07/02/2012 20/03/2017712
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Asian Local Currency Debt (segue)Società: Socialist Republic of VietnamValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza710,000.00 USD 1.00% 04/03/2011 20/03/20163,000,000.00 USD 1.00% 20/11/2011 20/03/20173,000,000.00 USD 1.00% 26/01/2012 20/03/2017Società: People's republic of ChinaValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza6,000,000.00 USD 1.00% 05/01/2012 20/03/20176,000,000.00 USD 1.00% 26/01/2012 20/03/2017977,000.00 USD 1.00% 20/12/2011 20/03/201715,572,000.00 USD 1.00% 20/12/2011 20/03/201711,825,000.00 USD 1.00% 20/12/2011 20/03/20179,834,000.00 USD 1.00% 20/01/2012 20/03/201714,595,000.00 USD 1.00% 20/01/2012 20/03/20174,885,000.00 USD 1.00% 19/01/2012 20/03/20174,885,000.00 USD 1.00% 20/01/2012 20/03/20173,834,000.00 USD 1.00% 20/12/2011 20/03/20173,710,000.00 USD 1.00% 16/03/2012 20/06/20171,855,000.00 USD 1.00% 19/03/2012 20/03/20176,390,000.00 USD 1.00% 22/03/2012 20/06/20174,473,000.00 USD 1.00% 22/03/2012 20/06/2017Società: Kingdom of ThailandValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza1,954,000.00 USD 1.00% 20/01/2012 20/03/20179,310,000.00 USD 1.00% 20/01/2012 20/03/20171,922,000.00 USD 1.00% 25/01/2012 20/03/2017Società: ITRAXX ASIA EX JAPAN S16 5YR 201216Valore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza4,752,500.00 USD 1.00% 23/02/2012 20/12/2016Società: ITRAXX ASIA EX JAPAN S16 5YR 201226Valore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza4,752,500.00 USD 1.00% 23/02/2012 20/12/2016Società: ITRAXX ASIA EX JAPAN S16 5YR 201236Valore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza14,752,500.00 USD 1.00% 23/02/2012 20/12/2016La minusvalenza netta non realizzata sull’insieme di questi contratti al 31 marzo 2012,ammontava USD 1,820,960.13 e compare nello stato patrimoniale.713
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - EUR Corporate Bonds Ex Financialin qualità di "protection buyer"Società: Cie Financière MichelinValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza2,500,000.00 EUR 1.00% 19/01/2012 20/03/2017in qualità di "protection seller"Società: Bayerische Motoren Werke AGValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza1,400,000.00 EUR 1.00% 20/06/2011 20/09/2016Società: BMWValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza1,500,000.00 EUR 1.00% 20/09/2011 20/12/2016Società: DEUTSCHE TELEKOMValore nominale Valuta Tasso passivo Data dell’operazione Data di scadenza1,500,000.00 EUR 1.00% 20/09/2011 20/12/2016NOTA 14PRESTITO TITOLIDurante l'esercizio chiuso al 31 marzo 2012 la SICAV ha effettuato operazioni di prestitotitoli. Al 31 marzo 2012, il valore dei titoli offerti in prestito per i seguenti compartiammontava a:<strong>Pictet</strong> - European Equity Selection EUR 4,236,802.76<strong>Pictet</strong> - Small Cap Europe EUR 242,502,951.58<strong>Pictet</strong> - Emerging Markets USD 6,746,640.87<strong>Pictet</strong> - Eastern Europe EUR 4,009,720.81<strong>Pictet</strong> - Europe Index EUR 140,999,606.35<strong>Pictet</strong> - European Sustainable Equities EUR 2,866,485.60<strong>Pictet</strong> - Japan Index JPY 2,438,126,557.00<strong>Pictet</strong> - Pacific Ex Japan Index USD 2,519,442.39<strong>Pictet</strong> - Digital Communication USD 2,639,476.73<strong>Pictet</strong> - Premium Brands EUR 22,870,922.81<strong>Pictet</strong> - Water EUR 68,041,466.20<strong>Pictet</strong> - Asian Equities Ex Japan USD 2,140,642.91<strong>Pictet</strong> - Greater China USD 5,444,649.89<strong>Pictet</strong> - Japanese Equity Selection JPY 191,324,076.85<strong>Pictet</strong> - Generics USD 13,333,464.31<strong>Pictet</strong> - Emerging Markets Index USD 4,868,237.47<strong>Pictet</strong> - Euroland Index EUR 5,831,178.68<strong>Pictet</strong> - Security USD 857,816.29<strong>Pictet</strong> - Clean Energy USD 18,243,700.68<strong>Pictet</strong> - Russian Equities USD 5,856,643.38<strong>Pictet</strong> - Timber USD 27,173,602.90<strong>Pictet</strong> - Agriculture EUR 6,726,801.60<strong>Pictet</strong> - Global Megatrend Selection USD 32,478,362.04<strong>Pictet</strong> - Environmental Megatrend Selection EUR 931,604.79<strong>Pictet</strong> - Bric Index USD 12,872.49<strong>Pictet</strong> - China Index USD 922,465.40714
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Russia Index USD 49,784.85<strong>Pictet</strong> - Piclife CHF 78,753.05<strong>Pictet</strong> - Absolute Return Global Diversified EUR 5,227,270.30<strong>Pictet</strong> - Absolute Return Global Conservative EUR 486,956.14<strong>Pictet</strong> - Global Flexible Allocation EUR 6,983.18NOTA 15DIVIDENDI DISTRIBUITIDel 19 ottobre 2011, il Consiglio di amministrazione ha deliberato la distribuzione deidividendi alle seguenti classi di azioni:<strong>Pictet</strong> - EUR Corporate Bonds-R dm EUR 0.4676 per azione<strong>Pictet</strong> - Global Emerging Debt-P dm USD USD 0.75 per azione<strong>Pictet</strong> - Global Emerging Debt-HR dm EUR EUR 0.75 per azione<strong>Pictet</strong> - EUR High Yield-R dm EUR 1.5927 per azione<strong>Pictet</strong> - Emerging Local Currency Debt-P dm USD USD 0.65 per azione<strong>Pictet</strong> - Emerging Local Currency Debt-R dm USD USD 0.7952 per azione<strong>Pictet</strong> - Latin American Local Currency Debt-P dm USD USD 0.65 per azione<strong>Pictet</strong> - US High Yield-P dm USD USD 1.325 per azione<strong>Pictet</strong> - US High Yield-HR dm EUR EUR 0.5072 per azione<strong>Pictet</strong> - High Dividend Selection-P dm EUR EUR 0.33 per azione<strong>Pictet</strong> - High Dividend Selection-R dm EUR EUR 0.33 per azione<strong>Pictet</strong> - High Dividend Selection-P dm USD USD 0.4555 per azione<strong>Pictet</strong> - High Dividend Selection-R dm USD USD 0.4555 per azione<strong>Pictet</strong> - High Dividend Selection-I dm GBP GBP 0.2877 per azione<strong>Pictet</strong> - High Dividend Selection-P dm GBP GBP 0.2877 per azione<strong>Pictet</strong> - High Dividend Selection-P dm SGD SGD 0.5757 per azioneI dividendi sono stati versati con data ex-dividendo al 20 ottobre 2011 e data dipagamento al 26 ottobre 2011.Del 18 novembre 2011, il Consiglio di amministrazione ha deliberato la distribuzione deidividendi alle seguenti classi di azioni:<strong>Pictet</strong> - EUR Corporate Bonds-R dm EUR 0.4 per azione<strong>Pictet</strong> - Global Emerging Debt-P dm USD USD 0.75 per azione<strong>Pictet</strong> - Global Emerging Debt-HR dm EUR EUR 0.75 per azione<strong>Pictet</strong> - EUR High Yield-R dm EUR 0.6 per azione<strong>Pictet</strong> - Emerging Local Currency Debt-P dm USD USD 0.65 per azione<strong>Pictet</strong> - Emerging Local Currency Debt-R dm USD USD 0.7 per azione<strong>Pictet</strong> - Latin American Local Currency Debt-P dm USD USD 0.65 per azione<strong>Pictet</strong> - US High Yield-P dm USD USD 0.5 per azione<strong>Pictet</strong> - US High Yield-HR dm EUR EUR 0.3 per azione<strong>Pictet</strong> - High Dividend Selection-P dm EUR EUR 0.33 per azione<strong>Pictet</strong> - High Dividend Selection-R dm EUR EUR 0.33 per azione<strong>Pictet</strong> - High Dividend Selection-P dm USD USD 0.4463 per azione<strong>Pictet</strong> - High Dividend Selection-R dm USD USD 0.4463 per azione<strong>Pictet</strong> - High Dividend Selection-I dm GBP GBP 0.2826 per azione<strong>Pictet</strong> - High Dividend Selection-P dm GBP GBP 0.2826 per azione<strong>Pictet</strong> - High Dividend Selection-P dm SGD SGD 0.5787 per azioneI dividendi sono stati versati con data ex-dividendo al 21 novembre 2011 e data dipagamento al 25 novembre 2011.715
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)Del 05 dicembre 2011, il Consiglio di amministrazione ha deliberato la distribuzione deidividendi alle seguenti classi di azioni:<strong>Pictet</strong> - EUR Bonds-P dy EUR 9.95 per azione<strong>Pictet</strong> - USD Government Bonds-P dy USD 11.6 per azione<strong>Pictet</strong> - Short-Term Money Market CHF -P dy CHF 0.95 per azione<strong>Pictet</strong> - Short-Term Money Market CHF -Z dy CHF 1.1 per azione<strong>Pictet</strong> - Short-Term Money Market USD -P dy USD 0.49 per azione<strong>Pictet</strong> - Short-Term Money Market EUR -P dy EUR 1.14 per azione<strong>Pictet</strong> - EUR Corporate Bonds-P dy EUR 3.8 per azione<strong>Pictet</strong> - EUR Corporate Bonds-Z dy EUR 5.34 per azione<strong>Pictet</strong> - Global Emerging Debt-P dy USD USD 8.8 per azione<strong>Pictet</strong> - Global Emerging Debt-HI dy EUR EUR 0.11 per azione<strong>Pictet</strong> - World Government Bonds-P dy EUR EUR 2.5 per azione<strong>Pictet</strong> - World Government Bonds-P dy USD USD 3.5 per azione<strong>Pictet</strong> - EUR High Yield-P dy EUR 5.28 per azione<strong>Pictet</strong> - EUR Short Mid-Term Bonds-P dy EUR 3.04 per azione<strong>Pictet</strong> - USD Short Mid-Term Bonds-P dy USD 1.7 per azione<strong>Pictet</strong> - CHF Bonds-P dy CHF 7.09 per azione<strong>Pictet</strong> - EUR Government Bonds-P dy EUR 3.5 per azione<strong>Pictet</strong> - Emerging Local Currency Debt-P dy USD USD 7.9 per azione<strong>Pictet</strong> - Emerging Local Currency Debt-I dy GBP GBP 6.7 per azione<strong>Pictet</strong> - Emerging Local Currency Debt-P dy GBP GBP 5.1 per azione<strong>Pictet</strong> - Emerging Local Currency Debt-Z dy EUR EUR 9 per azione<strong>Pictet</strong> - Emerging Local Currency Debt-J dy EUR EUR 8.44 per azione<strong>Pictet</strong> - Emerging Local Currency Debt-HI dy EUR EUR 3.55 per azione<strong>Pictet</strong> - Emerging Local Currency Debt-HZ dy EUR EUR 9.62 per azione<strong>Pictet</strong> - Asian Local Currency Debt-I dy USD USD 3.98 per azione<strong>Pictet</strong> - Asian Local Currency Debt-P dy USD USD 3.6 per azione<strong>Pictet</strong> - Asian Local Currency Debt-P dy GBP GBP 2.3 per azione<strong>Pictet</strong> - Global Emerging Currencies-P dy USD USD 2.7 per azione<strong>Pictet</strong> - Short-Term Money Market JPY -P dy JPY 46 per azione<strong>Pictet</strong> - Latin American Local Currency Debt-I dy USD USD 10.12 per azione<strong>Pictet</strong> - Latin American Local Currency Debt-P dy USD USD 7.38 per azione<strong>Pictet</strong> - Latin American Local Currency Debt-P dy GBP GBP 4.85 per azione<strong>Pictet</strong> - Sovereign Short-Term Money Market USD -P dy USD 0.02 per azione<strong>Pictet</strong> - Sovereign Short-Term Money Market EUR -P dy EUR 0.17 per azione<strong>Pictet</strong> - US High Yield-P dy USD USD 6.36 per azione<strong>Pictet</strong> - EUR Corporate Bonds Ex Financial-P dy EUR 4.15 per azione<strong>Pictet</strong> - European Equity Selection-P dy EUR EUR 2.71 per azione<strong>Pictet</strong> - Small Cap Europe-P dy EUR EUR 0.71 per azione<strong>Pictet</strong> - Europe Index-P dy EUR EUR 2.52 per azione<strong>Pictet</strong> - Europe Index-R dy GBP GBP 2.09 per azione<strong>Pictet</strong> - USA Index-P dy USD USD 0.94 per azione<strong>Pictet</strong> - USA Index-R dy GBP GBP 0.45 per azione<strong>Pictet</strong> - European Sustainable Equities-P dy EUR EUR 2.22 per azione<strong>Pictet</strong> - Japan Index-P dy JPY JPY 124 per azione<strong>Pictet</strong> - Japan Index-R dy GBP GBP 0.88 per azione<strong>Pictet</strong> - Pacific Ex Japan Index-P dy USD USD 9.21 per azione<strong>Pictet</strong> - Pacific Ex Japan Index-R dy GBP GBP 5.86 per azione<strong>Pictet</strong> - Water-P dy EUR EUR 0.23 per azione<strong>Pictet</strong> - Water-I dy GBP GBP 1.32 per azione<strong>Pictet</strong> - Water-P dy GBP GBP 0.2 per azione<strong>Pictet</strong> - Asian Equities Ex Japan-P dy USD USD 0.25 per azione<strong>Pictet</strong> - Greater China-P dy USD USD 0.87 per azione<strong>Pictet</strong> - Greater China-P dy GBP GBP 0.55 per azione<strong>Pictet</strong> - Japanese Equity Selection-P dy JPY JPY 25 per azione<strong>Pictet</strong> - Japanese Equity Selection-P dy GBP GBP 0.2 per azione<strong>Pictet</strong> - Emerging Markets Index-P dy USD USD 3.68 per azione<strong>Pictet</strong> - Emerging Markets Index-R dy GBP GBP 1.99 per azione716
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - Euroland Index-P dy EUR EUR 2.43 per azione<strong>Pictet</strong> - Euroland Index-R dy GBP GBP 1.99 per azione<strong>Pictet</strong> - Clean Energy-I dy EUR EUR 0.21 per azione<strong>Pictet</strong> - Clean Energy-I dy GBP GBP 0.09 per azione<strong>Pictet</strong> - Timber-P dy USD USD 0.92 per azione<strong>Pictet</strong> - Timber-I dy GBP GBP 1.22 per azione<strong>Pictet</strong> - Timber-P dy GBP GBP 0.59 per azione<strong>Pictet</strong> - Global Megatrend Selection-I dy GBP GBP 0.04 per azione<strong>Pictet</strong> - Middle East And North Africa-P dy USD USD 0.65 per azione<strong>Pictet</strong> - Environmental Megatrend Selection-I dy GBP GBP 0.15 per azione<strong>Pictet</strong> - High Dividend Selection-P dy EUR EUR 4 per azione<strong>Pictet</strong> - High Dividend Selection-P dy CHF CHF 4.95 per azione<strong>Pictet</strong> - Absolute Return Global Diversified-P dy EUR EUR 0.34 per azione<strong>Pictet</strong> - Absolute Return Global Diversified-HP dy GBP GBP 0.22 per azione<strong>Pictet</strong> - Absolute Return Global Conservative-P dy EUR EUR 0.63 per azione<strong>Pictet</strong> - Convertible Bonds-P dy EUR EUR 0.46 per azioneI dividendi sono stati versati con data ex-dividendo al 06 dicembre 2011 e data dipagamento al 16 dicembre 2011.Del 19 dicembre 2011, il Consiglio di amministrazione ha deliberato la distribuzione deidividendi alle seguenti classi di azioni:<strong>Pictet</strong> - EUR Corporate Bonds-R dm EUR 0.4 per azione<strong>Pictet</strong> - Global Emerging Debt-P dm USD USD 0.75 per azione<strong>Pictet</strong> - Global Emerging Debt-HR dm EUR EUR 0.75 per azione<strong>Pictet</strong> - EUR High Yield-R dm EUR 0.6 per azione<strong>Pictet</strong> - Emerging Local Currency Debt-P dm USD USD 0.65 per azione<strong>Pictet</strong> - Emerging Local Currency Debt-R dm USD USD 0.7 per azione<strong>Pictet</strong> - Latin American Local Currency Debt-P dm USD USD 0.65 per azione<strong>Pictet</strong> - US High Yield-P dm USD USD 0.5 per azione<strong>Pictet</strong> - US High Yield-HR dm EUR EUR 0.3 per azione<strong>Pictet</strong> - High Dividend Selection-P dm EUR EUR 0.33 per azione<strong>Pictet</strong> - High Dividend Selection-R dm EUR EUR 0.33 per azione<strong>Pictet</strong> - High Dividend Selection-P dm USD USD 0.4296 per azione<strong>Pictet</strong> - High Dividend Selection-R dm USD USD 0.4296 per azione<strong>Pictet</strong> - High Dividend Selection-I dm GBP GBP 0.2766 per azione<strong>Pictet</strong> - High Dividend Selection-P dm GBP GBP 0.2766 per azione<strong>Pictet</strong> - High Dividend Selection-P dm SGD SGD 0.5615 per azioneI dividendi sono stati versati con data ex-dividendo al 20 dicembre 2011 e data dipagamento al 27 dicembre 2011.Del 20 gennaio 2012, il Consiglio di amministrazione ha deliberato la distribuzione deidividendi alle seguenti classi di azioni:<strong>Pictet</strong> - EUR Corporate Bonds-R dm EUR 0.4 per azione<strong>Pictet</strong> - Global Emerging Debt-P dm USD USD 0.75 per azione<strong>Pictet</strong> - Global Emerging Debt-HR dm EUR EUR 0.75 per azione<strong>Pictet</strong> - EUR High Yield-R dm EUR 0.6 per azione<strong>Pictet</strong> - Emerging Local Currency Debt-P dm USD USD 0.65 per azione<strong>Pictet</strong> - Emerging Local Currency Debt-R dm USD USD 0.7 per azione<strong>Pictet</strong> - Latin American Local Currency Debt-P dm USD USD 0.65 per azione<strong>Pictet</strong> - US High Yield-P dm USD USD 0.5 per azione<strong>Pictet</strong> - US High Yield-HR dm EUR EUR 0.3 per azione<strong>Pictet</strong> - High Dividend Selection-P dm EUR EUR 0.33 per azione<strong>Pictet</strong> - High Dividend Selection-R dm EUR EUR 0.33 per azione<strong>Pictet</strong> - High Dividend Selection-P dm USD USD 0.4255 per azione<strong>Pictet</strong> - High Dividend Selection-R dm USD USD 0.4255 per azione<strong>Pictet</strong> - High Dividend Selection-I dm GBP GBP 0.275 per azione717
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)<strong>Pictet</strong> - High Dividend Selection-P dm GBP GBP 0.275 per azione<strong>Pictet</strong> - High Dividend Selection-P dm SGD SGD 0.5422 per azioneI dividendi sono stati versati con data ex-dividendo al 20 gennaio 2012 e data dipagamento al 26 gennaio 2012.Del 20 febbraio 2012, il Consiglio di amministrazione ha deliberato la distribuzione deidividendi alle seguenti classi di azioni:<strong>Pictet</strong> - EUR Corporate Bonds-R dm EUR 0.4 per azione<strong>Pictet</strong> - Global Emerging Debt-P dm USD USD 0.75 per azione<strong>Pictet</strong> - Global Emerging Debt-HR dm EUR EUR 0.75 per azione<strong>Pictet</strong> - EUR High Yield-R dm EUR 0.6 per azione<strong>Pictet</strong> - Emerging Local Currency Debt-P dm USD USD 0.65 per azione<strong>Pictet</strong> - Emerging Local Currency Debt-R dm USD USD 0.7 per azione<strong>Pictet</strong> - Latin American Local Currency Debt-P dm USD USD 0.65 per azione<strong>Pictet</strong> - US High Yield-P dm USD USD 0.5 per azione<strong>Pictet</strong> - US High Yield-HR dm EUR EUR 0.3 per azione<strong>Pictet</strong> - High Dividend Selection-P dm EUR EUR 0.33 per azione<strong>Pictet</strong> - High Dividend Selection-R dm EUR EUR 0.33 per azione<strong>Pictet</strong> - High Dividend Selection-P dm USD USD 0.4344 per azione<strong>Pictet</strong> - High Dividend Selection-R dm USD USD 0.4344 per azione<strong>Pictet</strong> - High Dividend Selection-I dm GBP GBP 0.2747 per azione<strong>Pictet</strong> - High Dividend Selection-P dm GBP GBP 0.2747 per azione<strong>Pictet</strong> - High Dividend Selection-P dm SGD SGD 0.5467 per azioneI dividendi sono stati versati con data ex-dividendo al 20 febbraio 2012 e data dipagamento al 24 febbraio 2012.Del 20 marzo 2012, il Consiglio di amministrazione ha deliberato la distribuzione deidividendi alle seguenti classi di azioni:<strong>Pictet</strong> - EUR Corporate Bonds-R dm EUR 0.4 per azione<strong>Pictet</strong> - Global Emerging Debt-P dm USD USD 0.75 per azione<strong>Pictet</strong> - Global Emerging Debt-HR dm EUR EUR 0.75 per azione<strong>Pictet</strong> - EUR High Yield-R dm EUR 0.6 per azione<strong>Pictet</strong> - Emerging Local Currency Debt-P dm USD USD 0.65 per azione<strong>Pictet</strong> - Emerging Local Currency Debt-R dm USD USD 0.7 per azione<strong>Pictet</strong> - Latin American Local Currency Debt-P dm USD USD 0.65 per azione<strong>Pictet</strong> - US High Yield-P dm USD USD 0.5 per azione<strong>Pictet</strong> - US High Yield-HR dm EUR EUR 0.3 per azione<strong>Pictet</strong> - High Dividend Selection-P dm EUR EUR 0.33 per azione<strong>Pictet</strong> - High Dividend Selection-R dm EUR EUR 0.33 per azione<strong>Pictet</strong> - High Dividend Selection-P dm USD USD 0.437 per azione<strong>Pictet</strong> - High Dividend Selection-R dm USD USD 0.437 per azione<strong>Pictet</strong> - High Dividend Selection-I dm GBP GBP 0.275 per azione<strong>Pictet</strong> - High Dividend Selection-P dm GBP GBP 0.275 per azione<strong>Pictet</strong> - High Dividend Selection-P dm SGD SGD 0.5491 per azioneI dividendi sono stati versati con data ex-dividendo al 20 marzo 2012 e data dipagamento al 26 marzo 2012.718
<strong>Pictet</strong>NOTA INTEGRATIVA AL BILANCIO AL 31 MARZO 2012 (segue)NOTA 16INVESTIMENTI IN TITOLI INDIANIConformemente a quanto previsto dal prospetto informativo in vigore, i comparti <strong>Pictet</strong>- Emerging Markets, <strong>Pictet</strong> - Indian Equities e <strong>Pictet</strong> - Asian Equities Ex Japaninvestono indirettamente in titoli emessi da società indiane. Tali investimenti sonoeffettuati tramite <strong>Pictet</strong> Funds (Mauritius) Limited, <strong>Pictet</strong> Country Fund (Mauritius)Limited e <strong>Pictet</strong> Asian Equities (Mauritius) Limited. Queste tre società, con sede aMaurizio, sono interamente controllate dalla SICAV e svolgono attività di consulenzaesclusivamente a favore dei tre comparti interessati.Attualmente questi investimenti indiretti beneficiano del trattato sulla doppiaimposizione fiscale stipulato tra l'India e Maurizio.Il governo indiano ha deciso di includere la normativa GAAR (regole generali antievasione)nella legge finanziaria attualmente in discussione nel parlamento indiano.Nonpuò essere garantito che la SICAV continuerà a beneficiare in futuro di tali agevolazionifiscali.NOTA 17EVENTISUCCESSIVI ALLA CHIUSURADELL’ESERCIZIOIl 29 dicembre 2011 il Consiglio di amministrazione ha deliberato di introdurre unacommissione di performance per tutte le azioni del comparto <strong>Pictet</strong> - Absolute ReturnGlobal Diversified, escluse le azioni "Z”.Tale commissione, applicabile a partire dal 2 aprile 2012, sarà calcolata come descrittodi seguito:• Il gestore avrà diritto a una commissione di performance accantonata in ogni giornodi valorizzazione e corrisposta con cadenza annuale, calcolata sulla base del valorepatrimoniale netto (NAV) e pari al 20% della sovraperformance del NAV per azione(misurata rispetto all'High watermark), in confronto all’indice EONIA +2% annuo nelperiodo trascorso dall’ultimo pagamento della commissione di performance.719
<strong>Pictet</strong>TER (TOTAL EXPENSE RATIO) PER IL PERIODO CHIUSO AL31 MARZO 2012Comparto Tipologia di azione TER su base annua(in %)<strong>Pictet</strong> - EUR Bonds I 0.54%P 0.91%P dy 0.92%R 1.24%Z 0.07%HI CHF 0.60%HP CHF 0.97%<strong>Pictet</strong> - USD Government Bonds I 0.36%P 0.59%P dy 0.59%R 0.79%Z 0.06%<strong>Pictet</strong> - Short-Term Money Market CHF I 0.14%P 0.18%P dy 0.18%R 0.21%Z 0.04%Z dy 0.02%<strong>Pictet</strong> - Short-Term Money Market USD I 0.19%P 0.30%P dy 0.30%R 0.46%Z 0.04%<strong>Pictet</strong> - Short-Term Money Market EUR I 0.19%P 0.36%P dy 0.35%R 0.57%Z 0.04%720
<strong>Pictet</strong>TER (TOTAL EXPENSE RATIO) PER IL PERIODO CHIUSO AL31 MARZO 2012 (segue)Comparto Tipologia di azione TER su base annua(in %)<strong>Pictet</strong> - EUR Corporate Bonds I 0.66%P 1.09%P dy 1.08%R 1.44%R dm 1.42%Z 0.09%Z dy 0.08%DH I 0.73%DH P 1.13%DH R 1.52%HI CHF 0.70%HP CHF 1.13%HZ CHF 0.14%HI USD 0.71%HP USD 1.14%R USD 1.54%<strong>Pictet</strong> - Global Emerging Debt I USD 0.86%P USD 1.44%P dy USD 1.44%P dm USD 1.41%R USD 1.94%Z USD 0.12%HI CHF 0.91%HP CHF 1.49%HI EUR 0.91%HI dy EUR 0.93%HP EUR 1.49%HR EUR 1.99%HR dm EUR 1.97%HZ EUR 0.17%HI JPY 0.91%HI ILS 0.85%721
<strong>Pictet</strong>TER (TOTAL EXPENSE RATIO) PER IL PERIODO CHIUSO AL31 MARZO 2012 (segue)Comparto Tipologia di azione TER su base annua(in %)<strong>Pictet</strong> - World Government Bonds I EUR 0.36%P EUR 0.61%P dy EUR 0.59%R EUR 0.79%Z EUR 0.07%I USD 0.35%P USD 0.58%P dy USD 0.58%R USD 0.79%<strong>Pictet</strong> - EUR High Yield I 0.81%P 1.39%P dy 1.39%R 1.89%R dm 1.86%Z 0.09%HI CHF 0.86%HP CHF 1.44%<strong>Pictet</strong> - EUR Short Mid-Term Bonds I 0.29%P 0.46%P dy 0.47%R 0.61%Z 0.04%HI CHF 0.33%HP CHF 0.51%<strong>Pictet</strong> - USD Short Mid-Term Bonds I 0.28%P 0.46%P dy 0.46%R 0.61%Z 0.04%722
<strong>Pictet</strong>TER (TOTAL EXPENSE RATIO) PER IL PERIODO CHIUSO AL31 MARZO 2012 (segue)Comparto Tipologia di azione TER su base annua(in %)<strong>Pictet</strong> - CHF Bonds I 0.50%P 0.81%P dy 0.81%R 1.06%Z 0.06%<strong>Pictet</strong> - EUR Government Bonds I 0.36%P 0.59%P dy 0.58%R 0.79%Z 0.05%HI CHF 0.40%HP CHF 0.63%<strong>Pictet</strong> - EUR Inflation Linked Bonds I 0.39%P 0.62%P dy 0.62%R 0.81%Z 0.07%723
<strong>Pictet</strong>TER (TOTAL EXPENSE RATIO) PER IL PERIODO CHIUSO AL31 MARZO 2012 (segue)Comparto Tipologia di azione TER su base annua(in %)<strong>Pictet</strong> - Emerging Local Currency Debt I USD 0.95%P USD 1.59%P dy USD 1.59%P dm USD 1.58%R USD 2.14%R dm USD 1.04%Z USD 0.17%I dy GBP 0.95%P dy GBP 1.59%I EUR 0.96%P EUR 1.59%R EUR 2.14%Z dy EUR 0.17%J dy EUR 0.73%HI EUR 1.00%HP EUR 1.63%HR EUR 2.17%HI dy EUR 1.00%HZ EUR 0.22%HZ dy EUR 0.22%HZ CHF 0.22%<strong>Pictet</strong> - Asian Local Currency Debt I USD 0.96%I dy USD 0.96%P USD 1.59%P dy USD 1.59%R USD 2.13%Z USD 0.17%Z dy USD 0.18%I GBP 0.96%P dy GBP 1.59%I EUR 0.96%P EUR 1.59%R EUR 2.13%HP EUR 1.62%724
<strong>Pictet</strong>TER (TOTAL EXPENSE RATIO) PER IL PERIODO CHIUSO AL31 MARZO 2012 (segue)Comparto Tipologia di azione TER su base annua(in %)<strong>Pictet</strong> - Global Emerging Currencies I USD 0.70%P USD 1.19%P dy USD 1.19%R USD 1.64%Z USD 0.09%I EUR 0.70%P EUR 1.19%R EUR 1.64%HI EUR 0.75%HP EUR 1.23%HR EUR 1.68%P CHF 1.18%Z GBP 0.09%<strong>Pictet</strong> - Short-Term Money Market JPY I 0.16%P 0.21%P dy 0.21%R 0.26%Z 0.04%J 0.10%<strong>Pictet</strong> - Latin American Local Currency Debt I USD 0.96%I dy USD 0.96%P USD 1.58%P dy USD 1.59%P dm USD 1.59%R USD 2.15%Z USD 0.17%P dy GBP 1.59%I EUR 0.95%P EUR 1.58%R EUR 2.15%725
<strong>Pictet</strong>TER (TOTAL EXPENSE RATIO) PER IL PERIODO CHIUSO AL31 MARZO 2012 (segue)Comparto Tipologia di azione TER su base annua(in %)<strong>Pictet</strong> - Sovereign Short-Term Money Market USD I 0.16%P 0.21%P dy 0.20%R 0.28%Z 0.04%<strong>Pictet</strong> - Sovereign Short-Term Money Market EUR I 0.17%P 0.28%P dy 0.28%R 0.42%Z 0.04%J 0.13%<strong>Pictet</strong> - US High Yield I USD 0.81%P USD 1.39%P dy USD 1.39%P dm USD 1.42%R USD 1.88%Z USD 0.09%HI EUR 0.86%HP EUR 1.44%HR EUR 1.94%HR dm EUR 1.92%HI CHF 0.86%HP CHF 1.43%HP ILS 0.83%<strong>Pictet</strong> - EUR Corporate Bonds Ex Financial I 0.66%P 1.10%P dy 1.10%R 1.45%Z 0.09%HI CHF 0.71%HP CHF 1.19%HZ CHF 0.07%HP USD 1.21%726
<strong>Pictet</strong>TER (TOTAL EXPENSE RATIO) PER IL PERIODO CHIUSO AL31 MARZO 2012 (segue)Comparto Tipologia di azione TER su base annua(in %)<strong>Pictet</strong> - EUR Short Term High Yield I 0.85%P 1.30%P dy 1.26%R 1.81%Z 0.10%HI CHF 0.83%HP CHF 1.29%RC 1.67%IU 0.85%PU 1.28%RU 1.66%<strong>Pictet</strong> - Global Bonds Fundamental I EUR 0.65%P EUR 1.05%P dy EUR 1.14%R EUR 1.38%Z EUR 0.08%I USD 0.65%P USD 1.05%R USD 1.30%Z USD 0.08%<strong>Pictet</strong> - European Equity Selection I EUR 0.96%P EUR 1.59%P dy EUR 1.59%R EUR 2.10%Z EUR 0.17%<strong>Pictet</strong> - Small Cap Europe I EUR 1.21%P EUR 2.05%P dy EUR 2.05%R EUR 2.75%Z EUR 0.22%727
<strong>Pictet</strong>TER (TOTAL EXPENSE RATIO) PER IL PERIODO CHIUSO AL31 MARZO 2012 (segue)Comparto Tipologia di azione TER su base annua(in %)<strong>Pictet</strong> - Emerging Markets I USD 2.01%P USD 2.54%P dy USD 2.55%R USD 3.05%Z USD 0.27%I EUR 2.01%P EUR 2.54%R EUR 3.04%HI EUR 2.05%HP EUR 2.59%HR EUR 3.10%<strong>Pictet</strong> - Eastern Europe I EUR 2.01%P EUR 2.39%P dy EUR 2.40%R EUR 3.10%Z EUR 0.27%P dy GBP 2.38%<strong>Pictet</strong> - Europe Index I EUR 0.34%IS EUR 0.34%P EUR 0.44%P dy EUR 0.44%R EUR 0.64%Z EUR 0.04%R dy GBP 0.64%728
<strong>Pictet</strong>TER (TOTAL EXPENSE RATIO) PER IL PERIODO CHIUSO AL31 MARZO 2012 (segue)Comparto Tipologia di azione TER su base annua(in %)<strong>Pictet</strong> - USA Index I USD 0.37%IS USD 0.37%P USD 0.47%P dy USD 0.47%R USD 0.77%Z USD 0.04%P EUR 0.52%R EUR 0.81%R dy GBP 0.71%HI dy EUR 0.46%<strong>Pictet</strong> - European Sustainable Equities I EUR 0.87%P EUR 1.26%P dy EUR 1.25%R EUR 1.66%Z EUR 0.19%<strong>Pictet</strong> - Japan Index I JPY 0.34%IS JPY 0.34%P JPY 0.44%P dy JPY 0.44%R JPY 0.74%Z JPY 0.05%IS EUR 0.34%P EUR 0.47%R EUR 0.74%R dy GBP 0.74%729
<strong>Pictet</strong>TER (TOTAL EXPENSE RATIO) PER IL PERIODO CHIUSO AL31 MARZO 2012 (segue)Comparto Tipologia di azione TER su base annua(in %)<strong>Pictet</strong> - Pacific Ex Japan Index I USD 0.34%IS USD 0.34%P USD 0.45%P dy USD 0.44%R USD 0.73%Z USD 0.04%P EUR 0.45%R EUR 0.75%R dy GBP 0.72%<strong>Pictet</strong> - Digital Communication I USD 1.16%P USD 1.99%P dy USD 1.99%R USD 2.70%Z USD 0.17%I EUR 1.16%P EUR 2.00%R EUR 2.70%I dy GBP 1.16%P dy GBP 1.99%HI EUR 1.22%<strong>Pictet</strong> - Biotech I USD 1.19%P USD 2.02%P dy USD 2.03%R USD 2.72%Z USD 0.35%I EUR 1.20%P EUR 2.02%R EUR 2.72%I dy GBP 1.17%P dy GBP 2.03%HI EUR 1.24%HP EUR 2.08%HR EUR 2.77%730
<strong>Pictet</strong>TER (TOTAL EXPENSE RATIO) PER IL PERIODO CHIUSO AL31 MARZO 2012 (segue)Comparto Tipologia di azione TER su base annua(in %)<strong>Pictet</strong> - Premium Brands I EUR 1.18%P EUR 2.02%P dy EUR 2.01%R EUR 2.72%Z EUR 0.17%I USD 1.19%P USD 2.01%R USD 2.72%I dy GBP 1.18%P dy GBP 2.02%HP USD 2.07%HR USD 2.75%HP SGD 2.13%<strong>Pictet</strong> - Water I EUR 1.19%P EUR 2.02%P dy EUR 2.02%R EUR 2.72%Z EUR 0.17%I dy GBP 1.19%P dy GBP 2.02%I USD 1.19%P USD 2.02%R USD 2.72%HP USD 2.07%HR USD 2.77%<strong>Pictet</strong> - Indian Equities I USD 1.41%P USD 2.24%P dy USD 2.24%R USD 2.94%Z USD 0.27%I EUR 1.41%P EUR 2.24%R EUR 2.94%P dy GBP 2.24%731
<strong>Pictet</strong>TER (TOTAL EXPENSE RATIO) PER IL PERIODO CHIUSO AL31 MARZO 2012 (segue)Comparto Tipologia di azione TER su base annua(in %)<strong>Pictet</strong> - Japanese Equity Opportunities I JPY 0.94%P JPY 1.59%P dy JPY 1.57%R JPY 2.08%I EUR 0.94%P EUR 1.58%R EUR 2.07%Z EUR 0.21%I GBP 0.98%P GBP 1.63%<strong>Pictet</strong> - Asian Equities Ex Japan I USD 1.21%P USD 2.04%P dy USD 2.04%R USD 2.75%Z USD 0.27%I EUR 1.20%P EUR 2.05%R EUR 2.75%HI EUR 1.26%HP EUR 2.10%HR EUR 2.79%<strong>Pictet</strong> - Greater China I USD 1.20%P USD 2.04%P dy USD 2.02%R USD 2.74%Z USD 0.27%I EUR 1.20%P EUR 2.03%R EUR 2.74%P dy GBP 2.04%732
<strong>Pictet</strong>TER (TOTAL EXPENSE RATIO) PER IL PERIODO CHIUSO AL31 MARZO 2012 (segue)Comparto Tipologia di azione TER su base annua(in %)<strong>Pictet</strong> - Japanese Equity Selection I JPY 0.96%P JPY 1.59%P dy JPY 1.60%R JPY 2.10%Z JPY 0.22%P dy GBP 1.58%I EUR 0.98%P EUR 1.59%R EUR 2.08%HI EUR 1.00%HP EUR 1.64%HR EUR 2.11%<strong>Pictet</strong> - Generics I USD 1.18%P USD 2.02%P dy USD 2.03%R USD 2.73%Z USD 0.35%I EUR 1.19%P EUR 2.02%R EUR 2.73%I dy GBP 1.19%P dy GBP 2.01%HI EUR 1.23%HP EUR 2.09%HR EUR 2.78%<strong>Pictet</strong> - Emerging Markets Index I USD 0.70%IS USD 0.70%P USD 0.90%P dy USD 0.90%R USD 1.15%Z USD 0.22%P EUR 0.94%R EUR 1.23%R dy GBP 1.15%733
<strong>Pictet</strong>TER (TOTAL EXPENSE RATIO) PER IL PERIODO CHIUSO AL31 MARZO 2012 (segue)Comparto Tipologia di azione TER su base annua(in %)<strong>Pictet</strong> - Euroland Index I EUR 0.34%P EUR 0.44%P dy EUR 0.45%R EUR 0.73%Z EUR 0.04%R dy GBP 0.73%<strong>Pictet</strong> - US Equity Growth Selection I USD 0.95%P USD 1.59%P dy USD 1.59%R USD 2.09%Z USD 0.32%R EUR 2.07%HI EUR 1.01%HP EUR 1.64%HR EUR 2.14%<strong>Pictet</strong> - Security I USD 1.19%P USD 2.02%P dy USD 2.03%R USD 2.73%Z USD 0.17%I EUR 1.20%P EUR 2.03%R EUR 2.73%I dy GBP 1.19%P dy GBP 2.01%734
<strong>Pictet</strong>TER (TOTAL EXPENSE RATIO) PER IL PERIODO CHIUSO AL31 MARZO 2012 (segue)Comparto Tipologia di azione TER su base annua(in %)<strong>Pictet</strong> - Clean Energy I USD 1.19%P USD 2.03%P dy USD 2.02%R USD 2.73%Z USD 0.17%I EUR 1.20%I dy EUR 1.18%P EUR 2.04%R EUR 2.73%I dy GBP 1.19%P dy GBP 2.02%<strong>Pictet</strong> - Russian Equities I USD 1.21%P USD 2.05%P dy USD 2.04%R USD 2.75%Z USD 0.28%I EUR 1.22%P EUR 2.05%R EUR 2.75%P dy GBP 2.05%<strong>Pictet</strong> - Timber I USD 1.19%P USD 2.02%P dy USD 2.02%R USD 2.73%Z USD 0.17%I EUR 1.20%P EUR 2.03%R EUR 2.73%I dy GBP 1.19%P dy GBP 2.02%HP EUR 2.08%HR EUR 2.78%735
<strong>Pictet</strong>TER (TOTAL EXPENSE RATIO) PER IL PERIODO CHIUSO AL31 MARZO 2012 (segue)Comparto Tipologia di azione TER su base annua(in %)<strong>Pictet</strong> - Agriculture I EUR 1.19%P EUR 2.03%P dy EUR 2.03%R EUR 2.73%Z EUR 0.17%I USD 1.19%P USD 2.02%P dy USD 2.03%R USD 2.73%I dy GBP 1.19%P dy GBP 2.02%<strong>Pictet</strong> - Global Megatrend Selection I USD 1.19%P USD 2.03%P dy USD 2.01%R USD 2.93%Z USD 0.18%I EUR 1.19%P EUR 2.03%P dy EUR 2.01%R EUR 2.93%P CHF 2.02%I dy GBP 1.19%P dy GBP 2.02%HI EUR 1.25%HP EUR 2.07%HR EUR 2.95%<strong>Pictet</strong> - US Equity Value Selection I USD 0.96%P USD 1.58%P dy USD 1.57%R USD 2.08%R EUR 2.08%HP EUR 1.64%HR EUR 2.15%736
<strong>Pictet</strong>TER (TOTAL EXPENSE RATIO) PER IL PERIODO CHIUSO AL31 MARZO 2012 (segue)Comparto Tipologia di azione TER su base annua(in %)<strong>Pictet</strong> - Middle East And North Africa I USD 1.32%P USD 2.14%P dy USD 2.14%R USD 2.85%Z USD 0.48%P EUR 2.14%R EUR 2.84%HP EUR 2.19%HR EUR 2.89%<strong>Pictet</strong> - Environmental Megatrend Selection I EUR 1.19%P EUR 2.02%P dy EUR 2.00%R EUR 2.73%I USD 1.18%P USD 2.02%P dy USD 2.08%R USD 2.73%P CHF 2.02%I dy GBP 1.21%P dy GBP 2.02%737
<strong>Pictet</strong>TER (TOTAL EXPENSE RATIO) PER IL PERIODO CHIUSO AL31 MARZO 2012 (segue)Comparto Tipologia di azione TER su base annua(in %)<strong>Pictet</strong> - High Dividend Selection I EUR 1.14%P EUR 1.98%P dy EUR 2.00%P dm EUR 1.99%R EUR 2.70%R dm EUR 2.69%Z EUR 0.15%I USD 1.14%P USD 1.99%P dm USD 1.99%R USD 2.70%R dm USD 2.69%I dm GBP 0.94%P dm GBP 1.59%P SGD 1.99%P dm SGD 1.97%P dy CHF 1.99%P CHF 2.00%<strong>Pictet</strong> - Brazil Index I USD 0.47%IS USD 0.48%P USD 0.64%R USD 0.80%P EUR 0.67%R EUR 0.93%<strong>Pictet</strong> - Bric Index I USD 0.51%IS USD 0.51%P USD 0.75%R USD 0.86%P EUR 0.77%R EUR 0.87%738
<strong>Pictet</strong>TER (TOTAL EXPENSE RATIO) PER IL PERIODO CHIUSO AL31 MARZO 2012 (segue)Comparto Tipologia di azione TER su base annua(in %)<strong>Pictet</strong> - China Index I USD 0.51%IS USD 0.47%P USD 0.64%R USD 0.79%P EUR 0.63%R EUR 0.79%<strong>Pictet</strong> - India Index I USD 0.59%IS USD 0.58%P USD 0.83%R USD 1.13%P EUR 0.84%R EUR 1.14%<strong>Pictet</strong> - Latam Index I USD 0.49%IS USD 0.50%P USD 0.70%R USD 0.86%P EUR 0.67%R EUR 0.96%R GBP 0.86%<strong>Pictet</strong> - Russia Index I USD 0.50%IS USD 0.48%P USD 0.63%R USD 0.85%P EUR 0.62%R EUR 0.82%739
<strong>Pictet</strong>TER (TOTAL EXPENSE RATIO) PER IL PERIODO CHIUSO AL31 MARZO 2012 (segue)Comparto Tipologia di azione TER su base annua(in %)<strong>Pictet</strong> - Emerging Markets Sustainable Equities* I USD -P USD -P dy USD -R USD -Z USD -I EUR -P EUR -P dy EUR -R EUR -HI EUR -HP EUR -HR EUR -<strong>Pictet</strong> - Piclife P CHF 0.94%R CHF 1.34%S CHF 0.58%<strong>Pictet</strong> - Absolute Return Global Diversified I EUR 0.81%P EUR 1.44%P dy EUR 1.44%R EUR 1.94%Z EUR 0.12%HI CHF 0.86%HP CHF 1.49%HZ CHF 0.17%HI USD 0.86%HP USD 1.49%HI GBP 0.86%HP dy GBP 1.49%HZ GBP 0.17%HI JPY 0.86%HZ JPY 0.17%* lanciato il 28 febbraio 2012740
<strong>Pictet</strong>TER (TOTAL EXPENSE RATIO) PER IL PERIODO CHIUSO AL31 MARZO 2012 (segue)Comparto Tipologia di azione TER su base annua(in %)<strong>Pictet</strong> - Absolute Return Global Conservative I EUR 0.70%P EUR 1.14%P dy EUR 1.13%R EUR 1.49%Z EUR 0.12%<strong>Pictet</strong> - Convertible Bonds I EUR 1.26%P EUR 2.09%P dy EUR 2.09%MG EUR 2.09%R EUR 2.80%I USD 1.25%P USD 2.09%MG USD 2.09%HI CHF 1.31%HP CHF 2.14%HI GBP 1.31%HR CHF 2.85%HI USD 1.31%HP USD 2.14%HMG USD 2.13%<strong>Pictet</strong> - Global Flexible Allocation I EUR 0.81%P EUR 1.29%P dy EUR 1.26%R EUR 2.75%HI CHF 0.87%HP CHF 1.51%HI GBP 0.85%HP GBP 1.30%HI USD 0.85%HP USD 1.32%Calcolo del Total Expense Ratio (TER):TER % = COSTI OPERATIVI * 100PATRIMONIO MEDIO DELLA SICAV (*)(*) Calcolato sulla base della media giornaliera delle attività nette complessive per il periodo compreso tra il 1 ottobre 2011 e il 31 marzo 2012.741
<strong>Pictet</strong>TASSO DI MOVIMENTAZIONE DEL PORTAFOGLIO (C.D. TURNOVER)CompartoComparto<strong>Pictet</strong> - EUR Bonds 31.18%<strong>Pictet</strong> - USD Government Bonds 17.39%<strong>Pictet</strong> - Short-Term Money Market CHF 217.42%<strong>Pictet</strong> - Short-Term Money Market USD 155.81%<strong>Pictet</strong> - Short-Term Money Market EUR 153.46%<strong>Pictet</strong> - EUR Corporate Bonds 51.20%<strong>Pictet</strong> - Global Emerging Debt -26.86%<strong>Pictet</strong> - World Government Bonds 26.65%<strong>Pictet</strong> - EUR High Yield -26.74%<strong>Pictet</strong> - EUR Short Mid-Term Bonds 126.44%<strong>Pictet</strong> - USD Short Mid-Term Bonds 121.91%<strong>Pictet</strong> - CHF Bonds -13.58%<strong>Pictet</strong> - EUR Government Bonds 33.58%<strong>Pictet</strong> - EUR Inflation Linked Bonds -26.94%<strong>Pictet</strong> - Emerging Local Currency Debt -4.07%<strong>Pictet</strong> - Asian Local Currency Debt -9.95%<strong>Pictet</strong> - Global Emerging Currencies 128.44%<strong>Pictet</strong> - Short-Term Money Market JPY 372.34%<strong>Pictet</strong> - Latin American Local Currency Debt 14.46%<strong>Pictet</strong> - Sovereign Short-Term Money Market USD 323.22%<strong>Pictet</strong> - Sovereign Short-Term Money Market EUR 454.67%<strong>Pictet</strong> - US High Yield -6.80%<strong>Pictet</strong> - EUR Corporate Bonds Ex Financial -12.50%<strong>Pictet</strong> - EUR Short Term High Yield -47.20%<strong>Pictet</strong> - Global Bonds Fundamental 35.91%<strong>Pictet</strong> - European Equity Selection 18.38%<strong>Pictet</strong> - Small Cap Europe 29.66%<strong>Pictet</strong> - Emerging Markets 122.06%<strong>Pictet</strong> - Eastern Europe 55.90%<strong>Pictet</strong> - Europe Index -17.07%<strong>Pictet</strong> - USA Index -21.84%<strong>Pictet</strong> - European Sustainable Equities -0.62%<strong>Pictet</strong> - Japan Index -18.43%<strong>Pictet</strong> - Pacific Ex Japan Index -5.98%<strong>Pictet</strong> - Digital Communication 55.53%<strong>Pictet</strong> - Biotech 30.94%<strong>Pictet</strong> - Premium Brands -15.88%<strong>Pictet</strong> - Water -2.37%<strong>Pictet</strong> - Indian Equities 21.82%<strong>Pictet</strong> - Japanese Equity Opportunities 82.69%<strong>Pictet</strong> - Asian Equities Ex Japan 90.34%<strong>Pictet</strong> - Greater China 73.68%<strong>Pictet</strong> - Japanese Equity Selection 42.02%<strong>Pictet</strong> - Generics 3.26%<strong>Pictet</strong> - Emerging Markets Index -3.07%<strong>Pictet</strong> - Euroland Index -11.29%<strong>Pictet</strong> - US Equity Growth Selection -8.83%<strong>Pictet</strong> - Security 94.15%<strong>Pictet</strong> - Clean Energy 60.15%<strong>Pictet</strong> - Russian Equities 41.54%<strong>Pictet</strong> - Timber -3.58%<strong>Pictet</strong> - Agriculture 23.59%<strong>Pictet</strong> - Global Megatrend Selection 31.65%<strong>Pictet</strong> - US Equity Value Selection 11.39%<strong>Pictet</strong> - Middle East And North Africa -7.07%<strong>Pictet</strong> - Environmental Megatrend Selection 14.13%<strong>Pictet</strong> - High Dividend Selection 154.93%<strong>Pictet</strong> - Brazil Index -63.66%<strong>Pictet</strong> - Bric Index -343.63%<strong>Pictet</strong> - China Index -105.65%<strong>Pictet</strong> - India Index -91.64%<strong>Pictet</strong> - Latam Index -58.70%<strong>Pictet</strong> - Russia Index -40.31%<strong>Pictet</strong> - Emerging Markets Sustainable Equities** -<strong>Pictet</strong> - Piclife 122.60%<strong>Pictet</strong> - Absolute Return Global Diversified 36.65%<strong>Pictet</strong> - Absolute Return Global Conservative -18.79%<strong>Pictet</strong> - Convertible Bonds 129.82%<strong>Pictet</strong> - Global Flexible Allocation -90.34%Calcolo del turnover:Turnover = (TOTALE ACQUISTI + TOTALE VENDITE) - (TOTALE SOTTOSCRIZIONI + TOTALE RIMBORSI)NAV MEDIO (*)(*) Calcolato sulla base della media giornaliera delle attività nette complessive per il periodo compreso tra il 1 ottobre 2011 e il 31 marzo 2012.** lanciato il 28 febbraio 2012742
<strong>Pictet</strong>PERFORMANCEClassi di azioniClassi di azioni<strong>Pictet</strong> - EUR Bonds-I 6.46%<strong>Pictet</strong> - EUR Bonds-P 6.27%<strong>Pictet</strong> - EUR Bonds-P dy 6.27%<strong>Pictet</strong> - EUR Bonds-R 6.10%<strong>Pictet</strong> - EUR Bonds-Z 6.73%<strong>Pictet</strong> - EUR Bonds-HI CHF 6.04%<strong>Pictet</strong> - EUR Bonds-HP CHF 5.85%<strong>Pictet</strong> - USD Government Bonds-I -0.19%<strong>Pictet</strong> - USD Government Bonds-P -0.31%<strong>Pictet</strong> - USD Government Bonds-P dy -0.31%<strong>Pictet</strong> - USD Government Bonds-R -0.41%<strong>Pictet</strong> - USD Government Bonds-Z -0.04%<strong>Pictet</strong> - Short-Term Money Market CHF-I 0.05%<strong>Pictet</strong> - Short-Term Money Market CHF-P 0.03%<strong>Pictet</strong> - Short-Term Money Market CHF-P dy 0.04%<strong>Pictet</strong> - Short-Term Money Market CHF-R 0.02%<strong>Pictet</strong> - Short-Term Money Market CHF-Z 0.10%<strong>Pictet</strong> - Short-Term Money Market CHF-Z dy 0.12%<strong>Pictet</strong> - Short-Term Money Market USD-I 0.31%<strong>Pictet</strong> - Short-Term Money Market USD-P 0.26%<strong>Pictet</strong> - Short-Term Money Market USD-P dy 0.26%<strong>Pictet</strong> - Short-Term Money Market USD-R 0.19%<strong>Pictet</strong> - Short-Term Money Market USD-Z 0.39%<strong>Pictet</strong> - Short-Term Money Market EUR-I 0.46%<strong>Pictet</strong> - Short-Term Money Market EUR-P 0.38%<strong>Pictet</strong> - Short-Term Money Market EUR-P dy 0.37%<strong>Pictet</strong> - Short-Term Money Market EUR-R 0.27%<strong>Pictet</strong> - Short-Term Money Market EUR-Z 0.53%<strong>Pictet</strong> - EUR Corporate Bonds-I 7.48%<strong>Pictet</strong> - EUR Corporate Bonds-P 7.25%<strong>Pictet</strong> - EUR Corporate Bonds-P dy 7.26%<strong>Pictet</strong> - EUR Corporate Bonds-R 7.07%<strong>Pictet</strong> - EUR Corporate Bonds - R dm 7.06%<strong>Pictet</strong> - EUR Corporate Bonds-Z 7.79%<strong>Pictet</strong> - EUR Corporate Bonds-Z dy 7.79%<strong>Pictet</strong> - EUR Corporate Bonds-DH I 5.08%<strong>Pictet</strong> - EUR Corporate Bonds-DH P 4.85%<strong>Pictet</strong> - EUR Corporate Bonds-DH R 4.66%<strong>Pictet</strong> - EUR Corporate Bonds-HI CHF 7.04%<strong>Pictet</strong> - EUR Corporate Bonds-HZ CHF 7.35%<strong>Pictet</strong> - EUR Corporate Bonds-HP CHF 6.81%<strong>Pictet</strong> - EUR Corporate Bonds-HI USD 7.40%<strong>Pictet</strong> - EUR Corporate Bonds-HP USD 7.18%<strong>Pictet</strong> - EUR Corporate Bonds-R USD* 3.90%<strong>Pictet</strong> - Global Emerging Debt-I USD 9.10%<strong>Pictet</strong> - Global Emerging Debt-P USD 8.79%<strong>Pictet</strong> - Global Emerging Debt-P dy USD 8.79%<strong>Pictet</strong> - Global Emerging Debt-P dm USD 8.79%<strong>Pictet</strong> - Global Emerging Debt-R USD 8.52%<strong>Pictet</strong> - Global Emerging Debt-Z USD 9.51%<strong>Pictet</strong> - Global Emerging Debt-HI CHF 8.66%<strong>Pictet</strong> - Global Emerging Debt-HP CHF 8.35%<strong>Pictet</strong> - Global Emerging Debt-HI EUR 9.00%<strong>Pictet</strong> - Global Emerging Debt-HI dy EUR 9.00%<strong>Pictet</strong> - Global Emerging Debt-HP EUR 8.69%<strong>Pictet</strong> - Global Emerging Debt-HR EUR 8.42%<strong>Pictet</strong> - Global Emerging Debt-HR dm EUR 8.41%<strong>Pictet</strong> - Global Emerging Debt-HZ EUR 9.41%<strong>Pictet</strong> - Global Emerging Debt-HI JPY 8.82%<strong>Pictet</strong> - Global Emerging Debt-HI ILS 9.80%<strong>Pictet</strong> - World Government Bonds-I EUR 0.43%<strong>Pictet</strong> - World Government Bonds-P EUR 0.32%<strong>Pictet</strong> - World Government Bonds-P dy EUR 0.31%<strong>Pictet</strong> - World Government Bonds-R EUR 0.22%<strong>Pictet</strong> - World Government Bonds-Z EUR 0.57%<strong>Pictet</strong> - World Government Bonds-I USD -0.68%<strong>Pictet</strong> - World Government Bonds-P USD -0.79%<strong>Pictet</strong> - World Government Bonds-P dy USD -0.79%<strong>Pictet</strong> - World Government Bonds-R USD -0.89%<strong>Pictet</strong> - EUR High Yield-I 17.01%<strong>Pictet</strong> - EUR High Yield-P 16.68%<strong>Pictet</strong> - EUR High Yield-P dy 16.68%<strong>Pictet</strong> - EUR High Yield-R 16.39%<strong>Pictet</strong> - EUR High Yield-R dm 16.38%<strong>Pictet</strong> - EUR High Yield-Z 17.43%<strong>Pictet</strong> - EUR High Yield-HI CHF 16.50%<strong>Pictet</strong> - EUR High Yield-HP CHF 16.16%<strong>Pictet</strong> - EUR Short Mid-Term Bonds-I 2.85%<strong>Pictet</strong> - EUR Short Mid-Term Bonds-P 2.75%<strong>Pictet</strong> - EUR Short Mid-Term Bonds-P dy 2.76%<strong>Pictet</strong> - EUR Short Mid-Term Bonds-R 2.68%<strong>Pictet</strong> - EUR Short Mid-Term Bonds-Z 2.98%<strong>Pictet</strong> - EUR Short Mid-Term Bonds-HI CHF 2.43%<strong>Pictet</strong> - EUR Short Mid-Term Bonds-HP CHF 2.33%<strong>Pictet</strong> - USD Short Mid-Term Bonds-I 0.66%<strong>Pictet</strong> - USD Short Mid-Term Bonds-P 0.58%<strong>Pictet</strong> - USD Short Mid-Term Bonds-P dy 0.57%<strong>Pictet</strong> - USD Short Mid-Term Bonds-R 0.50%<strong>Pictet</strong> - USD Short Mid-Term Bonds-Z 0.79%<strong>Pictet</strong> - CHF Bonds-I 2.64%743
<strong>Pictet</strong>PERFORMANCE (segue)Classi di azioniClassi di azioni<strong>Pictet</strong> - CHF Bonds-P 2.48%<strong>Pictet</strong> - CHF Bonds-P dy 2.48%<strong>Pictet</strong> - CHF Bonds-R 2.35%<strong>Pictet</strong> - CHF Bonds-Z 2.87%<strong>Pictet</strong> - EUR Government Bonds-I 3.97%<strong>Pictet</strong> - EUR Government Bonds-P 3.85%<strong>Pictet</strong> - EUR Government Bonds-P dy 3.85%<strong>Pictet</strong> - EUR Government Bonds-R 3.75%<strong>Pictet</strong> - EUR Government Bonds-Z 4.13%<strong>Pictet</strong> - EUR Government Bonds-HI CHF 3.54%<strong>Pictet</strong> - EUR Government Bonds-HP CHF 3.43%<strong>Pictet</strong> - EUR Inflation Linked Bonds-I 3.52%<strong>Pictet</strong> - EUR Inflation Linked Bonds-P 3.42%<strong>Pictet</strong> - EUR Inflation Linked Bonds-P dy 3.41%<strong>Pictet</strong> - EUR Inflation Linked Bonds-R 3.31%<strong>Pictet</strong> - EUR Inflation Linked Bonds-Z 3.70%<strong>Pictet</strong> - Emerging Local Currency Debt-I USD 7.85%<strong>Pictet</strong> - Emerging Local Currency Debt-P USD 7.52%<strong>Pictet</strong> - Emerging Local Currency Debt-P dy USD 7.52%<strong>Pictet</strong> - Emerging Local Currency Debt-P dm USD 7.52%<strong>Pictet</strong> - Emerging Local Currency Debt-R USD 7.22%<strong>Pictet</strong> - Emerging Local Currency Debt-R dm USD 7.03%<strong>Pictet</strong> - Emerging Local Currency Debt-Z USD 8.28%<strong>Pictet</strong> - Emerging Local Currency Debt-I dy GBP 5.62%<strong>Pictet</strong> - Emerging Local Currency Debt-P dy GBP 5.27%<strong>Pictet</strong> - Emerging Local Currency Debt-I EUR 8.99%<strong>Pictet</strong> - Emerging Local Currency Debt-P EUR 8.65%<strong>Pictet</strong> - Emerging Local Currency Debt-R EUR 8.36%<strong>Pictet</strong> - Emerging Local Currency Debt-Z dy EUR 9.43%<strong>Pictet</strong> - Emerging Local Currency Debt-J dy EUR 9.12%<strong>Pictet</strong> - Emerging Local Currency Debt-HI EUR 7.35%<strong>Pictet</strong> - Emerging Local Currency Debt-HP EUR 7.01%<strong>Pictet</strong> - Emerging Local Currency Debt-HR EUR 6.71%<strong>Pictet</strong> - Emerging Local Currency Debt-HI dy EUR 7.34%<strong>Pictet</strong> - Emerging Local Currency Debt-HZ EUR 7.77%<strong>Pictet</strong> - Emerging Local Currency Debt-HZ dy EUR 7.76%<strong>Pictet</strong> - Emerging Local Currency Debt-HZ CHF 7.45%<strong>Pictet</strong> - Asian Local Currency Debt-I USD 3.55%<strong>Pictet</strong> - Asian Local Currency Debt-I dy USD 3.54%<strong>Pictet</strong> - Asian Local Currency Debt-P USD 3.22%<strong>Pictet</strong> - Asian Local Currency Debt-P dy USD 3.22%<strong>Pictet</strong> - Asian Local Currency Debt-R USD 2.93%<strong>Pictet</strong> - Asian Local Currency Debt-Z USD 3.96%<strong>Pictet</strong> - Asian Local Currency Debt-Z dy USD* -1.77%<strong>Pictet</strong> - Asian Local Currency Debt-I GBP 0.97%<strong>Pictet</strong> - Asian Local Currency Debt-P dy GBP 0.66%<strong>Pictet</strong> - Asian Local Currency Debt-I EUR 4.91%<strong>Pictet</strong> - Asian Local Currency Debt-P EUR 4.58%<strong>Pictet</strong> - Asian Local Currency Debt-R EUR 4.29%<strong>Pictet</strong> - Asian Local Currency Debt-HP EUR 2.85%<strong>Pictet</strong> - Global Emerging Currencies-I USD 3.51%<strong>Pictet</strong> - Global Emerging Currencies-P USD 3.27%<strong>Pictet</strong> - Global Emerging Currencies-P dy USD 3.28%<strong>Pictet</strong> - Global Emerging Currencies-R USD 3.04%<strong>Pictet</strong> - Global Emerging Currencies-Z USD 3.85%<strong>Pictet</strong> - Global Emerging Currencies-I EUR 4.63%<strong>Pictet</strong> - Global Emerging Currencies-P EUR 4.39%<strong>Pictet</strong> - Global Emerging Currencies-R EUR 4.15%<strong>Pictet</strong> - Global Emerging Currencies-HI EUR 3.12%<strong>Pictet</strong> - Global Emerging Currencies-HP EUR 2.89%<strong>Pictet</strong> - Global Emerging Currencies-HR EUR 2.64%<strong>Pictet</strong> - Global Emerging Currencies-P CHF 3.20%<strong>Pictet</strong> - Global Emerging Currencies-Z GBP 1.67%<strong>Pictet</strong> - Short-Term Money Market JPY-I 0.12%<strong>Pictet</strong> - Short-Term Money Market JPY-P 0.10%<strong>Pictet</strong> - Short-Term Money Market JPY-P dy 0.10%<strong>Pictet</strong> - Short-Term Money Market JPY-R 0.07%<strong>Pictet</strong> - Short-Term Money Market JPY-Z 0.18%<strong>Pictet</strong> - Short-Term Money Market JPY-J 0.15%<strong>Pictet</strong> - Latin American Local Currency Debt-I USD 9.09%<strong>Pictet</strong> - Latin American Local Currency Debt-I dy USD 9.10%<strong>Pictet</strong> - Latin American Local Currency Debt-P USD 8.76%<strong>Pictet</strong> - Latin American Local Currency Debt-P dy USD 8.76%<strong>Pictet</strong> - Latin American Local Currency Debt-P dm USD 8.75%<strong>Pictet</strong> - Latin American Local Currency Debt-R USD 8.46%<strong>Pictet</strong> - Latin American Local Currency Debt-Z USD 9.51%<strong>Pictet</strong> - Latin American Local Currency Debt-P dy GBP 6.48%<strong>Pictet</strong> - Latin American Local Currency Debt-I EUR 10.28%<strong>Pictet</strong> - Latin American Local Currency Debt-P EUR 9.92%<strong>Pictet</strong> - Latin American Local Currency Debt-R EUR 9.62%<strong>Pictet</strong> - Sovereign Short-Term Money Market USD-I 0.07%<strong>Pictet</strong> - Sovereign Short-Term Money Market USD-P 0.05%<strong>Pictet</strong> - Sovereign Short-Term Money Market USD-P dy 0.05%<strong>Pictet</strong> - Sovereign Short-Term Money Market USD-R 0.02%<strong>Pictet</strong> - Sovereign Short-Term Money Market USD-Z 0.15%<strong>Pictet</strong> - Sovereign Short-Term Money Market EUR-I 0.06%<strong>Pictet</strong> - Sovereign Short-Term Money Market EUR-P 0.00%<strong>Pictet</strong> - Sovereign Short-Term Money Market EUR-P dy 0.01%<strong>Pictet</strong> - Sovereign Short-Term Money Market EUR-R -0.06%<strong>Pictet</strong> - Sovereign Short-Term Money Market EUR-Z 0.13%744
<strong>Pictet</strong>PERFORMANCE (segue)Classi di azioniClassi di azioni<strong>Pictet</strong> - Sovereign Short-Term Money Market EUR-J 0.06%<strong>Pictet</strong> - US High Yield-I USD 10.95%<strong>Pictet</strong> - US High Yield-P USD 10.64%<strong>Pictet</strong> - US High Yield-P dy USD 10.63%<strong>Pictet</strong> - US High Yield-P dm USD 10.63%<strong>Pictet</strong> - US High Yield-R USD 10.35%<strong>Pictet</strong> - US High Yield-Z USD 11.36%<strong>Pictet</strong> - US High Yield-HI EUR 10.73%<strong>Pictet</strong> - US High Yield-HP EUR 10.40%<strong>Pictet</strong> - US High Yield-HR EUR 10.13%<strong>Pictet</strong> - US High Yield-HR dm EUR 10.14%<strong>Pictet</strong> - US High Yield-HI CHF 10.42%<strong>Pictet</strong> - US High Yield-HP CHF 10.10%<strong>Pictet</strong> - US High Yield-HP ILS 11.49%<strong>Pictet</strong> - EUR Corporate Bonds Ex Financial-I 5.99%<strong>Pictet</strong> - EUR Corporate Bonds Ex Financial-P 5.76%<strong>Pictet</strong> - EUR Corporate Bonds Ex Financial-P dy 5.75%<strong>Pictet</strong> - EUR Corporate Bonds Ex Financial-R 5.58%<strong>Pictet</strong> - EUR Corporate Bonds Ex Financial-Z 6.29%<strong>Pictet</strong> - EUR Corporate Bonds Ex Financial-HI CHF 5.56%<strong>Pictet</strong> - EUR Corporate Bonds Ex Financial-HP CHF* 5.74%<strong>Pictet</strong> - EUR Corporate Bonds Ex Financial-HZ CHF 5.86%<strong>Pictet</strong> - EUR Corporate Bonds Ex Financial-HP USD* 6.48%<strong>Pictet</strong> - EUR Short Term High Yield-I* 2.33%<strong>Pictet</strong> - EUR Short Term High Yield-P* 2.25%<strong>Pictet</strong> - EUR Short Term High Yield-P dy* 2.25%<strong>Pictet</strong> - EUR Short Term High Yield-R* 2.18%<strong>Pictet</strong> - EUR Short Term High Yield-Z* 2.45%<strong>Pictet</strong> - EUR Short Term High Yield-HI CHF* 2.23%<strong>Pictet</strong> - EUR Short Term High Yield-HP CHF* 2.16%<strong>Pictet</strong> - EUR Short Term High Yield-RC* 2.09%<strong>Pictet</strong> - EUR Short Term High Yield-IU* 2.34%<strong>Pictet</strong> - EUR Short Term High Yield-PU* 2.26%<strong>Pictet</strong> - EUR Short Term High Yield-RU* 2.20%<strong>Pictet</strong> - Global Bonds Fundamental-I EUR* -1.72%<strong>Pictet</strong> - Global Bonds Fundamental-P EUR* -1.77%<strong>Pictet</strong> - Global Bonds Fundamental-P dy EUR* -1.77%<strong>Pictet</strong> - Global Bonds Fundamental-R EUR* -1.82%<strong>Pictet</strong> - Global Bonds Fundamental-Z EUR* -1.62%<strong>Pictet</strong> - Global Bonds Fundamental-I USD* -0.50%<strong>Pictet</strong> - Global Bonds Fundamental-P USD* -0.55%<strong>Pictet</strong> - Global Bonds Fundamental-R USD* -0.60%<strong>Pictet</strong> - Global Bonds Fundamental-Z USD* -0.40%<strong>Pictet</strong> - European Equity Selection-I EUR 17.93%<strong>Pictet</strong> - European Equity Selection-P EUR 17.57%<strong>Pictet</strong> - European Equity Selection-P dy EUR 17.57%<strong>Pictet</strong> - European Equity Selection-R EUR 17.27%<strong>Pictet</strong> - European Equity Selection-Z EUR 18.40%<strong>Pictet</strong> - Small Cap Europe-I EUR 21.32%<strong>Pictet</strong> - Small Cap Europe-P EUR 20.82%<strong>Pictet</strong> - Small Cap Europe-P dy EUR 20.82%<strong>Pictet</strong> - Small Cap Europe-R EUR 20.40%<strong>Pictet</strong> - Small Cap Europe-Z EUR 21.92%<strong>Pictet</strong> - Emerging Markets-I USD 13.94%<strong>Pictet</strong> - Emerging Markets-P USD 13.64%<strong>Pictet</strong> - Emerging Markets-P dy USD 13.64%<strong>Pictet</strong> - Emerging Markets-R USD 13.36%<strong>Pictet</strong> - Emerging Markets-Z USD 14.93%<strong>Pictet</strong> - Emerging Markets-I EUR 14.51%<strong>Pictet</strong> - Emerging Markets-P EUR 14.21%<strong>Pictet</strong> - Emerging Markets-R EUR 13.93%<strong>Pictet</strong> - Emerging Markets-HI EUR 13.14%<strong>Pictet</strong> - Emerging Markets-HP EUR 12.85%<strong>Pictet</strong> - Emerging Markets-HR EUR 12.57%<strong>Pictet</strong> - Eastern Europe-I EUR 15.31%<strong>Pictet</strong> - Eastern Europe-P EUR 15.10%<strong>Pictet</strong> - Eastern Europe-P dy EUR 15.09%<strong>Pictet</strong> - Eastern Europe-R EUR 14.69%<strong>Pictet</strong> - Eastern Europe-Z EUR 16.32%<strong>Pictet</strong> - Eastern Europe-P dy GBP 11.51%<strong>Pictet</strong> - Europe Index-I EUR 17.39%<strong>Pictet</strong> - Europe Index-IS EUR 17.40%<strong>Pictet</strong> - Europe Index-P EUR 17.34%<strong>Pictet</strong> - Europe Index-P dy EUR 16.21%<strong>Pictet</strong> - Europe Index-R EUR 17.30%<strong>Pictet</strong> - Europe Index-Z EUR 17.56%<strong>Pictet</strong> - Europe Index-R dy GBP 13.14%<strong>Pictet</strong> - USA Index-I USD 24.85%<strong>Pictet</strong> - USA Index-IS USD 25.09%<strong>Pictet</strong> - USA Index-P USD 24.77%<strong>Pictet</strong> - USA Index-P dy USD 24.77%<strong>Pictet</strong> - USA Index-R USD 24.87%<strong>Pictet</strong> - USA Index-Z USD 25.07%<strong>Pictet</strong> - USA Index-P EUR 26.09%<strong>Pictet</strong> - USA Index-R EUR 26.20%<strong>Pictet</strong> - USA Index-R dy GBP 22.33%<strong>Pictet</strong> - USA Index-HI dy EUR* 12.18%<strong>Pictet</strong> - European Sustainable Equities-I EUR 13.06%<strong>Pictet</strong> - European Sustainable Equities-P EUR 12.85%<strong>Pictet</strong> - European Sustainable Equities-P dy EUR 1.15%745
<strong>Pictet</strong>PERFORMANCE (segue)Classi di azioniClassi di azioni<strong>Pictet</strong> - European Sustainable Equities-R EUR 12.62%<strong>Pictet</strong> - European Sustainable Equities-Z EUR 13.45%<strong>Pictet</strong> - Japan Index-I JPY 14.02%<strong>Pictet</strong> - Japan Index-IS JPY 14.61%<strong>Pictet</strong> - Japan Index-P JPY 13.97%<strong>Pictet</strong> - Japan Index-P dy JPY 13.97%<strong>Pictet</strong> - Japan Index-R JPY 14.50%<strong>Pictet</strong> - Japan Index-Z JPY 14.17%<strong>Pictet</strong> - Japan Index-IS EUR 8.80%<strong>Pictet</strong> - Japan Index-P EUR 8.07%<strong>Pictet</strong> - Japan Index-R EUR 8.61%<strong>Pictet</strong> - Japan Index-R dy GBP 4.60%<strong>Pictet</strong> - Pacific Ex Japan Index-I USD 18.07%<strong>Pictet</strong> - Pacific Ex Japan Index-IS USD 18.71%<strong>Pictet</strong> - Pacific Ex Japan Index-P USD 18.01%<strong>Pictet</strong> - Pacific Ex Japan Index-P dy USD 18.01%<strong>Pictet</strong> - Pacific Ex Japan Index-R USD 18.56%<strong>Pictet</strong> - Pacific Ex Japan Index-Z USD 18.25%<strong>Pictet</strong> - Pacific Ex Japan Index-P EUR 19.56%<strong>Pictet</strong> - Pacific Ex Japan Index-R EUR 20.11%<strong>Pictet</strong> - Pacific Ex Japan Index-R dy GBP 15.70%<strong>Pictet</strong> - Digital Communication-I USD 17.66%<strong>Pictet</strong> - Digital Communication-P USD 17.17%<strong>Pictet</strong> - Digital Communication-P dy USD 17.18%<strong>Pictet</strong> - Digital Communication-R USD 16.77%<strong>Pictet</strong> - Digital Communication-Z USD 18.25%<strong>Pictet</strong> - Digital Communication-I EUR 18.26%<strong>Pictet</strong> - Digital Communication-P EUR 17.77%<strong>Pictet</strong> - Digital Communication-R EUR 17.35%<strong>Pictet</strong> - Digital Communication-I dy GBP 14.47%<strong>Pictet</strong> - Digital Communication-P dy GBP 14.02%<strong>Pictet</strong> - Digital Communication-HI EUR 17.34%<strong>Pictet</strong> - Biotech-I USD 23.95%<strong>Pictet</strong> - Biotech-P USD 23.44%<strong>Pictet</strong> - Biotech-P dy USD 23.44%<strong>Pictet</strong> - Biotech-R USD 23.01%<strong>Pictet</strong> - Biotech-Z USD 24.47%<strong>Pictet</strong> - Biotech-I EUR 25.25%<strong>Pictet</strong> - Biotech-P EUR 24.74%<strong>Pictet</strong> - Biotech-R EUR 24.30%<strong>Pictet</strong> - Biotech-I dy GBP 21.36%<strong>Pictet</strong> - Biotech-P dy GBP 20.87%<strong>Pictet</strong> - Biotech-HI EUR 23.16%<strong>Pictet</strong> - Biotech-HP EUR 22.66%<strong>Pictet</strong> - Biotech-HR EUR 22.22%<strong>Pictet</strong> - Premium Brands-I EUR 26.61%<strong>Pictet</strong> - Premium Brands-P EUR 26.10%<strong>Pictet</strong> - Premium Brands-P dy EUR 26.10%<strong>Pictet</strong> - Premium Brands-R EUR 25.66%<strong>Pictet</strong> - Premium Brands-Z EUR 27.26%<strong>Pictet</strong> - Premium Brands-I USD 25.97%<strong>Pictet</strong> - Premium Brands-P USD 25.48%<strong>Pictet</strong> - Premium Brands-R USD 25.01%<strong>Pictet</strong> - Premium Brands-I dy GBP 22.56%<strong>Pictet</strong> - Premium Brands-P dy GBP 22.09%<strong>Pictet</strong> - Premium Brands-HP USD 25.87%<strong>Pictet</strong> - Premium Brands-HR USD 25.43%<strong>Pictet</strong> - Premium Brands-HP SGD 25.55%<strong>Pictet</strong> - Water-I EUR 20.65%<strong>Pictet</strong> - Water-P EUR 20.15%<strong>Pictet</strong> - Water-P dy EUR 20.15%<strong>Pictet</strong> - Water-R EUR 19.74%<strong>Pictet</strong> - Water-Z EUR 21.27%<strong>Pictet</strong> - Water-I dy GBP 16.81%<strong>Pictet</strong> - Water-P dy GBP 16.33%<strong>Pictet</strong> - Water-I USD 20.04%<strong>Pictet</strong> - Water-P USD 19.55%<strong>Pictet</strong> - Water-R USD 19.13%<strong>Pictet</strong> - Water-HP USD 19.83%<strong>Pictet</strong> - Water-HR USD 19.41%<strong>Pictet</strong> - Indian Equities-I USD -0.65%<strong>Pictet</strong> - Indian Equities-P USD -1.05%<strong>Pictet</strong> - Indian Equities-P dy USD -1.05%<strong>Pictet</strong> - Indian Equities-R USD -1.40%<strong>Pictet</strong> - Indian Equities-Z USD -0.07%<strong>Pictet</strong> - Indian Equities-I EUR 0.65%<strong>Pictet</strong> - Indian Equities-P EUR 0.24%<strong>Pictet</strong> - Indian Equities-R EUR -0.11%<strong>Pictet</strong> - Indian Equities-P dy GBP -3.51%<strong>Pictet</strong> - Japanese Equity Opportunities-I JPY 13.93%<strong>Pictet</strong> - Japanese Equity Opportunities-P JPY 13.56%<strong>Pictet</strong> - Japanese Equity Opportunities-P dy JPY 13.56%<strong>Pictet</strong> - Japanese Equity Opportunities-R JPY 13.28%<strong>Pictet</strong> - Japanese Equity Opportunities-I EUR 8.08%<strong>Pictet</strong> - Japanese Equity Opportunities-P EUR 7.73%<strong>Pictet</strong> - Japanese Equity Opportunities-R EUR 7.46%<strong>Pictet</strong> - Japanese Equity Opportunities-Z EUR 8.46%<strong>Pictet</strong> - Japanese Equity Opportunities-I GBP* 5.57%<strong>Pictet</strong> - Japanese Equity Opportunities-P GBP* 5.44%<strong>Pictet</strong> - Asian Equities Ex Japan-I USD 15.68%746
<strong>Pictet</strong>PERFORMANCE (segue)Classi di azioniClassi di azioni<strong>Pictet</strong> - Asian Equities Ex Japan-P USD 15.21%<strong>Pictet</strong> - Asian Equities Ex Japan-P dy USD 15.20%<strong>Pictet</strong> - Asian Equities Ex Japan-R USD 14.80%<strong>Pictet</strong> - Asian Equities Ex Japan-Z USD 16.23%<strong>Pictet</strong> - Asian Equities Ex Japan-I EUR 17.20%<strong>Pictet</strong> - Asian Equities Ex Japan-P EUR 16.72%<strong>Pictet</strong> - Asian Equities Ex Japan-R EUR 16.31%<strong>Pictet</strong> - Asian Equities Ex Japan-HI EUR 14.80%<strong>Pictet</strong> - Asian Equities Ex Japan-HP EUR 14.32%<strong>Pictet</strong> - Asian Equities Ex Japan-HR EUR 13.93%<strong>Pictet</strong> - Greater China-I USD 13.71%<strong>Pictet</strong> - Greater China-P USD 13.25%<strong>Pictet</strong> - Greater China-P dy USD 13.25%<strong>Pictet</strong> - Greater China-R USD 12.85%<strong>Pictet</strong> - Greater China-Z USD 14.25%<strong>Pictet</strong> - Greater China-I EUR 15.21%<strong>Pictet</strong> - Greater China-P EUR 14.73%<strong>Pictet</strong> - Greater China-R EUR 14.33%<strong>Pictet</strong> - Greater China-P dy GBP 10.44%<strong>Pictet</strong> - Japanese Equity Selection-I JPY 13.16%<strong>Pictet</strong> - Japanese Equity Selection-P JPY 12.81%<strong>Pictet</strong> - Japanese Equity Selection-P dy JPY 12.81%<strong>Pictet</strong> - Japanese Equity Selection-R JPY 12.53%<strong>Pictet</strong> - Japanese Equity Selection-Z JPY 13.59%<strong>Pictet</strong> - Japanese Equity Selection-P dy GBP 3.00%<strong>Pictet</strong> - Japanese Equity Selection-I EUR 7.36%<strong>Pictet</strong> - Japanese Equity Selection-P EUR 7.02%<strong>Pictet</strong> - Japanese Equity Selection-R EUR 6.76%<strong>Pictet</strong> - Japanese Equity Selection-HI EUR 12.88%<strong>Pictet</strong> - Japanese Equity Selection-HP EUR 12.54%<strong>Pictet</strong> - Japanese Equity Selection-HR EUR 12.25%<strong>Pictet</strong> - Generics-I USD 10.52%<strong>Pictet</strong> - Generics-P USD 10.06%<strong>Pictet</strong> - Generics-P dy USD 10.06%<strong>Pictet</strong> - Generics-R USD 9.68%<strong>Pictet</strong> - Generics-Z USD 10.98%<strong>Pictet</strong> - Generics-I EUR 11.07%<strong>Pictet</strong> - Generics-P EUR 10.62%<strong>Pictet</strong> - Generics-R EUR 10.23%<strong>Pictet</strong> - Generics-I dy GBP 7.52%<strong>Pictet</strong> - Generics-P dy GBP 7.09%<strong>Pictet</strong> - Generics-HI EUR 10.11%<strong>Pictet</strong> - Generics-HP EUR 9.66%<strong>Pictet</strong> - Generics-HR EUR 9.28%<strong>Pictet</strong> - Emerging Markets Index-I USD 17.66%<strong>Pictet</strong> - Emerging Markets Index-IS USD 17.64%<strong>Pictet</strong> - Emerging Markets Index-P USD 17.55%<strong>Pictet</strong> - Emerging Markets Index-P dy USD 17.54%<strong>Pictet</strong> - Emerging Markets Index-R USD 17.47%<strong>Pictet</strong> - Emerging Markets Index-Z USD 17.93%<strong>Pictet</strong> - Emerging Markets Index-P EUR 18.79%<strong>Pictet</strong> - Emerging Markets Index-R EUR 18.71%<strong>Pictet</strong> - Emerging Markets Index-R dy GBP 15.09%<strong>Pictet</strong> - Euroland Index-I EUR 15.88%<strong>Pictet</strong> - Euroland Index-P EUR 15.80%<strong>Pictet</strong> - Euroland Index-P dy EUR 14.51%<strong>Pictet</strong> - Euroland Index-R EUR 15.64%<strong>Pictet</strong> - Euroland Index-Z EUR 16.11%<strong>Pictet</strong> - Euroland Index-R dy GBP 10.80%<strong>Pictet</strong> - US Equity Growth Selection-I USD 26.22%<strong>Pictet</strong> - US Equity Growth Selection-P USD 25.82%<strong>Pictet</strong> - US Equity Growth Selection-P dy USD 25.82%<strong>Pictet</strong> - US Equity Growth Selection-R USD 25.52%<strong>Pictet</strong> - US Equity Growth Selection-Z USD 26.63%<strong>Pictet</strong> - US Equity Growth Selection-R EUR 26.84%<strong>Pictet</strong> - US Equity Growth Selection-HI EUR 25.34%<strong>Pictet</strong> - US Equity Growth Selection-HP EUR 24.95%<strong>Pictet</strong> - US Equity Growth Selection-HR EUR 24.66%<strong>Pictet</strong> - Security-I USD 22.61%<strong>Pictet</strong> - Security-P USD 22.11%<strong>Pictet</strong> - Security-P dy USD 22.11%<strong>Pictet</strong> - Security-R USD 21.69%<strong>Pictet</strong> - Security-Z USD 23.24%<strong>Pictet</strong> - Security-I EUR 23.23%<strong>Pictet</strong> - Security-P EUR 22.71%<strong>Pictet</strong> - Security-R EUR 22.30%<strong>Pictet</strong> - Security-I dy GBP 19.30%<strong>Pictet</strong> - Security-P dy GBP 18.81%<strong>Pictet</strong> - Clean Energy-I USD 12.14%<strong>Pictet</strong> - Clean Energy-P USD 11.66%<strong>Pictet</strong> - Clean Energy-P dy USD 11.66%<strong>Pictet</strong> - Clean Energy-R USD 11.27%<strong>Pictet</strong> - Clean Energy-Z USD 12.71%<strong>Pictet</strong> - Clean Energy-I EUR 12.69%<strong>Pictet</strong> - Clean Energy-I dy EUR 12.69%<strong>Pictet</strong> - Clean Energy-P EUR 12.22%<strong>Pictet</strong> - Clean Energy-R EUR 11.82%<strong>Pictet</strong> - Clean Energy-I dy GBP 9.10%<strong>Pictet</strong> - Clean Energy-P dy GBP 8.67%<strong>Pictet</strong> - Russian Equities-I USD 23.72%747
<strong>Pictet</strong>PERFORMANCE (segue)Classi di azioniClassi di azioni<strong>Pictet</strong> - Russian Equities-P USD 23.22%<strong>Pictet</strong> - Russian Equities-P dy USD 23.22%<strong>Pictet</strong> - Russian Equities-R USD 22.78%<strong>Pictet</strong> - Russian Equities-Z USD 24.31%<strong>Pictet</strong> - Russian Equities-I EUR 24.63%<strong>Pictet</strong> - Russian Equities-P EUR 24.16%<strong>Pictet</strong> - Russian Equities-R EUR 23.68%<strong>Pictet</strong> - Russian Equities-P dy GBP 20.13%<strong>Pictet</strong> - Timber-I USD 24.37%<strong>Pictet</strong> - Timber-P USD 23.86%<strong>Pictet</strong> - Timber-P dy USD 23.85%<strong>Pictet</strong> - Timber-R USD 23.41%<strong>Pictet</strong> - Timber-Z USD 25.01%<strong>Pictet</strong> - Timber-I EUR 24.98%<strong>Pictet</strong> - Timber-P EUR 24.49%<strong>Pictet</strong> - Timber-R EUR 24.02%<strong>Pictet</strong> - Timber-I dy GBP 21.00%<strong>Pictet</strong> - Timber-P dy GBP 20.50%<strong>Pictet</strong> - Timber-HP EUR 23.25%<strong>Pictet</strong> - Timber-HR EUR 22.83%<strong>Pictet</strong> - Agriculture-I EUR 17.00%<strong>Pictet</strong> - Agriculture-P EUR 16.52%<strong>Pictet</strong> - Agriculture-P dy EUR 16.52%<strong>Pictet</strong> - Agriculture-R EUR 16.11%<strong>Pictet</strong> - Agriculture-Z EUR 17.60%<strong>Pictet</strong> - Agriculture-I USD 16.41%<strong>Pictet</strong> - Agriculture-P USD 15.93%<strong>Pictet</strong> - Agriculture-P dy USD 15.93%<strong>Pictet</strong> - Agriculture-R USD 15.53%<strong>Pictet</strong> - Agriculture-I dy GBP 13.26%<strong>Pictet</strong> - Agriculture-P dy GBP 12.80%<strong>Pictet</strong> - Global Megatrend Selection-I USD 19.30%<strong>Pictet</strong> - Global Megatrend Selection-P USD 18.81%<strong>Pictet</strong> - Global Megatrend Selection-P dy USD 18.81%<strong>Pictet</strong> - Global Megatrend Selection-R USD 18.27%<strong>Pictet</strong> - Global Megatrend Selection-Z USD 19.92%<strong>Pictet</strong> - Global Megatrend Selection-I EUR 20.33%<strong>Pictet</strong> - Global Megatrend Selection-P EUR 19.42%<strong>Pictet</strong> - Global Megatrend Selection-P dy EUR 19.42%<strong>Pictet</strong> - Global Megatrend Selection-R EUR 18.87%<strong>Pictet</strong> - Global Megatrend Selection-P CHF 18.06%<strong>Pictet</strong> - Global Megatrend Selection-I dy GBP 16.07%<strong>Pictet</strong> - Global Megatrend Selection-P dy GBP 15.59%<strong>Pictet</strong> - Global Megatrend Selection-HI EUR 18.66%<strong>Pictet</strong> - Global Megatrend Selection-HP EUR 18.18%<strong>Pictet</strong> - Global Megatrend Selection-HR EUR 17.66%<strong>Pictet</strong> - US Equity Value Selection-I USD 25.36%<strong>Pictet</strong> - US Equity Value Selection-P USD 24.98%<strong>Pictet</strong> - US Equity Value Selection-P dy USD 24.98%<strong>Pictet</strong> - US Equity Value Selection-R USD 24.67%<strong>Pictet</strong> - US Equity Value Selection-R EUR 25.98%<strong>Pictet</strong> - US Equity Value Selection-HP EUR 24.06%<strong>Pictet</strong> - US Equity Value Selection-HR EUR 23.77%<strong>Pictet</strong> - Middle East And North Africa-I USD 9.98%<strong>Pictet</strong> - Middle East And North Africa-P USD 9.55%<strong>Pictet</strong> - Middle East And North Africa-P dy USD 7.18%<strong>Pictet</strong> - Middle East And North Africa-R USD 9.13%<strong>Pictet</strong> - Middle East And North Africa-Z USD 10.44%<strong>Pictet</strong> - Middle East And North Africa-P EUR 10.35%<strong>Pictet</strong> - Middle East And North Africa-R EUR 9.95%<strong>Pictet</strong> - Middle East And North Africa-HP EUR 9.36%<strong>Pictet</strong> - Middle East And North Africa-HR EUR 8.96%<strong>Pictet</strong> - Environmental Megatrend Selection-I EUR 17.97%<strong>Pictet</strong> - Environmental Megatrend Selection-P EUR 17.49%<strong>Pictet</strong> - Environmental Megatrend Selection-P dy EUR 17.49%<strong>Pictet</strong> - Environmental Megatrend Selection-R EUR 17.08%<strong>Pictet</strong> - Environmental Megatrend Selection-I USD 17.38%<strong>Pictet</strong> - Environmental Megatrend Selection-P USD 16.91%<strong>Pictet</strong> - Environmental Megatrend Selection-P dy USD 16.91%<strong>Pictet</strong> - Environmental Megatrend Selection-R USD 16.49%<strong>Pictet</strong> - Environmental Megatrend Selection-P CHF 16.18%<strong>Pictet</strong> - Environmental Megatrend Selection-I dy GBP 14.20%<strong>Pictet</strong> - Environmental Megatrend Selection-P dy GBP 13.75%<strong>Pictet</strong> - High Dividend Selection-I EUR 4.40%<strong>Pictet</strong> - High Dividend Selection-P EUR 3.96%<strong>Pictet</strong> - High Dividend Selection-P dy EUR 3.96%<strong>Pictet</strong> - High Dividend Selection-P dm EUR 3.96%<strong>Pictet</strong> - High Dividend Selection-R EUR 3.61%<strong>Pictet</strong> - High Dividend Selection-R dm EUR 3.60%<strong>Pictet</strong> - High Dividend Selection-Z EUR 4.93%<strong>Pictet</strong> - High Dividend Selection-I USD 1.56%<strong>Pictet</strong> - High Dividend Selection-P USD 1.13%<strong>Pictet</strong> - High Dividend Selection-P dm USD 1.14%<strong>Pictet</strong> - High Dividend Selection-R USD 0.78%<strong>Pictet</strong> - High Dividend Selection-R dm USD 0.79%<strong>Pictet</strong> - High Dividend Selection-I dm GBP 0.20%<strong>Pictet</strong> - High Dividend Selection-P dm GBP -0.13%<strong>Pictet</strong> - High Dividend Selection-P SGD -1.44%<strong>Pictet</strong> - High Dividend Selection-P dm SGD -1.44%<strong>Pictet</strong> - High Dividend Selection-P dy CHF 2.70%748
<strong>Pictet</strong>PERFORMANCE (segue)Classi di azioniClassi di azioni<strong>Pictet</strong> - High Dividend Selection-P CHF 2.70%<strong>Pictet</strong> - Brazil Index-I USD 23.03%<strong>Pictet</strong> - Brazil Index-IS USD 23.55%<strong>Pictet</strong> - Brazil Index-P USD 22.93%<strong>Pictet</strong> - Brazil Index-R USD 23.32%<strong>Pictet</strong> - Brazil Index-P EUR 24.25%<strong>Pictet</strong> - Brazil Index-R EUR 24.62%<strong>Pictet</strong> - Bric Index-I USD 17.05%<strong>Pictet</strong> - Bric Index-IS USD 16.50%<strong>Pictet</strong> - Bric Index-P USD 16.94%<strong>Pictet</strong> - Bric Index-R USD 16.27%<strong>Pictet</strong> - Bric Index-P EUR 18.18%<strong>Pictet</strong> - Bric Index-R EUR 17.49%<strong>Pictet</strong> - China Index-I USD 17.62%<strong>Pictet</strong> - China Index-IS USD 16.88%<strong>Pictet</strong> - China Index-P USD 17.52%<strong>Pictet</strong> - China Index-R USD 16.64%<strong>Pictet</strong> - China Index-P EUR 18.76%<strong>Pictet</strong> - China Index-R EUR 17.86%<strong>Pictet</strong> - India Index-I USD -0.13%<strong>Pictet</strong> - India Index-IS USD -0.18%<strong>Pictet</strong> - India Index-P USD -0.26%<strong>Pictet</strong> - India Index-R USD -0.45%<strong>Pictet</strong> - India Index-P EUR 0.81%<strong>Pictet</strong> - India Index-R EUR 0.58%<strong>Pictet</strong> - Latam Index-I USD 23.58%<strong>Pictet</strong> - Latam Index-IS USD 24.20%<strong>Pictet</strong> - Latam Index-P USD 23.50%<strong>Pictet</strong> - Latam Index-R USD 23.96%<strong>Pictet</strong> - Latam Index-P EUR 24.80%<strong>Pictet</strong> - Latam Index-R EUR 25.28%<strong>Pictet</strong> - Latam Index-R GBP 21.38%<strong>Pictet</strong> - Russia Index-I USD 22.57%<strong>Pictet</strong> - Russia Index-IS USD 22.69%<strong>Pictet</strong> - Russia Index-P USD 22.49%<strong>Pictet</strong> - Russia Index-R USD 22.53%<strong>Pictet</strong> - Russia Index-P EUR 23.80%<strong>Pictet</strong> - Russia Index-R EUR 23.83%<strong>Pictet</strong> - Emerging Markets Sustainable Equities-I USD** 0.00%<strong>Pictet</strong> - Emerging Markets Sustainable Equities-P USD** 0.00%<strong>Pictet</strong> - Emerging Markets Sustainable Equities-P dy USD** 0.00%<strong>Pictet</strong> - Emerging Markets Sustainable Equities-R USD** 0.00%<strong>Pictet</strong> - Emerging Markets Sustainable Equities-Z USD** 0.00%<strong>Pictet</strong> - Emerging Markets Sustainable Equities-I EUR** 0.00%<strong>Pictet</strong> - Emerging Markets Sustainable Equities-P EUR** 0.00%<strong>Pictet</strong> - Emerging Markets Sustainable Equities-P dy EUR** 0.00%<strong>Pictet</strong> - Emerging Markets Sustainable Equities-R EUR** 0.00%<strong>Pictet</strong> - Emerging Markets Sustainable Equities-HI EUR** 0.00%<strong>Pictet</strong> - Emerging Markets Sustainable Equities-HP EUR** 0.00%<strong>Pictet</strong> - Emerging Markets Sustainable Equities-HR EUR** 0.00%<strong>Pictet</strong> - Piclife-P CHF 7.09%<strong>Pictet</strong> - Piclife-R CHF 6.88%<strong>Pictet</strong> - Piclife-S CHF 7.28%<strong>Pictet</strong> - Absolute Return Global Diversified-I EUR 5.41%<strong>Pictet</strong> - Absolute Return Global Diversified-P EUR 5.08%<strong>Pictet</strong> - Absolute Return Global Diversified-P dy EUR 5.08%<strong>Pictet</strong> - Absolute Return Global Diversified-R EUR 4.81%<strong>Pictet</strong> - Absolute Return Global Diversified-Z EUR 5.78%<strong>Pictet</strong> - Absolute Return Global Diversified-HI CHF 5.01%<strong>Pictet</strong> - Absolute Return Global Diversified-HP CHF 4.69%<strong>Pictet</strong> - Absolute Return Global Diversified-HZ CHF 5.38%<strong>Pictet</strong> - Absolute Return Global Diversified-HI USD 5.35%<strong>Pictet</strong> - Absolute Return Global Diversified-HP USD 5.02%<strong>Pictet</strong> - Absolute Return Global Diversified-HI GBP 5.42%<strong>Pictet</strong> - Absolute Return Global Diversified-HP dy GBP 5.09%<strong>Pictet</strong> - Absolute Return Global Diversified-HZ GBP 5.79%<strong>Pictet</strong> - Absolute Return Global Diversified-HI JPY 5.12%<strong>Pictet</strong> - Absolute Return Global Diversified-HZ JPY 5.48%<strong>Pictet</strong> - Absolute Return Global Conservative-I EUR 3.57%<strong>Pictet</strong> - Absolute Return Global Conservative-P EUR 3.36%<strong>Pictet</strong> - Absolute Return Global Conservative-P dy EUR 3.36%<strong>Pictet</strong> - Absolute Return Global Conservative-R EUR 3.17%<strong>Pictet</strong> - Absolute Return Global Conservative-Z EUR 3.88%<strong>Pictet</strong> - Convertible Bonds-I EUR 6.50%<strong>Pictet</strong> - Convertible Bonds-P EUR 6.23%<strong>Pictet</strong> - Convertible Bonds-P dy EUR 6.23%<strong>Pictet</strong> - Convertible Bonds-MG EUR 6.23%<strong>Pictet</strong> - Convertible Bonds-R EUR 5.86%<strong>Pictet</strong> - Convertible Bonds-I USD 5.39%<strong>Pictet</strong> - Convertible Bonds-P USD 5.13%<strong>Pictet</strong> - Convertible Bonds-MG USD 5.13%<strong>Pictet</strong> - Convertible Bonds-HI CHF 6.21%<strong>Pictet</strong> - Convertible Bonds-HP CHF 5.79%<strong>Pictet</strong> - Convertible Bonds-HR CHF 5.32%<strong>Pictet</strong> - Convertible Bonds-HI GBP 6.67%<strong>Pictet</strong> - Convertible Bonds-HI USD 6.54%<strong>Pictet</strong> - Convertible Bonds-HP USD 6.12%<strong>Pictet</strong> - Convertible Bonds-HMG USD 6.12%<strong>Pictet</strong> - Global Flexible Allocation-I EUR* -0.87%<strong>Pictet</strong> - Global Flexible Allocation-P EUR* -0.88%749
<strong>Pictet</strong>PERFORMANCE (segue)Classi di azioniClassi di azioni<strong>Pictet</strong> - Global Flexible Allocation-P dy EUR* -0.88%<strong>Pictet</strong> - Global Flexible Allocation-R EUR* -0.91%<strong>Pictet</strong> - Global Flexible Allocation-HI CHF* -0.87%<strong>Pictet</strong> - Global Flexible Allocation-HP CHF* -0.90%<strong>Pictet</strong> - Global Flexible Allocation-HI GBP* -0.86%<strong>Pictet</strong> - Global Flexible Allocation-HP GBP* -0.88%<strong>Pictet</strong> - Global Flexible Allocation-HI USD* -0.85%<strong>Pictet</strong> - Global Flexible Allocation-HP USD* -0.86%Performance annua calcolata per l’esercizio chiuso 31 marzo 2012.La performance per classe di azioni è stata calcolata mediante confronto tra il valore patrimoniale netto per azione 30 settembre 2011 e il valorepatrimoniale netto al 31 marzo 2012.In relazione alle classi di azioni che hanno effettuato una distribuzione di dividendi (cfr. nota 15), l’importo del dividendo è stato reintegrato nel patrimonionetto al 31 marzo 2012 ai fini del calcolo della performance comprensiva del dividendo.Le performance passate non sono indicative di quelle presenti o future.I dati sulla performance non tengono conto delle commissioni e dei costi sostenuti all'atto dell'emissione e del rimborso delle azioni.*La performance per le classi di azioni lanciate nel corso dell’esercizio è stata calcolata mediante confronto tra il patrimonio netto per azione alla data dilancio della classe e il patrimonio netto al 31 marzo 2012.**Lanciato il 28 febbraio 2012.750
Per ulteriori informazioni, Vi preghiamo di contattarci al:www.pictetfunds.itE-mail:info@pictetfunds.it
Change language